TIDM44ZX
Orsted A/S
01 February 2023
Annual report for 2022: Ørsted achieved strong operational
performance and significant strategic progress
Today, Ørsted's Board of Directors approved the annual report
for 2022.
Our operating profit (EBITDA) for the year amounted to DKK 32.1
billion, our highest EBITDA ever, of which the gain from the 50 %
farm-downs of Hornsea 2 and Borkum Riffgrund 3 amounted to DKK 11.0
billion in total.
EBITDA excluding new partnership agreements amounted to DKK 21.1
billion, an increase of DKK 5.3 billion compared to 2021. We
benefitted from our diverse portfolio and achieved significantly
higher earnings from our onshore wind and solar PV business, our
combined heat and power plants, and our gas activities than
expected at the beginning of the year , while ea rnings in Offshore
decreased. The unexpected decrease in Offshore was primarily due to
adverse impacts from hedges and delays at our Hornsea 2 and Greater
Changhua 1 & 2a construction projects.
Net profit amounted to DKK 15.0 billion, and return on capital
employed (ROCE) came in at 17 %.
The Board of Directors recommends a dividend of DKK 13.5 per
share (DKK 5.7 billion in total), up 8.0 % and in line with our
dividend policy.
In 2023, EBITDA excluding new partnership agreements is expected
to be DKK 20-23 billion, and g ross investments are expected to be
DKK 50-54 billion.
Mads Nipper, Group President and CEO of Ørsted, says:
" In a year with unusual market conditions, not least the very
volatile energy prices and a substantial increase in inflation,
we're happy to achieve a record-high operating profit for 2022.
We achieved strong operational performance with our assets
remaining fully operational and having robust availability rates.
Our CHP plants supported the much-needed security of supply in
Denmark.
Furthermore, we achieved significant strategic results across
our business, and we remain confident in our long-term financial
estimates and growth ambitions. The world is facing a climate
crisis, and it's indisputable that a transition to a sustainable
energy system is needed. We're ready to be part of this much-needed
renewable energy build-out."
Ørsted achieved significant strategic results during 2022,
including:
Offshore
-- In the UK, we were awarded a contract for difference for
building Hornsea 3, the world's single biggest offshore wind farm,
and we commissioned Hornsea 2, the world's largest operating wind
farm.
-- In the US, we continued the development of our portfolio of
offshore wind projects off the East Coast, including taking final
investment decision on South Fork.
-- Despite challenges in Taiwan, we continued the progress in
all areas of the construction of Greater Changhua 1 & 2a and
expect to commission the wind farm in H2 2023.
-- We took significant steps into floating wind in Scotland and Spain.
Onshore
-- We took further steps in Europe by completing the acquisition
of Ostwind, which has a development project pipeline of more than
1.5 GW in Germany and France.
-- We entered new partnerships in Spain to pursue early-stage solar and onshore wind projects.
-- In the US, we added 1.3 GW to our portfolio following our
final investment decision of three large onshore and solar PV farms
(Sunflower, Mockingbird, and Eleven Mile), which will increase our
installed capacity with more than 30 %.
P2X
-- We took FID and acquired the remaining 55 % of FlagshipONE,
the largest e-methanol project under construction in Europe.
-- Our 'Green Fuels for Denmark' project and our Haddock P2X
project in the Netherlands received IPCEI funding.
-- We signed a landmark letter of intent with A.P. Moller -
Maersk to deliver 300,000 tonnes of e-methanol on the US Gulf
Coast.
Financial key figures for 2022:
DKK million Q4 2022 Q4 2021 % 2022 2021 %
================================= ======== ========= ======= ========= ========= ======
EBITDA 6,696 8,253 (19 %) 32,057 24,296 32 %
- New partnerships 77 3,211 (98 %) 10,993 8,507 29 %
- EBITDA excl. new partnerships 6,619 5,042 31 % 21,064 15,789 33 %
Profit (loss) for the period (329) 3,258 n.a. 14,996 10,887 38 %
Cash flow from operating
activities 20,915 668 n.a. 11,924 12,148 (2 %)
Gross investments (9,826) (11,752) (16 %) (37,447) (39,307) (5 %)
Divestments 983 10,952 (91 %) 25,636 21,519 19 %
Free cash flow 12,072 (132) n.a. 113 (5,640) n.a.
Net interest-bearing debt 30,571 24,280 26 % 30,571 24,280 26 %
FFO/adjusted net debt 43 % 26 % 16 %p 43 % 26 % 16 %p
ROCE 17 % 15 % 2 %p 17 % 15 % 2 %p
================================= ======== ========= ======= ========= ========= ======
Earnings call
In connection with the presentation of the annual report, an
earnings call for investors and analysts will be held on Wednesday,
1 February 2023 at 14:00 CET.
Denmark: +45 78 76 84 90
The UK: +44 203 769 6819
The US: +1 646 787 0157
PIN: 994005
The earnings call can be followed live at:
https://orsted-events.eventcdn.net/events/annual-report-2022
Presentation slides will be available prior to the earnings call
at:
Investors | Ørsted (orsted.com)
The annual report and reports about remuneration, sustainability
and ESG performance are available for download at:
https://orsted.com/en/investors/ir-material/annual-reporting-2022
For further information, please contact:
Media Relations
Martin Barlebo
+45 99 55 95 52
Investor Relations
Rasmus Keglberg Hærvig
+45 99 55 90 95
ir@orsted.com
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. Ørsted is
recognised on the CDP Climate Change A List as a global leader on
climate action and was the first energy company in the world to
have its science-based net-zero emissions target validated by the
Science Based Targets initiative (SBTi). Headquartered in Denmark,
Ørsted employs approx. 7,700 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 orsted.com or follow us on
Facebook, LinkedIn, Instagram, and Twitter.
Attachments to this company announcement:
Annual report 2022 (pdf)
http://www.rns-pdf.londonstockexchange.com/rns/5556O_2-2023-2-1.pdf
Company announcement (pdf)
http://www.rns-pdf.londonstockexchange.com/rns/5556O_3-2023-2-1.pdf
Investor presentation (pdf)
http://www.rns-pdf.londonstockexchange.com/rns/5556O_1-2023-2-1.pdf
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END
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