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Management’s review
Interim financial report First half year 2021
Quarterly overview
Financials, DKKm
Q1
2021
Q4
2020
Q3
2020
Q2
2020
Q1
2020
Q4
2019
Q3
2019
Income statement (BP
1
comparables)
Revenue 18,944 15,559 10,041 11,625 15,376 18,679 15,481
EBITDA 4,863 5,003 3,360 2,956 6,805 4,613 4,116
Offshore 3,946 4,128 2,629 2,361 5,632 4,048 3,223
Sites, O&M and PPAs 4,886 4,950 3,012 2,578 4,936 4,626 2,612
Construction agreements and
divestment gains
(573) (149) 247 396 1,099 51 1,188
Other incl. project development (367) (673) (630) (613) (403) (629) (577)
Onshore 228 324 308 312 187 165 308
Bioenergy & Other 622 643 375 185 933 490 436
Other activities 67 (92) 48 98 53 (90) 149
Operating profit (loss) (EBIT) 2,933 3,091 1,265 1,129 5,051 2,169 2,435
Profit (loss) for the period 1,598 2,189 12,034 (825) 3,318 896 1,477
Income statement (IFRS comparables)
Revenue 18,944 13,195 8,762 9,962 18,232 19,815 14,543
EBITDA 4,863 3,102 2,455 1,592 9,449 5,260 3,328
Depreciation and amortisation (1,930) (1,912) (2,095) (1,827) (1,754) (1,876) (1,681)
Impairment losses - - - - - (568) -
Operating profit (loss) (EBIT) 2,933 1,190 360 (235) 7,695 2,816 1,647
Gain (loss) on divestment of enterprises 36 (291) 11,139 (3) (14) (13) (15)
Net financial income and expenses (419) (456) (282) (1,010) (776) (644) (47)
Profit (loss) before tax 2,547 442 11,219 (1,245) 6,908 2,162 1,580
Tax (949) 258 92 (625) (1,501) (733) (758)
Profit (loss) for the period 1,598 715 11,329 (1,886) 5,379 1,400 856
Balance sheet
Assets 210,972 196,719 194,567 193,124 193,636 192,860 194,521
Equity 96,541 97,329 96,472 85,930 89,015 89,562 87,369
Shareholders in Ørsted A/S 75,835 81,376 80,450 69,789 72,728 73,082 70,977
Non-controlling interests 2,722 2,721 2,790 2,909 3,055 3,248 3,153
Hybrid capital 17,984 13,232 13,232 13,232 13,232 13,232 13,239
Interest-bearing net debt 13,190 12,343 8,216 22,272 27,084 17,230 12,082
Capital employed 109,731 109,672 104,688 108,203 116,098 106,792 99,451
Additions to property, plant, equipment 6,469 8,121 5,477 10,011 4,833 6,560 8,449
Cash flow
Cash flow from operating activities 8,087 6,756 1,941 8,197 (428) 4,816 871
Gross investments (6,665) (8,639) (9,263) (3,757) (5,308) (8,816) (7,222)
Divestments (31) (1,519) 20,506 45 7 402 260
Free cash flow 1,391 (3,402) 13,184 4,485 (5,729) (3,598) (6,091)
Financial ratios
Return on capital employed (ROCE)
2
, % 7.5 9.7 9.4 10.8 11.0 10.6 29.3
FFO/adjusted net debt
3
, % 59.4 65.0 35.6 43.4 37.8 31.0 47.4
Number of outstanding shares, end of period, '000 420,068 420,068 420,066 419,985 419,985 419,985 419,985
Share price, end of period, DKK
1,025 1,244 875 765 666 689 637
Market capitalisation, end of period, DKK billion 430 522 368 321 280 290 267
Earnings per share (EPS) (BP
1
), DKK 2.8 4.9 28.6 (2.7) 8.0 1.1 3.5
Q2
2021
13,553
8,196
7,527
2,368
5,648
(489)
178
503
(12)
6,237
5,544
13,553
8,196
(1,959)
-
6,237
(72)
(466)
5,698
(154)
5,544
223,791
96,910
75,842
3,084
17,984
12,067
108,977
8,954
3,147
(12,133)
10,591
1,605
12.5
62.9
420,175
880
370
12.9
Business drivers
Q1
2021
Q4
2020
Q3
2020
Q2
2020
Q1
2020
Q4
2019
Q3
2019
Offshore
Decided (FID'ed) and installed capacity
4
, GW
9.9 9.9 9.9 9.9 9.9 9.9 9.9
Installed capacity, GW
7.6 7.6 6.8 6.8 6.8 6.8 5.6
Generation capacity, GW
4.4 4.4 4.1 3.8 3.6 3.6 3.6
Wind speed
5
, m/s
10.5 9.9 8.6 8.4 12.5 10.0 8.5
Load factor, %
50 53 35 32 60 50 37
Availability, %
95 94 94 95 93 93 93
Power generation, TWh
4.5 4.8 3.2 2.6 4.6 3.9 2.8
Power sales, TWh
6.9 8.6 6.3 5.5 8.8 7.7 7.0
Onshore
Decided (FID'ed) and installed capacity, GW
3.9 3.4 2.7 2.1 2.1 2.1 1.7
Installed capacity, GW
1.7 1.7 1.7 1.6 1.3 1.0 1.0
Wind speed
6
, m/s
7.7 8.0 6.7 8.0 7.5 7.3 6.6
Load factor, wind
6
, %
45 50 36 49 44 46 39
Availability, wind
6
, %
93 95 97 96 95 98 98
Power generation, TWh
1.6 1.8 1.2 1.6 1.1 1.0 0.9
Bioenergy & Other
Degree days, number
1,325 825 106 436 1,065 882 108
Heat generation, TWh
3.9 2.3 0.3 1.0 3.1 3.0 0.5
Power generation, TWh
2.3 1.3 0.6 0.9 1.6 1.6 0.4
Power sales, TWh
2.3 2.6 2.4 3.0 3.6 4.1 3.3
Gas sales, TWh
18.9 20.3 23.2 20.1 26.7 36.7 30.8
People and environment
Employees (FTE) end of period, number
6,311 6,179 6,120 6,731 6,608 6,526 6,454
Total recordable injury rate (TRIR)
7
3.0 3.6 3.8 3.7 3.6 4.9 4.7
Fatalities, number
0 0 0 0 0 0 0
Green share of heat and power generation, %
87 93 90 86 90 90 87
GHG intensity, g CO
2
e/kWh (scopes 1 & 2)
59 34 83 84 53 44 62
GHG emissions, Mtonnes (scope 3)
5.3 5.9 6.3 5.5 7.6 10.7 8.2
Q2
2021
9.8
7.6
4.0
7.8
29
93
2.5
4.5
4.6
2.5
7.3
45
97
2.0
487
1.1
1.5
2.2
15.1
6,472
3.1
0
93
51
4.6
Load factor, solar PV, %
29 - - - - - - -
Availability, solar PV, %
90 - - - - - - -
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 and
cash and securities not available for use (with the exception of repo
transactions). Numbers for 2020 and 2021 have been restated.
See
note 13 for adjusted definition.
4)
Nameplate capacity from Q2 2021.
5)
2020 numbers restated. See note 2.5 in our ESG Performance Report.
6)
US only.
7)
YTD.