TIDM44ZX
Orsted A/S
02 February 2022
Annual report for 2021
Ørsted achieved significant results, both strategically,
operationally, and financially, despite an extraordinary year with
various external factors significantly impacting the markets where
we operate .
Today, Ørsted's Board of Directors approved the annual report
for 2021.
Our operating profit (EBITDA) totalled DKK 24.3 billion, an
increase of DKK 6.2 billion compared to 2020. Our earnings included
a gain of DKK 8.5 billion from the 50 % farm-downs of Borssele 1
& 2 and Greater Changhua 1. Operating profit excluding these
new partnerships amounted to DKK 15.8 billion, which compares to
our guidance of DKK 15-16 billion at the beginning of the year.
Thus, we came in well in line with our expectations and
delivered strong financial results despite unforeseen negative
impacts during the year, including lower wind speeds, the European
energy crunch, and provisions due to updated wake assumptions and
cable protection system issues at some of our offshore wind farms.
This was due to exceptionally good performance by our CHP plants
and our gas business.
Net profit amounted to DKK 10.9 billion, and return on capital
employed (ROCE) came in at 15 %.
Our green share of heat and power generation ended at 90 % in
2021, the same as last year.
The Board of Directors recommends a dividend of DKK 12.5 per
share (DKK 5.3 billion in total), up 8.7 % and in line with our
dividend policy.
Mads Nipper, Group President and CEO of Ørsted, says in a
comment to the annual report for 2021:
"We successfully navigated the challenges during the year, and
we have achieved significant results in 2021, both strategically,
operationally, and financially.
We secured 4.5 GW of firm offshore wind capacity in tenders and
auctions, corresponding to 25 % of the total awarded capacity in
2021 and 50 % above our strategic ambition of adding 3 GW offshore
wind per year. This strongly solidifies our global leadership
position and proves our ability to differentiate and compete in
offshore wind despite increasing competition. In the US, we were
awarded 1,148 MW in New Jersey for our Ocean Wind 2 project and 846
MW in Maryland for our Skipjack 2 project. In Poland, we were
awarded 2,543 MW for our Baltica 2 & 3 projects together with
our partner PGE.
Within Onshore, we added 1.2 GW of firm capacity through organic
growth and acquisitions in Europe and the US, and we installed our
1,000th onshore wind turbine.
These very strong contributions increased our firm capacity to
26.1 GW from 20.4 GW at the end of 2020 and keeps us well on track
to deliver on our 2030 ambition of 50 GW renewable capacity.
In our renewable hydrogen and green fuels business, we also saw
strong progress during the year, with four of our European projects
progressing in the Important Projects of Common European Interest
(IPCEI) funding process in the EU programme, and we now await the
final IPCEI approval by the EU Commission and the subsequent
funding commitment. In addition, we have entered into several other
partnerships with the aim of exploring and developing renewable
hydrogen and green fuels, including e-methanol, both in the US and
in Europe.
We achieved a strong operational performance in 2021, with our
assets remaining fully operational and with normal availability
rates. We are currently constructing two of the world's largest
offshore wind farms, Hornsea 2 in the UK and Greater Changhua 1
& 2a in Taiwan, and we expect to commission the two wind farms
in the first and second half of 2022, respectively.
We expect operating profit, excluding new partnerships, to be
DKK 19-21 billion in 2022, positively impacted by ramp-up from new
wind and solar assets. Gross investments for 2022 are expected to
amount to DKK 38-42 billion, reflecting a high level of activity in
our build-out of renewable assets.
We have come a long way, and we have built a strong position as
the undisputed global leader in offshore wind. As we have
demonstrated that large-scale offshore wind is feasible and
scalable, we will continue to apply our courage and capability to
innovate, scale, and accelerate the transformation of the world's
energy systems and thereby continue to be a catalyst for a world
that runs entirely on green energy."
Financial key figures for 2021:
DKK million Q4 2021 Q4 2020 % FY 2021 FY 2020 %
========================== ========= ======== ===== ========= ========= =====
EBITDA 8,253 5,003 65 % 24,296 18,124 34 %
Profit (loss) for the (35
period 3,258 2,189 49 % 10,887 16,716 %)
Cash flow from operating (90 (26
activities 668 6,756 %) 12,148 16,466 %)
Gross investments (11,752) (8,639) 36 % (39,307) (26,967) 46 %
Divestments 10,952 (1,519) n.a. 21,519 19,039 13 %
(96
Free cash flow (132) (3,402) %) (5,640) 8,538 n.a.
Net interest-bearing
debt 24,280 12,343 97 % 24,280 12,343 97 %
(34 (34
FFO/adjusted net debt 31 % 65 % %p) 31 % 65 % %p)
ROCE 15 % 10 % 5 %p 15 % 10 % 5 %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 annual report, an
earnings call for investors and analysts will be held on Wednesday,
2 February 2022 at 14:00 CET.
Denmark: +45 78 72 32 50
The UK: +44 333 300 9031
The US: +1 833 249 8404
The earnings call can be followed live at:
https://edge.media-server.com/mmc/p/qr8ym6nd
Presentation slides will be available prior to the earnings call
at:
www.orsted.com/en/investors/ir-material/financial-reports-and-presentations#0
The annual report is available for download at:
www.orsted.com/en/investors/ir-material/financial-reports-and-presentations#0
Attachments to this company announcement:
Annual report 2021 (pdf)
Company announcement (pdf)
Investor presentation (pdf)
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END
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