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Management’s review
Interim financial report First nine months 2021
Quarterly overview
Financials, DKKm
Q2
2021
Q1
2021
Q4
2020
Q3
2020
Q2
2020
Q1
2020
Q4
2019
Income statement (BP
1
comparables)
Revenue 13,553 18,944 15,559 10,041 11,625 15,376 18,679
EBITDA 8,196 4,863 5,003 3,360 2,956 6,805 4,613
Offshore 7,527 3,946 4,128 2,629 2,361 5,632 4,048
Sites, O&M and PPAs 2,368 4,886 4,950 3,012 2,578 4,936 4,626
Construction agreements and
divestment gains
5,648 (573) (149) 247 396 1,099 51
Other incl. project development (489) (367) (673) (630) (613) (403) (629)
Onshore 178 228 324 308 312 187 165
Bioenergy & Other 503 622 643 375 185 933 490
Other activities (12) 67 (92) 48 98 53 (90)
Operating profit (loss) (EBIT) 6,237 2,933 3,091 1,265 1,129 5,051 2,169
Profit (loss) for the period 5,544 1,598 2,189 12,034 (825) 3,318 896
Income statement (IFRS comparables)
Revenue 13,553 18,944 13,195 8,762 9,962 18,232 19,815
EBITDA 8,196 4,863 3,102 2,455 1,592 9,449 5,260
Depreciation and amortisation (1,959) (1,930) (1,912) (2,095) (1,827) (1,754) (1,876)
Impairment losses - - - - - - (568)
Operating profit (loss) (EBIT) 6,237 2,933 1,190 360 (235) 7,695 2,816
Gain (loss) on divestment of enterprises (72) 36 (291) 11,139 (3) (14) (13)
Net financial income and expenses (466) (419) (456) (282) (1,010) (776) (644)
Profit (loss) before tax 5,698 2,547 442 11,219 (1,245) 6,908 2,162
Tax (154) (949) 258 92 (625) (1,501) (733)
Profit (loss) for the period 5,544 1,598 715 11,329 (1,886) 5,379 1,400
Balance sheet
Assets 223,791 210,972 196,719 194,567 193,124 193,636 192,860
Equity 96,910 96,541 97,329 96,472 85,930 89,015 89,562
Shareholders in Ørsted A/S 75,842 75,835 81,376 80,450 69,789 72,728 73,082
Non-controlling interests 3,084 2,722 2,721 2,790 2,909 3,055 3,248
Hybrid capital 17,984 17,984 13,232 13,232 13,232 13,232 13,232
Interest-bearing net debt 12,067 13,190 12,343 8,216 22,272 27,084 17,230
Capital employed 108,977 109,731 109,672 104,688 108,203 116,098 106,792
Additions to property, plant, equipment 8,954 6,469 8,121 5,477 10,011 4,833 6,560
Cash flow
Cash flow from operating activities 3,147 8,087 6,756 1,941 8,197 (428) 4,816
Gross investments (12,133) (6,665) (8,639) (9,263) (3,757) (5,308) (8,816)
Divestments 10,591 (31) (1,519) 20,506 45 7 402
Free cash flow 1,605 1,391 (3,402) 13,184 4,485 (5,729) (3,598)
Financial ratios
Return on capital employed (ROCE)
2
, % 12.5 7.5 9.7 9.4 10.8 11.0 10.6
FFO/adjusted net debt
3
, % 62.9 59.4 65.0 35.6 43.4 37.8 31.0
Number of outstanding shares, end of period, '000 420,175 420,068 420,068 420,066 419,985 419,985 419,985
Share price, end of period, DKK
880 1,025 1,244 875 765 666 689
Market capitalisation, end of period, DKK billion 370 430 522 368 321 280 290
Earnings per share (EPS) (BP
1
), DKK 12.9 2.8 5.0 28.6 (2.7) 7.9 1.1
Q3
2021
14,510
2,984
1,304
1,822
(9)
(509)
413
1,206
61
1,045
487
14,510
2,984
(1,939)
-
1,045
(22)
(351)
671
(184)
487
261,892
79,150
58,129
3,037
17,984
21,211
100,361
11,477
246
(8,757)
7
(8,504)
12.9
42.3
420,175
849
357
1.1
Business drivers
Q2
2021
Q1
2021
Q4
2020
Q3
2020
Q2
2020
Q1
2020
Q4
2019
Offshore
Decided (FID'ed) and installed capacity
4
, GW 9.8 9.9 9.9 9.9 9.9 9.9 9.9
Installed capacity, GW
7.6 7.6 7.6 6.8 6.8 6.8 6.8
Generation capacity, GW
4.0 4.4 4.4 4.1 3.8 3.6 3.6
Wind speed
5
, m/s
7.8 10.5 10.6 8.6 8.4 12.5 10.0
Load factor, %
29 50 53 35 32 60 50
Availability, %
93 95 94 94 95 93 93
Power generation, TWh
2.5 4.5 4.8 3.2 2.6 4.6 3.9
Power sales, TWh
4.5 6.9 8.6 6.3 5.5 8.8 7.7
Onshore
Decided (FID'ed) and installed capacity, GW
4.6 3.9 3.4 2.7 2.1 2.1 2.1
Installed capacity, GW
2.5 1.7 1.7 1.7 1.6 1.3 1.0
Wind speed
6
, m/s
7.3 7.7 8.0 6.7 8.0 7.5 7.3
Load factor, wind
6
, %
45 45 50 36 49 44 46
Availability, wind
6
, %
97 93 95 97 96 95 98
Power generation, TWh
2.0 1.6 1.8 1.2 1.6 1.1 1.0
Bioenergy & Other
Degree days, number
487 1,325 825 106 436 1,065 882
Heat generation, TWh
1.1 3.9 2.3 0.3 1.0 3.1 3.0
Power generation, TWh
1.5 2.3 1.3 0.6 0.9 1.6 1.6
Power sales, TWh
2.2 2.3 2.6 2.4 3.0 3.6 4.1
Gas sales, TWh
15.1 18.9 20.3 23.2 20.1 26.7 36.7
People and environment
Employees (FTE) end of period, number
6,472 6,311 6,179 6,120 6,731 6,608 6,526
Total recordable injury rate (TRIR)
7
3.1 3.0 3.6 3.8 3.7 3.6 4.9
Fatalities, number
0 0 0 0 0 0 0
Green share of energy generation, %
93 87 93 90 86 90 90
GHG intensity, g CO
2
e/kWh (scopes 1 & 2)
51 59 34 83 84 53 44
GHG emissions, Mtonnes (scope 3)
4.6 5.3 5.9 6.3 5.5 7.6 10.7
Q3
2021
9.8
7.6
4.0
7.6
27
93
2.3
4.8
4.6
3.0
6.4
33
98
1.9
81
0.4
1.0
2.2
13.6
6,672
3.0
0
89
91
4.4
Load factor, solar PV, %
27 29 - - - - - -
Availability, solar PV, %
98 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.