TIDM44ZX
Orsted A/S
03 May 2023
CORRECTION: Interim report for the first quarter of 2023
The below company announcement has been corrected in the
financial key figures for Q1 2023. Profit for the period has been
updated with correct numbers.
Interim report for the first quarter of 2023 - strong start to
the year with all-time high earnings from offshore sites and final
investment decision on Greater Changhua 2b and 4
Today, Ørsted's Board of Directors approved the interim report
for the first quarter of 2023.
Operating profit (EBITDA) for the first quarter was in line with
our expectations and amounted to DKK 6.9 billion.
Earnings from our wind and solar assets in operation amounted to
DKK 6.9 billion, which was an increase of DKK 2.2 billion compared
to the same period last year.
Net profit amounted to DKK 3.2 billion, and return on capital
employed (ROCE) came in at 14 %.
We maintain our EBITDA guidance of DKK 20-23 billion excluding
earnings from new partnerships during the year. We also maintain
our gross investment guidance of DKK 50-54 billion.
Mads Nipper, Group President and CEO of Ørsted, says in a
comment to the interim financial report for the first quarter of
2023:
"We're pleased with the Q1 2023 results where our offshore sites
earnings are back on track as the key EBITDA driver. Furthermore,
the construction of our current wind and solar assets is
progressing according to plan.
Among significant strategic milestones during the quarter, we
took FID on our Greater Changhua 2b and 4 offshore wind farms in
Taiwan with a total capacity of 920 MW. We expect to start onshore
construction this year with commissioning by the end of 2025.
Greater Changhua 2b and 4 have a robust business case, which will
create long-term value for Ørsted.
Our 100 MW Salamander project, a joint venture between Simply
Blue Group, Subsea 7, and Ørsted, won a Scottish floating wind
lease and is a tangible step to making floating wind a reality. We
also acquired the 160 MW early-stage Irish solar development
project Garreenleen, which will bring our Irish portfolio to a
total capacity of 576 MW."
Financial key figures for Q1 2023:
DKK million Q1 2023 Q1 2022 %
================================= ======== ======== =======
EBITDA 6,910 9,429 (27 %)
- New partnerships 0 1,610 n.a.
- EBITDA excl. new partnerships 6,910 7,819 (12 %)
Profit (loss) for the
period 3,202 5,701 (44 %)
Cash flow from operating
activities 10,119 (37) n.a.
Gross investments (8,768) (6,832) 28 %
Divestments (16) 1,927 n.a.
Free cash flow 1,335 (4,942) n.a.
Net interest-bearing
debt 35,261 30,026 17 %
37.4 37.5
FFO/adjusted net debt % % 0 %
13.8 19.0
ROCE % % (5 %p)
================================= ======== ======== =======
Earnings call
In connection with the presentation of the interim report for
the first quarter, an earnings call for investors and analysts will
be held on Wednesday, 3 May 2023 at 14:00 CEST.
Denmark: +45 78 76 84 90
International: +44 203 769 6819
USA: +1 646 787 0157
PIN: 994005
The earnings call can be followed live at:
https://orsted-events.eventcdn.net/events/interim-report-Q1-2023
Presentation slides will be available prior to the earnings call
at:
Investors | Ørsted (orsted.com)
The interim report is available for download at:
https://orsted.com/financial-reports
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. 8,000 people. Ørsted's shares are listed on
Nasdaq Copenhagen (Orsted). In 2022, the group's revenue was DKK
132.3 billion (EUR 17.8 billion). Visit orsted.com or follow us on
Facebook, LinkedIn, Instagram, and Twitter.
Attachments to this company announcement:
Interim financial report Q1 2023
(http://www.rns-pdf.londonstockexchange.com/rns/2636Y_2-2023-5-3.pdf)
Company announcement
(http://www.rns-pdf.londonstockexchange.com/rns/2636Y_3-2023-5-3.pdf)
Investor presentation
(http://www.rns-pdf.londonstockexchange.com/rns/2636Y_1-2023-5-3.pdf)
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END
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