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Management’s review
Interim financial report First quarter 2021
Quarterly overview
Income statement
The income statement (BP
1
comparables)
shows business performance numbers for
2020 to form a better like-for-like compari-
son, in line with the comparison numbers
used throughout the management’s review.
1)
Business performance.
2)
EBIT (last 12 months)/average capital employed.
3)
FFO last 12 months. Net debt including 50% of hybrid
capital, cash and securities not available for use (with
the exception of repo transactions), and decommission-
ing obligations less deferred tax.
4)
YTD.
Financial results, DKKm
Q1
2021
Q4
2020
Q3
2020
Q2
2020
Q1
2020
Q4
2019
Q3
2019
Q2
2019
Income statement (BP
1
comparables)
Revenue 18,944 15,559 10,041 11,625 15,376 18,679 15,481 16,443
EBITDA 4,863 5,003 3,360 2,956 6,805 4,613 4,116 3,625
Offshore 3,946 4,128 2,629 2,361 5,632 4,048 3,223 3,572
Sites, O&M and PPAs 4,886 4,950 3,012 2,578 4,936 4,626 2,612 2,552
Construction agreements and
divestment gains
(573) (149) 247 396 1,099 51 1,188 1,638
Other incl. project development (367) (673) (630) (613) (403) (629) (577) (618)
Onshore 228 324 308 312 187 165 308 162
Bioenergy & Other 622 643 375 185 933 490 436 (115)
Other activities 67 (92) 48 98 53 (90) 149 6
Operating profit (loss) (EBIT) 2,933 3,091 1,265 1,129 5,051 2,169 2,435 1,936
Profit (loss) for the period 1,598 2,189 12,034 (825) 3,318 896 1,477 1,075
Income statement (IFRS comparables)
Revenue 18,944 13,195 8,762 9,962 18,232 19,815 14,543 17,277
EBITDA 4,863 3,102 2,455 1,592 9,449 5,260 3,328 4,425
Depreciation and amortisation (1,930) (1,912) (2,095) (1,827) (1,754) (1,876) (1,681) (1,689)
Impairment losses - - - - - (568) - -
Operating profit (loss) (EBIT) 2,933 1,190 360 (235) 7,695 2,816 1,647 2,736
Gain (loss) on divestment of enterprises 36 (291) 11,139 (3) (14) (13) (15) (18)
Net financial income and expenses (419) (456) (282) (1,010) (776) (644) (47) (545)
Profit (loss) before tax 2,547 442 11,219 (1,245) 6,908 2,162 1,580 2,176
Tax (949) 258 92 (625) (1,501) (733) (758) (458)
Profit (loss) for the period 1,598 715 11,329 (1,886) 5,379 1,400 856 1,700
Balance sheet
Assets 210,972 196,719 194,567 193,124 193,636 192,860 194,521 185,949
Equity 96,541 97,329 96,472 85,930 89,015 89,562 87,369 86,446
Shareholders in Ørsted A/S 75,835 81,376 80,450 69,789 72,728 73,082 70,977 69,960
Non-controlling interests 2,722 2,721 2,790 2,909 3,055 3,248 3,153 3,247
Hybrid capital 17,984 13,232 13,232 13,232 13,232 13,232 13,239 13,239
Interest-bearing net debt 13,190 12,343 8,216 22,272 27,084 17,230 12,082 4,980
Capital employed 109,731 109,672 104,688 108,203 116,098 106,792 99,451 91,426
Additions to property, plant, equipment 6,469 8,121 5,477 10,011 4,833 6,560 8,449 3,755
Cash flow
Cash flow from operating activities 8,087 6,756 1,941 8,197 (428) 4,816 871 7,510
Gross investments (6,665) (8,639) (9,263) (3,757) (5,308) (8,816) (7,222) (3,368)
Divestments (31) (1,519) 20,506 45 7 402 260 (11)
Free cash flow 1,391 (3,402) 13,184 4,485 (5,729) (3,598) (6,091) 4,131
Financial ratios
Return on capital employed (ROCE)
2
, % 7.5 9.7 9.4 10.8 11.0 10.6 29.3 29.3
FFO/adjusted net debt
3
, % 44.9 48.3 35.6 23.1 21.3 31.0 47.4 57.5
Number of outstanding shares, end of period, '000 420,068 420,068 420,066 420,066 419,985 419,985 419,985 419,985
Share price, end of period, DKK
1,025 1,244 875 765 666 689 637 533
Market capitalisation, end of period, DKK billion 430 522 368 321 280 290 267 224
Earnings per share (EPS) (BP), DKK 2.8 4.9 28.6 (2.7) 8.0 1.1 3.5 1.9
Business drivers
Q1
2021
Q4
2020
Q3
2020
Q2
2020
Q1
2020
Q4
2019
Q3
2019
Q2
2019
Offshore
Decided (FID'ed) and installed capacity,
offshore wind, GW
9.9 9.9 9.9 9.9 9.9 9.9 9.9 9.9
Installed capacity, offshore wind, GW
7.6 7.6 6.8 6.8 6.8 6.8 5.6 5.6
Generation capacity, offshore wind, GW
4.4 4.4 4.1 3.8 3.6 3.6 3.6 3.3
Wind speed, m/s
10.5 10.4 8.2 8.0 12.1 10.0 8.5 8.0
Load factor, %
50 53 35 32 60 50 37 31
Availability, %
95 94 94 95 93 93 93 87
Power generation, TWh
4.5 4.8 3.2 2.6 4.6 3.9 2.8 2.2
Power sales, TWh
6.9 8.6 6.3 5.5 8.8 7.7 7.0 5.7
Onshore
Decided (FID'ed) and installed capacity, GW
3.9 3.4 2.7 2.1 2.1 2.1 1.7 1.4
Installed capacity, GW
1.7 1.7 1.7 1.6 1.3 1.0 1.0 0.8
Wind speed, m/s
7.7 8.0 6.7 8.0 7.5 7.3 6.6 7.7
Load factor, %
45 50 36 49 44 46 39.1 46.7
Availability, %
93 95 97 96 95 98 98.2 97.1
Power generation, TWh
1.6 1.8 1.2 1.6 1.1 1.0 0.9 0.8
Bioenergy & Other
Degree days, number
1,325 825 106 436 1,065 882 108 269
Heat generation, TWh
3.9 2.3 0.3 1.0 3.1 3.0 0.5 1.1
Power generation, TWh
2.3 1.3 0.6 0.9 1.6 1.6 0.4 0.7
Power sales, TWh
2.3 2.6 2.4 3.0 3.6 4.1 3.3 3.3
Gas sales, TWh
18.9 20.3 23.2 20.1 26.7 36.7 30.8 31.7
People and environment
Employees (FTE) end of period, number
6,311 6,179 6,120 6,731 6,608 6,526 6,454 6,312
Total recordable injury rate (TRIR)
4
3.0 3.6 3.8 3.7 3.6 4.9 4.7 4.0
Fatalities, number
0 0 0 0 0 0 0 1
Green share of heat and power generation, %
87 93 90 86 90 90 87 85
Carbon emissions, g CO
2
e/kWh (scopes 1 & 2)
59 34 83 84 53 44 62 71
Carbon emissions, Mtonnes (scope 3)
5.3 5.9 6.3 5.5 7.6 10.7 8.2 8.4