TIDM44ZX
Orsted A/S
29 April 2021
Interim report for the first quarter of 2021
The first quarter of 2021 delivered strong strategic progress
and good operational performance
Today, Ørsted's Board of Directors approved the interim report
for the first quarter of 2021.
Our operating profit (EBITDA) for the first quarter of the year
amounted to DKK 4.9 billion, a DKK 1.9 billion decrease compared to
the same period last year. The decrease was mainly due to high
earnings from the construction agreement related to the Hornsea 1
transmission assets in Q1 2020 not being repeated in Q1 2021, very
strong wind speeds in Q1 2020 and the divested distribution,
residential customer, and city light businesses last year.
Furthermore, Q1 2021 was impacted by a DKK 0.8 billion warranty
provision related to cable protection system issues at some of our
offshore wind farms.
The operational performance of the Group was good during Q1
2021, slightly exceeding our expectations. Our availability rates
have been solid, we have seen higher than expected performance from
our CHP plants, and we have achieved additional earnings from
finalised construction projects.
Earnings from our offshore and onshore wind farms in operation
were in line with the same period last year. More wind farms in
operation were offset by significantly lower wind speeds across our
offshore portfolio.
Our operations and financial performance continued to remain
solid despite the COVID-19 pandemic, and we maintain our full-year
EBITDA guidance of DKK 15-16 billion.
We also reiterate our current full-year gross investment
expectation of DKK 32-34 billion. However, once the Brookfield
Renewable Ireland acquisition closes, the purchase price will be
added to the current guidance.
Net profit amounted to DKK 1.6 billion and return on capital
employed (ROCE) came in at 7.5 %.
Mads Nipper, Group President and CEO of Ørsted, says in a
comment to the interim report for the first quarter of 2021:
"Ørsted's operational performance was good during Q1 2021 and
slightly exceeded our expectations, and we've reached multiple
strategic milestones. In our Offshore business, the Polish Baltica
2 & 3 projects with a total capacity of up to 2.5 GW were
awarded contracts for difference and we've entered a new
partnership in the Baltic States. We also signed an agreement to
farm down 50 % of Borssele 1 & 2. In our Onshore business,
we've made a strategic acquisition in Ireland and the UK, which
provides us with a platform for future growth in the European
onshore renewables market. We're looking forward to presenting an
update of our strategy and long-term targets at our Capital Markets
Day on 2 June."
Financial key figures for Q1 2021:
DKK million Q1 2021 Q1 2020 %
============================== ======== ======== ======
EBITDA 4,863 6,805 (29%)
Profit (loss) for the period 1,598 3,318 (52%)
Cash flows from operating
activities 8,087 (428) n.a.
Gross investments (6,665) (5,308) 26%
Divestments (31) 7 n.a
Free cash flow 1,391 (5,729) n.a
Net interest-bearing debt 13,190 27,084 (51%)
FFO/adjusted net debt 45% 21% 24%p
ROCE 7% 11% (4%p)
============================== ======== ======== ======
For further information, please contact:
Media Relations Investor Relations
Martin Barlebo Allan Bødskov Andersen
+45 99 55 95 52 +45 99 55 79 96
Earnings call
In connection with the presentation of the interim report, an
earnings call for investors and analysts will be held on Thursday,
29 April 2021 at 14:00 CEST.
Denmark: +45 78 72 32 51
UK: +44 333 300 9267
USA: +1 833 526 8384
The earnings call can be followed live at:
https://edge.media-server.com/mmc/p/33swwkbd
Presentation slides will be available prior to the earnings call
at:
www.orsted.com/en/investors/ir-material/financial-reports-and-presentations#0
The interim report is available for download at:
www.orsted.com/en/investors/ir-material/financial-reports-and-presentations#0
Attachments to this company announcement:
Interim financial report Q1 2021 (pdf)
Company announcement (pdf)
Investor presentation (pdf)
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