REG-Ørsted A/S Interim report for the first nine months of 2022 – full-year EBITDA guidance increased and strategic milestones achieved with new partnerships and acquisitions

Oersted A/SAnnouncement

03/11/2022 07:00

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Ørsted A/S (Orsted)
Interim report for the first nine months of 2022 – full-year EBITDA guidance
increased and strategic milestones achieved with new partnerships and
acquisitions

03-Nov-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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3.11.2022 07:59:06 CET | Ørsted A/S | Quarterly report

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

Our operating profit (EBITDA) for the first nine months of the year amounted to
DKK 25.4 billion, of which DKK 10.9 billion related to the 50 % farm-downs of
Hornsea 2 and Borkum Riffgrund 3.

EBITDA excluding new partnerships increased by 3.8 billion and amounted to DKK
14.4 billion.

Net profit amounted to DKK 15.3 billion, and return on capital employed (ROCE)
came in at 24 %.

We have increased our full-year EBITDA guidance with DKK 1 billion to DKK 21-23
billion excluding earnings from new partnerships during the year, i.e. excluding
the gains from the 50 % farm-downs of Borkum Riffgrund 3 and Hornsea 2. The
increase is primarily due to higher earnings from our CHP plants.

We have lowered our gross investments guidance by DKK 5.0 billion to DKK 38-42
billion, mainly due to timing effects on projects, with lower spend in 2022 than
originally planned.

Mads Nipper, Group President and CEO of Ørsted, says in a comment to the interim
financial report for the first nine months of 2022:
“Despite the highly unusual and volatile period with war, high inflation, and
increasing interest rates Ørsted has continued the build-out of renewable energy
and the delivery of power and heat to our communities. Most of the power
delivered was under fixed-price agreements or hedged.

In these unprecedented times, I am very pleased that we have been able to
increase our EBITDA guidance to DKK 21-23 billion for the year.

We reached several strategic milestones in the build-out of renewable energy
during the quarter, including the acquisition of Ostwind, which expands our
European onshore portfolio into Germany and France with more than 1.5 GW of
development pipeline projects, and a pioneering partnership with Copenhagen
Infrastructure Partners (CIP) with the aim to develop approx. 5.2 GW of offshore
wind in Denmark.

I am also proud that we just entered into a new five-year global partnership
with WWF to unite action on climate and ocean biodiversity. The partnership aims
to drive a fundamental change in the approach to integrating action on climate
and biodiversity by advancing offshore wind that strives to achieve a
net-positive biodiversity impact.”

Financial key figures for Q3 and 9M 2022:

DKK million                      Q3 2022  Q3 2021 %      9M 2022  9M 2021  %
EBITDA                           12,317   2,984   313 %  25,361   16,043   58 %
- New partnerships               9,346    (59)    n.a.   10,916   5,296    106 %
- EBITDA excl. New partnerships  2,971    3,043   (2 %)  14,445   10,747   34 %
Profit (loss) for the period     9,355    487     1821 % 15,325   7,629    101 %
Cash flow from operating         (11,309) 246     n.a.   (8,991)  11,480   n.a.
activities
Gross investments                (14,417) (8,757) 65 %   (27,621) (27,555) 0 %
Divestments                      22,459   7       n.a.   24,653   10,567   133 %
Free cash flow                   (3,267)  (8,504) (62 %) 11,959   (5,508)  117 %
Net interest-bearing debt        45,701   21,211  115 %  45,701   21,211   115 %
FFO/adjusted net debt            35.3 %   42.5 %  (7 %)  35.3 %   42.5 %   (7 %)
ROCE                             24.4 %   12.9 %  12 %p  24.4 %   12.9 %   12 %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 nine
months, an earnings call for investors and analysts will be held on Thursday, 3
November 2022 at 14:00 CET.

Denmark: +45 82 33 31 94
The UK: +44 333 300 9266
The US: +1 646 722 4902

The earnings call can be followed live at:
 1 https://edge.media-server.com/mmc/p/a6p6zq4d

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

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. 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).
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 Interim report for the first nine months of 2022 – full-year EBITDA
    guidance increased and strategic milestones achieved with new partnerships
    and acquisitions.pdf
  •  6 Interim financial report 9M 2022.pdf
  •  7 Ørsted - Q3 2022 - Investor presentation.pdf

News Source: Ritzau

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   ISIN:          DK0060094928
   Category Code: QRT
   TIDM:          Orsted
   Sequence No.:  198512
   EQS News ID:   1478077


    
   End of Announcement EQS News Service

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