TIDMORSTED 
 
   Today, Ørsted's Board of Directors approved the interim report for 
the first quarter of 2020. Our operating profit (EBITDA) amounted to DKK 
6.8 billion, a 33% increase compared to the same period last year. 
 
   Earnings from offshore and onshore wind farms in operation increased by 
25% to DKK 5.2 billion driven by ramp-up of generation from Hornsea 1, 
Lockett, and Sage Draw. Furthermore, we had high wind speeds in Europe 
throughout Q1 2020. 
 
   Net profit amounted to DKK 3.3 billion and return on capital employed 
(ROCE) came in at 11%. 
 
   The green share of our heat and power generation increased from 80% to a 
new high of 90%. 
 
   On 4 March 2020, we increased our EBITDA (business performance) guidance 
from DKK 15-16 billion to DKK 16-17 billion due to updated assumptions 
regarding the divestment of the transmission asset for Hornsea 1. 
 
   At this point in time, we have no indication that the COVID-19 situation 
will significantly impact our earnings for the year, and thus we 
re-iterate our most recent EBITDA guidance of DKK 16-17 billion in 2020. 
We also re-iterate our expectation of gross investments of DKK 30-32 
billion in 2020. 
 
   Henrik Poulsen, CEO and President of Ørsted, says: 
 
   "Despite the COVID-19 crisis and its profound impact on societies around 
the world, we have had a very good start to the year with strong 
financial results and solid operational performance across the entire 
business. 
 
   We activated our Corporate Crisis Management Organisation in early March 
to steer Ørsted through the global COVID-19 crisis. Our focus has 
been on the health and well-being of our employees and their families 
and the communities we are part of. 
 
   During the last couple of months, our asset base has been fully 
operational with availability rates for our wind farms and power 
stations within the normal range. 
 
   In March, we commissioned the 338MW onshore wind farm Sage Draw in the 
US. 
 
   Our construction projects all remain on track. However, across our 
projects, we see an increased risk of component and service delays from 
suppliers impacted by COVID-19. We collaborate closely together with our 
partners to mitigate these situations as best possible and without 
compromising health and safety standards. Based on our current outlook, 
we believe the COVID-19 related impact on our construction projects will 
be limited both in terms of timing and economics. 
 
   Our offshore development projects in the US are moving forward, although 
at a slower pace than originally expected due to a combination of the 
Bureau of Ocean Energy Management's (BOEM) prolonged analysis of the 
cumulative impacts from the build-out of US offshore wind projects, and 
now also COVID-19 effects. The two earliest projects in our pipeline; 
the 120MW Skipjack project in Maryland and the 130MW South Fork project 
in New York, are most exposed to the risk of delays. For Skipjack it is 
no longer realistic to receive the 'Notice of Intent' from BOEM in due 
time to meet commissioning date in late 2022. Therefore, we now expect 
to commission the wind farm approx one year later. For the South Fork 
project, which was also planned for a 2022 commissioning date, we have 
received the 'Notice of Intent', but have not received a confirmed 
permit schedule from the federal government outlining when the 
'Construction and Operations Plan' (COP) will be received. This combined 
with impacts from the COVID-19 related shutdowns in New York, will also 
very likely delay South Fork to beyond 2022. 
 
   For our largest awarded US development projects -- Revolution Wind, 
Ocean Wind, and Sunrise Wind -- with expected commissioning in 2023 and 
2024, we also see increased risk of delays. We have submitted our COP 
applications for Ocean Wind and Revolution Wind and are awaiting BOEM to 
issue their 'Notices of Intent', outlining the timeline for COP 
approval. For Sunrise Wind in New York, we are currently unable to 
progress our offshore site surveys due to COVID-19 restrictions, which 
adversely impacts our COP application process. So, for these three 
projects, we need more visibility on the path to COP approval before 
concluding whether commissioning in 2023-24 remains realistic. We expect 
to have more clarity after summer. 
 
   Ørsted is a strong company with a resilient business model, and we 
are in a much less vulnerable position than many other sectors that are 
deeply impacted by the crisis. However, the impact of COVID-19 will have 
material ripple effects throughout all economies and sectors, and we 
cannot be complacent about its potential impact on us. Thus, we remain 
vigilant about the unfolding crisis and have identified a number of 
risks that potentially can impact our activities, including the ones 
listed in our company announcement on 25 March. 
 
   I would like to extend a special and heartfelt thank you to all 
Ørsted employees and our partners for doing an exceptional job in 
maintaining a strong focus on health and safety during these challenging 
times, while also maintaining business continuity across Ørsted's 
critical operations and projects." 
 
   Financial key figures for Q1 2020: 
 
 
 
 
 
 
DKK million                                         Q1 2020  Q1 2019    % 
--------------------------------------------------  -------  -------  ------ 
EBITDA                                                6,805    5,130     33% 
Profit (loss) for the period from cont. operations    3,346    2,639     27% 
Profit (loss) for the period from discont. 
 operations                                            (28)     (43)   (35%) 
Profit (loss) for the period                          3,318    2,596     28% 
Cash flows from operating activities                  (428)    (118)    263% 
Gross investments                                   (5,308)  (3,899)     36% 
Divestments                                               7    2,678    n.a. 
Free cash flow                                      (5,729)  (1,339)    328% 
Net interest-bearing debt                            27,084    9,111    197% 
FFO/adjusted net debt                                   21%      46%  (25%p) 
ROCE                                                    11%      28%  (17%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 
 
 
 
 
 
   Conference call 
 
   In connection with the presentation of the interim report, a conference 
call for investors and analysts will be held on Wednesday, 29 April 2020 
at 14:00 CEST. 
 
   Denmark: + 45 32 71 49 98 
 
   UK: + 44 800 408 7373 
 
   US: + 1 877 890 2416 
 
   Room number: 233127 
 
   Participant PIN: 8564 
 
   The conference call can be followed live at: 
 
   https://edge.media-server.com/mmc/p/tugmuzb3 
 
   Presentation slides will be available prior to the conference call at: 
 
   https://orsted.com/en/investors/ir-material/financial-reports-and-presentations#0 
 
 
   The interim report is available for download at: 
 
   https://www.globenewswire.com/Tracker?data=yu1WItylaOww2K87Lu6WtIZkz2jyPAWuCvPzN-sSAWvsjDjUNjmAcQtD9rRG4A8Jq1oXUyCRgu6OYhC91VbPjh666d0fpmDzDMzFN7LX-mif6UzLfOMmvVQo8tcc1w0bci8ruBeyoZIClrKEI6ViABYu0EksGL5wpFfJ5Cmt6gUXkE7--lmxA1JZGdCI2LtjLwTOWoFtfuDR9M4k8FQMx9zT9luDza2aAvHrfYK4z65DBVaQbsjHKOZnAxmKRNFt 
https://orsted.com/en/investors/ir-material/financial-reports-and-presentations#0 
 
 
   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 Denmark, 
Ørsted employs 6,500 people. Ørsted's shares are listed on 
Nasdaq Copenhagen (Orsted). In 2019, the group's revenue was DKK 67.8 
billion (EUR 9.1 billion). Visit orsted.com or follow us on Facebook, 
LinkedIn, Instagram and Twitter. 
 
 
 
   Attachments 
 
 
   -- 29APR2020_Company announcement_Ørsted_Q1 2020 
      https://ml-eu.globenewswire.com/Resource/Download/761751d2-a7ce-4cc2-aaf2-b0c6c3c5e4df 
 
 
   -- Ørsted - Q1 2020 - Investor presentation - 20200429 
      https://ml-eu.globenewswire.com/Resource/Download/db9c91ac-50c5-49c8-981a-234872e89699 
 
 
   -- Ørsted - Interim financial report - Q1 2020 
      https://ml-eu.globenewswire.com/Resource/Download/68c5a922-58b1-4998-9d81-9db3060db894 
 
 
 
 
 
 
 

(END) Dow Jones Newswires

April 29, 2020 02:16 ET (06:16 GMT)

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