Today, Ørsted’s Board of Directors approved the annual report for 2019. Operating profit (EBITDA), excluding new partnerships, increased by 17% to
Earnings from offshore and onshore wind farms in operation increased by 30% to
The increase compared to our most recent guidance was mainly due to strong offshore generation in December, better than expected performance from our trading activities, less negative effect from the value of our gas at storage and lower costs across the group. This was partly offset by the provision related to our loss-making LNG activities, which we signed an agreement to divest in December.
Net profit amounted to
Our credit metric, FFO/adjusted net debt, ended at 31%, in line with our financial policy of being around 30%.
The Board of Directors recommends a dividend of
The green share of our heat and power generation continued to increase to a new high of 86%, following continued ramp-up of our offshore wind capacity, new onshore capacity and lower heat and power generation based on coal and gas.
“2019 was a great year for Ørsted with continued strategic progress and global expansion. We achieved a very satisfactory operating profit (EBITDA), and the green share of our heat and power generation increased to a new high of 86%.
We reached significant milestones by winning two large-scale offshore projects in the US. We were awarded 1,100MW with our
In the
During 2019, we took final investment decision (FID) on a number of projects. In
We signed an agreement to divest our Danish power distribution (Radius), residential customer and city light businesses to SEAS-NVE. The agreement ensures an attractive transaction for Ørsted’s shareholders and provides a good future home for the customers and our highly skilled employees. We will use the proceeds from the divestment to continue our global investments in green energy. We expect that the transaction will be closed in the first half of 2020.
To further focus our activities, we entered into an agreement to divest our LNG activities to Glencore and initiated a process to divest the majority of our B2B sales business.
We remain strongly committed to our vision of a world running entirely on green energy and will continue to work hard to help limit global warming and its impact on biodiversity and global living conditions for current and future generations.”
Financial key figures for Q4 and 2019:
DKK million | Q4 2019 | Q4 2018 | % | 2019 | 2018 | % |
EBITDA | 4,613 | 19,206 | (76%) | 17,484 | 30,029 | (42%) |
Profit (loss) for the year from cont. operations | 925 | 15,160 | (94%) | 6,100 | 19,486 | (69%) |
Profit (loss) for the year from discont. operations | (29) | 34 | n.a. | (56) | 10 | n.a. |
Profit (loss) for the year | 896 | 15,194 | (94%) | 6,044 | 19,496 | (69%) |
Cash flows from operating activities | 4,816 | 7,565 | (36%) | 13,079 | 10,343 | 26% |
Gross investments | (8,816) | (14,916) | (41%) | (23,305) | (24,481) | (5%) |
Divestments | 402 | 18,749 | (98%) | 3,329 | 19,950 | (83%) |
Free cash flow | (3,598) | 11,398 | n.a. | (6,897) | 5,812 | n.a. |
Net interest-bearing debt | 17,230 | (2,219) | n.a. | 17,230 | (2,219) | n.a. |
FFO/adjusted net debt | 31% | 69% | (38%p) | 31% | 69% | (38%p) |
ROCE | 11% | 32% | (22%p) | 11% | 32% | (22%p) |
Outlook 2020
EBITDA (business performance), excluding new partnerships, is expected to be
Gross investments for 2020 are expected to amount to
For further information, please contact:
Media Relations | Investor Relations | |
Martin Barlebo | Allan Bødskov Andersen | |
+45 99 55 95 52 | +45 99 55 79 96 |
Conference call
In connection with the presentation of the annual report, a conference call for investors and analysts will be held on Thursday,
US: + 1 833 526 8384
The conference call can be followed live at:
https://edge.media-server.com/mmc/p/v6offu8x
Presentation slides will be available prior to the conference call at:
orsted.com/en/Financial-reports-and-presentations
The annual report is available for download at:
orsted.com/en/Financial-reports-and-presentations
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, and bioenergy plants, and provides energy products to its customers. Ørsted ranks #1 in Corporate Knights' 2020 index of the Global 100 most sustainable corporations in the world and is recognised on the CDP Climate Change A List as a global leader on climate action. Headquartered in
Attachments
- Ørsted-Annual-report-2019
- 30JAN2020_Company announcement_Ørsted 2019 Full year
- Ørsted - Q4 2019 - investor presentation
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