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Name | Symbol | Market | Type |
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Orsted 40 | LSE:44ZX | London | Medium Term Loan |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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0.00 | 0.00% | 143.237 | 0 | 01:00:00 |
TIDM44ZX
Orsted A/S
11 August 2022
Interim report for the first half year of 2022 - full-year guidance increased and continued expansion in offshore and onshore renewables
Today, Ørsted's Board of Directors approved the interim report for the first half year of 2022.
Operating profit (EBITDA) for the first half of the year amounted to DKK 13.0 billion, in line with the same period last year. EBITDA excluding new partnerships increased by 48 % to DKK 11.4 billion.
Net profit amounted to DKK 6.0 billion, and return on capital employed (ROCE) came in at 15 %.
We have increased our EBITDA guidance excluding new partnership agreements by DKK 1.0 billion to DKK 20-22 billion. The increase is primarily due to higher earnings in Bioenergy & Other and in Onshore. Our EBITDA guidance does not include earnings from new partnerships during the year, i.e. it excludes the gain from the 50 % farm-down of Borkum Riffgrund 3 in Q1 2022 and the upcoming farm-down of Hornsea 2.
We have increased our gross investment guidance by DKK 5.0 billion to DKK 43-47 billion. The increase is due to the expected closing of the EUR 689 million acquisition of Ostwind.
Mads Nipper, Group President and CEO of Ørsted, says in a comment to the interim financial report for the first six months of 2022:
"I'm very pleased with the first half of the year. In addition to a strong set of results for the period, including an increase of our full-year EBITDA guidance, we've achieved significant strategic milestones.
We were awarded a contract for the world's single biggest offshore wind farm, Hornsea 3 in the UK, with a capacity of 2,852 MW. With this significant win and maturation of other offshore projects, we're well on track to achieve our target of 30 GW offshore wind by 2030.
In our Onshore business, we also made strong progress with our entry into the Spanish onshore market and the agreement to acquire Ostwind, a developer, owner, and operator of onshore wind Germany and France.
In general, we've seen positive market development during the first half of 2022. Both the EU and the US have presented very ambitious plans to accelerate the build-out of renewable energy, which ensures a strong platform for continued growth within the development of renewable energy."
Financial key figures for Q2 and H1 2022:
DKK million Q2 2022 Q2 2021 % H1 2022 H1 2021 % ================================= ======== ========= ======= ========= ========= ======= EBITDA 3,615 8,196 (56 %) 13,044 13,059 (0 %) - New partnerships 0 5,355 n.a. 1,610 5,355 (70 %) - EBITDA excl. New partnerships 3,615 2,841 27 % 11,434 7,704 48 % Profit (loss) for the period 269 5,544 (95 %) 5,970 7,142 (16 %) Cash flow from operating activities 2,355 3,147 (25 %) 2,318 11,234 (79 %) Gross investments (6,372) (12,133) (47 %) (13,204) (18,798) (30 %) Divestments 267 10,591 (97 %) 2,194 10,560 (79 %) Free cash flow (3,750) 1,605 n.a. (8,692) 2,996 n.a. Net interest-bearing debt 41,449 12,067 243 % 41,449 12,067 243 % 17.6 62.9 17.6 62.9 FFO/adjusted net debt % % -45 %p % % -45 %p 14.8 12.5 14.8 12.5 ROCE % % 2 %p % % 2 %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 half year, an earnings call for investors and analysts will be held on Thursday, 11 August 2022 at 15:00 CEST.
Denmark: +45 78 72 32 50
The UK: +44 333 300 9032
The US: +1 646 722 4903
The earnings call can be followed live at:
Investor presentation Q2 2022 (media-server.com)
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 H1 2022
http://www.rns-pdf.londonstockexchange.com/rns/6948V_1-2022-8-11.pdf
Company announcement
http://www.rns-pdf.londonstockexchange.com/rns/6948V_3-2022-8-11.pdf
Investor presentation
http://www.rns-pdf.londonstockexchange.com/rns/6948V_2-2022-8-11.pdf
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END
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August 11, 2022 03:00 ET (07:00 GMT)
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