Today, Ørsted’s Board of Directors approved the interim report for the first half-year (H1) of 2020. Our operating profit (EBITDA) amounted to
Earnings from offshore and onshore wind farms in operation increased by 17% to
Net profit amounted to
The green share of our heat and power generation increased from 82% to 88%.
Our EBITDA guidance is unchanged relative to the guidance in our interim financial report for Q1 2020, and thus we re-iterate our EBITDA guidance of
“Despite the comprehensive health, social, and economic consequences of COVID-19, Ørsted has maintained stable operations and strong earnings during 2020. Our asset base has continued to be fully operational and we have maintained normal availability rates on our offshore and onshore wind farms.
We have however seen negative COVID-19 related effects on European power markets, especially in the
Our construction projects have largely progressed according to plans, both in
During the second quarter we achieved significant strategic results.
We signed the largest ever renewable corporate power purchase agreement (CPPA) with
In the US, the
At the 12MW Coastal Virginia demonstration project in the US, which we are constructing for Dominion Energy, we successfully installed both monopile foundations and turbines in June. The wind farm is the first ever in US federal waters.
We commissioned the 230MW onshore wind farm
We acquired the 227MWac solar PV project
Together with
Together with nine partners, we secured funding for the renewable hydrogen project WESTKÜSTE 100 as the first large-scale hydrogen project in
The world continues to navigate a health crisis which has a severe impact on the lives and livelihoods of people across the globe as well as on global and local economies. In this challenging situation, Ørsted continues to focus on the health and well-being of its employees and their families while supporting a stable power supply in the markets where we operate. Our business model and organisation have proven very resilient, and we remain confident about the company’s ability to deliver on both its short-term and long-term performance targets. We continue to see strong political and public support for an accelerated transition to green energy and Ørsted’s long-term growth prospects are as strong as ever.”
Financial key figures for Q2 2020 and H1 2020:
DKK million | Q2 2020 | Q2 2019 | % | H1 2020 | H1 2019 | % | ||
EBITDA | 2,956 | 3,625 | (18%) | 9,761 | 8,755 | 11% | ||
Profit (loss) for the period from cont. operations | (809) | 1,093 | n.a. | 2,537 | 3,732 | (32%) | ||
Profit (loss) for the period from discont. operations | (16) | (18) | (11%) | (44) | (61) | (28%) | ||
Profit (loss) for the period | (825) | 1,075 | n.a. | 2,493 | 3,671 | (32%) | ||
Cash flows from operating activities | 8,197 | 7,510 | 9% | 7,769 | 7,392 | 5% | ||
Gross investments | (3,757) | (3,368) | 12% | (9,065) | (7,267) | 25% | ||
Divestments | 45 | (11) | n.a. | 52 | 2,667 | (98%) | ||
Free cash flow | 4,485 | 4,131 | 9% | (1,244) | 2,792 | n.a. | ||
Net interest-bearing debt | 22,272 | 4,980 | 347% | 22,272 | 4,980 | 347% | ||
FFO/adjusted net debt | 23% | 58% | (35%p) | 23% | 58% | (35%p) | ||
ROCE | 11% | 29% | (18%p) | 11% | 29% | (18%p) |
For further information, please contact:
Media Relations Investor Relations
Martin Barlebo Allan Bødskov Andersen
+45 99 55 95 52 +45 99 55 79 96
Earnings call
In connection with the presentation of the interim report, an earnings call for investors and analysts will be held on Wednesday,
US: + 1 844 625 1570
The earnings call can be followed live at:
https://edge.media-server.com/mmc/p/fm7kbt6i
Presentation slides will be available prior to the earnings call at:
www.orsted.com/en/investors/ir-material/financial-reports-and-presentations#0
The interim report is available for download at:
www.orsted.com/en/investors/ir-material/financial-reports-and-presentations#0
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, 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_Company announcement_Interim report_H12020
- Ørsted_H1 2020_Interim financial report
- Ørsted_Q2 2020_Investor presentation
© OMX, source