RCS - Orsted A/S - Interim report for the first quarter of 2023

Oersted A/SAnnouncement

03/05/2023 08:00

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RNS Number : 2533Y  Orsted A/S  03 May 2023

Interim report for the first quarter of 2023 - strong start to the year with all-time high earnings from offshore sites and final investment decision on Greater Changhua 2b and 4

 

Today, Ørsted's Board of Directors approved the interim report for the first
quarter of 2023.

 

Operating profit (EBITDA) for the first quarter was in line with our
expectations and amounted to DKK 6.9 billion.

 

Earnings from our wind and solar assets in operation amounted to DKK 6.9
billion, which was an increase of DKK 2.2 billion compared to the same period
last year.

 

Net profit amounted to DKK 3.2 billion, and return on capital employed (ROCE)
came in at 14 %.

 

We maintain our EBITDA guidance of DKK 20-23 billion excluding earnings from
new partnerships during the year. We also maintain our gross investment
guidance of DKK 50-54 billion.

 

Mads Nipper, Group President and CEO of Ørsted, says in a comment to the
interim financial report for the first quarter of 2023:

"We're pleased with the Q1 2023 results where our offshore sites earnings are
back on track as the key EBITDA driver. Furthermore, the construction of our
current wind and solar assets is progressing according to plan.

 

Among significant strategic milestones during the quarter, we took FID on our
Greater Changhua 2b and 4 offshore wind farms in Taiwan with a total capacity
of 920 MW. We expect to start onshore construction this year with
commissioning by the end of 2025. Greater Changhua 2b and 4 has a robust
business case, which will create long-term value for Ørsted.

 

Our 100 MW Salamander project, a joint venture between Simply Blue Group,
Subsea 7, and Ørsted, won a Scottish floating wind lease and is a tangible
step to making floating wind a reality. We also acquired the 160 MW
early-stage Irish solar development project Garreenleen, which will bring our
Irish portfolio to a total capacity of 576 MW."

 

Financial key figures for Q1 2023:

 

 DKK million                          Q1 2023  Q1 2022  %
 EBITDA                               6,910    9,429    (27 %)
 - New partnerships                   0        1,610    n.a.
 - EBITDA excl. new partnerships      6,910    7,819    (12 %)
 Profit (loss) for the period         (2,438)  (2,128)  15 %
 Cash flow from operating activities  10,119   (37)     n.a.
 Gross investments                    (8,768)  (6,832)  28 %
 Divestments                          (16)     1,927    n.a.
 Free cash flow                       1,335    (4,942)  n.a.
 Net interest-bearing debt            35,261   30,026   17 %
 FFO/adjusted net debt                37.4 %   37.5 %   0 %
 ROCE                                 13.8 %   19.0 %   (5 %p)

 

Earnings call
In connection with the presentation of the interim report for the first
quarter, an earnings call for investors and analysts will be held on
Wednesday, 3 May 2023 at 14:00 CEST.

Denmark: +45 78 76 84 90

International: +44 203 769 6819

USA: +1 646 787 0157

PIN: 994005

The earnings call can be followed live at:
https://orsted-events.eventcdn.net/events/interim-report-Q1-2023
(https://orsted-events.eventcdn.net/events/interim-report-Q1-2023)

 

Presentation slides will be available prior to the earnings call at:
Investors | Ørsted (orsted.com) (https://orsted.com/en/investors)

 

The interim report is available for download at:
https://orsted.com/financial-reports (https://orsted.com/financial-reports)

For further information, please contact:

Media Relations

Martin Barlebo

+45 99 55 95 52

 

Investor Relations

Rasmus Keglberg Hærvig

+45 99 55 90 95

ir@orsted.com (mailto:ir@orsted.com)

About Ørsted

The Ørsted vision is a world that runs entirely on green energy. Ørsted
develops, constructs, and operates offshore and onshore wind farms, solar
farms, energy storage facilities, renewable hydrogen and green fuels
facilities, and bioenergy plants. Ørsted is recognised on the CDP Climate
Change A List as a global leader on climate action and was the first energy
company in the world to have its science-based net-zero emissions target
validated by the Science Based Targets initiative (SBTi). Headquartered in
Denmark, Ørsted employs approx. 8,000 people. Ørsted's shares are listed on
Nasdaq Copenhagen (Orsted). In 2022, the group's revenue was DKK 132.3 billion
(EUR 17.8 billion). Visit orsted.com or follow us on Facebook, LinkedIn,
Instagram, and Twitter.

 

Attachments to this company announcement:

Interim financial report Q1 2023
(http://www.rns-pdf.londonstockexchange.com/rns/2533Y_1-2023-5-3.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2533Y_1-2023-5-3.pdf) )

Company announcement
(http://www.rns-pdf.londonstockexchange.com/rns/2533Y_2-2023-5-3.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2533Y_2-2023-5-3.pdf) )

Investor presentation
(http://www.rns-pdf.londonstockexchange.com/rns/2533Y_3-2023-5-3.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/2533Y_3-2023-5-3.pdf) )

 

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