Today, Ørsted's Board of Directors approved the interim report for 
the first quarter of 2021. 
   Our operating profit (EBITDA) for the first quarter of the year amounted 
to DKK 4.9 billion, a DKK 1.9 billion decrease compared to the same 
period last year. The decrease was mainly due to high earnings from the 
construction agreement related to the Hornsea 1 transmission assets in 
Q1 2020 not being repeated in Q1 2021, very strong wind speeds in Q1 
2020 and the divested distribution, residential customer, and city light 
businesses last year. Furthermore, Q1 2021 was impacted by a DKK 0.8 
billion warranty provision related to cable protection system issues at 
some of our offshore wind farms. 
   The operational performance of the Group was good during Q1 2021, 
slightly exceeding our expectations. Our availability rates have been 
solid, we have seen higher than expected performance from our CHP plants, 
and we have achieved additional earnings from finalised construction 
   Earnings from our offshore and onshore wind farms in operation were in 
line with the same period last year. More wind farms in operation were 
offset by significantly lower wind speeds across our offshore portfolio. 
   Our operations and financial performance continued to remain solid 
despite the COVID-19 pandemic, and we maintain our full-year EBITDA 
guidance of DKK 15-16 billion. 
   We also reiterate our current full-year gross investment expectation of 
DKK 32-34 billion. However, once the Brookfield Renewable Ireland 
acquisition closes, the purchase price will be added to the current 
   Net profit amounted to DKK 1.6 billion and return on capital employed 
(ROCE) came in at 7.5 %. 
   Mads Nipper, Group President and CEO of Ørsted, says in a comment 
to the interim report for the first quarter of 2021: 
   "Ørsted's operational performance was good during Q1 2021 and 
slightly exceeded our expectations, and we've reached multiple strategic 
milestones. In our Offshore business, the Polish Baltica 2 & 3 projects 
with a total capacity of up to 2.5 GW were awarded contracts for 
difference and we've entered a new partnership in the Baltic States. We 
also signed an agreement to farm down 50 % of Borssele 1 & 2. In our 
Onshore business, we've made a strategic acquisition in Ireland and the 
UK, which provides us with a platform for future growth in the European 
onshore renewables market. We're looking forward to presenting an update 
of our strategy and long-term targets at our Capital Markets Day on 2 
   Financial key figures for Q1 2021: 
DKK million                            Q1 2021  Q1 2020    % 
                                       -------  -------  ------ 
EBITDA                                   4,863    6,805  (29 %) 
Profit (loss) for the period             1,598    3,318  (52 %) 
Cash flows from operating activities     8,087    (428)    n.a. 
Gross investments                      (6,665)  (5,308)    26 % 
Divestments                               (31)        7    n.a. 
Free cash flow                           1,391  (5,729)    n.a. 
Net interest-bearing debt               13,190   27,084  (51 %) 
FFO/adjusted net debt                     45 %     21 %   24 %p 
ROCE                                       7 %     11 %  (4 %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 Thursday, 29 April 2021 
at 14:00 CEST. 
   Denmark: +45 78 72 32 51 
   UK: +44 333 300 9267 
   USA: +1 833 526 8384 
   The earnings call can be followed live at: 
   Presentation slides will be available prior to the earnings call at: 
   The interim report is available for download at: 
   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 as the 
world's most sustainable energy company in Corporate Knights' 2021 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 6,311 
people. Ørsted's shares are listed on Nasdaq Copenhagen (Orsted). 
In 2020, the group's revenue was DKK 52.6 billion (EUR 7.1 billion). 
Visit orsted.com or follow us on Facebook, LinkedIn, Instagram, and 
   -- Company announcement_Interim report for the first quarter of 2021 
   -- Interim financial report Q1 2021 
   -- Ørsted - Q1 2021 - Investor presentation 

(END) Dow Jones Newswires

April 29, 2021 02:14 ET (06:14 GMT)

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