Interim report for the first half year of 2023 – continued strong financial performance with high earnings in our offshore business and several new partnerships
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Ørsted A/S (Orsted)
10.8.2023 07:59:03 CEST | Ørsted A/S | Half Year financial report Today, Ørsted’s Board of Directors approved the interim report for the first half year of 2023. Operating profit (EBITDA) for the first half year was in line with our expectations and amounted to DKK 10.2 billion. Earnings from offshore sites amounted to DKK 9.0 billion, which was DKK 3.3 billion higher than in the same period last year. Net profit amounted to DKK 2.7 billion, and return on capital employed (ROCE) came in at 13 %. Mads Nipper, Group President and CEO of Ørsted, says in a comment to the interim financial report for the first half year of 2023: Among significant strategic milestones during the quarter, we received development consent for Hornsea 4, one of the world’s largest offshore wind farms with a capacity of up to 2.6 GW. Furthermore, we entered into a partnership with ESB, Ireland’s leading utility company, to jointly develop an Irish offshore wind portfolio and signed an agreement to acquire Eversource’s 50 % interest in Lease Area 500 in the US. With this added seabed, our portfolio of north-eastern US lease rights amounts to more than 4 GW, making Ørsted’s lease capacity the largest in the region. We’re pleased that New Jersey has enacted a law that allows Ocean Wind 1 to access and retain all federal tax credits without any additional costs to New Jersey ratepayers. This is an important and necessary step to ensure the project’s viability following the substantial cost increases experienced across the US offshore projects. Finally, as the first energy developer, we’ve committed to reuse or recycle all solar panels from our global portfolio of solar farms with immediate effect.” We maintain our EBITDA guidance of DKK 20-23 billion excluding earnings from new partnerships during the year. However, compared to the guidance provided in our annual report for 2022, we now expect higher earnings in Offshore than initially announced. In contrast, we expect earnings for our CHP plants to drop by approx. DKK 4 billion compared to 2022, rather than by approx. DKK 3 billion. We lower our gross investment guidance for 2023 by DKK 6 billion to DKK 44-48 billion, primarily due to timing. However, we expect to spend approx. DKK 6 billion on acquiring PSEG’s ownership share of Ocean Wind 1 and Eversource’s ownership share of Lease Area 500 in the US. As these transactions are with non-controlling shareholders, they are not included in ‘Gross investments’, but they are included in ‘Net investments’. Financial key figures for H1 2023:
Earnings call Denmark: +45 78 76 84 90 PIN: 994005 The earnings call can be followed live at: Presentation slides will be available prior to the earnings call at: Investors | Ørsted (orsted.com) The interim report is available for download at: For further information, please contact: Media Relations Investor Relations About Ørsted Attachments
News Source: Ritzau Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. |
| ISIN: | DK0060094928 |
| Category Code: | IR |
| TIDM: | Orsted |
| Sequence No.: | 263569 |
| EQS News ID: | 1700321 |
| End of Announcement | EQS News Service |
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