REG-Ørsted A/S Interim report for the first half year of 2022 – full-year guidance increased and continued expansion in offshore and onshore renewables

Oersted A/SAnnouncement

11/08/2022 07:00

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Ørsted A/S (Orsted)
Interim report for the first half year of 2022 – full-year guidance increased
and continued expansion in offshore and onshore renewables

11-Aug-2022 / 07:59 CET/CEST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

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11.8.2022 07:59:28 CEST | Ørsted A/S | Half Year financial report

Today, Ørsted’s Board of Directors approved the interim report for the first
half year of 2022.

Operating profit (EBITDA) for the first half of the year amounted to DKK 13.0
billion, in line with the same period last year. EBITDA excluding new
partnerships increased by 48 % to DKK 11.4 billion.

Net profit amounted to DKK 6.0 billion, and return on capital employed (ROCE)
came in at 15 %.

We have increased our EBITDA guidance excluding new partnership agreements by
DKK 1.0 billion to DKK 20-22 billion. The increase is primarily due to higher
earnings in Bioenergy & Other and in Onshore. Our EBITDA guidance does not
include earnings from new partnerships during the year, i.e. it excludes the
gain from the 50 % farm-down of Borkum Riffgrund 3 in Q1 2022 and the upcoming
farm-down of Hornsea 2.

We have increased our gross investment guidance by DKK 5.0 billion to DKK 43-47
billion. The increase is due to the expected closing of the EUR 689 million
acquisition of Ostwind.

Mads Nipper, Group President and CEO of Ørsted, says in a comment to the interim
financial report for the first six months of 2022:

“I’m very pleased with the first half of the year. In addition to a strong set
of results for the period, including an increase of our full-year EBITDA
guidance, we’ve achieved significant strategic milestones.

We were awarded a contract for the world’s single biggest offshore wind farm,
Hornsea 3 in the UK, with a capacity of 2,852 MW. With this significant win and
maturation of other offshore projects, we’re well on track to achieve our target
of 30 GW offshore wind by 2030.

In our Onshore business, we also made strong progress with our entry into the
Spanish onshore market and the agreement to acquire Ostwind, a developer, owner,
and operator of onshore wind Germany and France.

In general, we’ve seen positive market development during the first half of
2022. Both the EU and the US have presented very ambitious plans to accelerate
the build-out of renewable energy, which ensures a strong platform for continued
growth within the development of renewable energy.”

Financial key figures for Q2 and H1 2022:

DKK million                     Q2 2022 Q2 2021  %      H1 2022  H1 2021  %
EBITDA                          3,615   8,196    (56 %) 13,044   13,059   (0 %)
- New partnerships              0       5,355    n.a.   1,610    5,355    (70 %)
- EBITDA excl. New partnerships 3,615   2,841    27 %   11,434   7,704    48 %
Profit (loss) for the period    269     5,544    (95 %) 5,970    7,142    (16 %)
Cash flow from operating        2,355   3,147    (25 %) 2,318    11,234   (79 %)
activities
Gross investments               (6,372) (12,133) (47 %) (13,204) (18,798) (30 %)
Divestments                     267     10,591   (97 %) 2,194    10,560   (79 %)
Free cash flow                  (3,750) 1,605    n.a.   (8,692)  2,996    n.a.
Net interest-bearing debt       41,449  12,067   243 %  41,449   12,067   243 %
FFO/adjusted net debt           17.6 %  62.9 %   -45 %p 17.6 %   62.9 %   -45 %p
ROCE                            14.8 %  12.5 %   2 %p   14.8 %   12.5 %   2 %p

For further information, please contact:

Media Relations
Martin Barlebo
+45 99 55 95 52

Investor Relations
Rasmus Keglberg Hærvig
+45 99 55 90 95  

Earnings call
In connection with the presentation of the interim report for the first half
year, an earnings call for investors and analysts will be held on Thursday, 11
August 2022 at 15:00 CEST.

Denmark: +45 78 72 32 50
The UK: +44 333 300 9032
The US: +1 646 722 4903

The earnings call can be followed live at:
 1 Investor presentation Q2 2022 (media-server.com)

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

The interim report is available for download at:
 3 www.orsted.com/en/investors/ir-material/financial-reports-and-presentations#0

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. Moreover, Ørsted provides energy products to its customers.
Ørsted is the only energy company in the world with a science-based net-zero
emissions target as validated by the Science Based Targets initiative (SBTi),
and Ørsted aims to deliver a net-positive biodiversity impact from all new
renewable energy projects it commissions from 2030 at the latest. Ørsted ranks
as the world’s most sustainable energy company in Corporate Knights' 2022 index
of the Global 100 most sustainable corporations in the world and is recognised
on the CDP Climate Change A List as a global leader on climate action.
Headquartered in Denmark, Ørsted employs 7,292 people. Ørsted's shares are
listed on Nasdaq Copenhagen (Orsted). In 2021, the group's revenue was DKK 77.7
billion (EUR 10.4 billion). Visit  4 orsted.com or follow us on Facebook,
LinkedIn, Instagram, and Twitter. 

    Attachments

  •  5 Ørsted - Q2 2022 - Investor presentation.pdf
  •  6 Company announcement – full-year guidance increased and continued
    expansion in offshore and onshore renewables.pdf
  •  7 Interim financial report H1 2022.pdf

News Source: Ritzau

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   ISIN:          DK0060094928
   Category Code: IR
   TIDM:          Orsted
   Sequence No.:  180596
   EQS News ID:   1418149


    
   End of Announcement EQS News Service

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