TIDM44ZX
Orsted A/S
03 November 2022
Interim report for the first nine months of 2022 - full-year
EBITDA guidance increased and strategic milestones achieved with
new partnerships and acquisitions
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 %
1821
Profit (loss) for the period 9,355 487 % 15,325 7,629 101 %
Cash flow from operating
activities (11,309) 246 n.a. (8,991) 11,480 n.a.
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 %
35.3 42.5 35.3 42.5
FFO/adjusted net debt % % (7 %) % % (7 %)
24.4 12.9 24.4 12.9
ROCE % % 12 %p % % 12 %p
================================= ========= ======== ======= ========= ========= ======
For further information, please contact:
Media Relations Investor Relations
Martin Barlebo Rasmus Keglberg Hærvig
+45 99 55 95 52 +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:
https://edge.media-server.com/mmc/p/a6p6zq4d
Presentation slides will be available prior to the earnings call
at:
Investors | Ørsted (orsted.com)
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 9M 2022
http://www.rns-pdf.londonstockexchange.com/rns/1986F_1-2022-11-3.pdf
Company announcement
http://www.rns-pdf.londonstockexchange.com/rns/1986F_2-2022-11-3.pdf
Investor presentation
http://www.rns-pdf.londonstockexchange.com/rns/1986F_3-2022-11-3.pdf
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END
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