TIDMORSTED 
 
   EBITDA for 2020 
 
   Based on our preliminary and unaudited reporting, we expect an operating 
profit (EBITDA) of DKK 18.0 billion for 2020, which is above our latest 
guidance of DKK 16-17 billion. 
 
   The increase in earnings is primarily of temporary nature, but we have 
also seen strong operational performance throughout the Group in the 
last months of the year. We achieved higher than expected earnings from 
our operating assets and trading related to hedging of our power 
exposures, and we saw positive temporary effects in our gas portfolio 
business due to higher gas prices at year-end. In addition, fixed costs 
came in lower than expected throughout the Group, and we had lower than 
expected project development costs in the US, mainly due to timing. 
 
   Financial outlook 2021 
 
   Group EBITDA guidance 
 
   Operating profit (EBITDA) excluding new partnership agreements is 
expected to be DKK 15-16 billion in 2021. 
 
 
 
 
                                                          2020 realised        2021 
Outlook 2021, DKKbn               2020 realised(1)        excl. RBC(1,2)    guidance(3) 
 
EBITDA                                             18.0             17.1            15-16 
 Offshore                                          14.8             14.8            Lower 
 Onshore                                            1.1              1.1           Higher 
 Markets & Bioenergy                                2.1              1.2            Lower 
 
(1) Business performance principle 
(2) Without the Danish power distribution, residential 
 customer, and city light businesses (RBC) 
(3) Without new partnerships; relative to 2020 excl. 
 RBC 
 
 
   As in previous years, our EBITDA guidance does not include earnings from 
new partnership agreements as it is difficult to predict the exact 
timing of potential farm-downs as well as the distribution of income 
between years if the partnership includes a construction agreement. 
 
   In terms of new partnerships in 2021, we expect to close the 50 % 
farm-down of Greater Changhua 1 following the agreement announced in 
December 2020. Furthermore, we plan to farm-down a 50 % share of 
Borssele 1 & 2 around summer. Finally, we will explore the possibility 
of a farm-down of our solar PV portfolio following the commissioning of 
Muscle Shoals in Q3. While we have not included any gains from these 
farm-downs in our guidance, we have assumed a derived reduction in site 
earnings. 
 
   We had no earnings from new partnership agreements in 2020, while EBITDA 
from existing partnerships is expected to amount to DKK 1.6 billion. In 
2021, EBITDA from existing partnerships is expected to be close to zero. 
 
   In 2020, we divested our Danish power distribution, residential customer, 
and city light businesses. These contributed with DKK 0.9 billion to our 
EBITDA in 2020. 
 
 
 
 
2020 realised & 2021 guidance                              DKKbn 
 
2020 realised                                                 18.0 
   Danish power distribution, residential customer and 
    city light business                                       -0.9 
   Existing offshore partnerships                             -1.6 
2020 comparable                                               15.5 
   Offshore(1)                                               Lower 
   Onshore(1)                                               Higher 
   Markets & Bioenergy(1)                                    Lower 
   IFRS 9 one-off effects                                      1.0 
2021 guidance                                            15.0-16.0 
 
(1) Excl. IFRS 9 one-off effects 
 
 
   Directional business unit guidance 
 
   Earnings in Offshore (excluding new partnership agreements) are expected 
to be lower than in 2020. Earnings are also expected to be lower than in 
2020 adjusted for the non-repetition of earnings from existing 
partnerships in 2020 (approx. DKK 1.6 billion) and the positive effect 
(approx. DKK 1 billion) of ceasing to report according to the business 
performance principle in 2021 (see below). The positive impact on 
operational earnings driven by the last 400 MW of Hornsea 1 receiving 
CfDs from April and full-year effects from Borssele 1 & 2 net of the 
reduction in site earnings from the assumed farm-down will be more than 
offset by a number of adverse effects. In 2021, we expect an increase in 
expensed project development costs, O&M costs related to Greater 
Changhua 1 & 2a and Hornsea 2 before they commence generation in 2022, 
higher TNUoS charges, and lower earnings from Horns Rev 2 which came out 
of subsidy period in October 2020. Finally, 2020 had higher than normal 
wind speeds, which constitutes the largest negative impact year on year. 
 
   Earnings in Onshore are expected to be higher than in 2020 driven by 
increased earnings from new wind and solar farms coming online, net of 
the assumed reduction in site earnings from the possible farm-down of 
our solar PV portfolio. The increased operational earnings will be 
partly offset by higher costs related to the strategic expansion of the 
business and an adverse year-on-year impact from recognition of 
derivatives. 
 
   Earnings in Markets & Bioenergy (excluding the divested Danish power 
distribution, residential customer, and city light businesses), are 
expected to be lower than in 2020. The positive effects from revaluation 
of gas at storage caused by the increasing gas prices, especially during 
Q4 2020, is expected to partly reverse in 2021. 
 
   Cease to report on business performance principle from 2021 
 
   From 2021, we will cease using our supplementary business performance 
principles and only report our financials based on IFRS. This will 
simplify our reporting and comply with future reporting requirements. 
 
   The transition entails that the market value of our business performance 
hedges (related to commodities and related FX) deferred to a future 
period at the end of 2020 will cease to exist as it has already been 
recognised in the income statement according to IFRS. 
 
   For 2021, EBITDA according to IFRS is expected to be approx. DKK 1 
billion higher than what we would have expected if we had continued to 
report based on the business performance principle. The majority of this 
is related to Offshore site earnings. 
 
   Ørsted will publish its annual report for 2020 on 3 February 2021. 
 
   For further information, please contact: 
 
   Media Relations 
 
   Martin Barlebo 
 
   +45 99 55 95 52 
 
   Investor Relations 
 
   Allan Bødskov Andersen 
 
   +45 99 55 79 96 
 
   Ørsted's vision is to create 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 Denmark, Ørsted employs 6,120 people. 
Ørsted's shares are listed on Nasdaq Copenhagen (Orsted). In 2019, 
the company generated revenue of DKK 67.8 billion (EUR 9.1 billion). For 
more information on Ørsted, visit orsted.com or follow us on 
Facebook, LinkedIn, Instagram and Twitter. 
 
   Attachment 
 
 
   -- 12JAN2020_Company announcement_Ørsted exceeds guidance 
      https://ml-eu.globenewswire.com/Resource/Download/94050da3-5e07-44d3-b76e-ee0f40c17158

(END) Dow Jones Newswires

01-12-21 1211ET