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-6, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOrMaturityOfFinancialInstrumentsClassifiedAsInvestingActivities", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f51405": { "value": "4000000", "decimals": -6, "dimensions": { "concept": "ORS:IncreaseDecreaseInOtherNonCurrentAssetsClassifiedAsInvestingActivities", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f51408": { "value": "-53000000", "decimals": -6, "dimensions": { "concept": "ORS:IncreaseDecreaseInOtherNonCurrentAssetsClassifiedAsInvestingActivities", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f51415": { "value": "54000000", "decimals": -6, "dimensions": { "concept": "ORS:TransactionsWithAssociatesAndJointVenturesClassifiedAsInvestingActivities", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f51418": { "value": "21000000", "decimals": -6, "dimensions": { "concept": "ORS:TransactionsWithAssociatesAndJointVenturesClassifiedAsInvestingActivities", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f51425": { "value": "23000000", "decimals": -6, "dimensions": { "concept": "ORS:DividendsReceivedAndCapitalReductionClassifiedAsInvestingActivities", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f51428": { "value": "29000000", "decimals": -6, "dimensions": { "concept": "ORS:DividendsReceivedAndCapitalReductionClassifiedAsInvestingActivities", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f51436": { "value": "-17912000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f51439": { "value": "-12591000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:DKK" } }, "s8_cashflow__6__61": { "value": "Our supplementary statements of gross and net investment appear from note 3.0 \u2018Capital employed\u2019 and free cash flows (FCF) from note 2.1 \u2018Segment information\u2019. Accounting policies\u2018Cash flows from operating activities\u2019 are determined using the indirect method as operating profit (loss) before depreciation, amortisation, and impair-ment losses adjusted for changes in operating items without cash flow effect. Trade payables relating to purchases of intangible assets, and property, plant, and equipment are not recognised in change in trade payables.\u2018Change in tax equity partner liabilities\u2019 relates to cash contributions from tax equity partners and repayment hereof through production tax credits (PTCs) and other tax attributes to tax equity partners. See also note 3.8 \u2018Tax equity liabilities\u2019.\u2018Cash flows from investing activities\u2019 comprise payments in connection withthe purchase and sale of non-current assets and enterprises as well as the pur-chase and sale of securities that are not recognised as cash and cash equivalents.\u2018Cash flows from financing activities\u2019 comprise changes in the size or com-position of equity and loans, including instalments on leases and net proceeds related to interest-bearing tax equity liabilities. Proceeds from the raising of short-term repo loans are presented net.Cash flows in currencies other than the functional currency are translated at the average exchange rates for the month in question, unless these differ significantly from the rates at the transaction date.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_cashflow__6__62-1": { "value": "\u2018Cash flows from operating activities\u2019 are determined using the indirect method as operating profit (loss) before depreciation, amortisation, and impair-ment losses adjusted for changes in operating items without cash flow effect. Trade payables relating to purchases of intangible assets, and property, plant, and equipment are not recognised in change in trade payables.\u2018Change in tax equity partner liabilities\u2019 relates to cash contributions from tax equity partners and repayment hereof through production tax credits (PTCs) and other tax attributes to tax equity partners. See also note 3.8 \u2018Tax equity liabilities\u2019.\u2018Cash flows from investing activities\u2019 comprise payments in connection withthe purchase and sale of non-current assets and enterprises as well as the pur-chase and sale of securities that are not recognised as cash and cash equivalents.\u2018Cash flows from financing activities\u2019 comprise changes in the size or com-position of equity and loans, including instalments on leases and net proceeds related to interest-bearing tax equity liabilities. Proceeds from the raising of short-term repo loans are presented net.Cash flows in currencies other than the functional currency are translated at the average exchange rates for the month in question, unless these differ significantly from the rates at the transaction date.1.2 Basis of preparationThis section provides an overall description of the accounting policies applied in our consolidated financial statements as well as the European Single Electronic Format (ESEF) reporting requirements. We provide a more detailed description of the accounting policies applied in the specific notes. Keyaccounting estimates and judgements as well as new and amended IFRS standards and interpretations are discussed in detail later in this note.Accounting policiesThe consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU and further requirements in the Danish Financial State-ments Act (\u00c5rsregnskabsloven).Measurement basisThe consolidated financial statements have been prepared on historical cost basis, except for derivatives, gas in non-Danish storage facilities, financial instruments in the trading portfolio, and carbon emission allowances in the trading portfolio, which are measured at market value.The accounting policies have been applied consistently in the financial year and for comparative figures. ConsolidationThe consolidated financial statements comprise the financial statements of \u00d8rsted A/S (the parent company) and subsidiaries controlled by \u00d8rsted A/S. See more in note 7.4 \u2018Company overview\u2019. The consolidated financial statements have been prepared as a consolidation of the parent company\u2019s and the individual subsidiaries\u2019 financial statements, which have been prepared in accordance with the Group\u2019s accounting policies. Intra- group income, expenses, shareholdings, balances, and dividends as well as realised and unrealised gains and losses arising from intra-group transactions are eliminated in our consolidated financial statements. Unrealised gains and losses resulting fromtransactions with associates and joint ventures are eliminated to the extent of our ownership interest. Enterprises are accounted for as associates if we hold or have the ability to exercise,directly or indirectly, 20-50 % of the voting rights and do not exercise control. However, we carry out a specific assessment of our ability to exercise influence, including our ability to influence financial and operational decisions and thus our return. Enterprises that satisfy the criteria for joint control are accounted for as investments in joint ventures, unless the nature of the jointarrangement is considered a joint operation.See our key accounting judgement for \u2018Consolidation method for partnerships\u2019 in the next column.Our shares in joint operations are recognised in the consolidated balance sheet through recognition of the Group\u2019s own assets, liabil-ities, income, and expenses. The proportion-ate share of realised and unrealised gains and losses arising from intra-group transactions between fully consolidated enterprises andjoint operations is eliminated.Foreign currency translationThe financial statements are presented inmillion Danish kroner (DKKm), unless other-wise stated.Exchange differences arising between the exchange rate on the transaction date andon the date of payment are recognised inprofit (loss) for the year as financial incomeor expenses.Foreign currency transactions are translatedinto the functional currency defined for each entity using the exchange rates prevailing atthe transaction date. Receivables, payables, and other monetary items in foreign curren-cies are translated at the exchange rateson the balance sheet date. The difference Key accounting judgementConsolidation method for partnershipsOn establishment of partnerships andin connection with any restructuring of existing partnerships, we assess whether the structure is a joint arrangementunder shared control. For joint ar-rangements, we subsequently assess whether they are joint ventures or joint operations.In assessing joint operations, we look at: \u2013 the corporate form of the operation\u2013 whether we are only entitled to the net profit (loss) or to income and expenses resulting from the operation.In addition, the fact that the parties buyor are assigned all output, for example the power generated, will lead to the structure being considered a joint opera-tion if we have joint control.between the exchange rate on the balance sheet date and on the date at which the receivable or payable arose is recognised in profit (loss) for the year as financial income or expenses.Financial statements of foreign subsidiaries, joint operations, associates, and joint ven-tures are translated into DKK at monthly av-erage exchange rates insofar as these do not deviate materially from the actual exchange rates at the transaction dates. Balance sheet items are translated at the exchange rates on the balance sheet date. All exchange differences are recognised in profit (loss) for the year, except for exchange differences arising on: \u2013 translation of the opening equity of these entities at the exchange rates on the balance sheet date\u2013 translation of the statements of compre-hensive income of these enterprises from \u2018the average-for-the-month exchange rates\u2019 to \u2018the exchange rates on the balance sheet date\u2019\u2013 translation of balances accounted for as part of the total net investment\u2013 translation of the portion of loans and derivatives that has been entered into to hedge the net investment in an enterprise, and that provides an effective hedge against corresponding foreign exchange gains (losses) on the net investment.The above types of exchange differences are recognised in \u2018Other comprehensive income\u2019. Such exchange rate adjustments are divided between the equity of the parent company and the equity of the non-controlling interests.On full or partial divestment of the net investment, the accumulated exchange rate adjustments are recognised as follows:\u2013 Disposal resulting in loss of control: The accumulated exchange rate adjust-ments, including any associated hedges, are recognised in the profit (loss) for the year if a foreign exchange gain (loss) isrealised by the selling enterprise. Any foreign exchange gain (loss) is transferred to the item in which the gain (loss) from the disposal is recognised. The part of the foreign currency translation reserve that relates to non- controlling interests is not transferred to profit (loss) for the year.\u2013 Disposal not resulting in loss of control:A proportionate share of the foreign currency translation reserve is transferred from the parent company shareholders\u2019 share of equity to the minority share-holders\u2019 share of equity.Repayment of balances that are considered part of the net investment does not consti-tute a partial disposal of the subsidiary. iXBRL reportingWe are required to file our annual report in the European Single Electronic Format (\u2018ESEF\u2019) using the XHTML format and to tag the consolidated financial statements in-cluding notes using Inline eXtensible Business Reporting Language (iXBRL). The iXBRL tags comply with the ESEF taxonomy. Where a financial statement line item is not defined in the ESEF taxonomy, an extension to the taxonomy has been created.The annual report submitted to the Danish Financial Supervisory Authority consists of the XHTML document together with certaintechnical files, all included in a ZIP filenamed Orsted-2022-12-31-en.zip. Alternative performance measuresWe present financial measures in the con-solidated financial statements which arenot defined according to IFRS. We use thesealternative performance measures (APM) as we believe that these financial measuresprovide valuable information to our stake-holders and management. The financial measures should not be con-sidered a replacement for the performancemeasures as defined under IFRS, but ratheras supplementary information.The alternative performance measures may not be comparable to similar titled measurespresented by other companies, as the defini-tions and calculations may be different.The alternative performance measures most commonly presented in the \u00d8rsted annualreport are:\u2013 EBITDA and EBITDA excluding newpartnerships\u2013 funds from operations (FFO)\u2013 adjusted interest-bearing net debt\u2013 free cash flow (FCF)\u2013 ROCE.Our definitions of the financial measures are included in note 7.3 \u2018Alternative performance measures\u2019.Potential impact from Estimate/ accounting estimates Note Key accounting estimates and judgements judgementand judgements1.2 Basis of preparation Consolidation method for partnerships Judgement2.6 Other operating income and expenses Variable selling prices related to divestments of offshore wind farms and offshore transmission assets EstimateClassification of divestmentJudgement3.1 Acquisition of enterprises Purchase price allocation in business combinations Estimate3.3 Intangible assets, and property, plant, and equipment Key assumptions in impairment tests Estimate3.8 Tax equity liabilities Recognition of tax equity partnerships Judgement3.9 Provisions and contingent liabilities Assumptions for provisions Estimate4.2 Tax on profit (loss) for the year Recognition of income taxes Estimate6.1 Market risk policy Valuation of long-term power purchase agreementsEstimateEffectiveness of hedge reserveJudgementImplementation of new and changed accounting standards and interpretationsThe International Accounting Standards Board (IASB) has issued amended standards that are effective for the first time in 2022. None of them required a change in our accounting policies.New standards and interpretationsIASB has issued new or amended accounting standards and interpretations that have not yet become effective and have consequently not been implemented in the consolidated financial statements for 2022. \u00d8rsted expects to adopt the accounting standards and inter-pretations as they become mandatory. The new or amended standards or interpre-tations are not expected to have a signifi-cant impact on our consolidated financial statements. Key accounting estimates and judgementsThe use of reasonable estimates and judge-ments is an essential part of the preparation of the consolidated financial statements.Given the uncertainties inherent in ourbusiness activities, we make a number of estimates and judgements. The estimates and judgements are based on assumptions concerning future developments, which affect our application of accounting policiesand the reported amounts of our assets, liabilities, sales, costs, cash flows, hedge reserve, and related disclosures. Actual amounts may differ from the amounts estimated and judgements made, as more detailed information becomes available.We regularly reassess these estimates andjudgements based on, among other things,historical experience, the current situation in the financial markets, and a number of other relevant factors, i.e. the updates inthe annual estimated production. Changes in estimates are recognised in the period in which the estimate in question is revised.Accounting estimates, judgements, and assumptions which may entail a risk of material adjustments in subsequent years are listed in the table above.In addition, we make judgements when we apply the accounting policies. Reference is made to the specific notes forfurther information on the key accounting estimates and judgements as well as theassumptions applied.\u2191 Key accounting estimates and judgements and their level of potential impact on the consolidated financial statements. The impact relates to objectivity and business practice. Very objective/market-conforming Objective/partially conforming Partially subjective/partially distinctive Subjective/distinctive for \u00d8rstedOur operating segments are consistent with our internal reporting to our chief operating decision maker, the Group Executive Team.The operating segments are managed primarily on the basis of EBITDA and investments. Financial income, financial expenses, depreciation, amortisations, and tax are allocated to the operating segments, while we manage them at Group level. Segment income and segment expensesare those items that, in our internal management reporting, are directly attributable to individual segments or can be indirectly allocated to individual segments on a reliable basis.Revenue is measured based on the consideration specified in a contract with a customer (transaction price) and excludes amounts collected on behalf of third parties, i.e. VAT. We recognise revenue when we transfer control over a product or service to a customer or a partner. If a part of the transaction price is variable, i.e. bonus payments, incentive payments for unmissed deadlines, etc., the variable consideration is recognised in revenue when it is highly probable that the revenue will not be reversed in subsequent periods.We adjust the transaction price for the time value of money if the payments exceed twelve months.Generation of powerGeneration of power is the sale of power produced at our own wind farms, solar farms, and power stations as well as the sale of ancillary services. We recognise revenue as the power is produced, since this is when delivery to the customers occurs. Fees for having CPH plants on standby and/or ready to increase or decrease the generation of power to balance the demand and supply in the system is con-sidered one performance obligation fulfilled over time.The consideration for the power is due when the actual power is delivered to the customer.Sale of powerRevenue from sale of power sourced from other producers. This includes the sale of power sourced from investor power purchase agreements, third-party balancing contracts, and other sales contracts. The sale is recognised when the power is delivered to our customer.Sales contracts for a fixed amount of power at a variable price, or where we are exclusive suppliers to the customer at a variable price, are considered one performance obligation with multiple deliveries to be satisfied over time. For such contracts and for long-term agreements on selling power at a fixed price, we recognise revenue in the amount up to which we have a right to invoice.The consideration for the power is due when the actual power is delivered to the customer.Revenue from construction of offshore wind farmsRevenue from construction of offshore wind farms includes development and construction. The construc-tion agreements cover the construction phase from de-sign to delivery of an operational asset. The agreement consists of two performance obligations:\u2013 Offshore wind farms. \u2013 Offshore transmission assets, if applicable. The construction agreements cover our partners\u2019 shares of the construction of the wind farm and off-shore transmission assets, if applicable. If our contracts include multiple performance obligations, the transac-tion price will be allocated to each performance obli-gation based on the stand-alone selling prices. Where these are not directly observable, they are estimated based on the expected cost-plus margin. We recognise revenue over time, using an input method to measure progress towards complete satisfaction of the performance obligation because the customer gains control of the offshore wind farm during the construction process. The input method reflects the ongoing transfer of control. The consideration for the construction of an offshore wind farm consists of a fixed fee and a relatively minor variable fee, depending on when the wind farm can be put into operation. The consideration for an offshore transmission asset is a fixed fee.After signing the construction agreement, we carry out an assessment determining when the wind farm is expected to be completed. We calculate the size of the variable payment on this basis. We only recognise the variable fee when it is highly probable that a subse-quent reversal will not take place. Our partner pays the fixed consideration based on a payment schedule. The payment schedule is deter-mined and based on the expected progress of the construction and transfer of control to the customer.Generation and sale of heat and steamHeat is sold under long-term heat contracts and recog-nised when the heat is delivered to our customer. The heat customer makes a prepayment to finance the majority of our CAPEX associated with the biomass conversion of the CHP plant. The prepay-ment is recognised as a contract liability, and it is also recognised as revenue in step with the transfer of heat to the customer. Payment for the sale of heat consists of fixed costs associated with operations and maintenance of a CHP plant, fuel costs for the generation of heat, and a finan-cial return. The consideration is due when delivered.Sale of gasSale of gas is our gas sourced from other producers, and it is recognised when the gas is transferred to our buyer. The transfer of control occurs either when the gas is injected into the distribution system or delivered to the customer. Sales contracts for a fixed amount of gas at a variable price, or where we are exclusive suppliers to the customer at a variable price, are considered one performance obligation with multiple deliveries to be satisfied over time. For such contracts, we recognise revenue in the amount up to which we have a right to invoice. Some long-term gas sales contracts include clauses which give the right to renegotiate the fixed sales prices. Expectations for the outcomes of renegoti-ations are not included in revenue before we know the outcome of the individual renegotiations.The consideration for the gas is due when the gas is injected into the distribution system or delivered to the customer.Distribution and transmissionFees for distribution and transmission of oil is recog-nised when the oil is delivered to the buyer, or when the capacity is made available. Revenue is calculated as the amount to which we are entitled when the service is delivered to the customer, and consideration is payable when invoiced.O&M and other servicesRevenue from providing services is recognised over time as our customer simultaneously receives and consumes the benefits provided. For fixed-priced contracts, revenue is recognised based on the actual service rendered at the end of the reporting period as a proportion of the total services to be rendered. This is determined based on the actual labour hours spent relative to the total labour hours expected.Fixed-price contracts are invoiced on a monthly basis, and consideration is payable when invoiced. Variable fee services are due after the services are rendered.\u00d8rsted constructs offshore transmission assets in the UK which are required to be divested to third parties due to EU unbundling regulations. The construction costs are presented as inventories and transferred to cost of sales when the asset is divested to either a farm-down partner or to the buyer appointed by OFGEM.Government grants comprise grants for environmentally sustainable power genera-tion, grants for the funding of development projects, investment grants, etc. Government grants are recognised when there is reasonable assurance that the grants will be received. As grants for power generation are intended as a compensation for the price of power, we system atically recognise the grants under revenue in step with the power generation and thus the related revenue.Research costs are costs incurred to find new or improve existing technologies (e.g. improving offshore foundations, optimising blade stability and performance for wind farms, developing new ways of converting renewable electrons to renewable molecules and synthetic fuels).Research costs are recognised in the income statement as incurred.Development costs primarly comprise salaries as well as internal and external costs which can be directly or indirectly attributed to design and de-velopment of offshore and onshore wind farms, the Renescience Northwich plant, P2X produc-tion facilities, and energy storage facilities.Development costs are expensed until the capitalisation criteria are met. Development costs incurred after that are capitalised as \u2018Assets under construction\u2019.Gains from farm-downs of ownership interests in wind farms are recognised on the divestment date as other operating income.. Gains for future construction of the partner\u2019s share of the wind farm are recognised over time in the income statement in step with the construction. See notes 2.2 \u2018Revenue\u2019 and 3.5 \u2018Contract assets and liabilities\u2019. The accounting policies for \u2018US tax credits and tax attributes\u2019 income are described in note 3.8 \u2018Tax equity liabilities\u2019.Losses from our market trading activities are presented as other operating expenses under 'Ineffecive hedges, etc.'Divestment of ownership interests in our offshore wind farmsWhen we divest an ownership interest in an off-shore wind farm to a partner, we typically also enter into agreements on the future operation and construction of the offshore wind farm. Contracts in connection with a divestment are typically agreements on:\u2013 the sale of shares (divestment of assets) (SPA)\u2013 the future construction of the offshore wind farm (construction agreements or construc-tion management agreements, if not in operation)\u2013 the future operation of the offshore wind farm (O&M agreements).The share programme is classified as an equity-based programme as the programme is settled in shares. The market value of the PSUs/RSUs and the estimated number ofPSUs granted are measured at the time of granting and recognised:\u2013 in the income statement under employee costs over the vesting period\u2013 as an offset in the balance sheet under equity over the vesting period.The valuation of the PSUs/RSUs and theestimate of the number of PSUs/RSUsexpected to be granted are carried out as a probability simulation based on \u00d8rsted\u2019s expected total shareholder return relative to ten comparable European energy compa-nies. The expect ations are factored into the market value and are not adjusted subse-quently. The participants are compensated for any dividend payments by receiving additional PSUs/RSUs.Acquisition of enterprises is recognised using the acquisition method. Under thismethod, assets and liabilities as well as contingent liabilities of the acquired enterprise are measured at fair value on the date of acquisition.The fair values of production assets and assets under construction are normally determined using an income approach where they are valued at present value based on the expected cash flows they can generate, including any non- separable power purchase agreements, and on income, such as production tax credits.The fair value of derivatives is deter-mined using our normal approach for such items, which is based on market prices or expectations for prices over the term of the derivatives.The fair values of other assets and liabil-ities are valued using the approach we find most relevant for the individual item, which can be either a market approach, an income approach, or a cost approach.An acquired enterprise is included in the consolidated financial statements from the date of acquisition, which is the date when we obtain control.When an acquired enterprise has entered into a power purchase agreement classified as a derivative, the fair value of the agreement will be included in theopening balance. Post-acquisition, this fair value is recognised as an adjustment to revenue over the duration of the con-tract, based on the fair value calculation at the time of the acquisition.We recognise income from divested enterprises in the income statement up until the date of divestment.The date of divestment is the date on which we relinquish control of the divested enterprise.Gains or losses on the divestment ordiscontinuation of subsidiaries and asso-ciates are determined as the difference between the selling price and the carry-ing amount of the net assets divested.Moreover, we deduct any provisions made for obligations related to sales and purchase agreements and the fees of advisers, etc., in connection with the divestment or discontinuation of theenterprise.Intangible assetsRights are measured at cost less accumulated amorti-sation and impairment losses. Rights are amortised on a straight-line basis over their estimated future useful lives, which are 5-20 years.Goodwill represents the excess of the cost of an acquisition over the fair value of the identifiable net assets of the acquired company. The carrying amount of goodwill is allocated to the Group\u2019s cash-generating units, which are the operating segments at the acquisi-tion date. Goodwill is not tax deductable. Annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives. Property, plant, and equipmentProperty, plant, and equipment which is not a lease is measured at cost less accumulated depreciation and impairment losses. Cost of property, plant, and equip-ment is depreciated by using the straight-line method, the diminishing-balance method, or the reducing-frac-tion method. The diminishing-balance method and the reducing-fraction method result in decreasing deprecia-tion over the useful life. These methods are used for some of our offshore wind farms.The residual values, useful lives, and methods of depre-ciation of property, plant, and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.Costs comprise purchase price and any costs directly attributable to the acquisition until the date the asset is available for use. The costs of self-constructed assets comprise direct and indirect costs of materials, components, sub-suppliers, and labour. Borrowing costs relating to both specific and general borrowing directly attributable to assets under construction with a lengthy construction period are recognised in costs during the construction period. Costs are increased by the present value of the estimated obligations for demolition and decommissioning of assets to the ex-tent that the obligations are recognised as provisions.Subsequent costs, for example in connection with replacement of parts of an item of property, plant, and equipment, are recognised in the carrying amount of the asset in question when it is probable that future economic benefits will flow to the Group from the expenses incurred. Any residual value of the replaced parts is recognised in the income statement as loss on disposal of non-current assets. Other repair and maintenance expenses are recognised in profit (loss) for the year as incurred.ImpairmentFor the purposes of assessing impairment losses, intangible assets, and property, plant, and equipment are grouped at the lowest level for which there are separately identifiable cash flows (cash-generating units (CGUs)).CGUs are assessed for indication of impairment on a quarterly basis. The value of a CGU is impaired if the net book value exceeds the recoverable amount, which is the higher of the estimated value in use and the fair value less costs of disposal.Impairment losses are recognised in the income statement and, except in the case of goodwill, reversed if there has been a change in the estimates used to determine the CGU\u2019s recoverable amount. Reversal of an impairment loss is recognised as income in the income statement net of depreciation if no impairment loss has been recognised for the CGU.The discount rate applied when calculating value in use takes general risks into account and is based on the weighted average cost of capital (WACC) after tax, whereas the estimated future cash flows are adjusted for risks specific to the asset. Estimated future cash flows are discounted using a nominal post-tax discount rate.LeasesOur lease assets are classified alongside our owned assets of similar type under property, plant, and equip-ment. Initially, we measure a lease asset at cost, being the initial amount of the lease liability. We depreciate our lease assets over the lease term. The deprecia-tion method used is the straight-line method for all our lease assets, except for seabed leases where the depreciation method is aligned with the depreciation method for the related offshore wind farm. Therefore, seabed lease assets are depreciated using either the straight-line method or the reducing-fraction method.Our lease liabilities are initially measured at the net present value of the in-substance fixed lease payments for the use of a lease asset. If, at inception of the lease, we are reasonably certain about exercising an option to extend a lease, we will include the lease payments in the option period when calculating the lease liability. We measure the lease asset to the value of the lease liability at initial recognition.Contracts may contain both lease and non-lease com-ponents. We allocate the consideration in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease components in accordance with the accounting policy applicable for such items. Non-lease components com-prise building services and operating costs of leased vessels, etc.Variable lease expenses are recognised in other exter-nal expenses in the period when the condition trigger-ing those payments occurs. Interests of lease liabilities are recognised in financial expenses.Each lease payment is separated into repayment of the lease liability and payment of interests of the lease liability. Debt repayments are classified as cash flows from financing activities, and payment of interests are classified as cash flows from operating activities.Offshore transmission assets are recognised as inventory until divestment and measured at cost. The costs comprise costs of materials used in construction, site labour costs, costs of renting equipment as well as indirect produc-tion costs, such as employee costs. Gas storage in non-Danish facilities are man-aged on a fair value basis, and therefore the gas in these storage facilities is recognised at fair value less costs to sell. Changes in the fair value less cost to sell are recognised in cost of sales in the period of the change. Gas in Danish storage facilities are recognised at cost, determined as a weighted average of the previous months purchase price, including transport costs. Purchased carbon emission allowances are measured at market value. Green certificates, which we earn by generating power using renewable energy sources, are recognised in inventories in step with our gen-eration. We measure green certificates (earned and bought) at cost using the first in, first out(FIFO) principle. Other inventories are measured at cost, determined on a first in, first out basis or netrealisable value, if net realisable value is lower. Inventories are written down to the lower of net realisable value and cost price. For offshore transmission assets, it is the expected final transfer value announced by Ofgem. The net realisable value is the sum (discounted) which the inventories are expected to generate through a normal sale.We recognise a contract asset when we perform a service or transfer goods in advance of receiving consideration, and the consideration is conditional. When the consideration is unconditional, andthe goods or services are delivered, we recognise a receivable. A right to consideration is unconditional if only the passage of time is required before the payment is due.Contract assets are measured at the transaction price of the goods delivered or services performed less invoicing on account.We recognise a contract liability when the invoicing on account and expected losses exceed the transaction price of the goods or services transferred to our customer.We keep our receivables until maturity, and therefore, they are measured at amortised cost.Write-downs are carried out from initial recognition of our receivables. The write-down is calculated as the difference between the carrying amount of the receivable and the net present value of expected future cash flows from the receivable. The discount rate used is the effective interest rate for the individual receivable or the individual portfolio. We apply the simplified approach to the write-down of trade receivables, which permits calculating the write-down as the full loss during the entire term of the receivable.When a tax equity partnership is formed, we evaluate if the company should still be fully consolidated based on our right to variable returns as well as our ability to exercise influ-ence on financial and operational decisions impacting those returns. Due to the operational and financial nature of the projects and the influence normally given to tax equity partners in such agreements, we normally have the influence to fully consolidate companies that have tax equity partners.The terms of the tax equity partner\u2019s contribu-tion are evaluated to determine the accounting treatment. The contribution generally has the characteristics of a liability as the initial con-tribution is repaid, including an agreed return, and the partner does not share in the risks ofthe project in the same way as a shareholder. As such, the contribution is accounted for as a liability and measured at amortised cost. The liability is based on the expected method of repayment and is divided into: \u2013 a net working capital element to be repaid through PTCs/ITCs and other tax attributes \u2013 an interest-bearing debt element expected to be repaid through cash distributions.The partner\u2019s agreed return is expensed as a financial expense and is recognised as an increase of the tax equity liability. PTCs and other tax attributes transferred to the tax eq-uity partner are recognised as other operating income. Tax attributes allocated to the tax equity partner are deferred and recognised on a straight-line basis over the estimated contractual length of the partnership structure, while PTCs are recognised in the periods earned, similar to recognition of our own PTCs. ITCs, typically associated with solar farms, are recognised on a straight-line basis over the flip period (partner\u2019s ITCs) or over the lifetime of the asset (our own ITCs).In addition to the above, we recognise a liability for the expected purchase price for the partner\u2019s post-flip rights to cash distributions. This liability is recognised at fair value, and adjustments are expensed as a financial item.This recognition reflects the intention and high likelihood that we will purchase the partner\u2019s post-flip rights, and they are part of the finan-cial costs of the arrangement.If we choose not to buy the partner\u2019s post-flip rights, the tax equity partner will be entitled to part of the company\u2019s returns in the post-flip period. At that point, the partner will share in the risks and rewards in the company as a shareholder. We will continue to classify the tax equity investment as a liability after flip.Provisions are recognised when the following criteria are fulfilled: \u2013 We have a legal or constructive obligation as a result of an earlier event. \u2013 The settlement of the obligation is expected to result in an outflow of resources. \u2013 The obligation can be measured reliably. Decommissioning obligations are measuredat the present value of the future liability in respect of decommissioning as expected at the balance sheet date. The present value of the provision and changes in estimate are rec-ognised as part of the cost of property, plant, and equipment and depreciated together with the associated asset. The addition of interest on provisions is recognised in the income state-ment under financial expenses.For onerous contracts, a provision is made when the expected income to be derived from a contract is lower than the unavoidable cost of meeting our obligations under the contract.Provisions concerning carbon emissions are recognised when our actual emissions exceed our holding of carbon emission allowances.Transactions with non-controlling inter-ests are accounted for as transactions with the shareholder base. Gains and losses on the divestment ofequity investments to non-controlling interests are recognised in equity when the divestment does not result in a loss of control.Net assets acquired are not revalued on the acquisition of non-controlling inter-ests. Any difference between the carrying amount and the acquisition or sellingprice is recognised in equity.Tax for the year consists of current tax, changes in deferred tax, and adjustments in respect of previous years. Tax on profit (loss) for the year is recognised in the income statement. Tax relating to other items is recognised in other comprehen-sive income.Our uncertain tax positions are measured by using either of the following two methods, depending on which methodwe expect to better predict the resolu-tion of the uncertainty:\u2013 The most-likely-outcome method is applied in cases where there are only two possible outcomes.\u2013 The weighted-average method is used in cases where there are more than two possible outcomes. Our uncertain tax positions are recog-nised under \u2018Income tax\u2019 or \u2018 Deferred tax\u2019, depending on how the realisation of the tax position will affect the financial statement.Deferred tax is recognised in respect of all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts. Deferred tax is not recognised in respect of temporary differences relating to: \u2013 the acquisition of joint operations, including licence interests\u2013 other items where differences arise at the time of acquisition, affecting neither the profit (loss) for the year nor the taxable income. However, this does not include differences arising in connection with company acquisitions. Except for right-of-use assets, lease liabilities, decommissioning, restoration, and similar liabilities where the corresponding amounts are recognised as part of the cost of the related assets.Differences arising in connection with company acquisitions are recognised.Deferred tax is measured depending on how we plan to use the assets and settle the liabilities. We offset tax assets and liabilities when the tax assets can be offset against tax liabilities in the year in which the deferred tax assets are ex-pected to be used. Intra-group gains and losses are eliminated when calculating deferred tax. In countries where taxes can be offset between companies due to joint taxation schemes, we have netted within a tax jurisdiction. Where no such possibility is feasible, the deferred tax is included with the gross amount on a company- by-company level.Tax losses carried forward in jurisdictions where we have a history of losses are recognised based on other convincing evidence of future profits. The other convicing evidence is based on our long-term forecast model approved by the Board of Directors.Adjustments to unrecognised tax assets are recognised on profit (loss) or other compre-hensive income depending on the underlying source of the adjustment.Deferred tax is measured based on the tax rules and rates applying when the deferred tax be-comes current tax. Changes in deferred tax as a result of changes in tax rates are recognised in profit (loss) for the year. Deferred tax (net liabilities) related to tax equity structures are recognised as tax expense in the income statement when the tax equity partner-ship agreement is effective, and we start to or have capitalised the corresponding assets. The liability recognised is the amount that we expect to take over once the contribution from the equity partner is repaid, and the tax equity structure flips.US tax equity partnershipsWe have entered into several tax equity part-nership agreements in the US.The expected value of the deferred tax liability related to property, plant, and equipment at the flip date in the tax equity partnership agreement is included in our accounts when the tax equity partnership agreement is effec-tive, and we start to or have capitalised the corresponding assets. The deferred tax liability from existing tax equity partnerships will be gradually reduced based on accounting depre-ciation after the flip date. See more regarding tax equity partnerships in note 3.8 \u2018Tax equity liabilities\u2019.Bond debt, bank debt, and otherpayables are recognised at inception at market value (typically proceeds re-ceived) net of transaction costs incurred. In subsequent periods, the liabilities are measured at amortised cost, so that the difference between the cost (proceeds) and the nominal value is recognisedin profit (loss) for the year as interest expenses over the term of the loan, using the effective interest rate method.Financial liabilities are classified ascurrent, unless the Group has an uncondi-tional right to defer settlement of the liability to at least one year after the balance sheet date. The market value of issued bonds hasbeen determined as the market value at 31 December (level 1 \u2013 quoted prices).The market value of bank loans has been determined as the present value of expected future instalments and interest payments using the Group\u2019s current in-terest rate on loans as the discount rate (level 2 \u2013 observable inputs).Hybrid capital comprises issued bonds that qualify for treatment in accordance with the rules on compound financial instruments due to the special characteristics of the bonds. The notional amount, which constitutes a liability, is recognised at present value, and equity has been increased by the difference between the net proceeds received and the present value of the discounted liability. The carrying amount of the liability component amounted to nil on initial recognition as the only payment obligation is the repayment of the nomi-nal value in 1000 years. Coupon payments are accounted for as dividends, which are recognised directly in equity at the time the payment obligation arises. This is because the coupon is discretionary, and therefore any deferred coupon lapses upon maturity of the hybrid capital. Coupon payments are recognised in the statement of cash flows within financing activities.On redemption of hybrid capital, the payment will be distributed between liability and equity, applying the same ratio as when the hybrid capital was issued. This means that the difference between the payment on redemption and the net proceeds received on issue is recognised directly in equity, as the liability portion of the existing hybrid issues will be nil during the first part of the life of the hybrid capital.Securities comprise bonds that are monitored, measured, and reported at market value on an on going basis in conformity with the Group\u2019s investment policy. Changes in market value are recognised in profit (loss) for the year as financial income and expenses. Purchase and sale of secu-rities are recognised at the settlement date.For listed securities, market value equals the market price, and for unlisted securities, market value is estimated based on generally accepted valuation methods and market data.Divested securities where repurchase agree-ments (repo transactions) have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held. The amount received is recognised as a liability, and the difference between the sell-ing price and the purchase price is recognised in profit (loss) for the year over the term as interest. The return on the securities is recognised in profit (loss) for the year.Market value adjustments of interest rate and currency derivatives that have not been entered into for hedging pur-poses are presented as financial income or expenses.The accounting policy for the tax equity partner\u2019s contractual return is described in note 3.8 \u2018Tax equity liabilities\u2019.We apply hedge accounting to our energy, commodity, currency, interest, and inflation hedges. Where possible, we use hedging instru-ments which hedge the desired risk one-to-one. The GBP exposure, for example, is hedged using GBP forward exchange contracts, GBP swaps, or GBP loans. Thus, there are no significant sources of ineffectiveness. For currency swaps, the basis spread is accounted for according to the cost of the hedging model. To the extent that a risk needs to be hedged, and if there is no fully effective instrument available in the market, analyses are performed of the expected effectiveness of the hedging instrument before the hedging transaction is concluded. In this case, the ratio between the hedged risk and the hedging instrument may deviate from the one-to-one principle and will be determined as the ratio which most effec-tively hedges the desired risk. We recognise changes to the market value of hedging instruments that qualify for recogni-tion as a hedge of future cash flows in other comprehensive income in the hedging reserve. The majority of our exposure is highly probable forecast transactions. On realisation of the hedged cash flow, the resulting gains or losses are transferred from equity and recognised in the same item as the hedged item. However, on hedging of proceeds from future loans, the resulting gain or loss is transferred from equity over the term of the loan.When we conclude a hedging transaction, and each time we present financial statements thereafter, we assess whether the hedged exposure and the hedging instrument are still financially correlated. If the hedged cash flows are no longer expected to be realised, the in full or partially accumulated value change is transferred to profit (loss) for the year. Ineffec-tive hedges related to energy and commodity exposures are recognised in other operating ex-penses. Ineffectiveness related to other hedges are recognised in financial income or expenses. Changes in the market value of derivatives that are classified as hedges of the fair value of a recognised asset or liability are recognised in profit (loss) for the year together with changes in the value of the hedged asset or liability to the extent of the hedged risk.Hedging of net investments in foreign subsidiariesChanges in the market value of deriva-tives and loans that are classified as net investment hedges in foreign subsidiaries or associates are recognised in the con-solidated financial statements directly in equity within a separate foreign currency translation reserve.We only offset positive and negative values if we are entitled to and intend to settle several financial instruments net.Market values based on quoted prices comprise quoted securities and deriva-tives that are traded in active markets. The market value of derivatives traded in an active market is often settled on a daily basis, thereby minimising the market value presented on the balance sheet.Market values based on observable inputs comprise derivatives where valu-ation models with observable inputs are used to measure fair value.All assets and liabilities measured at market value are measured on a recur-ring basis.In business combinations, gains (losses)at initial recognition of derivatives whose values are based on non-observable inputs are deferred and recognised in the period to which the value relates.Market value adjustments of physical and financial contracts relating to energy that are entered into with the purpose of gener-ating gains from short-term price changes are recognised as revenue.7.3 Alternative performance measuresGross investmentsGross investments reflect our total investments in assets and enterprises. It comprises cash flows from investing activities, excluding dividends received from associates, joint ventures, and equity investments, purchase and sale of securities, loans to joint ventures and joint operations, and divestments of assets and enterprises. To this is added acquired debt and restricted cash in connection with acquisitions.Net investmentsNet investments are gross investments less divestments of assets and enterprises, the selling price for non-controlling interests, and subsequent capital injections from non-controlling interests. Furthermore, interest-bearing debt transferred in connection with a divestment is deducted.Funds from operations (FFO)Funds from operations is a supplementary statement for cash flows from operating activities. EBITDA adjusted for gain (loss) on divestment of assets; change in provisions and other adjustments; income tax paid; interest and similar items, received or paid, including capitalised interest expenses; 50 % of coupon payments on hybrid capital; dividends received and capital reductions. Adjusted interest-bearing Adjusted interest-bearing net debt is interest-bearing net debt plus: net debt\u2013 cash and securities not available for distribution (excluding repo loans)\u2013 50 % of hybrid capitalFFO to adjusted interest-FFObearing net debtAdjusted interest-bearing net debtFree cash flow Free cash flows are cash flows from operating activities and divestments (FCF)less gross investments.Capital employedCapital employed are all assets and liabilities, except for equity and interest-bearing net debt.Average capital employedCapital employed at beginning of year + capital employed at year-end2Return on capital employed EBIT(ROCE)Average capital employedProposed dividend per share Total proposed dividend(DPS)Number of shares at year-endDividend yieldDividend per share (proposed)Share price on the last trading day of the yearAverage number of shares1\u00d7 Number of days= X1Number of \u2211daysi=1Net working capitalNet working capital is inventories, contract assets (net), trade receivables, and other current operating assets less trade payables, other current operating liabilities, and working capital elements of tax equity balances.Net working capital, excluding Net working capital, excluding trade payables relating to purchases of trade payables relating to intangible assets, and property, plant, and equipment.capital expenditureOther definitionsProfit (loss) per shareShareholder\u2019s share of the profit (loss) for the periodAverage number of sharesDiluted profit (loss) per shareShareholder\u2019s share of the profit (loss) for the periodAverage number of shares, including dilutive effect of free shares", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s8_cashflow__6__63": { "value": "\u2018Cash flows from operating activities\u2019 are determined using the indirect method as operating profit (loss) before depreciation, amortisation, and impair-ment losses adjusted for changes in operating items without cash flow effect. Trade payables relating to purchases of intangible assets, and property, plant, and equipment are not recognised in change in trade payables.\u2018Change in tax equity partner liabilities\u2019 relates to cash contributions from tax equity partners and repayment hereof through production tax credits (PTCs) and other tax attributes to tax equity partners. See also note 3.8 \u2018Tax equity liabilities\u2019.\u2018Cash flows from investing activities\u2019 comprise payments in connection withthe purchase and sale of non-current assets and enterprises as well as the pur-chase and sale of securities that are not recognised as cash and cash equivalents.\u2018Cash flows from financing activities\u2019 comprise changes in the size or com-position of equity and loans, including instalments on leases and net proceeds related to interest-bearing tax equity liabilities. Proceeds from the raising of short-term repo loans are presented net.Cash flows in currencies other than the functional currency are translated at the average exchange rates for the month in question, unless these differ significantly from the rates at the transaction date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f51785": { "value": "37090000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f51788": { "value": "14582000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f51794": { "value": "22595000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f51797": { "value": "4435000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f51803": { "value": "582000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "f51806": { "value": "520000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": 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Basis of reporting 1.1 Significant changes and eventsThe financial position and performance of \u00d8rsted was particularly affected by the following events and transactions during 2022.Energy prices Acquisitions Divestments ImpairmentVolatility in energy pricesOstwindBorkum Riffgrund 3Sunrise2022 has been a year with In September, we completed In March, we completed the 50 % divestment of Impairment losses amountedunusual market conditions, the acquisition of the our offshore wind farm Borkum Riffgrund 3 in to DKK 2.5 billion in 2022,not least very volatile energy onshore renewable energy Germany. The transaction resulted in proceeds was related to our Sunrise prices and a substantial in-company Ostwind. The of DKK 1.9 billion and a gain of DKK 1.6 billion. Wind project in the US, andcrease in inflation. This has acquisition expands our See note 2.6 \u2018Other operating income and was driven by supply chain led to adverse impacts on our European onshore portfolio expenses\u2019 and note 3.3 \u2018 Intangible assets, and bottlenecks, cost inflation, earnings from volume-related into Germany and France property, plant, and equipment\u2019. and higher costs of capital. overhedging, ineffectiveness with more than 1.5 GW related to inflation-based of development pipeline Hornsea 2See note 3.3 \u2018Intangible contracts with partners, and projects. In September, we completed the 50 % divestment assets, and property, plant, ineffective hedges. of our offshore wind farm Hornsea 2 in the UK. and equipment\u2019.See note 3.1 \u2018Acquisitions of The transaction resulted in proceeds of DKK 22.2 As a response to the unintend-enterprises\u2019.billion and a gain of DKK 9.4 billion. See note 2.6 ed impacts from hedges, we \u2018Other operating income and expenses\u2019 and note have established and are in 3.3 \u2018Intangible assets, and property, plant, and the process of implementing a equipment\u2019. new risk management frame-work to reduce the volatility US project portfoliofrom financial instruments In October, we closed our first-ever agreement to and bring back the inherent farm down a portfolio of four onshore projects, predictability of earnings that divesting a 50 % ownership stake in the onshore our contracted and regulated wind farms Lincoln Land Wind, Plum Creek activities possess.Wind, and Willow Creek Wind and the solar farm Muscle Shoals with a total capacity of 862 MW See note 6.1 \u2018Market risk geographically spread over four US states. policy\u2019.The portfolio will still be fully consolidated after the divestment. The contribution received from the partner was recognised as interest- bearing debt in \u2018Other payables\u2019. See note 3.7 \u2018Other receivables and other payables\u2019.For a detailed discussion about \u00d8rsted\u2019s performance and financial position, please refer to our management\u2019s review.1.2 Basis of preparationThis section provides an overall description of the accounting policies applied in our consolidated financial statements as well as the European Single Electronic Format (ESEF) reporting requirements. We provide a more detailed description of the accounting policies applied in the specific notes. Keyaccounting estimates and judgements as well as new and amended IFRS standards and interpretations are discussed in detail later in this note.Accounting policiesThe consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU and further requirements in the Danish Financial State-ments Act (\u00c5rsregnskabsloven).Measurement basisThe consolidated financial statements have been prepared on historical cost basis, except for derivatives, gas in non-Danish storage facilities, financial instruments in the trading portfolio, and carbon emission allowances in the trading portfolio, which are measured at market value.The accounting policies have been applied consistently in the financial year and for comparative figures. ConsolidationThe consolidated financial statements comprise the financial statements of \u00d8rsted A/S (the parent company) and subsidiaries controlled by \u00d8rsted A/S. See more in note 7.4 \u2018Company overview\u2019. The consolidated financial statements have been prepared as a consolidation of the parent company\u2019s and the individual subsidiaries\u2019 financial statements, which have been prepared in accordance with the Group\u2019s accounting policies. Intra- group income, expenses, shareholdings, balances, and dividends as well as realised and unrealised gains and losses arising from intra-group transactions are eliminated in our consolidated financial statements. Unrealised gains and losses resulting fromtransactions with associates and joint ventures are eliminated to the extent of our ownership interest. Enterprises are accounted for as associates if we hold or have the ability to exercise,directly or indirectly, 20-50 % of the voting rights and do not exercise control. However, we carry out a specific assessment of our ability to exercise influence, including our ability to influence financial and operational decisions and thus our return. Enterprises that satisfy the criteria for joint control are accounted for as investments in joint ventures, unless the nature of the jointarrangement is considered a joint operation.See our key accounting judgement for \u2018Consolidation method for partnerships\u2019 in the next column.Our shares in joint operations are recognised in the consolidated balance sheet through recognition of the Group\u2019s own assets, liabil-ities, income, and expenses. The proportion-ate share of realised and unrealised gains and losses arising from intra-group transactions between fully consolidated enterprises andjoint operations is eliminated.Foreign currency translationThe financial statements are presented inmillion Danish kroner (DKKm), unless other-wise stated.Exchange differences arising between the exchange rate on the transaction date andon the date of payment are recognised inprofit (loss) for the year as financial incomeor expenses.Foreign currency transactions are translatedinto the functional currency defined for each entity using the exchange rates prevailing atthe transaction date. Receivables, payables, and other monetary items in foreign curren-cies are translated at the exchange rateson the balance sheet date. The difference Key accounting judgementConsolidation method for partnershipsOn establishment of partnerships andin connection with any restructuring of existing partnerships, we assess whether the structure is a joint arrangementunder shared control. For joint ar-rangements, we subsequently assess whether they are joint ventures or joint operations.In assessing joint operations, we look at: \u2013 the corporate form of the operation\u2013 whether we are only entitled to the net profit (loss) or to income and expenses resulting from the operation.In addition, the fact that the parties buyor are assigned all output, for example the power generated, will lead to the structure being considered a joint opera-tion if we have joint control.between the exchange rate on the balance sheet date and on the date at which the receivable or payable arose is recognised in profit (loss) for the year as financial income or expenses.Financial statements of foreign subsidiaries, joint operations, associates, and joint ven-tures are translated into DKK at monthly av-erage exchange rates insofar as these do not deviate materially from the actual exchange rates at the transaction dates. Balance sheet items are translated at the exchange rates on the balance sheet date. All exchange differences are recognised in profit (loss) for the year, except for exchange differences arising on: \u2013 translation of the opening equity of these entities at the exchange rates on the balance sheet date\u2013 translation of the statements of compre-hensive income of these enterprises from \u2018the average-for-the-month exchange rates\u2019 to \u2018the exchange rates on the balance sheet date\u2019\u2013 translation of balances accounted for as part of the total net investment\u2013 translation of the portion of loans and derivatives that has been entered into to hedge the net investment in an enterprise, and that provides an effective hedge against corresponding foreign exchange gains (losses) on the net investment.The above types of exchange differences are recognised in \u2018Other comprehensive income\u2019. Such exchange rate adjustments are divided between the equity of the parent company and the equity of the non-controlling interests.On full or partial divestment of the net investment, the accumulated exchange rate adjustments are recognised as follows:\u2013 Disposal resulting in loss of control: The accumulated exchange rate adjust-ments, including any associated hedges, are recognised in the profit (loss) for the year if a foreign exchange gain (loss) isrealised by the selling enterprise. Any foreign exchange gain (loss) is transferred to the item in which the gain (loss) from the disposal is recognised. The part of the foreign currency translation reserve that relates to non- controlling interests is not transferred to profit (loss) for the year.\u2013 Disposal not resulting in loss of control:A proportionate share of the foreign currency translation reserve is transferred from the parent company shareholders\u2019 share of equity to the minority share-holders\u2019 share of equity.Repayment of balances that are considered part of the net investment does not consti-tute a partial disposal of the subsidiary. iXBRL reportingWe are required to file our annual report in the European Single Electronic Format (\u2018ESEF\u2019) using the XHTML format and to tag the consolidated financial statements in-cluding notes using Inline eXtensible Business Reporting Language (iXBRL). The iXBRL tags comply with the ESEF taxonomy. Where a financial statement line item is not defined in the ESEF taxonomy, an extension to the taxonomy has been created.The annual report submitted to the Danish Financial Supervisory Authority consists of the XHTML document together with certaintechnical files, all included in a ZIP filenamed Orsted-2022-12-31-en.zip. Alternative performance measuresWe present financial measures in the con-solidated financial statements which arenot defined according to IFRS. We use thesealternative performance measures (APM) as we believe that these financial measuresprovide valuable information to our stake-holders and management. The financial measures should not be con-sidered a replacement for the performancemeasures as defined under IFRS, but ratheras supplementary information.The alternative performance measures may not be comparable to similar titled measurespresented by other companies, as the defini-tions and calculations may be different.The alternative performance measures most commonly presented in the \u00d8rsted annualreport are:\u2013 EBITDA and EBITDA excluding newpartnerships\u2013 funds from operations (FFO)\u2013 adjusted interest-bearing net debt\u2013 free cash flow (FCF)\u2013 ROCE.Our definitions of the financial measures are included in note 7.3 \u2018Alternative performance measures\u2019.Potential impact from Estimate/ accounting estimates Note Key accounting estimates and judgements judgementand judgements1.2 Basis of preparation Consolidation method for partnerships Judgement2.6 Other operating income and expenses Variable selling prices related to divestments of offshore wind farms and offshore transmission assets EstimateClassification of divestmentJudgement3.1 Acquisition of enterprises Purchase price allocation in business combinations Estimate3.3 Intangible assets, and property, plant, and equipment Key assumptions in impairment tests Estimate3.8 Tax equity liabilities Recognition of tax equity partnerships Judgement3.9 Provisions and contingent liabilities Assumptions for provisions Estimate4.2 Tax on profit (loss) for the year Recognition of income taxes Estimate6.1 Market risk policy Valuation of long-term power purchase agreementsEstimateEffectiveness of hedge reserveJudgementImplementation of new and changed accounting standards and interpretationsThe International Accounting Standards Board (IASB) has issued amended standards that are effective for the first time in 2022. None of them required a change in our accounting policies.New standards and interpretationsIASB has issued new or amended accounting standards and interpretations that have not yet become effective and have consequently not been implemented in the consolidated financial statements for 2022. \u00d8rsted expects to adopt the accounting standards and inter-pretations as they become mandatory. The new or amended standards or interpre-tations are not expected to have a signifi-cant impact on our consolidated financial statements. Key accounting estimates and judgementsThe use of reasonable estimates and judge-ments is an essential part of the preparation of the consolidated financial statements.Given the uncertainties inherent in ourbusiness activities, we make a number of estimates and judgements. The estimates and judgements are based on assumptions concerning future developments, which affect our application of accounting policiesand the reported amounts of our assets, liabilities, sales, costs, cash flows, hedge reserve, and related disclosures. Actual amounts may differ from the amounts estimated and judgements made, as more detailed information becomes available.We regularly reassess these estimates andjudgements based on, among other things,historical experience, the current situation in the financial markets, and a number of other relevant factors, i.e. the updates inthe annual estimated production. Changes in estimates are recognised in the period in which the estimate in question is revised.Accounting estimates, judgements, and assumptions which may entail a risk of material adjustments in subsequent years are listed in the table above.In addition, we make judgements when we apply the accounting policies. Reference is made to the specific notes forfurther information on the key accounting estimates and judgements as well as theassumptions applied.\u2191 Key accounting estimates and judgements and their level of potential impact on the consolidated financial statements. The impact relates to objectivity and business practice. Very objective/market-conforming Objective/partially conforming Partially subjective/partially distinctive Subjective/distinctive for \u00d8rsted2. Return on capital employedReturn on capital employed (ROCE) is a key ratioshowing how profitable our business activities are.Our target is an average ROCE of approx. 11-12 % for the Group for the 2020-2027 period.Return on capital employed was 16.8 % in 2022. The increase of 2 percentage points compared to last year was attributable to a higher EBIT.See note 2.1 \u2018 Segment information\u2019.2.1 Segment informationOffshoreDKKmRevenue 87,121EBITDA 19,569Gross investments 26,710Number of employees 4,038Primary activitiesDevelopment, construction, ownership, and oper-ation of offshore wind farms in the UK, Germany, Denmark, Poland, the Netherlands, the US, and Taiwan as well as development of renewable hy-drogen and green fuels in Europe and e-methanol on the US Gulf Coast.OnshoreDKKmRevenue 3,014EBITDA 3,644Gross investments 10,396Number of employees 419Primary activitiesDevelopment, construction, ownership, and oper-ation of onshore wind and solar farms in the US and in Europe, including integrated storage. Bioenergy & Other DKKmRevenue 46,243EBITDA 8,619Gross investments 267Number of employees 988Primary activitiesGeneration of heat and power and delivery of ancillary services from CHP plants in Denmark, optimisation of our gas portfolio, and sale of green certificates, power, and gas in wholesale and B2B markets.Geographical distributionGeographical revenue is broken down, asfar as possible, by the customer\u2019s geo-graphical location based on supply point. A significant part of our sales takes placevia power exchanges and gas hubs in Europe, whose physical locations do not reflect the geographical locations of ourcustomers. When breaking down thesesales by geographical location, we use the physical locations of the exchange or hubsince we do not know the physical loca-tion of our customers in all cases.No single customer accounted for more than 10 % of our consolidated revenue in 2022 or 2021, respectively.Non-current assets are broken downgeographically, based on the physical locations of the assets.RevenueDKKm 2022 (2021)DKK 132,277 millionThe UK 59,132 (41,323)Denmark 38,471 (19,839)Germany 14,653 (7,818)NL 9,943 (5,916)Taiwan 5,439 (831)The US 2,619 (1,296)Other 1,083 (420)Ireland 937 (230)Intangible assets, and property, plant, and equipmentDKKm 2022 (2021)DKK 181,694 millionThe US 68,352 (51,045)The UK 48,963 (63,331)Taiwan 24,476 (16,234)Germany 15,141 (11,544)Denmark 12,182 (9,707)Ireland 5,017 (4,930)NL 4,722 (4,904)Poland 1,479 (1,221)France 1,357 (0)Other 5 (23)Revenue, intangible assets as well as property, plant, and equipment are presented based on the locations of our customers and assets as well as the exchanges on which we trade. Accounting policiesOur operating segments are consistent with our internal reporting to our chief operating decision maker, the Group Executive Team.The operating segments are managed primarily on the basis of EBITDA and investments. Financial income, financial expenses, depreciation, amortisations, and tax are allocated to the operating segments, while we manage them at Group level. Segment income and segment expensesare those items that, in our internal management reporting, are directly attributable to individual segments or can be indirectly allocated to individual segments on a reliable basis.Other 2022 income statementBioenergyReportableactivities/DKKm Offshore Onshore& Othersegmentseliminations To ta External revenue 78,970 3,014 50,279 132,263 14 132,2771Intra-group revenue 8,151 - (4,036) 4,115 (4,115)-Revenue 87,121 3,014 46,243 136,378 (4,101) 132,277Cost of sales (66,398) (57) (34,748) (101,203) 4,040 (97,163)Employee costs and other external expenses (8,410) (1,831) (2,370) (12,611) 284 (12,327)Gain (loss) on disposal of non-current assets 10,864 43 (22) 10,885 - 10,885Additional other operating income and expenses (3,716) 2,472 (487) (1,731) 2 (1,729)Share of profit (loss) in associates and joint ventures 108 3 3 114 - 114EBITDA 19,569 3,644 8,619 31,832 225 32,057Depreciation and amortisation (7,006) (1,644) (859) (9,509) (245) (9,754)Impairment losses (2,529) - - (2,529) - (2,529)Operating profit (loss) (EBIT) 10,034 2,000 7,760 19,794 (20) 19,774Key ratiosIntangible assets, and property, plant, and equipment 114,130 57,320 8,868 180,318 1,376 181,694Equity investments and non-current receivables 605 100 124 829 167 996Net working capital, capital expenditures (5,050) (572) (43) (5,665) - (5,665)Net working capital, work in progress 1,430 41 - 1,471 - 1,471Net working capital, tax equity - (15,157) - (15,157) - (15,157)Net working capital, other items 9,093 85 873 10,051 1,877 11,928Derivatives, net (25,914) (7,604) 99 (33,419) 1,097 (32,322)Decommissioning obligations (10,233) (1,769) (2,074) (14,076) - (14,076)Other provisions (1,910) (39) (1,520) (3,469) (2,161) (5,630)Tax, net 5,598 (3,938) (1,119) 541 1,068 1,609Other receivables and other payables, net 2,192 (4) 3 2,191 (936) 1,255Capital employed at 31 December 89,941 28,463 5,211 123,615 2,488 126,103Return on capital employed (ROCE), % 16.8Cash flows from operating activities 5,272 2,509 2,622 10,403 1,521 11,924Gross investments (26,710) (10,396) (267) (37,373) (74) (37,447)Divestments 25,451 56 (4) 25,503 133 25,636Free cash flow (FCF) 4,013 (7,831) 2,351 (1,467) 1,580 113The column \u2018Other activities/eliminations\u2019 primarily covers the elimination of inter- segment transac-tions. It also includes income and costs, assets and liabilities, investment activity, taxes, etc., handled at Group level.1 Including the elimin ation of other activities, the total elimination of intra-group revenue amounts to DKK -7,296 million, which primarily relates to our Shared Functions services as well as our B2B business activities.Other 2021 income statementBioenergyReportableactivities/DKKm Offshore Onshore& Othersegmentseliminations To ta External revenue 42,350 1,018 34,263 77,631 42 77,6731Intra-group revenue 8,441 (23) (1,873) 6,545 (6,545)-Revenue 50,791 995 32,390 84,176 (6,503) 77,673Cost of sales (33,922) (26) (25,612) (59,560) 6,450 (53,110)Employee costs and other external expenses (7,171) (1,071) (2,039) (10,281) 232 (10,049)Gain (loss) on disposal of non-current assets 7,920 - - 7,920 - 7,920Additional other operating income and expenses 424 1,448 7 1,879 - 1,879Share of profit (loss) in associates and joint ventures (21) 3 1 (17) - (17)EBITDA 18,021 1,349 4,747 24,117 179 24,296Depreciation and amortisation (5,993) (903) (831) (7,727) (245) (7,972)Impairment losses (69) (60) - (129) - (129)Operating profit (loss) (EBIT) 11,959 386 3,916 16,261 (66) 16,195Key ratiosIntangible assets, and property, plant, and equipment 108,419 44,923 8,259 161,601 1,338 162,939Assets classified as held for sale, net - - 860 860 - 860Equity investments and non-current receivables 460 44 134 638 190 828Net working capital, capital expenditures (8,294) (581) (38) (8,913) - (8,913)Net working capital, work in progress 5,948 - - 5,948 - 5,948Net working capital, tax equity - (13,268) - (13,268) - (13,268)Net working capital, other items 9,680 (74) 1,031 10,637 183 10,820Derivatives, net (23,289) (2,692) (6,819) (32,800) (195) (32,995)Decommissioning obligations (6,155) (1,302) (1,394) (8,851) - (8,851)Other provisions (3,106) (11) (1,577) (4,694) (2,343) (7,037)Tax, net 6,157 (4,390) 1,492 3,259 585 3,844Other receivables and other payables, net (4,006) (15) 2 (4,019) (740) (4,759)Capital employed at 31 December 85,814 22,634 1,950 110,398 (982) 109,416Return on capital employed (ROCE), % 14.8Cash flows from operating activities (898) 4,467 7,593 11,162 986 12,148Gross investments (23,416) (15,525) (274) (39,215) (92) (39,307)Divestments 21,595 - (178) 21,417 102 21,519Free cash flow (FCF) (2,719) (11,058) 7,141 (6,636) 996 (5,640)The column \u2018Other activities/eliminations\u2019 primarily covers the elimination of inter- segment transac-tions. It also includes income and costs, assets and liabilities, investment activity, taxes, etc., handled at Group level.1 Including the elimin ation of other activities, the total elimination of intra-group revenue amounts to DKK -9,161 million, which primarily relates to our Shared Functions services as well as our B2B business activities.2.2 RevenueOther Other RevenueBioenergyactivities/2022 Bioenergyactivities/2021DKKm Offshore Onshore& Othereliminations total Offshore Onshore& Othereliminations totalGeneration of power 15,149 2,121 12,701 - 29,971 8,544 933 6,376 - 15,853Sale of power 52,252 - 5,936 (4,099) 54,089 26,524 - 5,474 (6,541) 25,457Revenue from construction of offshore wind farms and transmission assets 11,640 - - - 11,640 6,044 - - - 6,044Generation and sale of heat and steam - - 3,002 - 3,002 - - 2,745 - 2,745Sale of gas - - 20,954 - 20,954 - - 16,270 - 16,270Distribution and transmission - - 277 (5) 272 - - 326 - 326O&M and other services 2,403 31 733 (45) 3,122 2,639 - 241 (37) 2,843Total revenue from customers 81,444 2,152 43,603 (4,149) 123,050 43,751 933 31,432 (6,578) 69,538Government grants 4,831 862 493 - 6,186 7,655 179 700 - 8,534Miscellaneous revenue 846 - 2,147 48 3,041 (615) (117) 258 75 (399)Total revenue 87,121 3,014 46,243 (4,101) 132,277 50,791 995 32,390 (6,503) 77,673Timing of revenue recognition from customersAt a point in time 66,693 2,152 26,564 (4,149) 91,260 35,441 933 14,090 (6,578) 43,886Over time 14,751 - 17,039 - 31,790 8,310 - 17,342 - 25,652Total revenue from customers 81,444 2,152 43,603 (4,149) 123,050 43,751 933 31,432 (6,578) 69,538Revenue from sale of goods and servicesRevenue from sale of goods 84,844 3,001 45,837 (4,044) 129,638 48,650 992 31,701 (6,475) 74,868Revenue from sale of services 2,277 13 406 (57) 2,639 2,141 3 689 (28) 2,805Total revenue 87,121 3,014 46,243 (4,101) 132,277 50,791 995 32,390 (6,503) 77,673The timing of transfer of goods or services to customers is categorised as follows:\u2018At a point in time\u2019 mainly comprises:\u2013 sale of gas or power in the market, e.g. North Pool, TTF, NBP\u2013 sale of transmission assets from offshore wind farms. \u2018Over time\u2019 mainly comprises:\u2013 construction agreements for offshore wind farms and transmission assets\u2013 long-term contracts with customers to deliver gas, heat, or power.Revenue for the year increased by 71 % to DKK 132,277 million in 2022. The increasewas primarily due to the significantly higher power and gas prices across allmarkets and more assets in operation. Revenue from construction agreements was DKK 11,640 million. The increase ofDKK 5,596 million was mainly relatedto the divestment of 50 % of the off-shore transmission assets at Hornsea 2in September and the construction of Greater Changhua 1 for partners.Income from government grants decreased significantly in 2022 due to power pricesbeing above subsidy prices, leading to alower subsidy per MWh produced.BacklogOrder backlog for the construction of windfarms and offshore transmission assets.Order backlogDKKm 2022 202131 December 5,989 5,989Within one year 43 % 100 %In more than one year 57 % 0 %The transaction price allocated to the remaining performance obligation.Accounting policiesRevenue is measured based on the consideration specified in a contract with a customer (transaction price) and excludes amounts collected on behalf of third parties, i.e. VAT. We recognise revenue when we transfer control over a product or service to a customer or a partner. If a part of the transaction price is variable, i.e. bonus payments, incentive payments for unmissed deadlines, etc., the variable consideration is recognised in revenue when it is highly probable that the revenue will not be reversed in subsequent periods.We adjust the transaction price for the time value of money if the payments exceed twelve months.Generation of powerGeneration of power is the sale of power produced at our own wind farms, solar farms, and power stations as well as the sale of ancillary services. We recognise revenue as the power is produced, since this is when delivery to the customers occurs. Fees for having CPH plants on standby and/or ready to increase or decrease the generation of power to balance the demand and supply in the system is con-sidered one performance obligation fulfilled over time.The consideration for the power is due when the actual power is delivered to the customer.Sale of powerRevenue from sale of power sourced from other producers. This includes the sale of power sourced from investor power purchase agreements, third-party balancing contracts, and other sales contracts. The sale is recognised when the power is delivered to our customer.Sales contracts for a fixed amount of power at a variable price, or where we are exclusive suppliers to the customer at a variable price, are considered one performance obligation with multiple deliveries to be satisfied over time. For such contracts and for long-term agreements on selling power at a fixed price, we recognise revenue in the amount up to which we have a right to invoice.The consideration for the power is due when the actual power is delivered to the customer.Revenue from construction of offshore wind farmsRevenue from construction of offshore wind farms includes development and construction. The construc-tion agreements cover the construction phase from de-sign to delivery of an operational asset. The agreement consists of two performance obligations:\u2013 Offshore wind farms. \u2013 Offshore transmission assets, if applicable. The construction agreements cover our partners\u2019 shares of the construction of the wind farm and off-shore transmission assets, if applicable. If our contracts include multiple performance obligations, the transac-tion price will be allocated to each performance obli-gation based on the stand-alone selling prices. Where these are not directly observable, they are estimated based on the expected cost-plus margin. We recognise revenue over time, using an input method to measure progress towards complete satisfaction of the performance obligation because the customer gains control of the offshore wind farm during the construction process. The input method reflects the ongoing transfer of control. The consideration for the construction of an offshore wind farm consists of a fixed fee and a relatively minor variable fee, depending on when the wind farm can be put into operation. The consideration for an offshore transmission asset is a fixed fee.After signing the construction agreement, we carry out an assessment determining when the wind farm is expected to be completed. We calculate the size of the variable payment on this basis. We only recognise the variable fee when it is highly probable that a subse-quent reversal will not take place. Our partner pays the fixed consideration based on a payment schedule. The payment schedule is deter-mined and based on the expected progress of the construction and transfer of control to the customer.Generation and sale of heat and steamHeat is sold under long-term heat contracts and recog-nised when the heat is delivered to our customer. The heat customer makes a prepayment to finance the majority of our CAPEX associated with the biomass conversion of the CHP plant. The prepay-ment is recognised as a contract liability, and it is also recognised as revenue in step with the transfer of heat to the customer. Payment for the sale of heat consists of fixed costs associated with operations and maintenance of a CHP plant, fuel costs for the generation of heat, and a finan-cial return. The consideration is due when delivered.Sale of gasSale of gas is our gas sourced from other producers, and it is recognised when the gas is transferred to our buyer. The transfer of control occurs either when the gas is injected into the distribution system or delivered to the customer. Sales contracts for a fixed amount of gas at a variable price, or where we are exclusive suppliers to the customer at a variable price, are considered one performance obligation with multiple deliveries to be satisfied over time. For such contracts, we recognise revenue in the amount up to which we have a right to invoice. Some long-term gas sales contracts include clauses which give the right to renegotiate the fixed sales prices. Expectations for the outcomes of renegoti-ations are not included in revenue before we know the outcome of the individual renegotiations.The consideration for the gas is due when the gas is injected into the distribution system or delivered to the customer.Distribution and transmissionFees for distribution and transmission of oil is recog-nised when the oil is delivered to the buyer, or when the capacity is made available. Revenue is calculated as the amount to which we are entitled when the service is delivered to the customer, and consideration is payable when invoiced.O&M and other servicesRevenue from providing services is recognised over time as our customer simultaneously receives and consumes the benefits provided. For fixed-priced contracts, revenue is recognised based on the actual service rendered at the end of the reporting period as a proportion of the total services to be rendered. This is determined based on the actual labour hours spent relative to the total labour hours expected.Fixed-price contracts are invoiced on a monthly basis, and consideration is payable when invoiced. Variable fee services are due after the services are rendered.2.3 Cost of salesOther OtherCost of salesBioenergyactivities/2022 Bioenergyactivities/2021DKKm Offshore Onshore& Othereliminations total Offshore Onshore& Othereliminations totalGas - - 19,676 - 19,676 - - 13,944 - 13,944Power including certificates 54,762 - 6,172 (4,014) 56,920 26,042 - 4,720 (6,450) 24,312Biomass - - 3,323 - 3,323 - - 3,272 - 3,272Coal - - 2,955 - 2,955 - - 1,060 - 1,060Distribution and transmission costs 2,066 27 1,507 (50) 3,550 1,627 13 2,062 (44) 3,658Costs for construction of offshore wind farms and transmission assets 9,570 - - - 9,570 6,175 - - - 6,175Other cost of sales - 30 1,115 24 1,169 78 13 554 44 689To ta l 66,398 57 34,748 (4,040) 97,163 33,922 26 25,612 (6,450) 53,110Cost of sales increased by 83 % to DKK 97,163 million in 2022. The increase was primarily due to the significantly highergas and power prices across all markets,the divestment of 50 % of the offshore trans mission asset at Hornsea 2, and the construction of Greater Changhua 1 for partners in 2022. The increase in 2022 was partly offset by a reduction in gas volumessold and the divestment of the offshoretransmission asset at Hornsea 1 in 2021.Accounting policies\u00d8rsted constructs offshore transmission assets in the UK which are required to be divested to third parties due to EU unbundling regulations. The construction costs are presented as inventories and transferred to cost of sales when the asset is divested to either a farm-down partner or to the buyer appointed by OFGEM.2.4 Government grants Government grants DKKm 2022 2021Government grants recognised in profit (loss) for the year under revenue 6,186 8,534Government grants recognised in profit (loss) for the year under other operating income 28 23Government grants recognised in the balance sheet (28) (23)Government grants recognised for the year 6,186 8,534The transmission system operator in Denmark administers subsidies for environ-mentally sustainable power generation, including biomass and offshore wind farms. We treat the subsidies as a government grant, as it is paid by the Danish state.In the UK, we receive subsidies under two schemes: contracts for difference (CfD) and the Renewable Obligation scheme (renew able obligation certificate (ROC) regime). The Burbo Bank Extension, Walney Extension, Hornsea 1, and Hornsea 2 off-shore wind farms are under the CfD regime,while our other UK offshore wind farms as well as our Renescience plant are under theROC regime. We treat the payments fromthe schemes as government grants.Feed-in tariffs from our Irish, Dutch, andGerman wind farms are also recognised as government grants. Income from government grants decreased significantly in 2022 due to power prices being above subsidy prices, leading to alower subsidy per MWh produced. Accounting policiesGovernment grants comprise grants for environmentally sustainable power genera-tion, grants for the funding of development projects, investment grants, etc. Government grants are recognised when there is reasonable assurance that the grants will be received. As grants for power generation are intended as a compensation for the price of power, we system atically recognise the grants under revenue in step with the power generation and thus the related revenue.2.5 Research and development expendituresExpensed research and development expenditures 2022BioenergyDKKm Offshore Onshore& Other To ta Research 122 - - 122Development 1,736 266 10 2,012To ta l 1,858 266 10 2,134Expensed research and development expenditures 2021DKKmResearch 82 - - 82Development 1,924 141 15 2,080To ta l 2,006 141 15 2,162 Accounting policiesResearch costs are costs incurred to find new or improve existing technologies (e.g. improving offshore foundations, optimising blade stability and performance for wind farms, developing new ways of converting renewable electrons to renewable molecules and synthetic fuels).Research costs are recognised in the income statement as incurred.Development costs primarly comprise salaries as well as internal and external costs which can be directly or indirectly attributed to design and de-velopment of offshore and onshore wind farms, the Renescience Northwich plant, P2X produc-tion facilities, and energy storage facilities.Development costs are expensed until the capitalisation criteria are met. Development costs incurred after that are capitalised as \u2018Assets under construction\u2019.2.6 Other operating income and expensesOperating incomeDKKm 2022 2021Gain on divestment of assets 11,018 8,146US tax credits and tax attributes 2,556 1,382Other compensation 175 429Miscellaneous operating income 370 228Total other operating income 14,119 10,185Other operating expensesDKKm1Ineffective hedges, etc.4,591 -Loss on divestment of assets 133 226Miscellaneous operating expenses 239 160Total other operating expenses 4,963 3861 In 2021, ineffective hedges, etc., was DKK 1,074 million, presented as revenue. Other operating incomeIn 2022, other operating income was DKK 14,119 million, which was DKK 3,934 million higher than in 2021. The increase was mainly driven by gain on divestments of assets, primarily the 50 % farm-downs of Hornsea 2 and Borkum Riffgrund 3. In 2021, gain on divestment of assets was related to the 50 % farm-downs of Borssele 1 & 2 and Greater Changhua 1. The increase in \u2018US tax credits and tax attributes\u2019 was mainly due to commis-sioning of new onshore wind farms in 2021, which have had full impact in 2022, and commissioning of new onshore wind and solar farms in 2022. Other operating expenses\u2018Ineffective hedges\u2019 included volume-ineffec tive hedges as a consequence of lower- than-expected offshore generation, resulting in us having hedged too large volumes. Furthermore, it included otherhedges, which we cannot document asbeing \u2018effective\u2019 from a hedge accounting perspective and therefore have recognised in the income statement.\u2018Loss on divestment of assets\u2019 was primarily related to M&A transaction costs.Accounting policiesGains from farm-downs of ownership interests in wind farms are recognised on the divestment date as other operating income.. Gains for future construction of the partner\u2019s share of the wind farm are recognised over time in the income statement in step with the construction. See notes 2.2 \u2018Revenue\u2019 and 3.5 \u2018Contract assets and liabilities\u2019. The accounting policies for \u2018US tax credits and tax attributes\u2019 income are described in note 3.8 \u2018Tax equity liabilities\u2019.Losses from our market trading activities are presented as other operating expenses under 'Ineffecive hedges, etc.'Divestment of ownership interests in our offshore wind farmsWhen we divest an ownership interest in an off-shore wind farm to a partner, we typically also enter into agreements on the future operation and construction of the offshore wind farm. Contracts in connection with a divestment are typically agreements on:\u2013 the sale of shares (divestment of assets) (SPA)\u2013 the future construction of the offshore wind farm (construction agreements or construc-tion management agreements, if not in operation)\u2013 the future operation of the offshore wind farm (O&M agreements). Key accounting estimateVariable selling price related to divestments of offshore wind farms and offshore transmission assetsWhen we divest an ownership interest in an off-shore wind farm and an offshore transmission asset to a partner, we consider all terms and activities in the contracts in order to determine the transaction price. If the consideration includes a variable amount, we estimate the consideration to which we are entitled in exchange for transferring the asset, the wind farm, and the transmission asset to our partner.The variable considerations are estimated at contract inception based on future outcome of events, e.g.: \u2013 the divestment price of offshore transmission asset through a competitive tender process\u2013 the impact on production from future wind farms\u2013 the winning bid of the tender revenue stream through a competitive tender process.We consider \u2018the most likely amount\u2019 to provide the most appropriate estimate of the expected variable consideration. Key accounting judgementClassification of divestmentWhen we divest ownership interests in an offshore wind farm, we carry out an individual assessment, determining whether the divest-ment qualifies as a divestment of an enterprise or a divestment of assets. We have typically assessed that the offshore wind farms do not constitute an enterprise, as no employees are transferred, and processes are transferred to a limited extent only.2.7 Employee costsEmployee costsDKKm 2022 2021Wages, salaries, and remuneration 5,510 4,603Share-based payment 32 26Pensions 430 357Other social security costs 233 191Other employee costs 92 108Employee costs before transfer to assets 6,297 5,285Transfer to assets (1,019) (996)Total employee costs 5,278 4,289Salaries and remuneration for the Group Other members of the 2Group Executive Team1dExecutive Team and the Board of Directors Executive BoarBoard of Directors To ta DKK 000 2022 2021 2022 2021 2022 2021 2022 2021Fixed salary 30,632 31,250 20,337 15,362 6,807 6,306 57,776 52,918Short-term cash-based incentive scheme 6,454 6,996 4,402 4,927 - - 10,856 11,923Share-based payment 3,989 2,497 2,338 262 - - 6,327 2,759Pension, incl. social security and benefits 860 709 4,521 4,129 - - 5,381 4,838Short-term retention-dependent purchase price related to the acquisition of Lincoln Clean Energy - - - 2,352 - - - 2,3523Salary in notice period 14,553- 693 4,907 - - 15,246 4,907Severance payment 9,270 - 4,793 - - - 14,063 -Total 65,758 41,452 37,084 31,939 6,807 6,306 109,649 79,6971 The Executive Board consists of: Mads Nipper, Marianne Wiinholt (left on 8 April 2022), Daniel Lerup (joined on 8 April 2022), Henriette Fenger Ellekrog (joined on 1 November 2022), and Martin Neubert (left on 31 October 2022).2 Other members of the Group Executive Team in 2022 are: Oliva Breese (joined on 1 November 2022), Rasmus Errboe (joined on 1 November 2022), Anders Zo\u00ebga Hansen (joined on 1 November 2022), David Hardy (joined on 1 November 2022), Richard Hunter and Per Mejnert Kristensen (joined on 1 November 2022), Neil O\u2019Donovan and Ingrid Reumert (joined on 1 November 2022), and Henriette Fenger Ellekrog (until 31 October 2022 when she joined the Executive Board).3 Including DKK 3,147 thousand related to share-based payments as, in accord-ance with the programme terms, Martin Neubert keeps his rights to the 2020, 2021, and 2022 grants.Pension plans and number of employees Pension plans are defined-contribution plans that do not commit \u00d8rsted beyondthe amounts contributed. In 2022, our average number of employeeswas 7,428 (2021: 6,508).Remuneration of the Group Executive TeamThe remuneration of the Group Executive Team is based on a fixed salary, including personal benefits, such as a company car, free telephone, etc., a variable salary, andshare-based payment. The non-executive members of the Group Executive Teamalso receive a pension.The members of the Board of Directors arepaid fixed remuneration only for their workin \u00d8rsted. In addition, \u00d8rsted reimbursesany travel expenses.For more details on the remuneration of the Executive Board, please referto the remuneration report (orsted.com/remuneration2022).2.8 Share-based paymentMarket value of PSUs and key assumptions Time of granting Time of granting Time of granting for valuation in executive share programme202220212020Market value of 1 PSU 909 1,246 794Key assumptionsShare price 835 1,025 666Average volatility rate 30.2 % 28.8 % 24.1 %Volatility, \u00d8rsted 34.8 % 29.6 % 24.6 %Risk-free interest rate 0.9 % 0.1 % (0.5) %Expected term at time of granting 3 years 3 years 3 yearsRequired number of locked-up shares relative to fixed salaryCEO 75 % of fixed salaryCFO, Chief HR Officer 50 % of fixed salaryOther members of the Group Executive Team 25 % \u2013 50 % of fixed salaryOther participants 15 % \u2013 25 % of fixed salaryThe figure shows the shareholding requirement in percentage of the participants\u2019 fixed salary. A build-up period of up to five years is allowed.Executive share programmeThe Group Executive Team and a number of other senior executives participate in the share programme (approx. 120). As a condition for the granting of performance share units (PSUs), the participant must own a number of shares in \u00d8rsted corresponding to a portion of the individual participant\u2019s annual fixed salary. The portion depends on the employee category, and it makes up 75 % of our CEO\u2019s fixed salary. See the table above for more information. The participants in the programme must invest in \u00d8rsted shares prior to the first granting. A build-up period for the shareholding requirements of up to five years is allowed. If the participants fulfil the shareholding requirement at the time of granting, they will be granted a numberof PSUs each year, representing a value of 15-20 % (15-40 % in the US) of the annual fixed salary on the date of granting. The granted PSUs have a vesting period of approximately three years. Then, each PSU entitles the holder, without payment, to receive a number of shares corresponding to 0-200 % of the number of PSUs granted. The vesting is conditional upon continued employment. Assuming no share price development since the grant, the value would correspond to 0-30 % or 0-40 % (0-80 % in the US) of the fixed salary on the date of grant. The final number of shares for each participant will be determined on the basis of the total shareholder return delivered by \u00d8rsted, benchmarked against ten comparable European energy companies. The highest rate (200 %) will be triggered if \u00d8rsted\u2019s results, measured as the totalreturn to shareholders, outperform those of the com parable companies. For each lower ranking, the number of shares granted will fall by 20 percentage points. If, for example,\u00d8rsted ranks third, the participants will be entitled to 160 % of the target. If \u00d8rsted ranks 11 in the comparison, noshares will be granted to the participants. The right to shares is conditional upon continued employment. Retention share programmeThe target group for the share-based reten-tion agreements will typically be employees responsible for vital, long-term projects. The use of these share-based retentionagreements will be limited to 25 concurrent agreements with an individual time frame ofup to five years. Members of the ExecutiveBoard (CEO, CFO, and Chief HR Officer) cannot be granted such retention agreements. The number of retention share units (RSUs) to be granted will be determined on thebasis of the price of \u00d8rsted\u2019s shares at thetime of the grant and will be limited to anamount corresponding to a maximum ofsix months\u2019 base pay for the employee inquestion. At vesting, each RSU will entitlethe employee to one \u00d8rsted share free ofcharge. However, the total value of theshares to be received at vesting will becapped at a maximum of twelve months\u2019base pay for the employee in question. Accounting policiesThe share programme is classified as an equity-based programme as the programme is settled in shares. The market value of the PSUs/RSUs and the estimated number ofPSUs granted are measured at the time of granting and recognised:\u2013 in the income statement under employee costs over the vesting period\u2013 as an offset in the balance sheet under equity over the vesting period.The valuation of the PSUs/RSUs and theestimate of the number of PSUs/RSUsexpected to be granted are carried out as a probability simulation based on \u00d8rsted\u2019s expected total shareholder return relative to ten comparable European energy compa-nies. The expect ations are factored into the market value and are not adjusted subse-quently. The participants are compensated for any dividend payments by receiving additional PSUs/RSUs.OtherMaximum number of outstanding shares at 31 DecembermembersMarket value'000of the Group 2022 in of shares atYears Executive ExecutiveSeniorOther% of share granting, until expiryTime of grantingBoardTeamexecutivesemployees 2022 2021capitalDKK millionas of 20221 April 2019 - - - - - 83 - - -1 April 2020 7 5 51 - 63 73 0.02% 25 0.31 April 2021 11 6 36 - 53 59 0.02% 33 1.31 April 2022 18 11 73 - 102 - 0.02% 47 2.3Share retention programme - 2 - 13 15 19 0.00% 9Maximum number of outstanding shares at 31 December 36 24 160 13 233 234 0.06% 114Development in maximum number of outstanding shares '000Maximum number of outstanding shares at 1 January 21 13 181 19 234 300Compensation for dividends paid (2019, 2020, 2021, and 2022 programmes) 1 - 3 - 4 2Transfer between categories 10 11 (19) (2) - -Exercised (2019 programme) (10) (6) (68) - (84) -Exercised (2018 programme) - - - - - (107)Granted (2022 programme) 14 6 81 - 101 -Granted (2021 programme) - - - - - 66Cancelled (2022 programme) - - (1) - (1) -Cancelled (2021 programme) - - (6) - (6) (7)Cancelled (2020 programme) - - (11) - (11) (10)Cancelled (2019 programme) - - - - - (9)Share retention programme - - - (4) (4) (1)Maximum number of outstanding shares at 31 December 36 24 160 13 233 234(DKKm)Market value of share programme at the time of granting 18 12 76 8 114 99Maximum market value of share programme at 31 December 23 15 101 8 147 198The maximum market value of the share programme at 31 December is based on the assump-tion that the participants receive the maximum number of shares (i.e. 200 % of the granted PSUs/RSUs). This requires that \u00d8rsted delivers the highest shareholder return, benchmarked against ten comparable companies.The share price at the time of exercising in 2022 was DKK 793.3. Capital employedOur capital employed primarily relates to production assets, including assets under construction. We monitor investment projects closely, as a large part of our value is created in the development andconstruction phases.126.1 bnCapital employed totalled DKK 126,103 million on31 December 2022 against DKK 109,416 millionin 2021, mainly due to new investments.37.4 bnGross investments amounted to DKK 37,447 millionin 2022 against DKK 39,307 million in 2021.25.6 bnCash flows from divestments totalled DKK 25,636million in 2022 against DKK 21,519 million in 2021.Capital employedDKKm 2022 2021Intangible assets, and property, plant, and equipment 181,694 162,939Assets classified as held for sale, net - 860Equity investments and non-current receivables 996 828Net working capital, capital expenditures (5,665) (8,913)2Net working capital, work in progress1,471 5,948Net working capital, tax equity (15,157) (13,268)Net working capital, other items 11,928 10,820Derivatives, net (32,322) (32,995)Decommissioning obligations (14,076) (8,851)Other provisions (5,630) (7,037)Tax, net 1,609 3,844Other receivables and other payables, net 1,255 (4,759)Total capital employed 126,103 109,4161 Capital employed by segment is based on capital employed for reportable segments of DKK 123,615 million.2 \u2018Net working capital, work in progress\u2019 consists of inventories related to transmission assets, construction agreements, and construction management agreements in connection with the construction of transmission assets and offshore wind farms for partners as well as related trade payables.Gross and net investmentsDKKm 2022 2021Cash flows from investing activities (17,912) (12,591)Dividends received and capital reductions reversed (23) (29)Purchase and sale of securities, reversed 5,634 (3,558)Sale of non-current assets, reversed (24,175) (20,860)Interest-bearing debt in acquired enter-prises (972) (2,273)Restricted cash in acquired enterprises 1 4Gross investments (37,447) (39,307)Transactions with non-controlling interests in connection with divestments 1,461 659Sale of non-current assets 24,175 20,860Divestments 25,636 21,519Net investments (11,811) (17,788)3.1 Acquisition of enterprisesCash flows used for acquisitionsDKKm Ostwind Other 2022 2021Fair value at time of acquisition:Other intangible assets than goodwill 167 - 167 452Property, plant, and equipment 2,342 - 2,342 5,182Joint ventures 313 26 339 33Contract assets and liabilities, net (76) - (76) -Trade receivables 135 - 135 236Other receivables 73 - 73 163Receivables from associates and joint ventures 174 - 174 -Cash 432 - 432 146Interest-bearing debt, excl. lease liabilities (437) - (437) (2,273)Provisions (10) - (10) (47)Derivatives - - - (456)Deferred tax (525) - (525) (634)Other liabilities (241) 7 (234) (312)Net assets acquired 2,347 33 2,380 2,490Goodwill 1,718 - 1,718 -Purchase price 4,065 33 4,098 2,490Cash, available and acquired (432) - (432) (142)Contingent consideration - - - 83Accrued purchase price (260) - (260) -Cash flow used for acquisition of enterprises 3,373 33 3,406 2,431Purchase price 4,065 26 4,091 2,490Adjustments for cash (432) - (432) (146)Adjustments for interest-bearing debt 437 - 437 2,273Adjustments for other debt and net working capital items (65) - (65) -Adjustments for cash, debt, and net working capital items in JVs 1,118 - 1,118 -Enterprise value 5,123 26 5,149 4,617 Accounting policiesAcquisition of enterprises is recognised using the acquisition method. Under thismethod, assets and liabilities as well as contingent liabilities of the acquired enterprise are measured at fair value on the date of acquisition.The fair values of production assets and assets under construction are normally determined using an income approach where they are valued at present value based on the expected cash flows they can generate, including any non- separable power purchase agreements, and on income, such as production tax credits.The fair value of derivatives is deter-mined using our normal approach for such items, which is based on market prices or expectations for prices over the term of the derivatives.The fair values of other assets and liabil-ities are valued using the approach we find most relevant for the individual item, which can be either a market approach, an income approach, or a cost approach.An acquired enterprise is included in the consolidated financial statements from the date of acquisition, which is the date when we obtain control.When an acquired enterprise has entered into a power purchase agreement classified as a derivative, the fair value of the agreement will be included in theopening balance. Post-acquisition, this fair value is recognised as an adjustment to revenue over the duration of the con-tract, based on the fair value calculation at the time of the acquisition.On 19 September 2022, we acquired Ostwind, a German and French onshore wind plat-form, and obtained all of the voting equity interests in OSTWIND Erneuerbare Energien GmbH, OSTWINDpark Rotmainquelle GmbH & Co. KG, OSTWIND International S.A.S., and OSTWIND Engineering S.A.S.The acquisition of Ostwind constitutes \u00d8rsted\u2019s entry into the sizeable and growing German and French onshore markets and substantially expands \u00d8rsted\u2019s onshore foot-print in Europe. Together with the acquisitionof Brookfield Renewable\u2019s Ireland and UK onshore wind platform in 2021 and the recent entry into the Spanish onshore market, \u00d8rsted\u2019s onshore renewables platform now covers the US market and four of the largest growth markets in Europe at scale.The total purchase price was DKK 4,065 million, including an accrued purchase price of DKK 260 million. Of the purchase price allocation, DKK 2,342 million is allocated to \u2018Property, plant, and equipment\u2019, consisting of operating wind and solar farms andprojects under construction or in advanced development. DKK 1,718 million is allocatedto \u2018Goodwill\u2019 related to greenfield wind andsolar development.Since the acquisition date, the contributed revenue and result after tax from Ostwindhas been immaterial.If the acquisition had been made on 1 January 2022, the revenue would have been DKK 318 million, and profit after taxwould have been DKK 246 million. As part of the acquisition process, we have incurred costs of DKK 30 million, which have beenexpensed in our income statement in theOnshore segment.The fair values of the assets and liabilitiesare not considered final until 12 months after the acquisition date.Following \u00d8rsted\u2019s acquisition of Ostwind,Caisse des D\u00e9p\u00f4ts et Consignations, aco-investor in part of Ostwind\u2019s operating portfolio in France, in December decidedto exercise an option to acquire Ostwind\u2019sshares (corresponding to a total of 87 MW)in the projects that Ostwind and Caisse desD\u00e9p\u00f4ts et Consignations co-owned. Key accounting estimatePurchase price allocations in businesscombinationsWhen we apply the acquisition methodfor business combinations, by nature this involves judgement in assessing the fair value of identifiable assets and liabilities. For property, plant, and equipment, our assessment of fair value is based on a number of estimates regarding WACC and expected cash flows, which both have a large impact on the fair value. Our assessment of fair value for deriva-tives is dependent on expected future prices. See note 6.6 \u2018Fair value measure-ment\u2019 for our valuation principles.3.2 Divestment of enterprisesSelling priceDKKm 2022 2021Payment 437 (52)Selling price on divestment of enterprises 437 (52)Of which, selling price payable (338) (95)Cash selling price on divestment of enterprises 99 (147)Total cash flows from divestment of enterprises 99 (147)Gain (loss) on divestment of enterprisesDKKmSelling price on divestment of enterprises 437 (52)Net assets sold (195) -Provisions as a result of the transactions 89 (690)Gain (loss) on divestment of enterprises 331 (742)We have not divested any enterprises in 2022.In March 2021, we divested a part of our UK B2B business with a negative cash flow of DKK 18 million. Further, we repaid DKK 183 million to Andel for the settlement of the divestment of the Danish powerdistribution, residental customer, and citylight businesses in 2020.The gain on divestment of enterprises wasaffected by a DKK 818 million increase in ourindemnification provision towards INEOS in relation to the divestment of our upstreamoil and gas business in 2017. The provision regarded a transfer pricing case with the Norwegian Tax Administration. Accounting policiesWe recognise income from divested enterprises in the income statement up until the date of divestment.The date of divestment is the date on which we relinquish control of the divested enterprise.Gains or losses on the divestment ordiscontinuation of subsidiaries and asso-ciates are determined as the difference between the selling price and the carry-ing amount of the net assets divested.Moreover, we deduct any provisions made for obligations related to sales and purchase agreements and the fees of advisers, etc., in connection with the divestment or discontinuation of theenterprise.3.3 Intangible assets, and property, plant, and equipmentFixtures and fit-Property, plant, Property, Intangible assets, and property, plant, and equipmentLand and Productiontings, tools, and and equipment plant, andDKKm Intangible assetsbuildingsassetsequipmentunder constructionequipmentCost at 1 January 2022 3,243 10,311 148,309 1,858 57,852 218,330Exchange rate adjustments (10) (18) (2,019) (62) (555) (2,654)Additions 1,314 720 1,728 1,240 29,394 33,082Additions on acquisition of enterprises 1,886 53 1,179 7 1,103 2,342Disposals (726) (484) (9,634) (12) (1,136) (11,266)Adjustment of decommissioning obligations - - 4,398 - 503 4,901Reclassified assets - 165 34,993 45 (35,203) -Reclassified from assets classified as held for sale - - 140 - 130 270Cost at 31 December 2022 5,707 10,747 179,094 3,076 52,088 245,005Depreciation and amortisation at 1 January 2022 (999) (2,245) (51,906) (1,254) - (55,405)Exchange rate adjustments 1 32 1,278 13 - 1,323Depreciation and amortisation (36) (607) (8,814) (297) - (9,718)Disposals 61 53 340 5 - 398Depreciation and amortisation at 31 December 2022 (973) (2,767) (59,102) (1,533) - (63,402)Impairment losses at 1 January 2022 (701) - (785) - (744) (1,529)Exchange rate adjustments (2) - 4 - 53 57Impairment losses and reversals - - - - (2,529) (2,529)Disposals (2) - - - 63 63Impairment losses at 31 December 2022 (705) - (781) - (3,157) (3,938)Carrying amount at 31 December 2022 4,029 7,980 119,211 1,543 48,931 177,665Intangible assetsIntangible assets consist of goodwill of DKK 1,843 million (2021: DKK 125 million), carbon emission allowances of DKK 1,464 million (2021 DKK 820 million), other rights of DKK 614 million (2021: DKK 475 million),completed development projects of DKK 28 million (2021: DKK 46 million),and development projects in progress of DKK 80 million (2021: DKK 77 million).Fixtures and fit-Property, plant, Property, Intangible assets, and property, plant, and equipmentLand and Productiontings, tools, and and equipment plant, andDKKm Intangible assetsbuildingsassetsequipmentunder constructionequipmentCost at 1 January 2021 2,224 7,254 130,983 1,574 29,987 169,798Exchange rate adjustments 33 330 5,293 44 3,169 8,836Additions 840 2,554 4,344 260 36,783 43,941Additions on acquisition of enterprises 452 121 3,326 - 1,735 5,182Disposals (306) (25) (5,535) (98) (5,179) (10,837)Adjustment of decommissioning obligations - - 147 - 1,307 1,454Reclassified assets - 77 9,751 78 (9,906) -Reclassified to assets classified as held for sale - - - - (44) (44)Cost at 31 December 2021 3,243 10,311 148,309 1,858 57,852 218,330Depreciation and amortisation at 1 January 2021 (941) (1,680) (43,872) (1,067) - (46,619)Exchange rate adjustments (1) (50) (1,305) (15) - (1,370)Depreciation and amortisation (63) (525) (7,144) (240) - (7,909)Disposals 6 10 415 68 - 493Depreciation and amortisation at 31 December 2021 (999) (2,245) (51,906) (1,254) - (55,405)Impairment losses at 1 January 2021 (644) - (927) - (642) (1,569)Exchange rate adjustments - - 24 - (30) (6)Impairment losses and reversals (57) - - - (72) (72)Disposals - - 118 - - 118Impairment losses at 31 December 2021 (701) - (785) - (744) (1,529)Carrying amount at 31 December 2021 1,543 8,066 95,618 604 57,108 161,396Fixtures and Lease assetsLand and Production fittings, tools, Property, plant, DKKmbuildingsassetsand equipmentand equipmentCarrying amount at 1 January 2022 6,628 104 255 6,987Exchange rate adjustments 40 - (42) (2)Additions 635 8 1,171 1,814Additions on acquisition of enterprises 53 - - 53Disposals (431) - (7) (438)Divestment of enterprises - - - -Depreciations (516) (69) (220) (805)Carrying amount at 31 December 2022 6,409 43 1,157 7,609Lease assetsDKKmCarrying amount at 1 January 2021 4,274 172 170 4,616Exchange rate adjustments 248 1 2 251Additions 2,500 - 277 2,777Additions on acquisition of enterprises 63 - - 63Disposals (15) - (30) (45)Divestment of enterprises - - - -Depreciations (442) (69) (164) (675)Carrying amount at 31 December 2021 6,628 104 255 6,987Contractual obligationsby segmentDKKm 0-1 year 1-5 years 5-10 years 2022 2021Offshore 58,262 16,541 17,266 92,069 47,775Onshore 10,365 2,713 - 13,078 4,156Bioenergy & Other 178 - - 178 156To ta l 68,805 19,254 17,266 105,325 52,087Overview of contracts entered into where delivery had not taken place at 31 December 2022.The obligations are measured at nominal value.LeasesWe mainly lease office buildings, service and installation vessels, seabeds related to offshore wind farms, and plots of landrelated to onshore wind farms, solar farms, and battery storage facilities. Seabed leases include variable lease payments, which depend on the number of megawatt hours generated. However, we have typically agreed on minimum lease payments for the seabeds, and these minimum payments are included in the lease liabilities.Expenses for the year relating to variable lease payments not included in lease lia-bilities were DKK 609 million in 2022 (2021:DKK 352 million). Interests on lease debt ex-pensed in profit (loss) were DKK 256 millionin 2022 (2021: DKK 261 million).Total cash outflow for leases were DKK 1,447 million in 2022 (2021: DKK 1,133million). We have not entered into lease liabilities which are not commenced per 31 December 2022 and consequently not included in the balance sheet. For maturity analysis of leases liabilities,we refer to note 5.5 \u2018Maturity analysis offinancial liabilities\u2019.Contractual obligationsOur contractual obligations for property, plant, and equipment at 31 December 2022related mainly to wind turbines, foundations,and cables, etc., for the construction ofoffshore wind farms (primarily Greater Changhua 1 & 2a, Hornsea 3, Ocean Wind 1and 2, Revolution Wind, Sunrise Wind, andSouth Fork).The obligations in Onshore mainly related to purchases of wind turbines and solar PVmodules.Useful livesBattery storage 15 yearsBuildings 20-50 yearsFixtures and fittings, tools, and equipment 3-10 yearsGas transportation system (marine pipelines) 20-40 yearsOffshore wind farms 20-30 yearsOnshore wind farms 24-30 yearsProduction assets, power (thermal), and district heating 20-25 yearsSolar farms 35 yearsGoodwill IndefiniteCGUs in OffshoreThe cash generating units (CGUs) are made up of individual offshore wind farms, each of which generates cash flows for the segment inde-pendently of each other.Significant CGUsAnholt, Borkum Riffgrund 1, Borkum Riffgrund 2, Borkum Riffgrund 3, Borssele 1 & 2, Burbo Bank Extension, Gode Wind 1, Gode Wind 2, Gode Wind 3, Greater Changhua 1 & 2a, Horns Rev 2, Hornsea 1, Hornsea 2, London Array, Ocean Wind 1, Race Bank, Revolution Wind, South Fork, Sunrise Wind, Westermost Rough, Walney, Walney Extension, and West of Duddon Sands.CGUs in OnshoreThe CGUs are made up of individual onshore windand solar farms, each of which generates cash flows for the segment independently of each other.Significant CGUsAmazon, Bellefield 1, Garracummer, Haystack, Helena Energy Center, Kennoxhead 1, Lincoln Land Wind, Lisheen 3, Lockett, Muscle Shoals, Old 300, Permian Energy Center, Plum Creek Wind, Sage Draw Wind, Tahoka Wind, Western Trail, Willow Creek Wind, and Willow Springs Wind.Bioenergy & OtherThe Danish CHP plants constitute a single CGU, as overall production planning is for the entire Danish portfolio. In addition, the Renescience plant in Northwich in the UK and the Danish offshore gas pipeline system are deemed to constitute independent CGUs.Significant CGUsCentral CHP plants (including goodwill), Renescience Northwich, and the offshore gas pipeline system.Impairment lossesImpairment losses relating to intangible assets We have not recognised any material impairments to goodwill or other intangible assets in 2022.Impairment losses relating to property, plant, and equipmentSunrise Wind The offshore wind energy industry is facing significant macroeconomic challenges, such as unprecedented cost inflation and rapidly rising interest rates in 2022. Sunrise Wind, \u00d8rsted\u2019s 50 % owned US offshore wind development project, has been particularly impacted by general market trends, as well as project specific challenges.As previously disclosed, the project costhas increased substantially since bid. In thepast year, further acute cost increases, spe-cifically driven by the prices for installationvessels and the associated services, haveoccurred. Rising interest rates have had acorresponding impact on the discount rate in calculating the recoverable amount ofthe future cash flows of the project. Thesechallenges have been partially offset byanticipated increased tax benefits from recently enacted tax legislation in the US.As a result of these factors, \u00d8rsted recog-nised an impairment of DKK 2.5 billionon Sunrise Wind in 2022. \u00d8rsted remainscommitted to Sunrise Wind and the rest ofits US offshore wind portfolio. We will con-tinue our work to mature and develop theseprojects, with an aim to ensure that we candeliver renewable energy to the states.The recoverable amount of DKK 1.8 billionwas calculated based on the value-in-usemethod. Key accounting estimateKey assumptions in impairment testsValue-in-use calculations are based on the leadership team\u2019s expectations to future cash flows from financial budgets and forecasts and include a number of assumptions and estimates.These assumptions include construction schedules, estimates of future market conditions, CAPEX, market prices of energy and commodities, inflation, discount rates, useful lives of the projects, tax incentives, including the ability to qualify for tax credits from the US Inflation Reduction Act, etc. The market prices applied are based on available forward prices for a period of up to five years and our best estimate of long-term prices for the remainder of the period.As goodwill relates to greenfield onshore wind and solar development, an assumption included in the value-in-use calculations for goodwill is the ability to develop new sites. This assumption is based on current and future build-out plans for renewable energy in Central Europe. While there are inherent uncertainties in the assumptions, the assumptions reflect the leadership team\u2019s best estimate over the life of the Group\u2019s CGUs.The base discount rate for value-in-use calculations is in the range of 5-8 % after tax.Sensitivities to impairment testsThe assessment of indications of impairment of proper-ty, plant, and equipment is based on the expectations applicable as of 31 December 2022.Significant adverse developments in interest rates, energy prices, tax incentives, and CAPEX assumptions could result in impairment losses on certain opera-tional and development assets in our portfolio, while an opposite development could lead to impairment reversals.As a result, we may face adjustments to the recognised impairment of property, plant, and equipment in future reporting periods. Accounting policiesIntangible assetsRights are measured at cost less accumulated amorti-sation and impairment losses. Rights are amortised on a straight-line basis over their estimated future useful lives, which are 5-20 years.Goodwill represents the excess of the cost of an acquisition over the fair value of the identifiable net assets of the acquired company. The carrying amount of goodwill is allocated to the Group\u2019s cash-generating units, which are the operating segments at the acquisi-tion date. Goodwill is not tax deductable. Annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives. Property, plant, and equipmentProperty, plant, and equipment which is not a lease is measured at cost less accumulated depreciation and impairment losses. Cost of property, plant, and equip-ment is depreciated by using the straight-line method, the diminishing-balance method, or the reducing-frac-tion method. The diminishing-balance method and the reducing-fraction method result in decreasing deprecia-tion over the useful life. These methods are used for some of our offshore wind farms.The residual values, useful lives, and methods of depre-ciation of property, plant, and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.Costs comprise purchase price and any costs directly attributable to the acquisition until the date the asset is available for use. The costs of self-constructed assets comprise direct and indirect costs of materials, components, sub-suppliers, and labour. Borrowing costs relating to both specific and general borrowing directly attributable to assets under construction with a lengthy construction period are recognised in costs during the construction period. Costs are increased by the present value of the estimated obligations for demolition and decommissioning of assets to the ex-tent that the obligations are recognised as provisions.Subsequent costs, for example in connection with replacement of parts of an item of property, plant, and equipment, are recognised in the carrying amount of the asset in question when it is probable that future economic benefits will flow to the Group from the expenses incurred. Any residual value of the replaced parts is recognised in the income statement as loss on disposal of non-current assets. Other repair and maintenance expenses are recognised in profit (loss) for the year as incurred.ImpairmentFor the purposes of assessing impairment losses, intangible assets, and property, plant, and equipment are grouped at the lowest level for which there are separately identifiable cash flows (cash-generating units (CGUs)).CGUs are assessed for indication of impairment on a quarterly basis. The value of a CGU is impaired if the net book value exceeds the recoverable amount, which is the higher of the estimated value in use and the fair value less costs of disposal.Impairment losses are recognised in the income statement and, except in the case of goodwill, reversed if there has been a change in the estimates used to determine the CGU\u2019s recoverable amount. Reversal of an impairment loss is recognised as income in the income statement net of depreciation if no impairment loss has been recognised for the CGU.The discount rate applied when calculating value in use takes general risks into account and is based on the weighted average cost of capital (WACC) after tax, whereas the estimated future cash flows are adjusted for risks specific to the asset. Estimated future cash flows are discounted using a nominal post-tax discount rate.LeasesOur lease assets are classified alongside our owned assets of similar type under property, plant, and equip-ment. Initially, we measure a lease asset at cost, being the initial amount of the lease liability. We depreciate our lease assets over the lease term. The deprecia-tion method used is the straight-line method for all our lease assets, except for seabed leases where the depreciation method is aligned with the depreciation method for the related offshore wind farm. Therefore, seabed lease assets are depreciated using either the straight-line method or the reducing-fraction method.Our lease liabilities are initially measured at the net present value of the in-substance fixed lease payments for the use of a lease asset. If, at inception of the lease, we are reasonably certain about exercising an option to extend a lease, we will include the lease payments in the option period when calculating the lease liability. We measure the lease asset to the value of the lease liability at initial recognition.Contracts may contain both lease and non-lease com-ponents. We allocate the consideration in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease components in accordance with the accounting policy applicable for such items. Non-lease components com-prise building services and operating costs of leased vessels, etc.Variable lease expenses are recognised in other exter-nal expenses in the period when the condition trigger-ing those payments occurs. Interests of lease liabilities are recognised in financial expenses.Each lease payment is separated into repayment of the lease liability and payment of interests of the lease liability. Debt repayments are classified as cash flows from financing activities, and payment of interests are classified as cash flows from operating activities.3.4 InventoriesInventories DKKm 2022 2021Offshore transmission assets 5,119 9,235Biomass 778 225Gas 4,557 3,813Coal 1,169 221Oil 354 76Green certificates 2,053 2,040Carbon emission allowances (purchased) 49 388Other 24 -Total inventories 14,103 15,998Inventories recognised as an expense in \u2018Cost of sales\u2019 during the year 15,427 9,806Inventories measured at fair value are disclosed in note 6.6 \u2018Fair value measurement\u2019.\u2018Offshore transmission assets\u2019 primarilyrelate to the Hornsea 2 transmission asset.\u2018Green certificates\u2019 are primarily renewable obligation certificates (ROCs), which are issued to renewable energy power generators in the UK.Gas at storage primarily relates to our gastrade activities. Accounting policiesOffshore transmission assets are recognised as inventory until divestment and measured at cost. The costs comprise costs of materials used in construction, site labour costs, costs of renting equipment as well as indirect produc-tion costs, such as employee costs. Gas storage in non-Danish facilities are man-aged on a fair value basis, and therefore the gas in these storage facilities is recognised at fair value less costs to sell. Changes in the fair value less cost to sell are recognised in cost of sales in the period of the change. Gas in Danish storage facilities are recognised at cost, determined as a weighted average of the previous months purchase price, including transport costs. Purchased carbon emission allowances are measured at market value. Green certificates, which we earn by generating power using renewable energy sources, are recognised in inventories in step with our gen-eration. We measure green certificates (earned and bought) at cost using the first in, first out(FIFO) principle. Other inventories are measured at cost, determined on a first in, first out basis or netrealisable value, if net realisable value is lower. Inventories are written down to the lower of net realisable value and cost price. For offshore transmission assets, it is the expected final transfer value announced by Ofgem. The net realisable value is the sum (discounted) which the inventories are expected to generate through a normal sale.3.5 Contract assets and liabilitiesRevenue from contracts with customers DKKm 2022 2021Revenue recognised included in contract liabilities at the beginning of the year 21 324Revenue recognised from perfomance obligations satisfied in previous years (471) -Contract balancesDKKmContract assetsCurrent contract assets 408 2Total contract assets 408 2Contract liabilitiesNon-current contract liabilities 3,085 3,230Current contract liabilities 2,269 2,440Total contract liabilities 5,354 5,670The table shows the amount of our revenue relating to contract liabilities carried forward (as prepayments and deferred revenue) and the amount relating to performance obligations satisfied in a prior year (e.g. re- negotiations or constraints on variable considerations that are not recognised until they are highly probable).Contract assets and contract liabilities are primarily related to: \u2013 the construction of offshore wind farms with partners, with each party typically owning 50 % of the offshore wind farm \u2013 prepayments from heat customers.Non-current contract liabilities primarily relate to prepayments from heat customers.At the end of 2022, current contract liabil-ities related to the construction of BorkumRiffgrund 3. At the end of 2021, current con-tract liabilities related to the construction ofGreater Changhua 1.Contract assets primarily related to theconstruction of Greater Changhua 1 at theend of 2022. Accounting policiesWe recognise a contract asset when we perform a service or transfer goods in advance of receiving consideration, and the consideration is conditional. When the consideration is unconditional, andthe goods or services are delivered, we recognise a receivable. A right to consideration is unconditional if only the passage of time is required before the payment is due.Contract assets are measured at the transaction price of the goods delivered or services performed less invoicing on account.We recognise a contract liability when the invoicing on account and expected losses exceed the transaction price of the goods or services transferred to our customer.3.6 Trade receivablesTrade receivables DKKm 2022 2021Trade receivables, not due 11,025 9,265Trade receivables, 1-30 days overdue 892 332Trade receivables, more than 30 days overdue 835 71Trade receivables, write-downs (51) (103)Total trade receivables 12,701 9,565We continuously perform credit ratings of our customers. For customers with a general credit risk, a write-down of 0-1 % is carried out on initial recognition. In 2022, write-downs of receivables andlosses for the year were DKK 0 million (2021: DKK 0 million). Reversal of write-downs was DKK 52 million. Accounting policiesWe keep our receivables until maturity, and therefore, they are measured at amortised cost.Write-downs are carried out from initial recognition of our receivables. The write-down is calculated as the difference between the carrying amount of the receivable and the net present value of expected future cash flows from the receivable. The discount rate used is the effective interest rate for the individual receivable or the individual portfolio. We apply the simplified approach to the write-down of trade receivables, which permits calculating the write-down as the full loss during the entire term of the receivable.3.7 Other receivables and other payablesOther receivablesDKKm 2022 2021Receivables from the divestment of assets and enterprises 7,644 89Receivables from the divestment of equity investments to non-controlling interests 713 7571Collateral provided5,888 11,909Cash, not available for use 2,471 1,319VAT and other indirect tax receivables 1,392 913Prepayments 870 742Deposits 624 572Other 3,930 2,325Total other receivables 23,532 18,626Of which, working capital 9,896 11,962Of which, other capital employed 7,876 438Of which, interest-bearing net debt 5,760 6,226Other payablesDKKmM&A related liabilities 4,203 3,4362Payables related to the divestment of assets2,904 -Accrued interest 2,358 1,6853Collateral received1,184 8Salary-related items payable 671 550VAT and other indirect taxes payable 593 533Carbon rights 5 154Other deferred income 345 397Other 2,618 2,687Total other payables 14,881 9,450Of which, working capital 3,384 3,771Of which, other capital employed 6,574 5,161Of which, interest-bearing net debt 4,923 5181 The collateral provided by the Group is receivables from banks in connection with hedging activities.2 Mainly related to the divestment of a portfolio of four onshore projects.3 The collateral received by the Group is cash received from banks in connection with hedging of derivatives.3.8 Tax equity liabilitiesTax equity liabilitiesDKKm 2022 2021Balance at 1 January 14,564 7,967Contribution received from tax equity partners 1,945 5,415Additions from acquisitions 643 1,297Tax attributes and PTCs/ITCs recognised in other operating income (2,521) (1,322)Cash paid to tax equity partners (301) (127)Tax equity partners\u2019 contractual return 1,134 616Exchange rate adjustments 929 718Balance at 31 December 16,393 14,564Of which, working capital 15,157 13,268Of which, interest-bearing debt 1,236 1,296As at 31 December 2022, we have fourteen onshore wind and solar farms for which we have received tax equity contributions.In the US, we have several wind and solar farms with tax equity partners. During 2022, we commissioned the onshore wind farm, Haystack, and the wind portion of our combined onshore wind and solar PV project, Helena Energy Center. We received tax equity contributions from our partners related to both projects. We also partly commissioned and received tax equity contributions from our partner for the solar PV farm, Old 300. In addition, we acquired Ford Ridge, an operational onshore wind farm, including a tax equity liability. Description of tax equity partnerships Tax equity partnerships are characterised by a tax equity partner, who contributes an upfront payment as part of the initial project investment and does not have an operation-al role in the project. The partner receives acontractually agreed return on the contribu-tion. In order to \u2018repay\u2019 the initial contribu-tion and the return, a disproportionate share of the production tax credits (PTCs) or theinvestment tax credits (ITCs) and other tax attributes (accelerated tax depreciation and other taxable results) are allocated to thepartner during the first part of the project\u2019slifetime. The partner also receives some cash payment-based percentages specified in the partnership agreements. Once thepartner receives the agreed return, the agreement flips, and the partner is typically entitled to a minor part of the cash distribu-tions from the project, unless we repurchasethis right from them, which is highly likely. Accounting policiesWhen a tax equity partnership is formed, we evaluate if the company should still be fully consolidated based on our right to variable returns as well as our ability to exercise influ-ence on financial and operational decisions impacting those returns. Due to the operational and financial nature of the projects and the influence normally given to tax equity partners in such agreements, we normally have the influence to fully consolidate companies that have tax equity partners.The terms of the tax equity partner\u2019s contribu-tion are evaluated to determine the accounting treatment. The contribution generally has the characteristics of a liability as the initial con-tribution is repaid, including an agreed return, and the partner does not share in the risks ofthe project in the same way as a shareholder. As such, the contribution is accounted for as a liability and measured at amortised cost. The liability is based on the expected method of repayment and is divided into: \u2013 a net working capital element to be repaid through PTCs/ITCs and other tax attributes \u2013 an interest-bearing debt element expected to be repaid through cash distributions.The partner\u2019s agreed return is expensed as a financial expense and is recognised as an increase of the tax equity liability. PTCs and other tax attributes transferred to the tax eq-uity partner are recognised as other operating income. Tax attributes allocated to the tax equity partner are deferred and recognised on a straight-line basis over the estimated contractual length of the partnership structure, while PTCs are recognised in the periods earned, similar to recognition of our own PTCs. ITCs, typically associated with solar farms, are recognised on a straight-line basis over the flip period (partner\u2019s ITCs) or over the lifetime of the asset (our own ITCs).In addition to the above, we recognise a liability for the expected purchase price for the partner\u2019s post-flip rights to cash distributions. This liability is recognised at fair value, and adjustments are expensed as a financial item.This recognition reflects the intention and high likelihood that we will purchase the partner\u2019s post-flip rights, and they are part of the finan-cial costs of the arrangement.If we choose not to buy the partner\u2019s post-flip rights, the tax equity partner will be entitled to part of the company\u2019s returns in the post-flip period. At that point, the partner will share in the risks and rewards in the company as a shareholder. We will continue to classify the tax equity investment as a liability after flip. Key accounting judgementRecognition of tax equity partnerships On formation of a tax equity partnership, we assess the appropriate recognition of the partner\u2019s contribution as well as the method of recognition for the elements used to repay the partner, such as PTCs and tax attributes. In assessing the recognition of the partner\u2019s contribution, we look at:\u2013 the expected flows of PTCs, tax attributes, and cash payments to the partner\u2013 the rights and obligations of both us and the tax equity partner. The deferral of the income related to tax attributes and the recognition of the contribu-tion as working capital or interest-bearing debt are affected by our expectation to the size, method, and timing of repayments.3.9 Provisions and contingent liabilities2022 2021Decom- Decom-ProvisionsmissioningOthermissioningOtherDKKmobligationsprovisions To ta obligationsprovisions To ta Provisions at 1 January 8,851 7,037 15,888 7,003 6,860 13,863Exchange rate adjustments (203) (46) (249) 294 147 441Used during the year - (1,382) (1,382) (2) (1,495) (1,497)Provisions reversed during the year - (1,659) (1,659) - (1,187) (1,187)Provisions made during the year 832 1,663 2,495 1,387 4,142 5,529Disposals (376) - (376) (296) - (296)Additions of acquisition of enterprises 33 - 33 113 - 113Divestment of enterprises - (5) (5) - (107) (107)Change in estimates 4,087 - 4,087 62 - 62Transferred to other payables - - - - (1,372) (1,372)Transferred to/from assets and liabilities classified as held for sale 414 - 414 (11) - (11)Interest element of provisions 438 22 460 301 49 350Total provisions at 31 December 14,076 5,630 19,706 8,851 7,037 15,888Falling due as follows:0-1 year 217 368 585 141 623 7641-5 years 1,798 4,786 6,584 754 5,952 6,706After 5 years 12,061 476 12,537 7,956 462 8,418Decommissioning obligations by segmentAfter 20DKKm 0-5 years 5-10 years 10-20 yearsyears 2022 2021Offshore 1,387 2,251 3,681 2,914 10,233 6,155Onshore 13 - 14 1,742 1,769 1,302Bioenergy & Other 615 246 191 1,022 2,074 1,394To ta l 2,015 2,497 3,886 5,678 14,076 8,851Decommissioning obligationsDecommissioning obligations comprise estimated expenses relating to decommis-sioning and disposal of our offshore wind,onshore wind, and solar farms, the restora-tion of seabeds, and the decommissioning of our CHP plants.As developers of offshore wind, onshore wind, and solar farms, we are obliged todecommission our wind and solar farms andrestore the surroundings. When we con-struct offshore wind farms in cooperation with partners, they are liable for their shareof the decommissioning costs. Therefore, we have only included the decommissioning obligations associated with our ownershipinterest in the offshore wind farms.Decommissioning obligations increased by DKK 5,225 million from 2021 to 2022,primarily due to the update of decommis-sioning scope and methodology and the construction of new wind and solar farms.Decommissioning methodology was reviewed to incorporate changes in per-mitting, biodiversity, and sustainability requirements as well as changes in newtechnologies and vessels.Other provisionsOther provisions comprise primarily: \u2013 offshore partnership provisions, including warranty obligations \u2013 obligations in relation to the divestment of our oil and gas business in 2017 \u2013 obligations in respect of our own carbon emissions\u2013 provisions for onerous contracts\u2013 other contractual obligations.Contingent liabilitiesLiability to pay compensation In case of any environmental accidents or other types of damage caused by our gas and oil transport, the companies \u00d8rsted Salg & Service A/S and Danish Oil Pipe A/S are liable to pay compensation according to legislation. This also applies if there is no proof of negligence (strict liability). We have taken out insurance to cover any such claims.Secondary liabilityAs part of the divestment of our oil and gas business in 2017, we assumed a secondary liability regarding the decommissioning of offshore installations.LitigationWe are party to a number of court cases and legal disputes. In our assessment, none of these will significantly impact \u00d8rsted\u2019s financial position, neither individually nor collectively.We have been party to actions relating to the Danish competition authorities\u2019 claim that the former Elsam A/S and Elsam KraftA/S (\u2018Elsam\u2019), now part of \u00d8rsted, charged excessive prices in the Danish wholesale power market in the period 1 July 2003 to31 December 2006.There are no longer any outstanding cases with the competition authorities claiming Elsam infringed competition law, but in connection with the former cases, some energy trading companies, some of theircustomers, and others have filed claimsfor damages, which are still pending. The biggest claim was filed in 2007 before the Copenhagen Maritime & Commercial Court, amounting to approx. DKK 4.4 billion withaddition of litigation interest. The case is at the moment under preparation for theMaritime & Commercial Court.\u00d8rsted is involved in ongoing transfer pricing disputes. For further information, we refer tosection 4.1 \u2018Approach to taxes\u2019.Change of controlSome of our activities are subject to con-sents, permits, and licences granted by pub-lic authorities. We may be faced with a claimfor acceptance of any transfer, possibly withadditional terms and conditions, if the DanishState holds less than 50 % of the share capi-tal or voting rights in \u00d8rsted A/S. Read morein note 5.1 \u2018Interest-bearing debt and FFO\u2019. Key accounting estimateAssumptions for provisionsWe continually assess our provisions recognised to cover contractual obligations and claims raised against \u00d8rsted. Timing, probabilities, amounts, etc., which have a bearing on our pro-visions\u2019 estimates are updated quarterly based on our expectations. Estimates of provisions are based on our expec-tations of, for example:\u2013 timing and scope of obligation \u2013 future cost level \u2013 legal assessment.If deemed material, non-current provisions are discounted using either the structural risk-free interest rate or the incremental borrowing rate. The structural risk-free interest rate is used for decommissioning liabilities and onerous con-tracts. It is calculated as the sum of real return (gross domestic product growth rate), inflation, and inflation premium for other risks. Separate structural risk-free interest rates are calculated for Europe, the US, and Taiwan. The outcome of our contractual obligations and claims may depend on future events, which are uncertain by nature. Accounting policiesProvisions are recognised when the following criteria are fulfilled: \u2013 We have a legal or constructive obligation as a result of an earlier event. \u2013 The settlement of the obligation is expected to result in an outflow of resources. \u2013 The obligation can be measured reliably. Decommissioning obligations are measuredat the present value of the future liability in respect of decommissioning as expected at the balance sheet date. The present value of the provision and changes in estimate are rec-ognised as part of the cost of property, plant, and equipment and depreciated together with the associated asset. The addition of interest on provisions is recognised in the income state-ment under financial expenses.For onerous contracts, a provision is made when the expected income to be derived from a contract is lower than the unavoidable cost of meeting our obligations under the contract.Provisions concerning carbon emissions are recognised when our actual emissions exceed our holding of carbon emission allowances.3.10 Non-controlling interestsGunfleet Sands Walney (UK) Offshore Ocean WindHolding Ltd. GroupWindfarms Ltd.JV HoldCo LLCNon-controlling interests DKKm2022 2021 2022 2021 2022 2021Statement of comprehensive incomeRevenue 518 455 1,348 1,223 - -EBITDA 317 231 608 626 2 3Profit (loss) for the year 70 (21) 76 57 (21) (240)Total comprehensive income 4 72 (113) 303 2 (126)Profit (loss) for the year attributable to non-controlling interests 35 (10) 38 29 (5) (60)Balance sheetNon-current assets 1,582 1,702 4,424 4,767 8,234 2,483Current assets 171 179 364 259 444 165Non-current liabilities 607 463 1,352 1,030 310 292Current liabilities 58 79 290 334 908 147Carrying amount of non-controlling interests 543 669 1,570 1,848 1,843 552Statement of cash flowsCash flows from operating activities 246 230 544 587 93 47Cash flows from investing activities - - (29) (47) (5,710) (1,070)Cash flows from financing activities (261) (230) (413) (540) 5,838 1,164\u2013 of which, dividends paid to non-controlling interests (128) (113) (166) (236) - -Transactions with non-controlling interestsDKKm 2022 2021Transactions with non-controlling interestsDividends paid to non-controlling interests (294) (349)Divestment of equity investments to non-controlling interests 3 446Other capital transactions with non-controlling interests 1,461 235Total transactions, cf. statement of cash flows 1,170 332Divestment of equity investments to non-controlling interestsChanges in receivables relating to the acquisition and divestment of non-controlling interests 3 446Cash selling price, total 3 446Subsidiaries with Non-significant non- controlling Registered1controlling interestsinterestofficeGunfleet Sands London,Holding Ltd 49.9 %UKWalney (UK) Offshore London,Windfarms Ltd 49.9 %UKOcean Wind JV Delaware, HoldCo LLC 25 %US1 Entities are fully consolidated.In the table, we provide financial information for subsidiaries with significant non-controlling interests. The amounts stated are the consolidated accounting figures of the individual enterprises or groups, determined according to our accounting policies. Amounts are stated before intra-group eliminations. Accounting policiesTransactions with non-controlling inter-ests are accounted for as transactions with the shareholder base. Gains and losses on the divestment ofequity investments to non-controlling interests are recognised in equity when the divestment does not result in a loss of control.Net assets acquired are not revalued on the acquisition of non-controlling inter-ests. Any difference between the carrying amount and the acquisition or sellingprice is recognised in equity.4. Ta xThe Group\u2019s taxes reflect our business operations and applicable tax legislation in the countrieswhere we operate.1.3 bnCorporate income tax paid by the Group in 2022 totalled DKK 1,263 million against DKK 1,380 million in 2021.2.9 bnCurrent corporate income tax in 2022 totalled DKK 2,906 million against DKK 1,532 million in 2021.6.5 bnOur total tax contribution in 2022 totalled DKK 6,500 million against DKK 5,590 million in 2021.4.1 Approach to taxesAt \u00d8rsted, we want to provide user-friendly and transparent information about our global tax positions. We are committed to paying the right amount of tax, at the right time, in the right place \u2013 in accordance with the tax laws of the countries where we operate. We seek to comply not only with the letter of the law, but also with the underlying tax policy intent.We believe that taxes are a core part of our corporate social responsibility.We are committed to conducting our business in a way that contributes to the United Nations\u2019 Sustainable Development Goals (SDGs). Taxes are a key contribution to the SDGs, in particular target 16.6 on the development of effective, accountable, and transparent institutions. For more details on our approach to taxes, we refer to our tax policy, which can be found here: orsted.com/taxpolicy.Transparency and sustainabilityFor the third year in a row, we have drawn inspiration from the GRI (Global Reporting Initiative) 207: Tax standard when presenting our approach to and reporting of tax. In line with our tax policy, we engage constructively in national and international dialogue with governments, business groups, and civil society to support the develop-ment of effective tax systems, legislation, and administration. We want to help create a tax framework supporting the green transformation.During 2022, we have engaged with the OECD and European Union on the implemen-tation of Pillar 2 and submitted our response to a public consultation by the UK treasury on the UK capital allowances regime. Fur-ther, we have met with representatives from the Belgian Cabinet to discuss how tax regu-lations can support the green transformation and facilitate investments in renewables. We have met with representatives from the Greenlandic government to discuss the com-patibility of the Greenlandic tax regime with international tax regulations. Upon request, we have provided input to the Alternative Minimum Tax introduced under the Inflation Reduction Act in the US.We continuously engage with policymakers and authorities to ensure that windfall taxes and similar measures only target actual excess revenues on a net basis, including related hedges.The impact of the energy cap regulations and windfall taxes for 2023 will depend on not yet finalised legislation.The purpose of our engagement is to pro-mote the development of tax regimes that support the green transformation by contrib-uting to an informed discussion. By engaging with civil society and gathering input on, for example, how we share information, we believe we can contribute to increasing the public\u2019s confidence in the corporate tax system. Further, we are committed to cre-ating certainty for our stakeholders, such as investors and the local communities where we pay our taxes.Tax governanceTaxes are overseen by the Board of Directors, and within the Board, the Chair of the Audit & Risk Committee is accountable for our tax policy. The responsibility for tax risk manage-ment lies with the CFO and is overseen bythe Audit & Risk Committee. The day-to-day tax management is handled by a centralised global tax team. Our tax function is involved in the planning, implementation, and documentation of all significant business decisions and processes to ensure coordinated assessment of all tax compliance and risks. The tax function also regularly monitors and updates tax risks andrelated controls.Complying with tax rules can be complex,as the interpretation of legislation and caselaw may not always be clear cut and maychange over time, giving rise to tax risks. Wehave implemented a governance framework,which ensures appropriate processes andorganisational structures to identify, assess, monitor, and manage tax risks at differentlevels of the Group. We manage our taxrisks by preventing unnecessary disputes,which we strive to achieve through strongtechnical positions, thorough documentation and explanations of our positions, robustcompliance procedures, and by engaging in up-front dialogues with tax authorities.We define a tax risk as any consequencerelating to the application of our tax policy,day-to-day operations, compliance, or ex-ternal reporting that impacts the business in the form of cash liabilities, financial report-ing misstatements, or reputational damage.We have a standardised review process inplace, and our controls are continuouslyreviewed, assessed, and, where applicable,substituted by automated processes. Tax decisions in relation to matters which aresubject to approval by the Group ExecutiveTeam or the Board of Directors are approved by the Head of Tax.Our tax risk management work includes considering uncertain tax positions, e.g. when we have taken a position where there is an uncertainty created by a comparison of the wording of the law, the expressed policy intent or lack thereof, or fluctuating or diver-gent application by tax authorities or judicial systems in the countries where we operate.Occasionally, a multinational enterprise like \u00d8rsted faces potential double taxation. This occurs when two or more tax jurisdic-tions seek to tax the same business income. We believe that profit should only be taxed once, and where the value is created in line with the position of the OECD. In response to the tax risks connected to cross-border activities, including the con-troversies described in this section, we have made tax-related provisions in accordance with IAS 12, IAS 37, and relevant interpreta-tion, such as IFRIC 23. The provisions have been calculated based on differences in tax rates and statistical risks of suffering eco-nomic or legal double taxation.Tax controversiesDuring 2022, the Danish Tax Agency hasopened further enquiries on development of non-Danish wind farms. The Danish Tax Agency also closed an enquiry relating to development services performed by \u00d8rsted Wind Power A/S to our German offshore wind farm Borkum Riffgrund 2 without any adjustments. No information was provided from the Danish Tax Agency on why the enquiry on Borkum Riffgrund 2 was closed. If the principles applied by the Danish Tax Agency in the tax audits on the Hornsea 1, Walney Extension, and Race Bank offshore wind farms had been consistently applied in the Borkum Riffgrund 2 case, this would have resulted in a downward adjustments of the taxable profits in Denmark.To date, \u00d8rsted Wind Power A/S has re-ceived final administrative decisions from the Danish Tax Agency in relation to the development of the offshore wind farms Hornsea 1, Walney Extension, and Race Bank. In all its decisions, the Danish Tax Agency claims that \u00d8rsted Wind Power A/S has not acted at arm\u2019s length terms when charging fees for technical development services provided to the project companies. In its decisions, the Danish Tax Agency has increased \u00d8rsted Wind Power A/S\u2019s tax pay-ment to Denmark by DKK 7.6 billion for the income years 2015, 2016, and 2017.We have appealed the administrativedecisions to the Danish Tax Tribunal. In December 2020, we lodged a successfulapplication for a mutual agreement procedure (MAP) between Denmark and theUK under the EU Arbitration Convention forHornsea 1 and Walney Extension. On RaceBank, we continue to consider our furtheroptions, including an elaborated appeal to the Danish Tax Tribunal, a direct appeal to the court system, or a request for a MAPunder the double tax agreement between Denmark and the UK. The Danish Tax Agency has accepted a deferral of the tax paymentuntil the case has been finally decided.Tax planning and use of tax incentivesWe only use business structures that aredriven by commercial considerations and aligned with our business activities. We donot use so-called secrecy jurisdictions ortax havens to avoid taxes. If we establish anentity in a low or nil-rate jurisdiction, it will be for substantive and commercial reasons. In order to remain competitive, we make useof incentives and tax relief implemented bygovernments where we have commercial substance, and our business activities arethe intended beneficiaries of such incentivesand relief.UN sustainability goalWe are transparent about our approach to tax. We actively participate in the development of effective, accountable, and transparent legislation by our engagement with the OECD on Pillar 2.We endorse the B Team Responsible Tax Principles. The B Team is a group of business leaders working to redefine the culture of accountability in business, for companies, communities, and future generations by creating and cascading new norms of corporate leadership that can build a better world.ISRS 4400 \u2013 AUP on application ofGRI 207:TaxWe have drawn inspiration from the GRI 207: Tax standard when presenting our approach to and reporting of tax. The leadership team has been provided with a statement (ISRS 4400 \u2013 Agreed Upon Procedures) from our auditors on our application of GRI 207: Tax.The Fair Tax Mark accreditation scheme seeks to encourage and recognise businesses that pay the right amountof corporation tax at the right time and in the right place. We seek to pay tax responsibly and transparently and are proud to have qualified for the Fair Tax Mark in 2022.4.2 Tax on profit (loss) for the year2022 2021Effective tax rate DKKm, %DKK million % DKK million %Tax on profit (loss) for the year can be explained as follows:Calculated 22 % tax on profit (loss) before tax (3,874) 22 (2,921) 22Adjustments of calculated tax in foreign subsidiaries in relation to 22 % 348 (2) 160 (1)Tax effect of:Non-taxable income and non-deductible costs, net 2,243 (13) 1,842 (14)Unrecognised tax assets (651) 4 (239) 2Tax equity contributions (354) 2 (2,278) 17Movements in uncertain tax positions 10 - 534 (4)Changes in tax rates 29 - 988 (7)Adjustment of tax concerning previous years (364) 2 (476) 3Effective tax for the year (2,613) 15 (2,390) 18Income tax Tax on profit (loss) was DKK 2,613 million in 2022 against DKK 2,390 million in 2021. The effective tax rate was 15 % in 2022 against 18 % in 2021.The effective tax rate was primarily affect-ed by the largely tax-exempt divestments of the offshore wind farms Hornsea 2 and Borkum Riffgrund 3. Another primary factorderived from the recognition of deferred taxliabilities in connection with capitalisation of project costs in the US where we have entered into tax equity agreements on the following projects: Helena Energy CenterOld 300And the continued recognition of deferredtax liabilities on: North-East cluster Ocean Wind 1See more regarding tax equity partner-ships in notes 3.8 \u2018Tax equity liabilities\u2019 and 4.3 \u2018Deferred tax\u2019.The adjustment of tax concerning previ-ous years primarily relates to a tax equityadjustment on the 2021 Texas winter storm that was not accounted for in 2021.This was partly offset by adjustments toprovisions in Danish companies, a partialderecognition of tax loss carryforwards in the US, and adjustments related to theUK consortium relief in accordance withour agreements with our joint venturepartners.The effective tax rate in 2021 was primar-ily affected by the largely tax-exemptdivestments of the offshore wind farms Borssele 1 & 2 and Greater Changhua 1 andchanges to the corporate tax rate in theUK, which impacted our net deferred tax assets. Another primary factor in 2021 wasthe recognition of a tax liability in connec-tion with tax equity partnerships in the USrelated to Haystack, Western Trail, MuscleShoals, Permian Energy Center, the North-East cluster, and Ocean Wind 1. Accounting policiesTax for the year consists of current tax, changes in deferred tax, and adjustments in respect of previous years. Tax on profit (loss) for the year is recognised in the income statement. Tax relating to other items is recognised in other comprehen-sive income.Our uncertain tax positions are measured by using either of the following two methods, depending on which methodwe expect to better predict the resolu-tion of the uncertainty:\u2013 The most-likely-outcome method is applied in cases where there are only two possible outcomes.\u2013 The weighted-average method is used in cases where there are more than two possible outcomes. Our uncertain tax positions are recog-nised under \u2018Income tax\u2019 or \u2018 Deferred tax\u2019, depending on how the realisation of the tax position will affect the financial statement.Income taxDKKm 2022 2021Tax on profit (loss) for the year (2,613) (2,390)Tax on other comprehensive income (236) 6,448Tax on hybrid capital related to equity 13 87Total tax for the year (2,836) 4,145Tax on profit (loss) for the year can be broken down as follows:Current tax (2,906) (1,532)Deferred tax 868 269Changes in tax rates 29 988Uncertain tax positions 10 534Tax on hybrid capital 104 105Tax equity (354) (2,278)Adjustment of tax concerning previous years (364) (476)Tax on profit (loss) for the year (2,613) (2,390)Tax on other comprehensive income can be broken down as follows:Current tax 60 (31)Deferred tax (296) 6,479Tax on other comprehensive income (236) 6,448Tax on profit (loss) for the year and other comprehensive income In 2022, total tax for the year wasDKK 2,836 million, consisting of tax on profit (loss) for the year, tax on other comprehensive income, and tax on hybrid capital related to equity.Current tax Current tax is the payable tax expense incurred by \u00d8rsted on profit for the year. This differs from taxes paid as a resultof payments or refunds regarding prioryears and residual payments for the current year. Because of the high level of investments and the subsequent deferrals of payable tax as a consequence of accelerated taxdepreciation, our current tax is generallylower than the statutory corporate tax rates during construction and the initial years after first power from a wind farm. Key accounting estimateEstimates regarding recognition of income taxesWe are subject to income taxes in all the countries where we operate. Significant judgement and estimates are required in determining the worldwide income taxes and income tax assets and liabilities, including provisions for uncertain tax positions.In the course of conducting businessaround the world, tax and transfer pric-ing disputes with tax authorities may oc-cur due to the complex nature of the tax rules related to the business. Judgement is applied to assess the possible outcome of such disputes. We apply the methods prescribed in IFRIC 23 \u2018Uncertainty over Income Tax Treatments\u2019 when making provisions for uncertain tax positions, and the provisions made are based on different scenarios of possible outcomes. We consider the provisions made to be adequate. The actual obligation may deviate and might lead to tax in excess of the uncertain tax provisions included. This depends on the result of litigations and settlements with the relevant tax authorities.Ongoing tax disputes, primarily related to transfer pricing cases, are included as part of \u2018Income tax\u2019 and \u2018Deferred tax\u2019. Estimates in respect of transfer pricing cases depend, among others, on whether corresponding adjustments can be ob-tained in the relevant jurisdictions, and, in terms of disputes regarding project companies with partners, whether com-pensation can be obtained from these partners. Any expected compensation from partners are included as part of\u2018Other receivables\u2019.4.3 Deferred taxNet deferred tax for 2022 primarily consist of Offshore OnshoreAssetsRecognition of tax loss carryforwardsInternal gain on construction agreementsLiabilitiesTax equity structuresAccelerated tax depreciation compared to accounting depreciationAcquisitionsFinancial instrumentsDeferred tax 2022DKKm Offshore OnshoreDeferred tax, assets 14,554 61 1,457(2,35313,719Deferred tax, liabilities 3,471 3,915 2,496(2,4687,414Unrecognised tax assets 895 83 100-1,078Deferred tax 2021DKKmDeferred tax, assets 11,701 10 1,563713,281Deferred tax, liabilities 798 4,387 1362955,616Unrecognised tax assets 254 94 9322463The table shows the reconciliation of deferred tax to the balance sheet by segment. The unrecognised tax asset is primarily due to ring-fenced tax losses and other losses not meeting the criteria for recognition under IAS 12. There is no expiry of our unrecognised tax assets. No provision for withholding tax on dividends has been included as the amounts where a concrete dividend distribution is planned are considered immaterial in 2022. Other activities/eliminations primarily consist of eliminations between segments.BioenergyOther activities/& OthereliminationsBioenergyOther activities/ Deferred tax at & Othereliminations 31 DecemberSignificant movements in deferred tax assets and liabilitiesDeferred tax assetsTax loss carryforwards due to the accelerated depreciation for tax purposes. Current tax transferred to deferred tax in Denmark because of the net losses on hedges. Difference between tax and accounting treatment of financialinstruments. Adjustments to previous year\u2019s tax returns in Denmark. Utilisation of tax loss carryforwards and surrender of consortium relief in the UK.Deferred tax liabilities Recognition of tax liabilities in connection with tax equitypartnerships related to the onshore wind part of Helena Energy Center, Old 300, the North-East cluster, and Ocean Wind 1 in our US offshore portfolio.Acquisition of the shares in Ostwind. Adjustment to prior-year classification of property, plant, and equipment related to our onshore wind farm Lincoln Land.Development in deferred tax assets Deferred tax Deferred tax and liabilities, 2022balances at balances at DKKm1 January, net Movements31 December, net Assets LiabilitiesIntangible assets (40) 2 (38) 1 39Property, plant, and equipment (8,198) 2,064 (6,134) 4,001 10,135Other non-current assets (8) 24 16 30 14Current assets (50) 50 - 1 1Decommissioning obligations 1,350 751 2,101 2,101 -Other non-current liabilities 4,666 (4,251) 415 499 84Current liabilities 3,937 (564) 3,373 3,373 -Tax loss carryforwards 6,008 564 6,572 6,572 -Offset (2,859) (2,859)To ta l 7,665 (1,360) 6,305 13,719 7,414Development in deferred tax assets and liabilities, 2021DKKmIntangible assets (47) 7 (40) - 40Property, plant, and equipment (1,710) (6,488) (8,198) 6,379 14,577Other non-current assets (29) 21 (8) 6 14Current assets (2) (48) (50) - 50Decommissioning obligations 1,138 212 1,350 1,350 -Other non-current liabilities 662 4,004 4,666 4,815 149Current liabilities 188 3,749 3,937 3,941 4Tax loss carryforwards 4,397 1,611 6,008 6,008 -Offset (9,218) (9,218)To ta l 4,597 3,068 7,665 13,281 5,616For tax purposes, depreciation of fixed assets is typically accelerated compared with accounting purposes. As the accelerated depreciation is larger than our taxable profits when we make large investments, our tax loss carryforwards increase when more wind farms enter into operation. The tax loss carryforwards are either offset against deferred tax liabilities on the same wind farm or jurisdiction or offset against expected future profits from the very same wind farm or jurisdiction. Our decommissioning liability increases as we expand operations. In most tax jurisdictions, the cost is not tax-deductible until it incurs. Accounting policiesDeferred tax is recognised in respect of all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts. Deferred tax is not recognised in respect of temporary differences relating to: \u2013 the acquisition of joint operations, including licence interests\u2013 other items where differences arise at the time of acquisition, affecting neither the profit (loss) for the year nor the taxable income. However, this does not include differences arising in connection with company acquisitions. Except for right-of-use assets, lease liabilities, decommissioning, restoration, and similar liabilities where the corresponding amounts are recognised as part of the cost of the related assets.Differences arising in connection with company acquisitions are recognised.Deferred tax is measured depending on how we plan to use the assets and settle the liabilities. We offset tax assets and liabilities when the tax assets can be offset against tax liabilities in the year in which the deferred tax assets are ex-pected to be used. Intra-group gains and losses are eliminated when calculating deferred tax. In countries where taxes can be offset between companies due to joint taxation schemes, we have netted within a tax jurisdiction. Where no such possibility is feasible, the deferred tax is included with the gross amount on a company- by-company level.Tax losses carried forward in jurisdictions where we have a history of losses are recognised based on other convincing evidence of future profits. The other convicing evidence is based on our long-term forecast model approved by the Board of Directors.Adjustments to unrecognised tax assets are recognised on profit (loss) or other compre-hensive income depending on the underlying source of the adjustment.Deferred tax is measured based on the tax rules and rates applying when the deferred tax be-comes current tax. Changes in deferred tax as a result of changes in tax rates are recognised in profit (loss) for the year. Deferred tax (net liabilities) related to tax equity structures are recognised as tax expense in the income statement when the tax equity partner-ship agreement is effective, and we start to or have capitalised the corresponding assets. The liability recognised is the amount that we expect to take over once the contribution from the equity partner is repaid, and the tax equity structure flips.US tax equity partnershipsWe have entered into several tax equity part-nership agreements in the US.The expected value of the deferred tax liability related to property, plant, and equipment at the flip date in the tax equity partnership agreement is included in our accounts when the tax equity partnership agreement is effec-tive, and we start to or have capitalised the corresponding assets. The deferred tax liability from existing tax equity partnerships will be gradually reduced based on accounting depre-ciation after the flip date. See more regarding tax equity partnerships in note 3.8 \u2018Tax equity liabilities\u2019.4.4 Our tax footprintOur tax footprint is an effect of how and where we conduct our business.Local corporate taxes paidWe have made significant investments in offshore wind farms in the UK, Germany, the Netherlands, the US, and Taiwan, resulting in the accumulation of large tax assets in recent years. Historically, we have not paid significant taxes in these countries besides the UK. This is changing as the offshore wind farms are being commissioned and generating positive taxable income, resulting currently in paid taxes in more countries.We are also continuously investing inthe US. We do, however, not expect topay material corporate taxes in the USin the near future due to the commercialstructures in the US. The funding in the USis carried out applying the US tax equityset-up, which effectively means thattax attributes are transferred to the taxequity partner as repayment and returnon investment. See more regarding taxequity partnerships in note 3.8 \u2018Tax equity liabilities\u2019.A wind farm life cycleWe operate in several countries (see our global footprint in the management\u2019s review). The design of the individual tax regime in each jurisdiction impacts the tax over the life cycle of our investments and thereby the timing of our tax payments. A wind farm life cycle begins with the development phase. This includes opportunity screening, if applicable, bid preparation and obtaining land rights, grid connection, and permits. The latter activities are further matured if an investment decision is made, and the construction phase commences, which includes construction of the wind farm. During both phases, product, people, and property taxes are borne or collected (see our total tax contribution section).When the wind farm is commissioned and put into operation, income and positive cash flows are generated. In many cases, theeffect of tax incentives results in a deferralof taxable income compared to profit beforetax for accounting purposes. Conversely,once the deferral ends, the taxable income related to the wind farm will exceed theaccounting profit.For this reason, the applicable corporate taxrate and cash tax paid will always differ, butaccumulated over the lifetime of the windfarm, they will be very similar.Also, in some of the jurisdictions where weoperate, there are mandatory or voluntary tax groupings. This means that we will onlypay tax on the consolidated result of all ofour activities in that country. As a result,continued significant investments in such acountry may further defer the time when wepay taxes in that country.Total tax contributionThe total tax contribution represents our cash tax payments to government revenues, including amounts paid through an agent. Tax does not result in a return of value to \u00d8rsted for a right or asset used in the business.Taxes borne by us are those that represent a direct cost and are reflected in the financial result. Taxes borne are charged to the profit and loss account.Taxes collected are those which are gener-ated by our operations, but do not constitute a tax liability for \u00d8rsted. \u00d8rsted generates the commercial activity that gives rise tothe taxes and then collects and administers them on behalf of the tax authorities in thecountries where we operate.Country-by-country reportingIn order to increase transparency, we presentkey figures on tax jurisdiction levels below.Our country-by-country reporting content widely follows the GRI 207: Tax standard. The standard is based on guidance fromOECD. In order to ensure internal coherence throughout the annual report, corporate income tax is calculated based on IFRS reporting standards instead of GRI method-ology. The tax incentives provided on greeninvestments defer our tax payments, result-ing in a difference between profit (loss) inthe accounts and taxable income during the life cycle of a wind farm. This is applicable inmost of the countries where we operate.Total global taxes paid in 2022Profit taxesThese include taxes on company profits that are borne (such as corporate income tax) and collected (such as with-holding tax on payments to third parties).People taxesTaxes on employment, both borne and collected (including income tax and social security tax payments). Product taxesIndirect taxes on the production and consumption of goods and services, including net VAT and sales tax, custom duties, and insurance premium tax. Net VAT in countries in a net refund position is excluded in the total tax contribution, as it is considered a repayment of tax al-ready paid within the year. Included are also planet taxes, which are insignificant for this summary. Property taxesTaxes on the ownership, sale, transfer, or occupancy of property.Revenue from intra-Property, plant, Corporate income Total employeeRevenue from group trans actionsand equipment, Balance of intra-tax paid on 2 remunerationCountry-by-country Number of third-party sales with other tax and inventorycompany debta cash basiskey figures, 2022employeesDKKmDKKmjurisdictions, DKKmDKKmDKKm DKKmDenmark 4,219 3,723 111,020 9,713 18,400 36,740 6The UK 1,254 1,015 11,264 27,418 55,005 61,775 720The US 643 709 2,396 71 68,348 18,575 1Germany 331 211 432 3,257 13,700 17,697 233Ireland 102 54 937 - 4,797 517 -The Netherlands 88 58 - 1,829 4,722 4,524 42Taiwan 185 148 5,439 65 24,476 15,264 247Malaysia 574 143 2 213 11 - 2Poland 519 164 20 274 1,479 11 9Norway - - - - - - -Sweden 6 6 721 1 146 38 2France 51 - 27 - 667 - -Singapore 13 16 19 45 9 - 1Korea 17 19 - 19 - 149 -Japan 25 22 - 8 - 69 -1Other countries - 9 - - 8 - -To ta l 8,027 6,297 132,277 42,913 191,768 155,359 1,263Current tax expla-Calculated local Non-taxable nation on country corporate tax income and level, 2022Profit (loss) on profit (loss) non- deductibleUnrecognised OtherDKKmbefore taxbefore taxcosts, nettax assets Deferred taxadjustments Current taxDenmark 8,405 (1,809) 2,213 - (414) (40) (50)The UK 9,876 (1,877) (23) (2) (12) - (1,914)The US (3,395) 856 7 (556) (293) (7) 7Germany 1,799 (528) 10 (11) 138 (12) (403)Ireland 305 (34) - - (37) (4) (75)The Netherlands 1,005 (251) - - (47) - (298)Taiwan (124) 59 24 - (203) (24) (144)Malaysia 24 (6) (1) - - 1 (6)Poland 7 (3) (6) (2) - 2 (9)Norway (21) 5 1 (5) - (1) -Sweden (85) 17 - (18) 1 1 1France 27 (7) - - - - (7)Singapore 21 (4) 1 - - (1) (4)Korea (120) 12 (12) (14) - 12 (2)Japan (85) 37 20 (37) - (20) -1Other countries (30) 7 9 (6) (1) (11) (2)To ta l 17,609 (3,526) 2,243 (651) (868) (104) (2,906)Country-by-country key figures The table shows reporting of financial, economic, and tax-related information for each jurisdiction where we operate. This information can be compared with our total tax contribution. Our tax contributions reflect that some of our development and construction activities have been based inDenmark, and that our operations in the comingyears are beginning to ramp up in markets that have been developed. Also, our presence and the corresponding tax position is affected by hedging, which is primarily handled centrally in Denmark.Withholding taxes are reported under the country where the payment is made.Current tax explanation on country levelThe table shows our profit (loss) before tax in tax jurisdictions and the journey to current tax. Current tax for Denmark is significantly impacted by hedge losses, resulting in an overall tax loss for the year, i.e. a deferred tax asset. See more in the section \u2018Accounting policies\u2019 in note 4.3 \u2018Deferred tax\u2019.1 Other countries include Belgium, China, the Isleof Man, Latvia, Spain, and Vietnam.2 Including employee costs transferred to assets.5. Capital structureAn appropriate capital structure is important to ensure we have the ability to raise new debt with attractive terms. 42.7 %Funds from operations (FFO) relative to adjusted interest-bearing net debt amounted to 42.7 % at 31 December 2022 against 26.3 % at 31 December 2021.30.6 bnOur interest-bearing net debt totalled DKK 30,571 million at 31 December 2022 against DKK 24,280 million at31 December 2021.97.8 bnOur liquidity reserve totalled DKK 97,784 million at 31 December 2022 against DKK 43,183 million at31 December 2021.In 2022, we have issued a total of five new green senior bonds in June and September with a total nominal value of EUR 2,250 million (DKK 16,732 million) and GBP 950million (DKK 7,963 million). Furthermore in December, we have issued a new green hybrid bond with a nominal value of EUR 500 million (DKK 3,718 million). Part of the proceeds was used to repay a portion of the 6.25 % 3013 hybrid bond.Finally, we significantly increased our short-term credit facilities to ensure access to sufficient liquidity. Also in a scenario with continuous extreme price fluctuations where we could be required to post collateral and make margin payments for the negative value of hedginginstruments. We have increased our committed credit facilities from DKK 28.3 billion end of 2021 to DKK 57.2 billion end of 2022.Capital structure To ensure the financial strength to operate in the international energy and capital markets and secure financing on attractive terms, we have defined a capital structure and credit rating target of Baa1/BBB+ and aFFO/adjusted net debt credit metric of around 25 %. Financing policyThe aim of our financing policy is to minimise liquidityand refinancing risks, while minimising financing costs and matching the currency composition of our debt withour revenue.The financing markets are diversified among various funding sources and maturities and are primarily con-solidated in the parent company where cash resourcesare made available to the Group companies via aninternal bank.Cash management and liquidity reserveA group-wide cash management set-up ensures optimalallocation of cash in relation to our day- to-day opera-tions and investment programme. We target a liquidityreserve to ensure adequate coverage of budgeted liquidity uses on a rolling 12 month forward-looking basisto limit the company\u2019s sensitivity to unforeseen develop-ments, including unrest in financial markets.5.1 Interest-bearing debt and FFOInterest-bearing debt and interest-bearing assetsDKKm 2022 2021Interest-bearing debt:Bank debt 8,913 16,318Bond debt 54,368 34,677Total bond and bank debt 63,281 50,995Tax equity liability (see note 3.8) 1,236 1,296Lease liability 8,266 7,532Other interest-bearing debt:Debt in connection with divestments 2,904 -Debt from receiving collateral under credit support annexes 1,196 1Other interest-bearing debt 824 534Total interest-bearing debt 77,707 60,358Interest-bearing assets:Securities 25,197 21,228Cash 16,178 8,624Cash, not available for use 2,471 1,319Other interest-bearing receivables:Receivables from placing collateral under credit support annexes 2,449 4,150Receivables in connection with divestments 713 757Other receivables 128 -Total interest-bearing assets 47,136 36,078Total interest-bearing net debt at 31 December 30,571 24,280In 2022, bank debt includes DKK 0 million (2021: DKK 14,207 million) in short-term repo loans. The market value of our bond and bank debt amounted to DKK 53,358 million and DKK 8,483 million, respectively, at 31 December 2022 (2021: DKK 40,292 million and DKK 16,339 million, respectively). The market value of our bond and bank debt is below the carrying amount due to the increase in interest levels since the issuance of the debt.Changes in interest-bearing debtDKKm 2022 2021Interest-bearing debt at 1 January 60,358 44,447Cash transactions:Instalments on loans (22,595) (4,435)Proceeds from raising loans 37,090 14,582Instalments on leases (582) (520)Change in other interest-bearing debt and tax equity liability 1,291 (797)Non-cash transactions:Raising lease debt, etc. 1,316 2,998Bank loans acquired in a business combination 437 2,273Foreign exchange adjustments, amortisation, etc. 392 1,810Interest-bearing debt at 31 December 77,707 60,358Interest-bearing debt increased by DKK 17,349 million in 2022.Proceeds from raising loans include DKK 0 million (2021: DKK 14,207 million) in rasing short-term repo loans.Funds from operations (FFO)DKKm 2022 2021EBITDA 32,057 24,296Change in provisions and other adjustments (2,213) (422)Change in derivatives (8,687) (2,050)Variation margin (add back) 10,332 (627)Reversal of gain (loss) on divestment of assets (10,885) (7,920)Income tax paid (1,263) (1,380)Interest and similar items, received/paid (563) (467)Reversal of interest expenses transferred to assets (586) (782)50 % of coupon payments on hybrid capital (264) (215)Dividends received and capital reductions 23 29Funds from operations (FFO) 17,951 10,462We have adjusted our definition of FFO/adjusted net debt. We have excluded variation margin payments from our FFO definition to reflect the changes implemented by the rating agencies. Furthermore, we have excluded \u2019other interest- bearing debt\u2019 and \u2019other interest-bearing receivables\u2019 from adjusted net debt to align with the common methodology used by the rating agencies. Comparative figures for 2021 are restated in accordance with the new definition of FFO/adjusted net debt. This has reduced the 2021 FFO/adjusted net debt from 31.3 % to 26.3 %Adjusted interest-bearing net debtDKKm 2022 2021Total interest-bearing net debt 30,571 24,28050 % of hybrid capital 9,897 8,992Other interest-bearing debt, add back (4,924) (535)Other interest-bearing receivables, add back 3,290 4,907Cash and securities not available for distribution, excluding repo loans 3,241 2,130Total adjusted interest-bearing net debt 42,075 39,774Funds from operations (FFO)/adjusted interest-bearing net debt%Funds from operations (FFO)/adjusted interest-bearing net debt 42.7 % 26.3 %We aim to have a long-term FFO/adjusted NIBD at above 25 %, in line with the rating agencies.Interest-bearing net debtInterest-bearing net debt totalled DKK 30,571 million at the end of 2022, an increase of DKK 6,291 million relative to 2021. The increase in interest-bearing net debt consists of an increase in interest- bearing debt of DKK 17,349 million and an increase in interest -bearing assets of DKK 11,058 million.In January and March, we have entered into a USD 197 million (DKK 1,375 million) and USD 548 million (DKK 3,818 million) loan with Nordic Investment Bank and European Investment Bank, respectively. In June, we issued two new green senior bonds in the amount of EUR 1,350 million(DKK 10,039 million):\u2013 EUR 750 million (DKK 5,577 million), 2.875 % interest, maturing in June 2033\u2013 EUR 600 million (DKK 4,462 million), 2.25 % interest, maturing in June 2028.In September, we issued three new greenbonds in the amount of EUR 900 million (DKK 6,693 million) and GBP 950 million (DKK 7,963 million):\u2013 EUR 900 million (DKK 6,693 million), 3.25 % interest, maturing in September 2031\u2013 GBP 575 million (DKK 4,819 million), 5.375 % interest, maturing in September 2042\u2013 GBP 375 million (DKK 3,143 million), 5.125 % interest, maturing in September 2034.RatingWe have a corporate credit rating of BBB+/Baa1/BBB+, stable outlook, from Standard& Poor\u2019s, Moody\u2019s, and Fitch, which is inline with our target. FFO/adjusted interest-bearing net debt was 42.7 % in 2022, well above our target. Loan arrangements and credit facilitiesAt 31 December 2022, we had bank loan obligations totalling DKK 5,880 million (2021:DKK 1,536 million) to European InvestmentBank and Nordic Investment Bank. The loans offered by these multilateral financialinstitutions cofund specific energy projects with maturities exceeding those normallyavailable in the commercial banking market. Furthermore, we had non-cancellable credit facilities and undrawn loan agreements ofDKK 57,179 million at 31 December 2022 (2021: DKK 28,349 million) with a number ofScandinavian, international, and Taiwanese banks.In connection with these loan arrangements and credit facilities, we may be met with demands for cancellation and repayment of any drawn amount in the event of share-holders other than a group consisting of theDanish state and Danish power distribution companies controlling more than 50 % of the share capital or voting rights in\u00d8rsted A/S. Our financing agreements are not subject to any other unusual termsor conditions.Outstanding amountSenior bonds issued at31 December 2022Million, currency Green financingCoupon (%) Time of issue Maturing Quoted inEUR \u221a 600 4,462 2.250 14 June 2022 14 June 2028 LuxembourgEUR \u221a 750 5,578 1.500 24 Nov. 2017 26 Nov. 2029 LondonEUR \u221a 900 6,693 3.250 13 Sep. 2022 13 Sep. 2031 LuxembourgEUR \u221a 750 5,577 2.875 14 June 2022 14 June 2033 LuxembourgGBP \u221a 350 2,934 2.125 16 May 2019 17 May 2027 LuxembourgGBP 750 6,286 4.875 12 Jan. 2012 12 Jan. 2032 LondonGBP \u221a 300 2,514 2.500 16 May 2019 16 May 2033 Luxembourg1GBP \u221a 2502,095 CPI+0.375 16 May 2019 16 May 2034 LuxembourgGBP \u221a 375 3,143 5.125 13 Sep. 2022 13 Sep. 2034 LuxembourgGBP 500 4,191 5.750 9 Apr. 2010 9 Apr. 2040 LondonGBP \u221a 575 4,819 5.375 13 Sep. 2022 13 Sep. 2042 LuxembourgNTD \u221a 4,000 907 0.920 19 Nov. 2019 19 Nov 2026 TaipeiNTD \u221a 4,000 907 0.600 13 Nov. 2020 13 Nov. 2027 TaipeiNTD \u221a 3,000 680 0.700 13 Nov. 2020 13 Nov. 2030 TaipeiNTD \u221a 8,000 1,814 1.500 19 Nov. 2019 19 Nov 2034 TaipeiNTD \u221a 8,000 1,814 0.980 13 Nov. 2020 13 Nov. 2040 Taipei1 Issued principal is indexed to an outstanding amount of GBP 295 million corresponding to DKK 2,473 million at 31 December 2022. In addition to senior bonds, we have issued a number of hybrid bonds, see note 5.3 \u2018Hybrid capital\u2019.Accounting policiesBond debt, bank debt, and otherpayables are recognised at inception at market value (typically proceeds re-ceived) net of transaction costs incurred. In subsequent periods, the liabilities are measured at amortised cost, so that the difference between the cost (proceeds) and the nominal value is recognisedin profit (loss) for the year as interest expenses over the term of the loan, using the effective interest rate method.Financial liabilities are classified ascurrent, unless the Group has an uncondi-tional right to defer settlement of the liability to at least one year after the balance sheet date. The market value of issued bonds hasbeen determined as the market value at 31 December (level 1 \u2013 quoted prices).The market value of bank loans has been determined as the present value of expected future instalments and interest payments using the Group\u2019s current in-terest rate on loans as the discount rate (level 2 \u2013 observable inputs).5.2 EquityEarnings per shareDKKm 2022 2021Profit (loss) for the year 14,996 10,887Interest and costs, hybrid capital owners of \u00d8rsted A/S (577) (740)Non-controlling interests 130 75\u00d8rsted\u2019s share of profit (loss) for the year 14,549 10,222(\u2019000)Average number of outstanding shares 420,209 420,146Dilutive effect of share programme 233 234Average number of outstanding shares, diluted 420,442 420,380(DKK)Earnings per share 34.624.3Diluted earnings per share34.624.3Share capital \u00d8rsted\u2019s share capital is DKK 4,203,810,800 (2021: 4,204 million), divided into shares of DKK 10. The share capital is unchanged from last year. No shares are subject to special rights or restrictions on voting rights. All shares are fully paid up.Treasury sharesTo secure our share programme, we have acquired treasury shares in accordance with the authorisation approved by thegeneral meeting. The total portfolio of treasury shares consists of 154,344 shares at 31 December 2022 (2021: 209,575), cor-responding to less than 0.1 % of the share capital.DividendsThe Board of Directors recommends that dividends of DKK 5,675 million (2021:DKK 5,255 million) be paid for the financialyear, corresponding to DKK 13.50 per share (2021: DKK 12.50 per share). The proposeddividends correspond to a dividend yield of 2.1 % (2021: 1.5 %), calculated on the basis of the closing price for an \u00d8rsted share on thelast trading day of the year.Owners in \u00d8rstedThe Danish state is the principal share-holder with an ownership interest of 50.1 %. In addition, Andel have an ownership interest above 5 %. See note 16 \u2018Ownership information\u2019 in the parent company\u2019s finan-cial statements.1Hedging reserveForeign currency Hedging Hedging of Reserves 2022translation of net Hedging of Hedging of Hedging of production Total DKKmreserveinvestmentsrevenuedivestmentsinterestassetsreservesReserves at 1 January 1,475 (1,833) (24,585) (460) 574 51 (24,778)Exchange rate adjustments (3,625) - - - - - (3,625)Value adjustments of hedging - 738 (29,935) 3,786 2,578 50 (22,783)Value adjustments transferred to:Revenue - - 11,730 - - - 11,730Other operating income \u2013 gain on divestment of assets 574 102 11,970 (3,197) - - 9,449Other operating expenses - - 4,475 - - 4,475Financial income and expenses - - - - (583) - (583)Property, plant, and equipment - - - - - (116) (116)Tax:Tax on hedging and currency adjustments 851 (185) (349) (129) (439) 15 (236)Movement in comprehensive income for the year (2,200) 655 (2,109) 460 1,556 (51) (1,689)Total reserves including tax at 31 December (725) (1,178) (26,694) - 2,130 - (26,467)Total reserves excluding tax at 31 December (1,544) (1,510) (33,000) - 2,731 - (33,323)Reserves 2021DKKmReserves at 1 January (3,829) 711 1,235 (133) 45 15 (1,956)Exchange rate adjustments 6,529 - - - - - 6,529Value adjustments of hedging - (3,359) (39,782) (736) 646 168 (43,063)Value adjustments transferred to:Revenue - - 7,174 - - - 7,174Other operating income (243) 98 - 323 - - 178Financial income and expenses - - - - 33 - 33Property, plant, and equipment - - - - - (121) (121)Tax:Tax on hedging and currency adjustments (982) 717 6,788 86 (150) (11) 6,448Movement in comprehensive income for the year 5,304 (2,544) (25,820) (327) 529 36 (22,822)Total reserves including tax at 31 December 1,475 (1,833) (24,585) (460) 574 51 (24,778)Total reserves excluding tax at 31 December 1,507 (2,350) (31,236) (589) 736 66 (31,866)1 Costs of hedging related to basis spread on currency swaps and option premiums included in the hedging reserve amount to DKK 10 million (2021: 376 million).Foreign currency translation reserve The foreign currency translation reserve comprises:\u2013 exchange rate adjustments arising on translation of the financial statements of foreign entities with a currency that is not the Group\u2019s presentation currency\u2013 exchange rate adjustments relating to loans that form part of our net investment in such entities\u2013 exchange rate adjustments relating to hedging transactions on our net investment in such entities.On realisation or partial realisation of the net investment, the exchange rate adjustments are recognised in profit (loss) for the year if a foreign exchange gain (loss) is realised by the divested entity. The foreign exchange gain (loss) is transferred to the item in which the gain (loss) is recognised.Hedging reserveThe hedging reserve covers cash flow hedging of:\u2013 energy, currency, and inflation risks associated with revenue and production assets\u2013 commodity price and currency risks associated with the construction of offshore wind farms\u2013 interest rates associated with loans. In addition, it covers hedging of net investments in foreign operations.Deferred costs of hedgingChanges in the basic spread on currency swaps and time value of options are included in deferred costs of hedging.Share premium reserveRetained earnings include the share premium re-serve of DKK 21,279 million (2021: 21,279 million),representing the excess of the amount of sub-scribed-for share capital over the nominal value of these shares in connection with capital injections.5.3 Hybrid capital Hybrid bonds Due in 3013 Green due in 3017 Green due in 3019 Green due in 3021 Green due in 3022 Green due in 3021Type Subordinated Subordinated Subordinated Subordinated Subordinated SubordinatedCarrying amount DKK 681 million DKK 3,668 million DKK 4,416 million DKK 3,701 million DKK 3,692 million DKK 3,635 millionFinancial classification Equity Equity Equity Equity Equity EquityNotional amount EUR 94 million (DKK 699 million) EUR 500 million (DKK 3,718 million) EUR 600 million (DKK 4,462 million) EUR 500 milllion (DKK 3,718 million) EUR 500 milllion (DKK 3,718 million) GBP 425 million (DKK 3,562 million)Issued June 2013 November 2017 December 2019 February 2021 December 2022 February 2021Maturing June 3013 November 3017 December 3019 February 3021 December 3022 February 3021Quoted in Luxembourg Luxembourg Luxembourg Luxembourg Luxembourg LuxembourgFirst redemption at par 26 June 2023 24 November 2024 9 December 2027 18 Februar 2031 8 December 2028 18 February 2033Coupon for the first Ten years fixed at 6.25 % p.a. Seven years fixed at 2.25 % p.a. Eight years fixed at 1.75 % p.a. Ten years fixed at 1.50 % p.a. Six years fixed at 5.25 % p.a. 12 years fixed at 2.5 % p.a.Coupon in subsequent period +4.75 % points from 2023-2043 and +1.899 % points from 2024, +2.149 % +1.952 % points from 2027, +2.202 % +1.86 % points from 2031 and +2.62 % points from 2028, +2.87 % Coupon for the first twelve years at is adjusted every five years +5.5 % points after 2043 points from 2029, and +2.899 % points from 2032, and +2.952 % +2.61 % points from 2056points from 2033, and +3.62 % points 2.5 % p.a., after which it is adjusted with the five-year euro swappoints from 2044points from 2047from 2048every five years with the five-year benchmark gilt +2.136 % points from 2033 and +2.886 % points from 2053Deferral of interest payment Optional Optional Optional Optional Optional OptionalWe have issued hybrid capital which is sub-ordinate to our other creditors. The purpose of issuing hybrid capital is to strengthen our capital base and fund our investments. We have issued EUR hybrid bonds with a total nominal value of EUR 2,194 million and GBP 425 million, equivalent to DKK 19,877 million (2021: EUR 1,950 million and GBP 425million, equivalent to DKK 18,269 million). In 2022, we have issued a new green hybrid bond with a nominal value of EUR 500 mil-lion (DKK 3,718 million). Part of the proceeds was used to repay the 3013 hybrid bond.For all our hybrid bonds, we have the rightto defer coupon payments and ultimately decide not to pay them at maturity. Deferred coupon payments become payable,however, if we decide to pay dividends to our shareholders or pay coupon payments on other hybrid bonds.As a consequence of the special terms regarding the hybrid bonds, these are classified as equity, and therefore couponpayments are recognised in equity. Accounting policiesHybrid capital comprises issued bonds that qualify for treatment in accordance with the rules on compound financial instruments due to the special characteristics of the bonds. The notional amount, which constitutes a liability, is recognised at present value, and equity has been increased by the difference between the net proceeds received and the present value of the discounted liability. The carrying amount of the liability component amounted to nil on initial recognition as the only payment obligation is the repayment of the nomi-nal value in 1000 years. Coupon payments are accounted for as dividends, which are recognised directly in equity at the time the payment obligation arises. This is because the coupon is discretionary, and therefore any deferred coupon lapses upon maturity of the hybrid capital. Coupon payments are recognised in the statement of cash flows within financing activities.On redemption of hybrid capital, the payment will be distributed between liability and equity, applying the same ratio as when the hybrid capital was issued. This means that the difference between the payment on redemption and the net proceeds received on issue is recognised directly in equity, as the liability portion of the existing hybrid issues will be nil during the first part of the life of the hybrid capital.5.4 Liquidity reserveLiquidity reserveLiquidity reserve at 31 December 2022 amounted to DKK 97.8 billion (31 December 2021: DKK 43.2 billion). The financial re-sources were in particular built up during the year to ensure sufficient liquidity to cope with collateral payments and continuing investments in the green transformation.The change in liquidity reserve is due to an increase in cash, available securities, and undrawn credit facilities of DKK 7,554 million, DKK 18,217 million, and DKK 28,830 million, respectively.Collateral and margin postingsWhen we trade in derivatives to execute our hedging strategy, we have two alternatives:\u2013 Trading on exchanges where the market value is settled on an ongoing basis through receipt or placing of collateral.\u2013 Trading OTC where we accept the credit risk that will occur if we gain on the transaction.We are trading under both type of agree-ments to increase the number of counter-parties with whom we are engaging to achieve the most optimal price.To mitigate and limit the potential neg-ative impact on our cash position from temporary fluctuations in market prices, we actively manage the volume of trades between trading with and without collater-al arrangements.As of 31 December 2022, 31 % (2021: 51 %) of our power and gas trades and 86 % (2021: 82 %) of our currency, inflation, and interest rate hedges had daily margin settlements.To limit cash impact, we also provide non-cash collateral as parent company andbank guarantees, where possible. At the endof December 2022, we had covered EUR 1 billion in collateral for initial margins onenergy hedges through a parent companyguarantee.Our collateral and margin payments relatedto trading with derivatives and collateralrelated to insurance liabilities and escrow accounts have increased from DKK 12.3billion at 31 December 2021 to DKK 17.3billion at 31 December 2022. The increase was primarily driven by the large increase inpower and gas prices. Collateral paymentsrelated to variation margins increased byDKK 10.3 billion and was partly offset by a decrease in initial margins of DKK 3.5 billionduring the year and amounted to DKK 12.8billion at 31 December 2022.Initial margin and variation margin relate to energy hedges, and the credit supportannex (CSA) relates to currency, inflation,and interest rate hedges. Other collateralmainly relates to insurance liabilities and escrow accounts. Further securities can beplaced as collateral in repo transactions aspart of our cash management.Cash and cash equivalents, securitiesDKKm 2022 2021Cash cf. balance sheet 16,178 8,624Bank overdrafts that are part of the ongoing cash management (3) (10)Total cash and cash equivalents at 31 December, cf. statement of cash flows 16,175 8,614Cash can be specified as follows:Cash cf. balance sheet 16,178 8,624Cash, not available for use 2,471 1,319Securities can be specified as follows:Securities, available 24,428 6,210Securities, not available for use 769 15,018Total securities at 31 December 25,197 21,228The table shows our cash and securities divided into available and not available for use.Overview of securitiesDKKm Fixed rate Floating rate 2022 Fixed rate Floating rate 2021Maturities0-2 years 37 12,278 12,315 1,293 6,642 7,9352-5 years 961 6,025 6,986 (1,214) 7,008 5,794After 5 years 1,666 4,230 5,896 2,385 5,114 7,499Total carrying amount 2,664 22,533 25,197 2,464 18,764 21,228The table shows our securities split into maturities and fixed or floating interest rates. The overview includes interest rate swaps used to manage the interest rate risk on the securities.Cash, cash equivalents, and securitiesSecurities are a key element in our liqiudity reserve, and therefore investments are mainly made in liquid AAA-rated Danish mortgage bonds and, to a lesser extent,in other bonds. Most of the securities qualify for repo transactions with the Danish central bank, \u2018Danmarks Nationalbank\u2019.Securities not available for use comprise securities pledged as collateral for: \u2013 short-term repo loans: DKK 0 million at 31 December 2022 (2021: DKK 14,207 million)\u2013 insurance- related provisions: DKK 381 million at 31 December 2022 (2021: DKK 397 million)\u2013 trading in financial instruments: DKK 388 million at 31 December 2022 (2021: DKK 414 million).At 31 December 2022, we had received cashcollateral in the amount of DKK 1,194 million(2021: DKK 1 million) concerning the positivemarket value of derivatives.Cash not available for use comprises:\u2013 payables for the purchase of gas thathas not yet been settled placed on a restricted acount: DKK 2,029 million(2021: DKK 0 million)\u2013 collateral for insurance-relatedprovisions: DKK 38 million(2021: DKK 254 million)\u2013 collateral for power purchaseagreements and trading with financial instruments: DKK 366 million(2021: DKK 825 million)\u2013 collateral for other transactions:DKK 38 million (2021: DKK 240 million).Accounting policiesSecurities comprise bonds that are monitored, measured, and reported at market value on an on going basis in conformity with the Group\u2019s investment policy. Changes in market value are recognised in profit (loss) for the year as financial income and expenses. Purchase and sale of secu-rities are recognised at the settlement date.For listed securities, market value equals the market price, and for unlisted securities, market value is estimated based on generally accepted valuation methods and market data.Divested securities where repurchase agree-ments (repo transactions) have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held. The amount received is recognised as a liability, and the difference between the sell-ing price and the purchase price is recognised in profit (loss) for the year over the term as interest. The return on the securities is recognised in profit (loss) for the year.5.5 Maturity analysis of financial liabilitiesMaturity analysis of financial liabilities 2022DKKm 2023 2024 2025-2026 After 2026 2022Bank loans and issued bonds:\u2013 Notional amount 3,087 53 1,487 59,077 63,704\u2013 Interest payments 1,883 1,880 3,741 14,721 22,225Trade payables 20,641 - - - 20,641Derivatives 32,636 13,442 6,059 11,288 63,425Lease liabilities 817 664 1,288 9,182 11,951Tax equity debt 150 158 343 1,690 2,341Other payables 8,019 1,543 489 12,810 22,861Total payment obligations 67,233 17,740 13,407 108,768 207,148Maturity analysis of financial liabilities 2021DKKm 2022 2023 2024-2025 After 2025 2021Bank loans and issued bonds:\u2013 Notional amount 19,375 53 106 31,669 51,203\u2013 Interest payments 975 873 1,748 8,011 11,607Trade payables 20,231 - - - 20,231Derivatives 27,668 15,315 1,509 6,932 51,424Lease liabilities 738 579 1,083 8,483 10,883Tax equity debt 175 137 235 1,988 2,535Other payables 3,826 1,011 3,459 733 9,029Liabilities relating to assets classified as held for sale 72 - - - 72Total payment obligations 73,060 17,968 8,140 57,816 156,984The Group\u2019s cash needs in respect of its financial loans and borrowings are shown in the table. The maturity analysis was determined on 31 December. The maturity analysis is based on undiscounted cash flows, including estimated interest pay-ments. Interest payments are based on market conditions and interest rate hedging entered into on 31 December. The maturity analysis does not include hybrid capital classified as equity. At 31 December 2022, we had issued hybrid capital with a notional amount totalling DKK 19,877 million due after 2026.For further disclosures of lease liabilities, see note 3.3 \u2018Intangible assets, and property, plant, and equipment\u2019.5.6 Financial income and expenses1Net financial income and expensesDKKm 2022 2021Interest expenses, net (1,895) (895)Interest expenses, leasing (256) (261)Interest element of provisions, etc. (613) (454)Tax equity partner\u2019s contractual return (1,134) (616)Value adjustments of derivatives, net 1,593 202Exchange rate adjustments, net 1,343 169Value adjustments of securities at market value, net (1,556) (501)Other financial income and expenses (18) 190Net financial income and expenses (2,536) (2,166)2Financial income and expensesDKKm 2022 2021Interest income from cash, etc. 211 160Interest income from securities at market value 157 175Foreign exchange gains 8,226 2,994Value adjustments of derivatives 6,885 914Other financial income 35 137Total financial income 15,514 4,380Interest expenses relating to loans and borrowings, etc. (2,848) (2,012)Interest expenses transferred to assets 585 782Interest expenses, leasing (256) (261)Interest element of provisions (513) (350)Tax equity partner\u2019s contractual returns (1,134) (616)Capital losses on securities at market value (1,596) (501)Foreign exchange losses (7,323) (2,962)Value adjustments of derivatives (4,800) (514)Other financial expenses (165) (112)Total financial expenses (18,050) (6,546)Net financial income and expenses (2,536) (2,166)1 The table shows net financial income and expenses, corresponding to our internal reporting. Exchange rate adjustments and hedging contracts entered into to hedge currency risks are presented net under the item \u2018Exchange rate adjustments, net\u2019.2 Exchange rate adjust ments of currency hedging are recognised in revenue and cost of sales with a loss of DKK 349 million (2021: a loss of DKK 238million).Borrowing costs transferred to property, plant, and equipment under construction are calculated at the weighted average effective interest rate for general borrowing. This amounted to 3.1 % in 2022 (2021: 3.4 %).Accounting policiesMarket value adjustments of interest rate and currency derivatives that have not been entered into for hedging pur-poses are presented as financial income or expenses.The accounting policy for the tax equity partner\u2019s contractual return is described in note 3.8 \u2018Tax equity liabilities\u2019.6. Risk managementMarket and credit risks are a natural part of our business activities and a precondition for being able to createvalue. Through our risk management, we monitor these risks and reduce them to an acceptable level.The majority of our income from power generation for the next five years are based on fixed tariffs, guaran-teed minimum prices, or long-term power purchase agreements. Only a small part of our total earnings are exposed to changes in energy prices. We describe the management of this residual risk in this chapter.35 %Our net inflation risk for assets in operation, under construction, and awarded is 35 % for the period 2023-2032, i.e. if inflation increases by 1.0 percentage point, our long term earnings will increase by 0.65 percentage point.-33.0 bnThe value of hedging instruments (mainly power) that will impact EBITDA in the future amounts to a loss of DKK 33,000 million at 31 December 2022 (2021: DKK 31,804 million).+1.5 bnThe initial fair value of corporate power purchase agreements (CPPAs) amounts to DKK 1,497 million, which will be recognised as revenue over the remaining life of the CPPAs (2021: DKK 834 million).Unusual year with high energy pricesIt has been another extraordinary year for the energy markets.Gas prices have remained high during 2022 until at the very end ofthe year. The main reason for the high gas prices was the low supplyof Russian gas as a consequence of the war in Ukraine. The highgas price has also driven the power prices to record-high levels.Our previous hedging policy implies that the majority of our expected energy price exposure in 2022 was hedged. This has caused a volume-related overhedging, among other things due to the delay of the commissioning of the Hornsea 2 Offshore WindFarm. Overhedging and ineffective hedges net of our trading resultwas recognised in other operating expenses with a net loss ofDKK 4.6 billion.Trading portfolioWe have a limited trading portfolio with the main purpose of opti-mising the execution of hedging contracts and gains from short-term energy price fluctuations. Read more in note 6.7 \u2018 Energy trading portfolio\u2019.Expected impact on EBITDA from hedges and CPPAsDKKm2023 2024 2025+ To t a Deferred for subsequent recognition at 31 December 2022Power and carbon emissions (8,470) (6,737) (12,698) (27,905)Gas and oil (671) (906) (336) (1,913)Inflation - (202) (3,164) (3,366)Currency (108) 30 262 184Initial fair value of CPPAs 207 154 1,136 1,497Total EBITDA impact from hedges and CPPAs (9,042) (7,661) (14,800) (31,503)6.1 Market risk policyOur most significant market risks relate to:\u2013 energy and commodity prices\u2013 production variability\u2013 foreign exchange rates \u2013 interest rates and inflation. The overall objective of our risk manage-ment is to: \u2013 increase the predictability of the short-term earnings and FFO/NIBD by securing the price of energy and currency\u2013 protect the long-term real value of \u2018shareholders\u2019 investment in \u00d8rsted by matching fixed nominal cash flows fromour assets with fixed nominal debt. New energy hedging frameworkIn light of recent high and volatile energy prices, we no longer deem our previous ap-proach for hedging renewable power price exposure fit-for-purpose. Going forward, we will apply a new approach better suitedto the characteristics of our portfolio. The new framework provides a better balance between ensuring short-term financial stability and avoiding adverse impact from the hedges, such as the risk of being overhedged and large collateral postings due to negative market values. With the new approach, we have decided to reduce the hedge level and horizon for renewable power price exposures to a range of 0 % \u2013 70 % in the current year plus the next year. In addition, we will utilise opportunitiesbeyond this period to maximixe value and support commercial initiatives.Under our previous hedging framework, we hedged the next five years with a staircasemodel with minimum hedge levels of 90 % in the coming year, gradually being reduced each year. A transition period is required togo from the previous risk mandate set-up and into the new.Managing long-term market risksBeyond the period where we actively hedge, our market risk picture is determined by ourportfolio of assets and long-term contracts. We actively manage the long-term marketrisk through the investment decisions wetake and contracts we enter into. Our power exposure is partly mitigated through long-term corporate power pur-chase agreements (CPPAs), and we use debtto manage our long-term currency, interest rate, and inflation risks. Accounting policiesWe apply hedge accounting to our energy, commodity, currency, interest, and inflation hedges. Where possible, we use hedging instru-ments which hedge the desired risk one-to-one. The GBP exposure, for example, is hedged using GBP forward exchange contracts, GBP swaps, or GBP loans. Thus, there are no significant sources of ineffectiveness. For currency swaps, the basis spread is accounted for according to the cost of the hedging model. To the extent that a risk needs to be hedged, and if there is no fully effective instrument available in the market, analyses are performed of the expected effectiveness of the hedging instrument before the hedging transaction is concluded. In this case, the ratio between the hedged risk and the hedging instrument may deviate from the one-to-one principle and will be determined as the ratio which most effec-tively hedges the desired risk. We recognise changes to the market value of hedging instruments that qualify for recogni-tion as a hedge of future cash flows in other comprehensive income in the hedging reserve. The majority of our exposure is highly probable forecast transactions. On realisation of the hedged cash flow, the resulting gains or losses are transferred from equity and recognised in the same item as the hedged item. However, on hedging of proceeds from future loans, the resulting gain or loss is transferred from equity over the term of the loan.When we conclude a hedging transaction, and each time we present financial statements thereafter, we assess whether the hedged exposure and the hedging instrument are still financially correlated. If the hedged cash flows are no longer expected to be realised, the in full or partially accumulated value change is transferred to profit (loss) for the year. Ineffec-tive hedges related to energy and commodity exposures are recognised in other operating ex-penses. Ineffectiveness related to other hedges are recognised in financial income or expenses. Changes in the market value of derivatives that are classified as hedges of the fair value of a recognised asset or liability are recognised in profit (loss) for the year together with changes in the value of the hedged asset or liability to the extent of the hedged risk.Key accounting estimateValuation of long-term power purchase agreementsWhen we measure our power purchase agreements at fair value, we use estimates of non-observable prices such as:\u2013 production forecasts \u2013 intermittency (expected profiled production versus constant (flat) production)\u2013 forecasted long-term power prices and exchange rates\u2013 forecasted inflation expectationsThe development in market values is monitored on a continuing basis and reported to the Group Executive Team.Hedge accountingHedge effectiveness is measured using forecasted production as well as estimates regarding energy prices,intermittency, interest, currency and inflation. For periods where we are close to fully hedged, volume overhedging is possible if the forecasted production does not materialize which will lead to recognition of ineffectiveness.Key accounting judgementValuation of long-term power purchase agreementsWe measure our power purchase agreements at fair value, but they cannot always be measured on quoted prices in active markets due to the long duration of the contracts. We use elements of judgements determining models to measure the fair value and we aim to limit the use of subjective estimates and base the fair values on external information including external pricing and benchmark services.Effectiveness of hedge relationshipJudgements are used to consider whether forecasted transactions are highly probable exposures as hedged item in a hedge relation-ship, eg. expected production from wind farms, and judgment is applied in whether the hedgeinstruments applied in the hedge relationshipsidentified are effective.6.2 Currency risksOur forward-looking currency exposure from produc tion, sales, investments, and divestments after hedging for the years 2023-2027 can be summarised as shown in the table.Effect of price changeRisk after hedgingDKKbn+10 % -10 %GBP: 13.9 sales position +1.4 -1.4USD: 12.8 buy position -1.3 +1.3NTD: 7.7 sales position +0.8 -0.8Therefore, a 10 % increase in the GBP/DKK exchange rate will result in a gain of DKK 1.4 billion over the period 2023-2027, all else remaining unchanged.Our largest currency exposure stems from offshore wind farms in the UK, but our growing activities in the US and Taiwan have increased our exposure to USD and NTD.Principles for managing currency risksHighly certain cash flows in a foreign cur-rency are actively managed within the first five years.Exchange rate risks related to energy revenue in foreign currencies are hedged only after the energy price is hedged. Hence, the GBP exchange rate risk associated with power generation in the UK is hedged when the power price has been hedged.In contrast, cash flows that relate to subsi-dised GBP income from offshore wind farms inthe UK, less operating expenses, are hedged on a declining level of hedging over the five-year risk management horizon. The target is to hedge 100 % in year 1, declining by 20 per-centage points each year to 20 % in year 5.GBP exposureOur GBP exposure amounted to DKK 13.9billion after hedging for the years 2023-2027. This unhedged GBP exposure stems primarily from subsidised GBP income less operational expenditures.The GBP exchange rate for hedges impact-ing EBITDA in 2023 and 2024 is hedgedat an average of GBP/DKK 8.4 and 8.3,respectively.USD and NTD exposuresFor our USD and NTD exposures from new markets, we have a limited existing port-folio against which we can net constructionpayments. Therefore, we seek to hedge theexchange rate risk in the near term by swap-ping out the exposure in time.EUR exposureWe have a substantial exposure towardsEUR, which we assess on a continuousbasis. EUR is generally not hedged, as webelieve that Denmark will maintain its fixed exchange-rate policy.Maturity analysis Market valueExpected transfers to income statementCurrency cash flow hedge Recognised inaccounting 2022Contractual comprehensiveDKKmprincipal amount2023 2024 After 2024 Asset Liability 2023 2024 After 2024incomeEBITDA impactRevenue (GBP) 24,199 2,953 7,416 13,830 151 - 182 (109) 29 262Revenue (USD) 3 - 3 - - (21) 2 1 1 -Impact on other line itemsInterest payments (GBP) 553 553 - - 32 - 4 4 - -Currency cash flow hedge accounting 2021DKKm 2022 2023 After 2023 2022 2023 After 2023EBITDA impactRevenue (GBP) 31,256 6,706 8,810 15,740 - (1,565) (1,405) (485) (463) (457)Revenue (USD) 11 17 (2) (4) 4 - - - - -Divestments (GBP) 14,634 14,634 - - - (247) (234) (234) - -Impact on other line itemsProduction assets (USD) 7 7 - - - - - - - -Interest payments (GBP) 1,075 490 585 - 101 - 103 47 56 -Ineffectiveness from currency cash flow hedges in 2022 amounts to a gain of DKK 189 million (2021: DKK -20 million) recognised in financial items. Maturity analysis Market valueCurrency fair-value hedge accounting 2022Contractual DKKmprincipal amount2023 2024 After 2024 Asset LiabilityGBP (sell position) 25,983 - - 25,983 - (1,047)USD (sell position) 6,122 - - 6,122 168 -NTD (sell position) 5,194 - - 5,194 171 -Currency fair-value hedge accounting 2021DKKm 2022 2023 After 2023GBP (sell position) 19,046 - - 19,046 130 -EUR (sell position) 4,463 4,463 - - - (4)NTD (sell position) 6,379 - - 6,379 427 -The fair-value hedges are related to hedges of loans in the balance sheet.2022 2021Contracts accounted for at fair value through profit or loss (financial items)ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueCurrencyForward exchange contracts 30,549 27 38,080 1The table shows cash management postions which are not hedge accounted. The positons primarly consist of EUR and to a lesser extent GBP and USD. Hedging of net investments in foreign subsidiariesAccumulated DKKm Of which, Hedged exchange rateNet non-controlling amount adjustmentsCurrency 2022investmentinterestsin currency Net positionin equityGBP 54,674 (2,132) (34,536) 18,006 (3,806)EUR 35,004 - - 35,004 (49)USD 29,881 (1,839) (21,916) 6,126 617NTD 14,884 - (6,122) 8,762 288Other 1,892 - - 1,892 (104)To ta l 136,335 (3,971) (62,574) 69,790 (3,054)Currency 2021GBP 74,278 (2,516) (26,845) 44,917 (1,252)EUR 32,861 - (4,463) 28,398 (45)USD 26,791 (555) (13,620) 12,616 (250)NTD 8,840 - (6,379) 2,461 761Other 1,763 - - 1,763 (59)To ta l 144,533 (3,071) (51,307) 90,155 (845)Maturity analysis Market valueNet investment hedges 2022Contractual DKKmprincipal amount2023 2024 After 2024 Asset LiabilityGBP (sell poition) 34,536 4,895 - 29,641 1,139 -USD (sell position) 21,916 3,114 8,919 9,883 - (168)NTD (sell position) 6,122 - - 6,122 - (847)Net investment hedges 2021DKKm 2022 2023 After 2023GBP (sell poition) 26,845 887 3,047 22,911 - (826)EUR (sell position) 4,463 4,463 - - 4 -USD (sell position) 13,620 37 11,406 2,177 - (359)NTD (sell position) 6,379 - - 6,379 - (427)The net position expresses the accounting exposure. If, for example, the GBP/DKK exchange rate increased by 10 % on 31 December 2022, equity would have increased by DKK 1,801 million, corresponding to 10 % of DKK 18,006 million.Hedging of net investments in foreign subsidiariesOur foreign activities entail currency risks.We hedge these currency risks by raisingloans in foreign currencies and by enteringinto forward exchange contracts, currency swaps, and options. On 31 December 2022, the accumulatedexchange rate adjustments totalledDKK -3,054 million (2021: -845 million), divided between the exchange rate adjustment of the net investment ofDKK -1,544 million (2021: 1,510 million) andthe hedging thereof of DKK -1,510 million(2021: -2,355 million). Accounting policiesHedging of net investments in foreign subsidiariesChanges in the market value of deriva-tives and loans that are classified as net investment hedges in foreign subsidiaries or associates are recognised in the con-solidated financial statements directly in equity within a separate foreign currency translation reserve.6.3 Energy and commodity price risksOur forward-looking energy exposure after hedging of produc tion for the years 2023-2027 can be summarised as shown in the table.Effect of price changeRisk after hedgingDKKbn+10 % -10 %Power: 40.3 sales position +4.0 -4.0Spread (power): 5.9 +0.6 -0.6Therefore, a 10 % increase in the power price will result in a gain of DKK 4.0 billion over the period 2023-2027, all else remaining unchanged. Gas and oil activities only have a risk after hedging of DKK 0.1 billion for the period 2023-2027.Introduction to hedging of powerWe use fixed-volume hedges (settled based on a fixed hourly volume throughout the hedged period) to hedge price risk associ-ated with our power production. The fixed- volume hedges do not fully match the actual hourly production profile delivered by our wind farms. This is referred to as intermittency risk. See \u2018Intermittency risk\u2019 graph to the right. Offshore power generationRevenue from power generation from off-shore wind farms mainly comprise:\u2013 fixed tariffs in the UK (CfD wind farms), the US, and Taiwan\u2013 guaranteed minimum prices in Denmark, Germany, and the Netherlands\u2013 sale of power production at market price from some wind farms in Denmark andthe UK\u2013 guaranteed minimum prices for green certificates in the UK (ROC wind farms)\u2013 long-term power purchase agreements.At the end of 2022, fixed tariffs and guaranteed minimum prices covered approx. 76 % (2021: 83 %) of the expected income from offshore wind farms for the period 2023-2027. The reduction is due to a large increase in forward power prices at the end of 2022 compared to 2021, which increased the expected revenue from production settled at market price. The re-maining 24 % of expected income is exposed to energy price risks and concerns sales ofpower at market price in the UK, Denmark,Germany, and the Netherlands.Onshore power generationA large part of the earnings in Onshorecomes from power generation in the US,which comprises tax incentives, such as PTCs or ITCs, and power. The tax incentiveshave a fixed value. However, there is a pricerisk associated with the power, which is reduced by entering into CPPAs. The current CPPAs cover approx. 73 % of the expected generation for the period 2023-2027 cal-culated from the time of commissioning of the individual wind farms, if that date is later than the end of 2022. The CPPAs are entered into with large corporates or finan-cial institutions.Furthermore, additional earnings originate from power generation in Ireland, Germany, and France where the assets are either sub-ject to a subsidy scheme, or we have PPAs in place for the majority of the production.Power generation at our CHP plantsOur combined heat and power (CHP) plants consist of biomass- and fossil-fuelled plants in Denmark. Heat generation does not giverise to price risks, as the associated costs are covered by the heat customers. However, heat generation entails a price risk for power to the extent to which we generate heat and power simultaneously. The profitability of power generation is determined by the difference between the selling price of power and the purchase price of fuel and, forother fuels than biomass, carbon emissionallowances. If the spreads are attractive, we provide condensing power generation in addition to CHP generation. The total net risk associated with power from heat-bound CHP generation for the 2023-2027 period isDKK 5.9 billion after hedging.Commodity risk for construction projectsWhen building a wind farm, we are exposed to the price development in a number of commodities, most significantly steel. Steelelement indices have enabled hedging ofparts of this risk. We hedged a substantial amount of the steel for foundations thatwere delivered in 2022, and we will continueto hedge more throughout 2023 as futurevolumes are being committed.Power salesThe price risk associated with power salesis given by the difference between the pur-chase and sales prices and is thus consid-ered to be limited.For our investor power purchase agree-ments, we retain part of the power price risk,and thus we are to some extent exposed to the same risks as for the production fromour own share of the wind farms, includingvolume and intermittency risks.Gas salesThe price risk associated with sale of gasstems from differences in the indexing ofsales and purchase prices. Our largest gaspurchase contracts are mainly indexed topure gas prices and thus no longer constitutea significant risk. Principles for estimating exposuresExposure is calculated as the expected production (or net purchase/sale) times the forward price for the respective years.Maturity analysis Market valueExpected transfers to EBITDA/CAPEXEnergy price cash flow hedge Recognised inaccounting 2022Contractual comprehensiveDKKmprincipal amount2023 2024 After 2024 Asset Liability 2023 2024 After 2024incomeEBITDA impactPower swaps and futures 32,300 8,480 7,856 15,964 6,291 (39,641) (27,779) (8,435) (6,649) (12,695)Power options 1,071 - 922 149 22 - (91) - (88) (3)Gas swaps, futures, options 1,171 312 387 472 396 (1,596) (1,915) (672) (907) (336)Carbon emission allowances 46 46 - - - - (35) (35) - -Oil futures 15 9 6 - - - 2 1 1 -Energy price cash flow hedge accounting 2021DKKm 2022 2023 After 2023 2022 2023 After 2023EBITDA impactPower swaps and futures 25,452 6,934 5,511 13,007 8,058 (29,877) (27,032) (15,149) (6,033) (5,850)Power options 587 733 (425) 279 644 (887) (65) (38) (27) -Gas swaps, futures, options 3,721 3,151 268 302 5,545 (4,409) (387) 162 (264) (285)Oil futures 9 (2) 10 1 - - 13 12 1 -Hedging production assetsSteel 115 115 - - 45 - 45 - - 45Oil futures 30 30 - - 22 (1) 21 21 - -In 2022, we recognised ineffective hedges in the amount of DKK -4,475 million (2021: DKK -1,074 million) in other operating expenses of which volume-related ineffectiveness related to offshore DKK 3,771 million, inflation-indexed related ineffective hedges DKK 658 million, and other ineffectiveness DKK 46 million.2022 2021Contracts accounted for at fair value through profit or loss (EBITDA)ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueEnergyOil swaps and options 507 (803) 550 (710)Gas swaps 2,668 2,920 3,027 (4,507)Gas options 748 - 537 -Power swaps 3,264 3,872 2,836 (2,073)Power options 7,821 (1,894) - -Other 69 - 347 (86)6.4 Inflation and interest rate risksInflation and interest rate riskOur earnings mainly stem from a portfolio of Offshore and Onshore assets with a balanced exposure towards inflation and interest rate risk, which helps to provide stability over the business cycle and across inflationary and deflationary environments. Earnings from inflation-indexed and mer-chant assets follow consumer and market prices, thereby protecting against real value loss from increasing inflation and interest rates. Earnings from fixed nominal assets provide cash flow stability and will benefit in periods characterised by deflation and expansionary monetary policy from central banks.A total of ~65 % of our revenue from Offshore and Onshore assets in operation, under construction, and awarded for the period 2023-2032 is expected to increase and decrease with inflation changes. Of this, ~50 % of our revenue is inflation-indexed, mainly from our UK and Polish offshore wind farms, while ~15 % of our revenue is driven by merchant power prices. The remaining~35 % of revenue is fixed and is there-fore subject to real value loss if inflation increases. This is the case for: \u2013 fixed nominal subsidies from offshore wind assets in Denmark, Germany, the Netherlands, Taiwan, and the US\u2013 fixed nominal power purchase agree-ments related to onshore wind assets in the US and offshore wind assets in Europe and Taiwan.We have converted part of our UK inflation-linked revenue to fixed nominal revenuewith derivatives to create a better match between our GBP revenue and debt at anaverage retail price index (RPI) rate of 3.6 % for the priod 2024-2037 and an averageconsumer price index (CPI) rate of 2.7 % for the period 2030-2033.Other EBITDA mainly includes OPEX, COGS, DEVEX, and other operating income from US tax credits and divestment gains. Themajority of these items will increase with inflation and is netted with the inflation- indexed revenue, leaving the EBITDA pro-portionally more exposed to fixed nominal cash flows compared to revenue.To mitigate the inflation risk from our fixed nominal exposure, we issue fixed-rate debtand enter into hedges to fix future debt isuances. With active management, we have reduced the fixed nominal exposure to 35 % for EBITDA, net of debt and related hedges.Maturity analysis Market valueExpected transfers to income statementCash flow hedge accountingRecognised in2022 Contractual comprehensiveDKKmprincipal amount2023-26 2027-32 After 2032 Asset Liability 2023 2024 After 2024incomeEBITDA impactRevenue (UK inflation) 22,295 6,244 9,681 6,370 - (3,070) (3,366) - (202) (3,164)Financial items impactInterest payments (fixed) 15,678 - - 15,678 478 (3) 2,727 49 189 2,489Cash flow hedge accounting2021DKKm 2022-26 2027-31 After 2031 2022 2023 After 2023EBITDA impactRevenue (UK inflation) 31,326 6,792 11,503 13,031 - (1,953) (2,395) - - (2,395)Divestments (fixed inflation) 4,379 751 1,326 2,302 16 (872) (414) (414) - -Divestments (fixed interest) 13,328 2,230 - 11,098 118 (59) 59 59 - -Financial items impactInterest payments (fixed) 14,715 - - 14,175 713 - 633 (25) (16) 674We hedge our UK inflation risk related to revenue from ROC and CfD wind farms. Furthermore, we hedge the interest and inflation risk related to divestments. In 2020, we have hedged the interest on expected USD bond debt issuance (USD interest risk) in 2022. The bond issuance occurred in EUR instead, and we have postponed the USD issuance to 2023 and 2024. Due to the postponement, we have recongised ineffec-tiveness of DKK 529 million related to the US interest rate hedges in financial income. 2022 2021Contracts accounted for at fair value through profit or loss (financial items) ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueInterest rate swaps 8,902 1,103 8,833 39Interest rate swaps are used to adjust the maturity of our bond portfolio. 6.5 Credit risks Offsetting of financial assetsTradeTradeDKKm Derivativesreceivables 2022 Derivativesreceivables 2021Financial assets 43,507 121,693 165,200 79,781 43,203 122,984Financial liabilities, offset (22,232) (114,438) (136,670) (57,533) (38,009) (95,542)Financial assets in the balance sheet 21,275 7,255 28,530 22,248 5,194 27,442Amounts not offset in thebalance sheet:Liabilities with offsetting rights (7,094) - (7,094) (6,812) - (6,812)Collateral received (4,515) - (4,515) (3,430) - (3,430)Net 9,666 7,255 16,921 12,006 5,194 17,200 Offsetting of financial liabilitiesTradeTradeDKKm Derivativespayables 2022 Derivativespayables 2021Financial liabilities 60,891 121,661 182,552 101,541 43,816 145,357Financial assets, offset (22,232) (114,438) (136,670) (57,533) (38,009) (95,542)Financial liabilities in thebalance sheet 38,659 7,223 45,882 44,008 5,807 49,815Amounts not offset in thebalance sheet:Assets with offsetting rights (7,094) - (7,094) (6,812) - (6,812)Collateral provided (2,744) - (2,744) (4,973) - (4,973)Net 28,821 7,223 36,044 32,223 5,807 38,030 Credit quality of theGroup\u2019s counterpartiesDKKm 2022 2021AAA/Aaa 23,351 18,215AA/Aa 2,568 3,385A/A 23,551 12,323BBB/Baa 15,665 14,551Other 16,649 9,056Total credit exposure 81,784 57,530We are exposed to credit risks from our trading partners and customers. A large part of our counterparty risks concerns major international energy companies and banks. Such trading is regulated under standard agreements, such as EFET and ISDA agree-ments, which feature, for instance, creditrating and netting provisions. Our credit exposure is mainly concentrated on counter-parties in the EU, the UK, Switzerland, and the US. We limit our credit risks by:\u2013 rating significant counterparties\u2013 granting credit limits\u2013 demanding that collateral be furnished or credit security put in place for weak counterparties.The counterparties and credit limits gran-ted are monitored on an ongoing basis.The monitoring is based on the framework established by our Board of Directorsand the Group Executive Risk Committee.\u2196 The table shows our financial assets and liabilities where a share is offset and therefore presented net. Offsetting is typically limited to specific products.\u2190 The AAA/Aaa category covers our position in Danish AAA-rated government and mortgage bonds. The other category primarily consists of trade receivables from customers, such as end users.For the most significant counterparties, aninternal rating is assigned in connection withestablishing credit limits. The rating is basedon information from external credit rating agencies, publicly available information, and our own analyses.We have not suffered losses from any singlemajor counterparty in 2022 or 2021.The credit risks from our financial assetsprima rily concern derivatives, cash, secu-rities, and receivables. The assessmentis based on the individual counterparty\u2019sratings with Standard & Poor\u2019s, Moody\u2019s,and Fitch. The figures do not reflect our actual credit exposure, as the positions are calculated before offsetting our debt to such counterparties. Accounting policiesWe only offset positive and negative values if we are entitled to and intend to settle several financial instruments net.6.6 Fair value measurementAssets LiabilitiesFair value hierarchyDKKmInventories Derivatives Securities Derivatives2022Quoted prices 3,442 14,474 - 12,871Observable input - 10,200 25,197 29,438Non-observable input - 563 - 15,250To ta l 3,442 25,237 25,197 57,5592021Quoted prices 2,773 5,574 - 8,799Observable input - 9,991 21,228 32,313Non-observable input - 1,229 - 8,677To ta l 2,773 16,794 21,228 49,789We measure our securities and derivatives at fair value. A number of our derivatives, mainly power purchase agreements, are measured based on unobservable inputs due to the long duration of the contracts. The most significant non-observable inputs are the long-term US power prices (mainly ERCOT) and German power prices. Valuation principles and key assumptionsIn order to minimise the use of subjective estimates or modifications of parameters and calculation models, it is our policy todetermine fair values based on the external information that most accurately reflects the market values. We use pricing services and benchmark services to increase the data quality. Market values are determined by the Risk Management function, which reports to the CFO. The development in market values is monitored on a continuing basis and reported to the Group Executive Team.Initial fair value from power purchase agreementsThe initiation fair value from CPPAs consistof the market value of CPPAs purchasedas part of a business combination or assetacquisition. The CPPAs lock the power price of the expected power generation overa period of 10-20 years. These contractsare accounted for at fair value. Due to thelong duration of these CPPAs, power pricesare not observable for a large part of theduration. The initial negative fair value from CPPAsis recognised as revenue in profit or loss inthe future period to which the market valuerelates. In 2022, we have recognised an income of DKK 228 million (2021: DKK 139million) related to the initial fair value fromCPPAs. The total amount of initial fairvalue as of 31 December 2022 amounts to a loss of DKK 1,497 million (2021: loss ofDKK 834 million), which will be recognisedas revenue in a future period.Derivatives valued on the basis of unobservable inputDKKm 2022 2021Market value at 1 January (7,448) (82)Value adjustments through profit or loss (322) (374)Value adjustments through other comprehensive income (6,476) (5,997)Sales/redemptions 1,190 29Purchases/issues (497) (1,043)Transferred from quoted prices and observable input (1,773) (3)Transferred to quoted prices and observable input 639 22Market value at 31 December (14,687) (7,448)Unobservable input per commodity price inputDKKmUS power prices (7,762) (3,207)German power prices (5,030) (2,914)Other power prices (1,825) (1,139)Gas prices (70) (188)To ta l (14,687) (7,448)The main unobservable inputs are US power prices and German power prices.Power price (DKK) Sensitivity (DKKm)Overview of significantunobservable inputs and Weight MonthlyMonthlysensitivitiesaverageminimummaximum +25 % -25 %Intermittency adjusted power priceGermany (2025-2034) 800 515 1,474 (2,053) +2,053Ireland (2023-2042) 874 604 1,820 (256) +256US ERCOT (2023-2030) 231 92 800 (3,294) +3,334US SPP (2023-2030) 208 140 421 (542) +583US MISO (2023-2023) 399 297 622 (651) +677The table shows the significant unobservable inputs used in the fair value measurements categorised as level 3 of the fair value hierarchy, together with a sensitivity analysis as at 31 December 2022. If intermittency- adjusted power prices in Germany as of 31 December 2022 increased/decreased by 25 %, the market value would decrease/increase by DKK 2,053 million.Significant non-observable inputs Market values based on non-observableinput primarily comprise long-term con-tracts on the purchase or sale of power and gas. Since there are no active markets for the long-term prices of power and gas,the market values have been determinedthrough an estimate of the future prices. Estimating non-observable power pricesSince our CPPAs are normally settled onthe actual production, and the power prices available in the market are basedon a constant production (flat profile),we take into account that our expected production is not constant, and thus ourCPPAs will not be settled against a flatprofile price (intermittency adjustment). For the majority of our markets, the flat profile power price can be observed fora maximum of four to six years in themarket, after which an active market nolonger exists. Accounting policiesMarket values based on quoted prices comprise quoted securities and deriva-tives that are traded in active markets. The market value of derivatives traded in an active market is often settled on a daily basis, thereby minimising the market value presented on the balance sheet.Market values based on observable inputs comprise derivatives where valu-ation models with observable inputs are used to measure fair value.All assets and liabilities measured at market value are measured on a recur-ring basis.In business combinations, gains (losses)at initial recognition of derivatives whose values are based on non-observable inputs are deferred and recognised in the period to which the value relates.6.7 Energy trading portfolio2022 2021 Overview of the Group\u2019s energy 1trading portfolioContractual ContractualDKKmprincipal amount Market valueprincipal amount Market value Power swaps 4,683 2,988 4,980 1,618Power options 3,060 10,013 4,724 5,297Gas swaps and options 3,601 1,430 2,929 (4,093)Oil swaps and options 498 (807) 434 (731)Other 74 (6) 498 (58)2Market trading mandatesVaR limit in 2022: Stress limit in 2022: Maximum open positions in DKK 100 millionDKK 400 milliontrading portfolioVaR indicates the largest loss in Stress indicates the largest daily \u2013 Max. 6 TWh of powerone trading day at a probability loss we risk sustaining with the \u2013 Max. 9.5 TWh of gasof 95 %. VaR is based on data for given portfolio. Stress is based on \u2013 Max. 1 million boe of oilthe past 45 trading days, with the data from 1 January 2006 to the \u2013 Max. 1.5 million tonnes of carbon heaviest weighting being assigned present day.emissionsto the most recent trading days.\u2013 Max. 0.5 million tonnes of coal and biomass1 The contractual principal amount has been determined as the net position per derivative type. The risks associated with our options are smaller than for our swaps. The market value mostly consists of received exposure from our assets with settlement at maturity, whereas part of the external trade is settled on a daily basis.2 Trading activities are carried out under mandates approved by the Board of Directors. The mandates comprise a value-at-risk (VaR) mandate and a stress mandate as well as a limit for the maximum positions measured in energy units per product (power, gas, etc.). 3 The graph shows the daily VaR position for the period 2021-2022. VaR reached DKK 280 million on 9 March 2022, causing a passive breach of the Board of Directors\u2019 mandate of DKK 100 million due to the Russian invasion of Ukraine and the large reduction in gas supplies to Europe, causing the European energy prices to spike. In 2022, there were further passive breaches in August due to Russian gas supply cuts and in September-November due to a halt of gas through the Nord Stream 1 and 2 pipelines after the explosions in September.Trading portfolioThe purpose of our trading portfolio is to: \u2013 optimise hedging contracts\u2013 contribute to increased market insight\u2013 profit from short-term fluctuations in energy prices.The energy trading portfolio receives the exposure from our assets and takes thatexposure into the external market in themost efficient way possible, given the man-dates shown to the left. The overview of the Group\u2019s energy trading portfolio to the leftis the net of the internal exposures receivedfrom the assets and the external trades inline with internal risk management.The trading portfolio primarily consists of positions in power and gas.The trading portfolio constitutes a smallerpart of our total portfolio of derivatives,and the associated risk is limited.Accounting policiesMarket value adjustments of physical and financial contracts relating to energy that are entered into with the purpose of gener-ating gains from short-term price changes are recognised as revenue.6.8 Categories of financial instrumentsCategories of financial instrumentsDKKm 2022 2021Energy and currency derivatives 16,389 967Securities 25,197 21,228Financial assets measured at fair value via the income statement 41,586 22,195Energy derivatives 6,709 14,314Interest and inflation derivatives 1,661 847Currency derivatives 478 666Derivatives (assets) used as hedging instruments 8,848 15,827Trade receivables 12,701 9,565Other accounts receivable 28,108 24,111Financial assets measured at amortised cost 40,809 33,676Energy and currency derivatives 11,165 8,303Financial liabilities measured at fair value via the income statement 11,165 8,303Energy derivatives 41,237 35,174Interest and inflation derivatives 2,083 2,884Currency derivatives 3,073 3,428Derivatives (liabilities) used as hedging instruments 46,393 41,486Bank loans and issued bonds 63,281 50,995Trade payables 20,641 20,231Other accounts payable 11,310 7,368Financial liabilities measured at amortised cost 95,232 78,594The table shows our financial instruments divided into categories. The categories indicate how the financial instruments are recognised in the financial statement.Financial instruments are used for various purposes. The purpose determines the category, and whether the value adjust-ment of the instrument should be recog-nised in the profit (loss) for the year or aspart of the hedging reserve in equity.The fair value of financial instrumentsmeasured at amortised cost is identical to the carrying amount with the excep-tion of bank loans and issued bondswhere the market value is stated in note 5.1 \u2018 Interest-bearing debt\u2019.6.9 Sensitivity analysis of financial instruments Sensitivity analysis of 31 December 2022 31 December 2021financial instrumentsDKKmPrice Effect on profit Effect on equity Effect on profit Effect on equity Riskchange(loss) before taxbefore tax(loss) before taxbefore taxOil 25 % (533) 277 (608) 32-25 % 608 (6) 608 (32)Gas 25 % (764) 177 (731) (375)-25 % 764 (177) 731 375Power 25 % (1,791) (14,382) (549) (12,152)-25 % 1,794 14,402 554 12,278USD 10 % (947) (853) (451) (440)-10 % 947 853 445 440GBP 10 % (2,430) (4,727) (3,041) (6,421)-10 % 2,430 4,727 3,041 6,421NTD 10 % (743) - (134) --10 % 743 - 134 -EUR 1 % (899) (125) 67 67-1 % 899 125 (66) (67)Interest 1 % point (332) 1,224 (234) 1,737Inflation 1 % point - (2,162) - (4,419)The sensitivity analysis in the table shows the effect of market value changes, assum-ing a relative price change at 31 December2022. The effect on profit (loss) before tax com-prises financial instruments that remained open at the balance sheet date, and whichhave an effect on profit (loss) in the current financial year. Effect on equity before tax comprises finan-cial instruments that remained open at the balance sheet date, and which are value- adjusted directly in equity. Financial instruments include derivatives as well as receivables and payables in foreign currencies.The illustrated sensitivities only comprise the impacts from our financial instruments. If the hedged exposure had been included in the sensitivity analysis, the effect of aprice change would have been reduced oroffset entirely.Net investments and associated hedging ofnet investments in foreign subsidiaries arenot included in the table, as the effects ofthe sum of the investments and the hedgingare considered to be neutral to changes in currencies. A 10 % increase in the currencies hedged in connection with net investments would reduce equity by DKK 6,257 million(2021: DKK 5,131 million).7. Other notes 7.1 Related-party transactionsRelated parties that have control over the Groupcomprise the Danish state, represented by the Danish Ministry of Finance.Other related parties are the Group\u2019s associates and joint ventures, members of the Board of Directors and the Executive Board, and other senior executives. See note 7.4 \u2018Company overview\u2019 for an overview of our joint ventures and associates.Related-party transactions are made on arm\u2019s lengthterms. Intra-group transactions have been eliminatedin the consolidated financial statements. The remuneration and share programmes for the Group Executive Team and the Board of Directors aredescribed in notes 2.7 \u2018 Employee costs\u2019 and 2.8 \u2018Share-based payment\u2019.Through a directly owned company, Peter Korsholm,board member, has had ordin ary transactions with Danish Oil Pipe A/S, a wholly-owned subsidiary in the\u00d8rsted Group.We use the exemption set out in IAS 24.25 concerningentities in which the Danish state is a related party,and therefore transactions with government-related companies are not disclosed.There were no other related-party trans actions during the period.Joint venturesDKKm 2022 2021Dividends received 70 59Capital transactions, net (92) (43)Receivables - 20Payables - -AssociatesDKKmCapital transactions, net (37) (22)Sale of goods and services 14 6Purchase of goods and services (180) (136)Receivables - 1Payables (44) (17)Board of DirectorsDKKmPurchase of goods and services - (8)7.2 Auditor\u2019s feesAuditor\u2019s feesDKKm 2022 2021Audit and audit-related feesStatutory audit 25 22Other assurance engagements 4 2Non-audit servicesTax and VAT advice 3 7Other services 3 4Total fees to PwC 35 35Fee for non-audit services in percent of statutory audit fee 37 % 41 %PwC Denmark non-audit service ratio 69 % 58 %Effective from 1 January 2020, the non-audit services provided by the Group auditor in Denmark cannot exceed 70 %.PwC is \u00d8rsted\u2019s auditor appointed by the annual general meeting. PwC audits the consolidated financial statements of \u00d8rstedand our subsidiaries\u2019 statutory financial statements in all the countries where we are represented.It is our policy that the annual fee for non- audit services provided by our statutory auditor cannot exceed the annual fee forstatutory audit services measured at Group level. The cap may be exceeded subject to approval by the Audit & Risk Committee.Other assurance engagements primarily included reviews of ESG data, assurance ser-vices related to the issuance of bonds, and reviews of regulatory financial statements.Tax and VAT advice primarily included advice in connection with tax due diligence,transfer pricing advice, and advice in con-nection with the preparation and review oftax returns.Other services included other consultancyservices, primarily related to vendor duediligence and leadership support. Fees for services other than statutory audit supplied by PwC Denmark to \u00d8rstedamounted to DKK 7 million (2021: DKK 4million) and consisted of assurance services related to the issuance of bonds, duediligence, review of ESG data, and othergeneral accounting, tax, and transferpricing advice.7.3 Alternative performance measuresGross investmentsGross investments reflect our total investments in assets and enterprises. It comprises cash flows from investing activities, excluding dividends received from associates, joint ventures, and equity investments, purchase and sale of securities, loans to joint ventures and joint operations, and divestments of assets and enterprises. To this is added acquired debt and restricted cash in connection with acquisitions.Net investmentsNet investments are gross investments less divestments of assets and enterprises, the selling price for non-controlling interests, and subsequent capital injections from non-controlling interests. Furthermore, interest-bearing debt transferred in connection with a divestment is deducted.Funds from operations (FFO)Funds from operations is a supplementary statement for cash flows from operating activities. EBITDA adjusted for gain (loss) on divestment of assets; change in provisions and other adjustments; income tax paid; interest and similar items, received or paid, including capitalised interest expenses; 50 % of coupon payments on hybrid capital; dividends received and capital reductions. Adjusted interest-bearing Adjusted interest-bearing net debt is interest-bearing net debt plus: net debt\u2013 cash and securities not available for distribution (excluding repo loans)\u2013 50 % of hybrid capitalFFO to adjusted interest-FFObearing net debtAdjusted interest-bearing net debtFree cash flow Free cash flows are cash flows from operating activities and divestments (FCF)less gross investments.Capital employedCapital employed are all assets and liabilities, except for equity and interest-bearing net debt.Average capital employedCapital employed at beginning of year + capital employed at year-end2Return on capital employed EBIT(ROCE)Average capital employedProposed dividend per share Total proposed dividend(DPS)Number of shares at year-endDividend yieldDividend per share (proposed)Share price on the last trading day of the yearAverage number of shares1\u00d7 Number of days= X1Number of \u2211daysi=1Net working capitalNet working capital is inventories, contract assets (net), trade receivables, and other current operating assets less trade payables, other current operating liabilities, and working capital elements of tax equity balances.Net working capital, excluding Net working capital, excluding trade payables relating to purchases of trade payables relating to intangible assets, and property, plant, and equipment.capital expenditureOther definitionsProfit (loss) per shareShareholder\u2019s share of the profit (loss) for the periodAverage number of sharesDiluted profit (loss) per shareShareholder\u2019s share of the profit (loss) for the periodAverage number of shares, including dilutive effect of free shares7.4 Company overviewOwnership 1Segment/company Country TypeinterestParent Company\u00d8rsted A/S DenmarkOffshore3Anholt Havvindm\u00f8llepark I/SDenmark JO 50 %Borkum Riffgrund 2 Offshore Wind Farm GmbH & Co. oHG Germany JO 50 %Borssele Windfarm C.V. The Netherlands JO 50 %Gode Wind 1 Offshore Wind Farm GmbH & Co. oHG Germany JO 50 %Gode Wind 2 Offshore Wind Farm P/S GmbH Germany JO 50 %Greater Changhua Offshore Wind Farm SE Ltd2 Taiwan JO 50 %Greater Changhua Offshore Wind Farm SW Ltd2 Taiwan S 100 %2Hornsea 1 LimitedThe UK JO 50 %North East Offshore, LLC The US JO 50 %2Ocean Wind LLCThe US NC 75 %Orsted Borssele Holding B.V. The Netherlands S 100 %Orsted Hornsea 1 Holdings Limited The UK S 100 %Orsted Hornsea Project Three (UK) Ltd The UK S 100 %Orsted Hornsea Two Holdings Ltd The UK S 100 %Orsted London Array II Limited The UK S 100 %Orsted North America Inc The US S 100 %Orsted Power (UK) Ltd The UK S 100 %Orsted Race Bank (Holding) Ltd The UK S 100 %Orsted Taiwan Ltd Taiwan S 100 %Orsted Walney Extension Holdings Limited The UK S 100 %Orsted West of Duddon Sands (UK) Ltd The UK S 100 %Revolution Wind, LLC The US S 100 %Soundmark Wind Limited The UK S 100 %Walney (UK) Offshore Windfarms Limited The UK S 50 %West Of Duddon Sands The UK JO 50 %\u00d8rsted Horns Rev 2 A/S Denmark S 100 %\u00d8rsted Vind A/S Denmark S 100 %4\u00d8rsted Wind Power A/SDenmark S 100 %\u00d8rsted Wind Power Holding A/S Denmark S 100 %Ownership 1Segment/company Country TypeinterestOnshore2W Permian Solar, LLC The US S 100 %Haystack Wind Project, LLC The US S 100 %Helena Wind, LLC The US S 100 %Lincoln Land, LLC The US S 100 %Old 300 Solar Center, LLC The US S 100 %Orsted Onshore Ireland Green Energy Limited Ireland S 100 %Western Trail Wind, LLC The US S 100 %\u00d8rsted Onshore Holding A/S Denmark S 100 %Bioenergy & OtherOrsted AB Sweden S 100 %Orsted Power Sales (UK) Limited The UK S 100 %Orsted Sales (UK) Limited The UK S 100 % 4\u00d8rsted Bioenergy & Thermal Power A/SDenmark S 100 % 4\u00d8rsted Salg & Service A/SDenmark S 100 %Shared functions\u00d8rsted North America Holding A/S Denmark S 100 %\u00d8rsted Wind Power TW Holding A/S Denmark S 100 %1 S = subsidiary, A = associate, JO = joint operation, JV = joint venture, NC = non-consolidated entity2 The company is owned through a company which is not owned 100 % by \u00d8rsted. The disclosed ownership interest is \u00d8rsted\u2019s ultimate ownership interest in the company.3 The company applies the provision in section 5 or section 6 of the Danish Financial Statements Act to omit presenting a separate annual report.4 Subsidiaries owned directly by \u00d8rsted A/S.5 One or more tax equity partners own an insignificant share of the company. See note 3.8 \u2018Tax equity liabilities\u2019. The company is fully consolidated.Companies without significant activities are not included in the list. A full comprehensive list of companies is available at: https://orsted.com/company-overview7.5 Events after the reporting periodIn January 2023, \u00d8rsted signed an agreementto acquire Public Service Enterprise Group\u2019s(PSEG) 25 % equity stake in the 1,100 MW offshore wind energy project Ocean Wind 1.The acquisition provides \u00d8rsted with 100 % ownership of Ocean Wind 1. The transactionbetween \u00d8rsted and PSEG is expected toclose in the first half of 2023, pending therequired closing conditions.", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__16": { "value": "1.2 Basis of preparationThis section provides an overall description of the accounting policies applied in our consolidated financial statements as well as the European Single Electronic Format (ESEF) reporting requirements. We provide a more detailed description of the accounting policies applied in the specific notes. Keyaccounting estimates and judgements as well as new and amended IFRS standards and interpretations are discussed in detail later in this note.Accounting policiesThe consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU and further requirements in the Danish Financial State-ments Act (\u00c5rsregnskabsloven).Measurement basisThe consolidated financial statements have been prepared on historical cost basis, except for derivatives, gas in non-Danish storage facilities, financial instruments in the trading portfolio, and carbon emission allowances in the trading portfolio, which are measured at market value.The accounting policies have been applied consistently in the financial year and for comparative figures. ConsolidationThe consolidated financial statements comprise the financial statements of \u00d8rsted A/S (the parent company) and subsidiaries controlled by \u00d8rsted A/S. See more in note 7.4 \u2018Company overview\u2019. The consolidated financial statements have been prepared as a consolidation of the parent company\u2019s and the individual subsidiaries\u2019 financial statements, which have been prepared in accordance with the Group\u2019s accounting policies. Intra- group income, expenses, shareholdings, balances, and dividends as well as realised and unrealised gains and losses arising from intra-group transactions are eliminated in our consolidated financial statements. Unrealised gains and losses resulting fromtransactions with associates and joint ventures are eliminated to the extent of our ownership interest. Enterprises are accounted for as associates if we hold or have the ability to exercise,directly or indirectly, 20-50 % of the voting rights and do not exercise control. However, we carry out a specific assessment of our ability to exercise influence, including our ability to influence financial and operational decisions and thus our return. Enterprises that satisfy the criteria for joint control are accounted for as investments in joint ventures, unless the nature of the jointarrangement is considered a joint operation.See our key accounting judgement for \u2018Consolidation method for partnerships\u2019 in the next column.Our shares in joint operations are recognised in the consolidated balance sheet through recognition of the Group\u2019s own assets, liabil-ities, income, and expenses. The proportion-ate share of realised and unrealised gains and losses arising from intra-group transactions between fully consolidated enterprises andjoint operations is eliminated.Foreign currency translationThe financial statements are presented inmillion Danish kroner (DKKm), unless other-wise stated.Exchange differences arising between the exchange rate on the transaction date andon the date of payment are recognised inprofit (loss) for the year as financial incomeor expenses.Foreign currency transactions are translatedinto the functional currency defined for each entity using the exchange rates prevailing atthe transaction date. Receivables, payables, and other monetary items in foreign curren-cies are translated at the exchange rateson the balance sheet date. The difference Key accounting judgementConsolidation method for partnershipsOn establishment of partnerships andin connection with any restructuring of existing partnerships, we assess whether the structure is a joint arrangementunder shared control. For joint ar-rangements, we subsequently assess whether they are joint ventures or joint operations.In assessing joint operations, we look at: \u2013 the corporate form of the operation\u2013 whether we are only entitled to the net profit (loss) or to income and expenses resulting from the operation.In addition, the fact that the parties buyor are assigned all output, for example the power generated, will lead to the structure being considered a joint opera-tion if we have joint control.between the exchange rate on the balance sheet date and on the date at which the receivable or payable arose is recognised in profit (loss) for the year as financial income or expenses.Financial statements of foreign subsidiaries, joint operations, associates, and joint ven-tures are translated into DKK at monthly av-erage exchange rates insofar as these do not deviate materially from the actual exchange rates at the transaction dates. Balance sheet items are translated at the exchange rates on the balance sheet date. All exchange differences are recognised in profit (loss) for the year, except for exchange differences arising on: \u2013 translation of the opening equity of these entities at the exchange rates on the balance sheet date\u2013 translation of the statements of compre-hensive income of these enterprises from \u2018the average-for-the-month exchange rates\u2019 to \u2018the exchange rates on the balance sheet date\u2019\u2013 translation of balances accounted for as part of the total net investment\u2013 translation of the portion of loans and derivatives that has been entered into to hedge the net investment in an enterprise, and that provides an effective hedge against corresponding foreign exchange gains (losses) on the net investment.The above types of exchange differences are recognised in \u2018Other comprehensive income\u2019. Such exchange rate adjustments are divided between the equity of the parent company and the equity of the non-controlling interests.On full or partial divestment of the net investment, the accumulated exchange rate adjustments are recognised as follows:\u2013 Disposal resulting in loss of control: The accumulated exchange rate adjust-ments, including any associated hedges, are recognised in the profit (loss) for the year if a foreign exchange gain (loss) isrealised by the selling enterprise. Any foreign exchange gain (loss) is transferred to the item in which the gain (loss) from the disposal is recognised. The part of the foreign currency translation reserve that relates to non- controlling interests is not transferred to profit (loss) for the year.\u2013 Disposal not resulting in loss of control:A proportionate share of the foreign currency translation reserve is transferred from the parent company shareholders\u2019 share of equity to the minority share-holders\u2019 share of equity.Repayment of balances that are considered part of the net investment does not consti-tute a partial disposal of the subsidiary. iXBRL reportingWe are required to file our annual report in the European Single Electronic Format (\u2018ESEF\u2019) using the XHTML format and to tag the consolidated financial statements in-cluding notes using Inline eXtensible Business Reporting Language (iXBRL). The iXBRL tags comply with the ESEF taxonomy. Where a financial statement line item is not defined in the ESEF taxonomy, an extension to the taxonomy has been created.The annual report submitted to the Danish Financial Supervisory Authority consists of the XHTML document together with certaintechnical files, all included in a ZIP filenamed Orsted-2022-12-31-en.zip. Alternative performance measuresWe present financial measures in the con-solidated financial statements which arenot defined according to IFRS. We use thesealternative performance measures (APM) as we believe that these financial measuresprovide valuable information to our stake-holders and management. The financial measures should not be con-sidered a replacement for the performancemeasures as defined under IFRS, but ratheras supplementary information.The alternative performance measures may not be comparable to similar titled measurespresented by other companies, as the defini-tions and calculations may be different.The alternative performance measures most commonly presented in the \u00d8rsted annualreport are:\u2013 EBITDA and EBITDA excluding newpartnerships\u2013 funds from operations (FFO)\u2013 adjusted interest-bearing net debt\u2013 free cash flow (FCF)\u2013 ROCE.Our definitions of the financial measures are included in note 7.3 \u2018Alternative performance measures\u2019.Potential impact from Estimate/ accounting estimates Note Key accounting estimates and judgements judgementand judgements1.2 Basis of preparation Consolidation method for partnerships Judgement2.6 Other operating income and expenses Variable selling prices related to divestments of offshore wind farms and offshore transmission assets EstimateClassification of divestmentJudgement3.1 Acquisition of enterprises Purchase price allocation in business combinations Estimate3.3 Intangible assets, and property, plant, and equipment Key assumptions in impairment tests Estimate3.8 Tax equity liabilities Recognition of tax equity partnerships Judgement3.9 Provisions and contingent liabilities Assumptions for provisions Estimate4.2 Tax on profit (loss) for the year Recognition of income taxes Estimate6.1 Market risk policy Valuation of long-term power purchase agreementsEstimateEffectiveness of hedge reserveJudgementImplementation of new and changed accounting standards and interpretationsThe International Accounting Standards Board (IASB) has issued amended standards that are effective for the first time in 2022. None of them required a change in our accounting policies.New standards and interpretationsIASB has issued new or amended accounting standards and interpretations that have not yet become effective and have consequently not been implemented in the consolidated financial statements for 2022. \u00d8rsted expects to adopt the accounting standards and inter-pretations as they become mandatory. The new or amended standards or interpre-tations are not expected to have a signifi-cant impact on our consolidated financial statements. Key accounting estimates and judgementsThe use of reasonable estimates and judge-ments is an essential part of the preparation of the consolidated financial statements.Given the uncertainties inherent in ourbusiness activities, we make a number of estimates and judgements. The estimates and judgements are based on assumptions concerning future developments, which affect our application of accounting policiesand the reported amounts of our assets, liabilities, sales, costs, cash flows, hedge reserve, and related disclosures. Actual amounts may differ from the amounts estimated and judgements made, as more detailed information becomes available.We regularly reassess these estimates andjudgements based on, among other things,historical experience, the current situation in the financial markets, and a number of other relevant factors, i.e. the updates inthe annual estimated production. Changes in estimates are recognised in the period in which the estimate in question is revised.Accounting estimates, judgements, and assumptions which may entail a risk of material adjustments in subsequent years are listed in the table above.In addition, we make judgements when we apply the accounting policies. Reference is made to the specific notes forfurther information on the key accounting estimates and judgements as well as theassumptions applied.\u2191 Key accounting estimates and judgements and their level of potential impact on the consolidated financial statements. The impact relates to objectivity and business practice. Very objective/market-conforming Objective/partially conforming Partially subjective/partially distinctive Subjective/distinctive for \u00d8rsted", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__17": { "value": "Accounting policiesThe consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU and further requirements in the Danish Financial State-ments Act (\u00c5rsregnskabsloven).", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__18": { "value": "The consolidated financial statements comprise the financial statements of \u00d8rsted A/S (the parent company) and subsidiaries controlled by \u00d8rsted A/S. See more in note 7.4 \u2018Company overview\u2019. The consolidated financial statements have been prepared as a consolidation of the parent company\u2019s and the individual subsidiaries\u2019 financial statements, which have been prepared in accordance with the Group\u2019s accounting policies. Intra- group income, expenses, shareholdings, balances, and dividends as well as realised and unrealised gains and losses arising from intra-group transactions are eliminated in our consolidated financial statements. Unrealised gains and losses resulting fromtransactions with associates and joint ventures are eliminated to the extent of our ownership interest. Enterprises are accounted for as associates if we hold or have the ability to exercise,directly or indirectly, 20-50 % of the voting rights and do not exercise control. However, we carry out a specific assessment of our ability to exercise influence, including our ability to influence financial and operational decisions and thus our return. Enterprises that satisfy the criteria for joint control are accounted for as investments in joint ventures, unless the nature of the jointarrangement is considered a joint operation.See our key accounting judgement for \u2018Consolidation method for partnerships\u2019 in the next column.Our shares in joint operations are recognised in the consolidated balance sheet through recognition of the Group\u2019s own assets, liabil-ities, income, and expenses. The proportion-ate share of realised and unrealised gains and losses arising from intra-group transactions between fully consolidated enterprises andjoint operations is eliminated.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__19-1": { "value": "The financial statements are presented inmillion Danish kroner (DKKm), unless other-wise stated.Exchange differences arising between the exchange rate on the transaction date andon the date of payment are recognised inprofit (loss) for the year as financial incomeor expenses.Foreign currency transactions are translatedinto the functional currency defined for each entity using the exchange rates prevailing atthe transaction date. Receivables, payables, and other monetary items in foreign curren-cies are translated at the exchange rateson the balance sheet date. The differencebetween the exchange rate on the balance sheet date and on the date at which the receivable or payable arose is recognised in profit (loss) for the year as financial income or expenses.Financial statements of foreign subsidiaries, joint operations, associates, and joint ven-tures are translated into DKK at monthly av-erage exchange rates insofar as these do not deviate materially from the actual exchange rates at the transaction dates. Balance sheet items are translated at the exchange rates on the balance sheet date. All exchange differences are recognised in profit (loss) for the year, except for exchange differences arising on: \u2013 translation of the opening equity of these entities at the exchange rates on the balance sheet date\u2013 translation of the statements of compre-hensive income of these enterprises from \u2018the average-for-the-month exchange rates\u2019 to \u2018the exchange rates on the balance sheet date\u2019\u2013 translation of balances accounted for as part of the total net investment\u2013 translation of the portion of loans and derivatives that has been entered into to hedge the net investment in an enterprise, and that provides an effective hedge against corresponding foreign exchange gains (losses) on the net investment.The above types of exchange differences are recognised in \u2018Other comprehensive income\u2019. Such exchange rate adjustments are divided between the equity of the parent company and the equity of the non-controlling interests.On full or partial divestment of the net investment, the accumulated exchange rate adjustments are recognised as follows:\u2013 Disposal resulting in loss of control: The accumulated exchange rate adjust-ments, including any associated hedges, are recognised in the profit (loss) for the year if a foreign exchange gain (loss) isrealised by the selling enterprise. Any foreign exchange gain (loss) is transferred to the item in which the gain (loss) from the disposal is recognised. The part of the foreign currency translation reserve that relates to non- controlling interests is not transferred to profit (loss) for the year.\u2013 Disposal not resulting in loss of control:A proportionate share of the foreign currency translation reserve is transferred from the parent company shareholders\u2019 share of equity to the minority share-holders\u2019 share of equity.Repayment of balances that are considered part of the net investment does not consti-tute a partial disposal of the subsidiary.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__21": { "value": "Implementation of new and changed accounting standards and interpretationsThe International Accounting Standards Board (IASB) has issued amended standards that are effective for the first time in 2022. None of them required a change in our accounting policies.New standards and interpretationsIASB has issued new or amended accounting standards and interpretations that have not yet become effective and have consequently not been implemented in the consolidated financial statements for 2022. \u00d8rsted expects to adopt the accounting standards and inter-pretations as they become mandatory. The new or amended standards or interpre-tations are not expected to have a signifi-cant impact on our consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__22": { "value": "Implementation of new and changed accounting standards and interpretationsThe International Accounting Standards Board (IASB) has issued amended standards that are effective for the first time in 2022. None of them required a change in our accounting policies.New standards and interpretationsIASB has issued new or amended accounting standards and interpretations that have not yet become effective and have consequently not been implemented in the consolidated financial statements for 2022. \u00d8rsted expects to adopt the accounting standards and inter-pretations as they become mandatory. The new or amended standards or interpre-tations are not expected to have a signifi-cant impact on our consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__23": { "value": "New standards and interpretationsIASB has issued new or amended accounting standards and interpretations that have not yet become effective and have consequently not been implemented in the consolidated financial statements for 2022. \u00d8rsted expects to adopt the accounting standards and inter-pretations as they become mandatory. The new or amended standards or interpre-tations are not expected to have a signifi-cant impact on our consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__24-1": { "value": "Potential impact from Estimate/ accounting estimates Note Key accounting estimates and judgements judgementand judgements1.2 Basis of preparation Consolidation method for partnerships Judgement2.6 Other operating income and expenses Variable selling prices related to divestments of offshore wind farms and offshore transmission assets EstimateClassification of divestmentJudgement3.1 Acquisition of enterprises Purchase price allocation in business combinations Estimate3.3 Intangible assets, and property, plant, and equipment Key assumptions in impairment tests Estimate3.8 Tax equity liabilities Recognition of tax equity partnerships Judgement3.9 Provisions and contingent liabilities Assumptions for provisions Estimate4.2 Tax on profit (loss) for the year Recognition of income taxes Estimate6.1 Market risk policy Valuation of long-term power purchase agreementsEstimateEffectiveness of hedge reserveJudgementKey accounting estimates and judgementsThe use of reasonable estimates and judge-ments is an essential part of the preparation of the consolidated financial statements.Given the uncertainties inherent in ourbusiness activities, we make a number of estimates and judgements. The estimates and judgements are based on assumptions concerning future developments, which affect our application of accounting policiesand the reported amounts of our assets, liabilities, sales, costs, cash flows, hedge reserve, and related disclosures. Actual amounts may differ from the amounts estimated and judgements made, as more detailed information becomes available.We regularly reassess these estimates andjudgements based on, among other things,historical experience, the current situation in the financial markets, and a number of other relevant factors, i.e. the updates inthe annual estimated production. Changes in estimates are recognised in the period in which the estimate in question is revised.Accounting estimates, judgements, and assumptions which may entail a risk of material adjustments in subsequent years are listed in the table above.In addition, we make judgements when we apply the accounting policies. Reference is made to the specific notes forfurther information on the key accounting estimates and judgements as well as theassumptions applied.\u2191 Key accounting estimates and judgements and their level of potential impact on the consolidated financial statements. The impact relates to objectivity and business practice. Very objective/market-conforming Objective/partially conforming Partially subjective/partially distinctive Subjective/distinctive for \u00d8rstedConsolidation method for partnershipsOn establishment of partnerships andin connection with any restructuring of existing partnerships, we assess whether the structure is a joint arrangementunder shared control. For joint ar-rangements, we subsequently assess whether they are joint ventures or joint operations.In assessing joint operations, we look at: \u2013 the corporate form of the operation\u2013 whether we are only entitled to the net profit (loss) or to income and expenses resulting from the operation.In addition, the fact that the parties buyor are assigned all output, for example the power generated, will lead to the structure being considered a joint opera-tion if we have joint control.Key accounting estimateVariable selling price related to divestments of offshore wind farms and offshore transmission assetsWhen we divest an ownership interest in an off-shore wind farm and an offshore transmission asset to a partner, we consider all terms and activities in the contracts in order to determine the transaction price. If the consideration includes a variable amount, we estimate the consideration to which we are entitled in exchange for transferring the asset, the wind farm, and the transmission asset to our partner.The variable considerations are estimated at contract inception based on future outcome of events, e.g.: \u2013 the divestment price of offshore transmission asset through a competitive tender process\u2013 the impact on production from future wind farms\u2013 the winning bid of the tender revenue stream through a competitive tender process.We consider \u2018the most likely amount\u2019 to provide the most appropriate estimate of the expected variable consideration. Key accounting judgementClassification of divestmentWhen we divest ownership interests in an offshore wind farm, we carry out an individual assessment, determining whether the divest-ment qualifies as a divestment of an enterprise or a divestment of assets. We have typically assessed that the offshore wind farms do not constitute an enterprise, as no employees are transferred, and processes are transferred to a limited extent only.Purchase price allocations in businesscombinationsWhen we apply the acquisition methodfor business combinations, by nature this involves judgement in assessing the fair value of identifiable assets and liabilities. For property, plant, and equipment, our assessment of fair value is based on a number of estimates regarding WACC and expected cash flows, which both have a large impact on the fair value. Our assessment of fair value for deriva-tives is dependent on expected future prices. See note 6.6 \u2018Fair value measure-ment\u2019 for our valuation principles.Key assumptions in impairment testsValue-in-use calculations are based on the leadership team\u2019s expectations to future cash flows from financial budgets and forecasts and include a number of assumptions and estimates.These assumptions include construction schedules, estimates of future market conditions, CAPEX, market prices of energy and commodities, inflation, discount rates, useful lives of the projects, tax incentives, including the ability to qualify for tax credits from the US Inflation Reduction Act, etc. The market prices applied are based on available forward prices for a period of up to five years and our best estimate of long-term prices for the remainder of the period.As goodwill relates to greenfield onshore wind and solar development, an assumption included in the value-in-use calculations for goodwill is the ability to develop new sites. This assumption is based on current and future build-out plans for renewable energy in Central Europe. While there are inherent uncertainties in the assumptions, the assumptions reflect the leadership team\u2019s best estimate over the life of the Group\u2019s CGUs.The base discount rate for value-in-use calculations is in the range of 5-8 % after tax.Sensitivities to impairment testsThe assessment of indications of impairment of proper-ty, plant, and equipment is based on the expectations applicable as of 31 December 2022.Significant adverse developments in interest rates, energy prices, tax incentives, and CAPEX assumptions could result in impairment losses on certain opera-tional and development assets in our portfolio, while an opposite development could lead to impairment reversals.As a result, we may face adjustments to the recognised impairment of property, plant, and equipment in future reporting periods.Recognition of tax equity partnerships On formation of a tax equity partnership, we assess the appropriate recognition of the partner\u2019s contribution as well as the method of recognition for the elements used to repay the partner, such as PTCs and tax attributes. In assessing the recognition of the partner\u2019s contribution, we look at:\u2013 the expected flows of PTCs, tax attributes, and cash payments to the partner\u2013 the rights and obligations of both us and the tax equity partner. The deferral of the income related to tax attributes and the recognition of the contribu-tion as working capital or interest-bearing debt are affected by our expectation to the size, method, and timing of repayments.Assumptions for provisionsWe continually assess our provisions recognised to cover contractual obligations and claims raised against \u00d8rsted. Timing, probabilities, amounts, etc., which have a bearing on our pro-visions\u2019 estimates are updated quarterly based on our expectations. Estimates of provisions are based on our expec-tations of, for example:\u2013 timing and scope of obligation \u2013 future cost level \u2013 legal assessment.If deemed material, non-current provisions are discounted using either the structural risk-free interest rate or the incremental borrowing rate. The structural risk-free interest rate is used for decommissioning liabilities and onerous con-tracts. It is calculated as the sum of real return (gross domestic product growth rate), inflation, and inflation premium for other risks. Separate structural risk-free interest rates are calculated for Europe, the US, and Taiwan. The outcome of our contractual obligations and claims may depend on future events, which are uncertain by nature.Estimates regarding recognition of income taxesWe are subject to income taxes in all the countries where we operate. Significant judgement and estimates are required in determining the worldwide income taxes and income tax assets and liabilities, including provisions for uncertain tax positions.In the course of conducting businessaround the world, tax and transfer pric-ing disputes with tax authorities may oc-cur due to the complex nature of the tax rules related to the business. Judgement is applied to assess the possible outcome of such disputes. We apply the methods prescribed in IFRIC 23 \u2018Uncertainty over Income Tax Treatments\u2019 when making provisions for uncertain tax positions, and the provisions made are based on different scenarios of possible outcomes. We consider the provisions made to be adequate. The actual obligation may deviate and might lead to tax in excess of the uncertain tax provisions included. This depends on the result of litigations and settlements with the relevant tax authorities.Ongoing tax disputes, primarily related to transfer pricing cases, are included as part of \u2018Income tax\u2019 and \u2018Deferred tax\u2019. Estimates in respect of transfer pricing cases depend, among others, on whether corresponding adjustments can be ob-tained in the relevant jurisdictions, and, in terms of disputes regarding project companies with partners, whether com-pensation can be obtained from these partners. Any expected compensation from partners are included as part of\u2018Other receivables\u2019.Key accounting estimateValuation of long-term power purchase agreementsWhen we measure our power purchase agreements at fair value, we use estimates of non-observable prices such as:\u2013 production forecasts \u2013 intermittency (expected profiled production versus constant (flat) production)\u2013 forecasted long-term power prices and exchange rates\u2013 forecasted inflation expectationsThe development in market values is monitored on a continuing basis and reported to the Group Executive Team.Hedge accountingHedge effectiveness is measured using forecasted production as well as estimates regarding energy prices,intermittency, interest, currency and inflation. For periods where we are close to fully hedged, volume overhedging is possible if the forecasted production does not materialize which will lead to recognition of ineffectiveness.Key accounting judgementValuation of long-term power purchase agreementsWe measure our power purchase agreements at fair value, but they cannot always be measured on quoted prices in active markets due to the long duration of the contracts. We use elements of judgements determining models to measure the fair value and we aim to limit the use of subjective estimates and base the fair values on external information including external pricing and benchmark services.Effectiveness of hedge relationshipJudgements are used to consider whether forecasted transactions are highly probable exposures as hedged item in a hedge relation-ship, eg. expected production from wind farms, and judgment is applied in whether the hedgeinstruments applied in the hedge relationshipsidentified are effective.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__27": { "value": "2.1 Segment informationOffshoreDKKmRevenue 87,121EBITDA 19,569Gross investments 26,710Number of employees 4,038Primary activitiesDevelopment, construction, ownership, and oper-ation of offshore wind farms in the UK, Germany, Denmark, Poland, the Netherlands, the US, and Taiwan as well as development of renewable hy-drogen and green fuels in Europe and e-methanol on the US Gulf Coast.OnshoreDKKmRevenue 3,014EBITDA 3,644Gross investments 10,396Number of employees 419Primary activitiesDevelopment, construction, ownership, and oper-ation of onshore wind and solar farms in the US and in Europe, including integrated storage. Bioenergy & Other DKKmRevenue 46,243EBITDA 8,619Gross investments 267Number of employees 988Primary activitiesGeneration of heat and power and delivery of ancillary services from CHP plants in Denmark, optimisation of our gas portfolio, and sale of green certificates, power, and gas in wholesale and B2B markets.Geographical distributionGeographical revenue is broken down, asfar as possible, by the customer\u2019s geo-graphical location based on supply point. A significant part of our sales takes placevia power exchanges and gas hubs in Europe, whose physical locations do not reflect the geographical locations of ourcustomers. When breaking down thesesales by geographical location, we use the physical locations of the exchange or hubsince we do not know the physical loca-tion of our customers in all cases.No single customer accounted for more than 10 % of our consolidated revenue in 2022 or 2021, respectively.Non-current assets are broken downgeographically, based on the physical locations of the assets.RevenueDKKm 2022 (2021)DKK 132,277 millionThe UK 59,132 (41,323)Denmark 38,471 (19,839)Germany 14,653 (7,818)NL 9,943 (5,916)Taiwan 5,439 (831)The US 2,619 (1,296)Other 1,083 (420)Ireland 937 (230)Intangible assets, and property, plant, and equipmentDKKm 2022 (2021)DKK 181,694 millionThe US 68,352 (51,045)The UK 48,963 (63,331)Taiwan 24,476 (16,234)Germany 15,141 (11,544)Denmark 12,182 (9,707)Ireland 5,017 (4,930)NL 4,722 (4,904)Poland 1,479 (1,221)France 1,357 (0)Other 5 (23)Revenue, intangible assets as well as property, plant, and equipment are presented based on the locations of our customers and assets as well as the exchanges on which we trade. Accounting policiesOur operating segments are consistent with our internal reporting to our chief operating decision maker, the Group Executive Team.The operating segments are managed primarily on the basis of EBITDA and investments. Financial income, financial expenses, depreciation, amortisations, and tax are allocated to the operating segments, while we manage them at Group level. Segment income and segment expensesare those items that, in our internal management reporting, are directly attributable to individual segments or can be indirectly allocated to individual segments on a reliable basis.Other 2022 income statementBioenergyReportableactivities/DKKm Offshore Onshore& Othersegmentseliminations To ta External revenue 78,970 3,014 50,279 132,263 14 132,2771Intra-group revenue 8,151 - (4,036) 4,115 (4,115)-Revenue 87,121 3,014 46,243 136,378 (4,101) 132,277Cost of sales (66,398) (57) (34,748) (101,203) 4,040 (97,163)Employee costs and other external expenses (8,410) (1,831) (2,370) (12,611) 284 (12,327)Gain (loss) on disposal of non-current assets 10,864 43 (22) 10,885 - 10,885Additional other operating income and expenses (3,716) 2,472 (487) (1,731) 2 (1,729)Share of profit (loss) in associates and joint ventures 108 3 3 114 - 114EBITDA 19,569 3,644 8,619 31,832 225 32,057Depreciation and amortisation (7,006) (1,644) (859) (9,509) (245) (9,754)Impairment losses (2,529) - - (2,529) - (2,529)Operating profit (loss) (EBIT) 10,034 2,000 7,760 19,794 (20) 19,774Key ratiosIntangible assets, and property, plant, and equipment 114,130 57,320 8,868 180,318 1,376 181,694Equity investments and non-current receivables 605 100 124 829 167 996Net working capital, capital expenditures (5,050) (572) (43) (5,665) - (5,665)Net working capital, work in progress 1,430 41 - 1,471 - 1,471Net working capital, tax equity - (15,157) - (15,157) - (15,157)Net working capital, other items 9,093 85 873 10,051 1,877 11,928Derivatives, net (25,914) (7,604) 99 (33,419) 1,097 (32,322)Decommissioning obligations (10,233) (1,769) (2,074) (14,076) - (14,076)Other provisions (1,910) (39) (1,520) (3,469) (2,161) (5,630)Tax, net 5,598 (3,938) (1,119) 541 1,068 1,609Other receivables and other payables, net 2,192 (4) 3 2,191 (936) 1,255Capital employed at 31 December 89,941 28,463 5,211 123,615 2,488 126,103Return on capital employed (ROCE), % 16.8Cash flows from operating activities 5,272 2,509 2,622 10,403 1,521 11,924Gross investments (26,710) (10,396) (267) (37,373) (74) (37,447)Divestments 25,451 56 (4) 25,503 133 25,636Free cash flow (FCF) 4,013 (7,831) 2,351 (1,467) 1,580 113The column \u2018Other activities/eliminations\u2019 primarily covers the elimination of inter- segment transac-tions. It also includes income and costs, assets and liabilities, investment activity, taxes, etc., handled at Group level.1 Including the elimin ation of other activities, the total elimination of intra-group revenue amounts to DKK -7,296 million, which primarily relates to our Shared Functions services as well as our B2B business activities.Other 2021 income statementBioenergyReportableactivities/DKKm Offshore Onshore& Othersegmentseliminations To ta External revenue 42,350 1,018 34,263 77,631 42 77,6731Intra-group revenue 8,441 (23) (1,873) 6,545 (6,545)-Revenue 50,791 995 32,390 84,176 (6,503) 77,673Cost of sales (33,922) (26) (25,612) (59,560) 6,450 (53,110)Employee costs and other external expenses (7,171) (1,071) (2,039) (10,281) 232 (10,049)Gain (loss) on disposal of non-current assets 7,920 - - 7,920 - 7,920Additional other operating income and expenses 424 1,448 7 1,879 - 1,879Share of profit (loss) in associates and joint ventures (21) 3 1 (17) - (17)EBITDA 18,021 1,349 4,747 24,117 179 24,296Depreciation and amortisation (5,993) (903) (831) (7,727) (245) (7,972)Impairment losses (69) (60) - (129) - (129)Operating profit (loss) (EBIT) 11,959 386 3,916 16,261 (66) 16,195Key ratiosIntangible assets, and property, plant, and equipment 108,419 44,923 8,259 161,601 1,338 162,939Assets classified as held for sale, net - - 860 860 - 860Equity investments and non-current receivables 460 44 134 638 190 828Net working capital, capital expenditures (8,294) (581) (38) (8,913) - (8,913)Net working capital, work in progress 5,948 - - 5,948 - 5,948Net working capital, tax equity - (13,268) - (13,268) - (13,268)Net working capital, other items 9,680 (74) 1,031 10,637 183 10,820Derivatives, net (23,289) (2,692) (6,819) (32,800) (195) (32,995)Decommissioning obligations (6,155) (1,302) (1,394) (8,851) - (8,851)Other provisions (3,106) (11) (1,577) (4,694) (2,343) (7,037)Tax, net 6,157 (4,390) 1,492 3,259 585 3,844Other receivables and other payables, net (4,006) (15) 2 (4,019) (740) (4,759)Capital employed at 31 December 85,814 22,634 1,950 110,398 (982) 109,416Return on capital employed (ROCE), % 14.8Cash flows from operating activities (898) 4,467 7,593 11,162 986 12,148Gross investments (23,416) (15,525) (274) (39,215) (92) (39,307)Divestments 21,595 - (178) 21,417 102 21,519Free cash flow (FCF) (2,719) (11,058) 7,141 (6,636) 996 (5,640)The column \u2018Other activities/eliminations\u2019 primarily covers the elimination of inter- segment transac-tions. It also includes income and costs, assets and liabilities, investment activity, taxes, etc., handled at Group level.1 Including the elimin ation of other activities, the total elimination of intra-group revenue amounts to DKK -9,161 million, which primarily relates to our Shared Functions services as well as our B2B business activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__28": { "value": "OffshoreDKKmRevenue 87,121EBITDA 19,569Gross investments 26,710Number of employees 4,038Primary activitiesDevelopment, construction, ownership, and oper-ation of offshore wind farms in the UK, Germany, Denmark, Poland, the Netherlands, the US, and Taiwan as well as development of renewable hy-drogen and green fuels in Europe and e-methanol on the US Gulf Coast.OnshoreDKKmRevenue 3,014EBITDA 3,644Gross investments 10,396Number of employees 419Primary activitiesDevelopment, construction, ownership, and oper-ation of onshore wind and solar farms in the US and in Europe, including integrated storage. Bioenergy & Other DKKmRevenue 46,243EBITDA 8,619Gross investments 267Number of employees 988Primary activitiesGeneration of heat and power and delivery of ancillary services from CHP plants in Denmark, optimisation of our gas portfolio, and sale of green certificates, power, and gas in wholesale and B2B markets.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__29": { "value": "the UK, Germany, Denmark, Poland, the Netherlands, the US, and Taiwan", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__30": { "value": "Our operating segments are consistent with our internal reporting to our chief operating decision maker, the Group Executive Team.The operating segments are managed primarily on the basis of EBITDA and investments. Financial income, financial expenses, depreciation, amortisations, and tax are allocated to the operating segments, while we manage them at Group level. Segment income and segment expensesare those items that, in our internal management reporting, are directly attributable to individual segments or can be indirectly allocated to individual segments on a reliable basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__31": { "value": "2.2 RevenueOther Other RevenueBioenergyactivities/2022 Bioenergyactivities/2021DKKm Offshore Onshore& Othereliminations total Offshore Onshore& Othereliminations totalGeneration of power 15,149 2,121 12,701 - 29,971 8,544 933 6,376 - 15,853Sale of power 52,252 - 5,936 (4,099) 54,089 26,524 - 5,474 (6,541) 25,457Revenue from construction of offshore wind farms and transmission assets 11,640 - - - 11,640 6,044 - - - 6,044Generation and sale of heat and steam - - 3,002 - 3,002 - - 2,745 - 2,745Sale of gas - - 20,954 - 20,954 - - 16,270 - 16,270Distribution and transmission - - 277 (5) 272 - - 326 - 326O&M and other services 2,403 31 733 (45) 3,122 2,639 - 241 (37) 2,843Total revenue from customers 81,444 2,152 43,603 (4,149) 123,050 43,751 933 31,432 (6,578) 69,538Government grants 4,831 862 493 - 6,186 7,655 179 700 - 8,534Miscellaneous revenue 846 - 2,147 48 3,041 (615) (117) 258 75 (399)Total revenue 87,121 3,014 46,243 (4,101) 132,277 50,791 995 32,390 (6,503) 77,673Timing of revenue recognition from customersAt a point in time 66,693 2,152 26,564 (4,149) 91,260 35,441 933 14,090 (6,578) 43,886Over time 14,751 - 17,039 - 31,790 8,310 - 17,342 - 25,652Total revenue from customers 81,444 2,152 43,603 (4,149) 123,050 43,751 933 31,432 (6,578) 69,538Revenue from sale of goods and servicesRevenue from sale of goods 84,844 3,001 45,837 (4,044) 129,638 48,650 992 31,701 (6,475) 74,868Revenue from sale of services 2,277 13 406 (57) 2,639 2,141 3 689 (28) 2,805Total revenue 87,121 3,014 46,243 (4,101) 132,277 50,791 995 32,390 (6,503) 77,673The timing of transfer of goods or services to customers is categorised as follows:\u2018At a point in time\u2019 mainly comprises:\u2013 sale of gas or power in the market, e.g. North Pool, TTF, NBP\u2013 sale of transmission assets from offshore wind farms. \u2018Over time\u2019 mainly comprises:\u2013 construction agreements for offshore wind farms and transmission assets\u2013 long-term contracts with customers to deliver gas, heat, or power.Revenue for the year increased by 71 % to DKK 132,277 million in 2022. The increasewas primarily due to the significantly higher power and gas prices across allmarkets and more assets in operation. Revenue from construction agreements was DKK 11,640 million. The increase ofDKK 5,596 million was mainly relatedto the divestment of 50 % of the off-shore transmission assets at Hornsea 2in September and the construction of Greater Changhua 1 for partners.Income from government grants decreased significantly in 2022 due to power pricesbeing above subsidy prices, leading to alower subsidy per MWh produced.BacklogOrder backlog for the construction of windfarms and offshore transmission assets.Order backlogDKKm 2022 202131 December 5,989 5,989Within one year 43 % 100 %In more than one year 57 % 0 %The transaction price allocated to the remaining performance obligation.Accounting policiesRevenue is measured based on the consideration specified in a contract with a customer (transaction price) and excludes amounts collected on behalf of third parties, i.e. VAT. We recognise revenue when we transfer control over a product or service to a customer or a partner. If a part of the transaction price is variable, i.e. bonus payments, incentive payments for unmissed deadlines, etc., the variable consideration is recognised in revenue when it is highly probable that the revenue will not be reversed in subsequent periods.We adjust the transaction price for the time value of money if the payments exceed twelve months.Generation of powerGeneration of power is the sale of power produced at our own wind farms, solar farms, and power stations as well as the sale of ancillary services. We recognise revenue as the power is produced, since this is when delivery to the customers occurs. Fees for having CPH plants on standby and/or ready to increase or decrease the generation of power to balance the demand and supply in the system is con-sidered one performance obligation fulfilled over time.The consideration for the power is due when the actual power is delivered to the customer.Sale of powerRevenue from sale of power sourced from other producers. This includes the sale of power sourced from investor power purchase agreements, third-party balancing contracts, and other sales contracts. The sale is recognised when the power is delivered to our customer.Sales contracts for a fixed amount of power at a variable price, or where we are exclusive suppliers to the customer at a variable price, are considered one performance obligation with multiple deliveries to be satisfied over time. For such contracts and for long-term agreements on selling power at a fixed price, we recognise revenue in the amount up to which we have a right to invoice.The consideration for the power is due when the actual power is delivered to the customer.Revenue from construction of offshore wind farmsRevenue from construction of offshore wind farms includes development and construction. The construc-tion agreements cover the construction phase from de-sign to delivery of an operational asset. The agreement consists of two performance obligations:\u2013 Offshore wind farms. \u2013 Offshore transmission assets, if applicable. The construction agreements cover our partners\u2019 shares of the construction of the wind farm and off-shore transmission assets, if applicable. If our contracts include multiple performance obligations, the transac-tion price will be allocated to each performance obli-gation based on the stand-alone selling prices. Where these are not directly observable, they are estimated based on the expected cost-plus margin. We recognise revenue over time, using an input method to measure progress towards complete satisfaction of the performance obligation because the customer gains control of the offshore wind farm during the construction process. The input method reflects the ongoing transfer of control. The consideration for the construction of an offshore wind farm consists of a fixed fee and a relatively minor variable fee, depending on when the wind farm can be put into operation. The consideration for an offshore transmission asset is a fixed fee.After signing the construction agreement, we carry out an assessment determining when the wind farm is expected to be completed. We calculate the size of the variable payment on this basis. We only recognise the variable fee when it is highly probable that a subse-quent reversal will not take place. Our partner pays the fixed consideration based on a payment schedule. The payment schedule is deter-mined and based on the expected progress of the construction and transfer of control to the customer.Generation and sale of heat and steamHeat is sold under long-term heat contracts and recog-nised when the heat is delivered to our customer. The heat customer makes a prepayment to finance the majority of our CAPEX associated with the biomass conversion of the CHP plant. The prepay-ment is recognised as a contract liability, and it is also recognised as revenue in step with the transfer of heat to the customer. Payment for the sale of heat consists of fixed costs associated with operations and maintenance of a CHP plant, fuel costs for the generation of heat, and a finan-cial return. The consideration is due when delivered.Sale of gasSale of gas is our gas sourced from other producers, and it is recognised when the gas is transferred to our buyer. The transfer of control occurs either when the gas is injected into the distribution system or delivered to the customer. Sales contracts for a fixed amount of gas at a variable price, or where we are exclusive suppliers to the customer at a variable price, are considered one performance obligation with multiple deliveries to be satisfied over time. For such contracts, we recognise revenue in the amount up to which we have a right to invoice. Some long-term gas sales contracts include clauses which give the right to renegotiate the fixed sales prices. Expectations for the outcomes of renegoti-ations are not included in revenue before we know the outcome of the individual renegotiations.The consideration for the gas is due when the gas is injected into the distribution system or delivered to the customer.Distribution and transmissionFees for distribution and transmission of oil is recog-nised when the oil is delivered to the buyer, or when the capacity is made available. Revenue is calculated as the amount to which we are entitled when the service is delivered to the customer, and consideration is payable when invoiced.O&M and other servicesRevenue from providing services is recognised over time as our customer simultaneously receives and consumes the benefits provided. For fixed-priced contracts, revenue is recognised based on the actual service rendered at the end of the reporting period as a proportion of the total services to be rendered. This is determined based on the actual labour hours spent relative to the total labour hours expected.Fixed-price contracts are invoiced on a monthly basis, and consideration is payable when invoiced. Variable fee services are due after the services are rendered.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__32-1": { "value": "2.2 RevenueOther Other RevenueBioenergyactivities/2022 Bioenergyactivities/2021DKKm Offshore Onshore& Othereliminations total Offshore Onshore& Othereliminations totalGeneration of power 15,149 2,121 12,701 - 29,971 8,544 933 6,376 - 15,853Sale of power 52,252 - 5,936 (4,099) 54,089 26,524 - 5,474 (6,541) 25,457Revenue from construction of offshore wind farms and transmission assets 11,640 - - - 11,640 6,044 - - - 6,044Generation and sale of heat and steam - - 3,002 - 3,002 - - 2,745 - 2,745Sale of gas - - 20,954 - 20,954 - - 16,270 - 16,270Distribution and transmission - - 277 (5) 272 - - 326 - 326O&M and other services 2,403 31 733 (45) 3,122 2,639 - 241 (37) 2,843Total revenue from customers 81,444 2,152 43,603 (4,149) 123,050 43,751 933 31,432 (6,578) 69,538Government grants 4,831 862 493 - 6,186 7,655 179 700 - 8,534Miscellaneous revenue 846 - 2,147 48 3,041 (615) (117) 258 75 (399)Total revenue 87,121 3,014 46,243 (4,101) 132,277 50,791 995 32,390 (6,503) 77,673Timing of revenue recognition from customersAt a point in time 66,693 2,152 26,564 (4,149) 91,260 35,441 933 14,090 (6,578) 43,886Over time 14,751 - 17,039 - 31,790 8,310 - 17,342 - 25,652Total revenue from customers 81,444 2,152 43,603 (4,149) 123,050 43,751 933 31,432 (6,578) 69,538Revenue from sale of goods and servicesRevenue from sale of goods 84,844 3,001 45,837 (4,044) 129,638 48,650 992 31,701 (6,475) 74,868Revenue from sale of services 2,277 13 406 (57) 2,639 2,141 3 689 (28) 2,805Total revenue 87,121 3,014 46,243 (4,101) 132,277 50,791 995 32,390 (6,503) 77,673The timing of transfer of goods or services to customers is categorised as follows:\u2018At a point in time\u2019 mainly comprises:\u2013 sale of gas or power in the market, e.g. North Pool, TTF, NBP\u2013 sale of transmission assets from offshore wind farms. \u2018Over time\u2019 mainly comprises:\u2013 construction agreements for offshore wind farms and transmission assets\u2013 long-term contracts with customers to deliver gas, heat, or power.Revenue for the year increased by 71 % to DKK 132,277 million in 2022. The increasewas primarily due to the significantly higher power and gas prices across allmarkets and more assets in operation. Revenue from construction agreements was DKK 11,640 million. The increase ofDKK 5,596 million was mainly relatedto the divestment of 50 % of the off-shore transmission assets at Hornsea 2in September and the construction of Greater Changhua 1 for partners.Income from government grants decreased significantly in 2022 due to power pricesbeing above subsidy prices, leading to alower subsidy per MWh produced.BacklogOrder backlog for the construction of windfarms and offshore transmission assets.Order backlogDKKm 2022 202131 December 5,989 5,989Within one year 43 % 100 %In more than one year 57 % 0 %The transaction price allocated to the remaining performance obligation.Accounting policiesRevenue is measured based on the consideration specified in a contract with a customer (transaction price) and excludes amounts collected on behalf of third parties, i.e. VAT. We recognise revenue when we transfer control over a product or service to a customer or a partner. If a part of the transaction price is variable, i.e. bonus payments, incentive payments for unmissed deadlines, etc., the variable consideration is recognised in revenue when it is highly probable that the revenue will not be reversed in subsequent periods.We adjust the transaction price for the time value of money if the payments exceed twelve months.Generation of powerGeneration of power is the sale of power produced at our own wind farms, solar farms, and power stations as well as the sale of ancillary services. We recognise revenue as the power is produced, since this is when delivery to the customers occurs. Fees for having CPH plants on standby and/or ready to increase or decrease the generation of power to balance the demand and supply in the system is con-sidered one performance obligation fulfilled over time.The consideration for the power is due when the actual power is delivered to the customer.Sale of powerRevenue from sale of power sourced from other producers. This includes the sale of power sourced from investor power purchase agreements, third-party balancing contracts, and other sales contracts. The sale is recognised when the power is delivered to our customer.Sales contracts for a fixed amount of power at a variable price, or where we are exclusive suppliers to the customer at a variable price, are considered one performance obligation with multiple deliveries to be satisfied over time. For such contracts and for long-term agreements on selling power at a fixed price, we recognise revenue in the amount up to which we have a right to invoice.The consideration for the power is due when the actual power is delivered to the customer.Revenue from construction of offshore wind farmsRevenue from construction of offshore wind farms includes development and construction. The construc-tion agreements cover the construction phase from de-sign to delivery of an operational asset. The agreement consists of two performance obligations:\u2013 Offshore wind farms. \u2013 Offshore transmission assets, if applicable. The construction agreements cover our partners\u2019 shares of the construction of the wind farm and off-shore transmission assets, if applicable. If our contracts include multiple performance obligations, the transac-tion price will be allocated to each performance obli-gation based on the stand-alone selling prices. Where these are not directly observable, they are estimated based on the expected cost-plus margin. We recognise revenue over time, using an input method to measure progress towards complete satisfaction of the performance obligation because the customer gains control of the offshore wind farm during the construction process. The input method reflects the ongoing transfer of control. The consideration for the construction of an offshore wind farm consists of a fixed fee and a relatively minor variable fee, depending on when the wind farm can be put into operation. The consideration for an offshore transmission asset is a fixed fee.After signing the construction agreement, we carry out an assessment determining when the wind farm is expected to be completed. We calculate the size of the variable payment on this basis. We only recognise the variable fee when it is highly probable that a subse-quent reversal will not take place. Our partner pays the fixed consideration based on a payment schedule. The payment schedule is deter-mined and based on the expected progress of the construction and transfer of control to the customer.Generation and sale of heat and steamHeat is sold under long-term heat contracts and recog-nised when the heat is delivered to our customer. The heat customer makes a prepayment to finance the majority of our CAPEX associated with the biomass conversion of the CHP plant. The prepay-ment is recognised as a contract liability, and it is also recognised as revenue in step with the transfer of heat to the customer. Payment for the sale of heat consists of fixed costs associated with operations and maintenance of a CHP plant, fuel costs for the generation of heat, and a finan-cial return. The consideration is due when delivered.Sale of gasSale of gas is our gas sourced from other producers, and it is recognised when the gas is transferred to our buyer. The transfer of control occurs either when the gas is injected into the distribution system or delivered to the customer. Sales contracts for a fixed amount of gas at a variable price, or where we are exclusive suppliers to the customer at a variable price, are considered one performance obligation with multiple deliveries to be satisfied over time. For such contracts, we recognise revenue in the amount up to which we have a right to invoice. Some long-term gas sales contracts include clauses which give the right to renegotiate the fixed sales prices. Expectations for the outcomes of renegoti-ations are not included in revenue before we know the outcome of the individual renegotiations.The consideration for the gas is due when the gas is injected into the distribution system or delivered to the customer.Distribution and transmissionFees for distribution and transmission of oil is recog-nised when the oil is delivered to the buyer, or when the capacity is made available. Revenue is calculated as the amount to which we are entitled when the service is delivered to the customer, and consideration is payable when invoiced.O&M and other servicesRevenue from providing services is recognised over time as our customer simultaneously receives and consumes the benefits provided. For fixed-priced contracts, revenue is recognised based on the actual service rendered at the end of the reporting period as a proportion of the total services to be rendered. This is determined based on the actual labour hours spent relative to the total labour hours expected.Fixed-price contracts are invoiced on a monthly basis, and consideration is payable when invoiced. Variable fee services are due after the services are rendered.3.5 Contract assets and liabilitiesRevenue from contracts with customers DKKm 2022 2021Revenue recognised included in contract liabilities at the beginning of the year 21 324Revenue recognised from perfomance obligations satisfied in previous years (471) -Contract balancesDKKmContract assetsCurrent contract assets 408 2Total contract assets 408 2Contract liabilitiesNon-current contract liabilities 3,085 3,230Current contract liabilities 2,269 2,440Total contract liabilities 5,354 5,670The table shows the amount of our revenue relating to contract liabilities carried forward (as prepayments and deferred revenue) and the amount relating to performance obligations satisfied in a prior year (e.g. re- negotiations or constraints on variable considerations that are not recognised until they are highly probable).Contract assets and contract liabilities are primarily related to: \u2013 the construction of offshore wind farms with partners, with each party typically owning 50 % of the offshore wind farm \u2013 prepayments from heat customers.Non-current contract liabilities primarily relate to prepayments from heat customers.At the end of 2022, current contract liabil-ities related to the construction of BorkumRiffgrund 3. At the end of 2021, current con-tract liabilities related to the construction ofGreater Changhua 1.Contract assets primarily related to theconstruction of Greater Changhua 1 at theend of 2022. Accounting policiesWe recognise a contract asset when we perform a service or transfer goods in advance of receiving consideration, and the consideration is conditional. When the consideration is unconditional, andthe goods or services are delivered, we recognise a receivable. A right to consideration is unconditional if only the passage of time is required before the payment is due.Contract assets are measured at the transaction price of the goods delivered or services performed less invoicing on account.We recognise a contract liability when the invoicing on account and expected losses exceed the transaction price of the goods or services transferred to our customer.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__33-1": { "value": "Revenue is measured based on the consideration specified in a contract with a customer (transaction price) and excludes amounts collected on behalf of third parties, i.e. VAT. We recognise revenue when we transfer control over a product or service to a customer or a partner. If a part of the transaction price is variable, i.e. bonus payments, incentive payments for unmissed deadlines, etc., the variable consideration is recognised in revenue when it is highly probable that the revenue will not be reversed in subsequent periods.We adjust the transaction price for the time value of money if the payments exceed twelve months.Generation of powerGeneration of power is the sale of power produced at our own wind farms, solar farms, and power stations as well as the sale of ancillary services. We recognise revenue as the power is produced, since this is when delivery to the customers occurs. Fees for having CPH plants on standby and/or ready to increase or decrease the generation of power to balance the demand and supply in the system is con-sidered one performance obligation fulfilled over time.The consideration for the power is due when the actual power is delivered to the customer.Sale of powerRevenue from sale of power sourced from other producers. This includes the sale of power sourced from investor power purchase agreements, third-party balancing contracts, and other sales contracts. The sale is recognised when the power is delivered to our customer.Sales contracts for a fixed amount of power at a variable price, or where we are exclusive suppliers to the customer at a variable price, are considered one performance obligation with multiple deliveries to be satisfied over time. For such contracts and for long-term agreements on selling power at a fixed price, we recognise revenue in the amount up to which we have a right to invoice.The consideration for the power is due when the actual power is delivered to the customer.Revenue from construction of offshore wind farmsRevenue from construction of offshore wind farms includes development and construction. The construc-tion agreements cover the construction phase from de-sign to delivery of an operational asset. The agreement consists of two performance obligations:\u2013 Offshore wind farms. \u2013 Offshore transmission assets, if applicable. The construction agreements cover our partners\u2019 shares of the construction of the wind farm and off-shore transmission assets, if applicable. If our contracts include multiple performance obligations, the transac-tion price will be allocated to each performance obli-gation based on the stand-alone selling prices. Where these are not directly observable, they are estimated based on the expected cost-plus margin. We recognise revenue over time, using an input method to measure progress towards complete satisfaction of the performance obligation because the customer gains control of the offshore wind farm during the construction process. The input method reflects the ongoing transfer of control. The consideration for the construction of an offshore wind farm consists of a fixed fee and a relatively minor variable fee, depending on when the wind farm can be put into operation. The consideration for an offshore transmission asset is a fixed fee.After signing the construction agreement, we carry out an assessment determining when the wind farm is expected to be completed. We calculate the size of the variable payment on this basis. We only recognise the variable fee when it is highly probable that a subse-quent reversal will not take place. Our partner pays the fixed consideration based on a payment schedule. The payment schedule is deter-mined and based on the expected progress of the construction and transfer of control to the customer.Generation and sale of heat and steamHeat is sold under long-term heat contracts and recog-nised when the heat is delivered to our customer. The heat customer makes a prepayment to finance the majority of our CAPEX associated with the biomass conversion of the CHP plant. The prepay-ment is recognised as a contract liability, and it is also recognised as revenue in step with the transfer of heat to the customer. Payment for the sale of heat consists of fixed costs associated with operations and maintenance of a CHP plant, fuel costs for the generation of heat, and a finan-cial return. The consideration is due when delivered.Sale of gasSale of gas is our gas sourced from other producers, and it is recognised when the gas is transferred to our buyer. The transfer of control occurs either when the gas is injected into the distribution system or delivered to the customer. Sales contracts for a fixed amount of gas at a variable price, or where we are exclusive suppliers to the customer at a variable price, are considered one performance obligation with multiple deliveries to be satisfied over time. For such contracts, we recognise revenue in the amount up to which we have a right to invoice. Some long-term gas sales contracts include clauses which give the right to renegotiate the fixed sales prices. Expectations for the outcomes of renegoti-ations are not included in revenue before we know the outcome of the individual renegotiations.The consideration for the gas is due when the gas is injected into the distribution system or delivered to the customer.Distribution and transmissionFees for distribution and transmission of oil is recog-nised when the oil is delivered to the buyer, or when the capacity is made available. Revenue is calculated as the amount to which we are entitled when the service is delivered to the customer, and consideration is payable when invoiced.O&M and other servicesRevenue from providing services is recognised over time as our customer simultaneously receives and consumes the benefits provided. For fixed-priced contracts, revenue is recognised based on the actual service rendered at the end of the reporting period as a proportion of the total services to be rendered. This is determined based on the actual labour hours spent relative to the total labour hours expected.Fixed-price contracts are invoiced on a monthly basis, and consideration is payable when invoiced. Variable fee services are due after the services are rendered.We recognise a contract asset when we perform a service or transfer goods in advance of receiving consideration, and the consideration is conditional. When the consideration is unconditional, andthe goods or services are delivered, we recognise a receivable. A right to consideration is unconditional if only the passage of time is required before the payment is due.Contract assets are measured at the transaction price of the goods delivered or services performed less invoicing on account.We recognise a contract liability when the invoicing on account and expected losses exceed the transaction price of the goods or services transferred to our customer.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__34": { "value": "2.3 Cost of salesOther OtherCost of salesBioenergyactivities/2022 Bioenergyactivities/2021DKKm Offshore Onshore& Othereliminations total Offshore Onshore& Othereliminations totalGas - - 19,676 - 19,676 - - 13,944 - 13,944Power including certificates 54,762 - 6,172 (4,014) 56,920 26,042 - 4,720 (6,450) 24,312Biomass - - 3,323 - 3,323 - - 3,272 - 3,272Coal - - 2,955 - 2,955 - - 1,060 - 1,060Distribution and transmission costs 2,066 27 1,507 (50) 3,550 1,627 13 2,062 (44) 3,658Costs for construction of offshore wind farms and transmission assets 9,570 - - - 9,570 6,175 - - - 6,175Other cost of sales - 30 1,115 24 1,169 78 13 554 44 689To ta l 66,398 57 34,748 (4,040) 97,163 33,922 26 25,612 (6,450) 53,110Cost of sales increased by 83 % to DKK 97,163 million in 2022. The increase was primarily due to the significantly highergas and power prices across all markets,the divestment of 50 % of the offshore trans mission asset at Hornsea 2, and the construction of Greater Changhua 1 for partners in 2022. The increase in 2022 was partly offset by a reduction in gas volumessold and the divestment of the offshoretransmission asset at Hornsea 1 in 2021.Accounting policies\u00d8rsted constructs offshore transmission assets in the UK which are required to be divested to third parties due to EU unbundling regulations. The construction costs are presented as inventories and transferred to cost of sales when the asset is divested to either a farm-down partner or to the buyer appointed by OFGEM.", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__35": { "value": "2.4 Government grants Government grants DKKm 2022 2021Government grants recognised in profit (loss) for the year under revenue 6,186 8,534Government grants recognised in profit (loss) for the year under other operating income 28 23Government grants recognised in the balance sheet (28) (23)Government grants recognised for the year 6,186 8,534The transmission system operator in Denmark administers subsidies for environ-mentally sustainable power generation, including biomass and offshore wind farms. We treat the subsidies as a government grant, as it is paid by the Danish state.In the UK, we receive subsidies under two schemes: contracts for difference (CfD) and the Renewable Obligation scheme (renew able obligation certificate (ROC) regime). The Burbo Bank Extension, Walney Extension, Hornsea 1, and Hornsea 2 off-shore wind farms are under the CfD regime,while our other UK offshore wind farms as well as our Renescience plant are under theROC regime. We treat the payments fromthe schemes as government grants.Feed-in tariffs from our Irish, Dutch, andGerman wind farms are also recognised as government grants. Income from government grants decreased significantly in 2022 due to power prices being above subsidy prices, leading to alower subsidy per MWh produced. Accounting policiesGovernment grants comprise grants for environmentally sustainable power genera-tion, grants for the funding of development projects, investment grants, etc. Government grants are recognised when there is reasonable assurance that the grants will be received. As grants for power generation are intended as a compensation for the price of power, we system atically recognise the grants under revenue in step with the power generation and thus the related revenue.", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__37": { "value": "2.5 Research and development expendituresExpensed research and development expenditures 2022BioenergyDKKm Offshore Onshore& Other To ta Research 122 - - 122Development 1,736 266 10 2,012To ta l 1,858 266 10 2,134Expensed research and development expenditures 2021DKKmResearch 82 - - 82Development 1,924 141 15 2,080To ta l 2,006 141 15 2,162 Accounting policiesResearch costs are costs incurred to find new or improve existing technologies (e.g. improving offshore foundations, optimising blade stability and performance for wind farms, developing new ways of converting renewable electrons to renewable molecules and synthetic fuels).Research costs are recognised in the income statement as incurred.Development costs primarly comprise salaries as well as internal and external costs which can be directly or indirectly attributed to design and de-velopment of offshore and onshore wind farms, the Renescience Northwich plant, P2X produc-tion facilities, and energy storage facilities.Development costs are expensed until the capitalisation criteria are met. Development costs incurred after that are capitalised as \u2018Assets under construction\u2019.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__36": { "value": "Government grants comprise grants for environmentally sustainable power genera-tion, grants for the funding of development projects, investment grants, etc. Government grants are recognised when there is reasonable assurance that the grants will be received. As grants for power generation are intended as a compensation for the price of power, we system atically recognise the grants under revenue in step with the power generation and thus the related revenue.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__38": { "value": "Research costs are costs incurred to find new or improve existing technologies (e.g. improving offshore foundations, optimising blade stability and performance for wind farms, developing new ways of converting renewable electrons to renewable molecules and synthetic fuels).Research costs are recognised in the income statement as incurred.Development costs primarly comprise salaries as well as internal and external costs which can be directly or indirectly attributed to design and de-velopment of offshore and onshore wind farms, the Renescience Northwich plant, P2X produc-tion facilities, and energy storage facilities.Development costs are expensed until the capitalisation criteria are met. Development costs incurred after that are capitalised as \u2018Assets under construction\u2019.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__39": { "value": "2.6 Other operating income and expensesOperating incomeDKKm 2022 2021Gain on divestment of assets 11,018 8,146US tax credits and tax attributes 2,556 1,382Other compensation 175 429Miscellaneous operating income 370 228Total other operating income 14,119 10,185Other operating expensesDKKm1Ineffective hedges, etc.4,591 -Loss on divestment of assets 133 226Miscellaneous operating expenses 239 160Total other operating expenses 4,963 3861 In 2021, ineffective hedges, etc., was DKK 1,074 million, presented as revenue. Other operating incomeIn 2022, other operating income was DKK 14,119 million, which was DKK 3,934 million higher than in 2021. The increase was mainly driven by gain on divestments of assets, primarily the 50 % farm-downs of Hornsea 2 and Borkum Riffgrund 3. In 2021, gain on divestment of assets was related to the 50 % farm-downs of Borssele 1 & 2 and Greater Changhua 1. The increase in \u2018US tax credits and tax attributes\u2019 was mainly due to commis-sioning of new onshore wind farms in 2021, which have had full impact in 2022, and commissioning of new onshore wind and solar farms in 2022. Other operating expenses\u2018Ineffective hedges\u2019 included volume-ineffec tive hedges as a consequence of lower- than-expected offshore generation, resulting in us having hedged too large volumes. Furthermore, it included otherhedges, which we cannot document asbeing \u2018effective\u2019 from a hedge accounting perspective and therefore have recognised in the income statement.\u2018Loss on divestment of assets\u2019 was primarily related to M&A transaction costs.Accounting policiesGains from farm-downs of ownership interests in wind farms are recognised on the divestment date as other operating income.. Gains for future construction of the partner\u2019s share of the wind farm are recognised over time in the income statement in step with the construction. See notes 2.2 \u2018Revenue\u2019 and 3.5 \u2018Contract assets and liabilities\u2019. The accounting policies for \u2018US tax credits and tax attributes\u2019 income are described in note 3.8 \u2018Tax equity liabilities\u2019.Losses from our market trading activities are presented as other operating expenses under 'Ineffecive hedges, etc.'Divestment of ownership interests in our offshore wind farmsWhen we divest an ownership interest in an off-shore wind farm to a partner, we typically also enter into agreements on the future operation and construction of the offshore wind farm. Contracts in connection with a divestment are typically agreements on:\u2013 the sale of shares (divestment of assets) (SPA)\u2013 the future construction of the offshore wind farm (construction agreements or construc-tion management agreements, if not in operation)\u2013 the future operation of the offshore wind farm (O&M agreements). Key accounting estimateVariable selling price related to divestments of offshore wind farms and offshore transmission assetsWhen we divest an ownership interest in an off-shore wind farm and an offshore transmission asset to a partner, we consider all terms and activities in the contracts in order to determine the transaction price. If the consideration includes a variable amount, we estimate the consideration to which we are entitled in exchange for transferring the asset, the wind farm, and the transmission asset to our partner.The variable considerations are estimated at contract inception based on future outcome of events, e.g.: \u2013 the divestment price of offshore transmission asset through a competitive tender process\u2013 the impact on production from future wind farms\u2013 the winning bid of the tender revenue stream through a competitive tender process.We consider \u2018the most likely amount\u2019 to provide the most appropriate estimate of the expected variable consideration. Key accounting judgementClassification of divestmentWhen we divest ownership interests in an offshore wind farm, we carry out an individual assessment, determining whether the divest-ment qualifies as a divestment of an enterprise or a divestment of assets. We have typically assessed that the offshore wind farms do not constitute an enterprise, as no employees are transferred, and processes are transferred to a limited extent only.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__40-1": { "value": "Operating incomeDKKm 2022 2021Gain on divestment of assets 11,018 8,146US tax credits and tax attributes 2,556 1,382Other compensation 175 429Miscellaneous operating income 370 228Total other operating income 14,119 10,185Other operating incomeIn 2022, other operating income was DKK 14,119 million, which was DKK 3,934 million higher than in 2021. The increase was mainly driven by gain on divestments of assets, primarily the 50 % farm-downs of Hornsea 2 and Borkum Riffgrund 3. In 2021, gain on divestment of assets was related to the 50 % farm-downs of Borssele 1 & 2 and Greater Changhua 1. The increase in \u2018US tax credits and tax attributes\u2019 was mainly due to commis-sioning of new onshore wind farms in 2021, which have had full impact in 2022, and commissioning of new onshore wind and solar farms in 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__42-1": { "value": "Other operating expensesDKKm1Ineffective hedges, etc.4,591 -Loss on divestment of assets 133 226Miscellaneous operating expenses 239 160Total other operating expenses 4,963 3861 In 2021, ineffective hedges, etc., was DKK 1,074 million, presented as revenue.Other operating expenses\u2018Ineffective hedges\u2019 included volume-ineffec tive hedges as a consequence of lower- than-expected offshore generation, resulting in us having hedged too large volumes. Furthermore, it included otherhedges, which we cannot document asbeing \u2018effective\u2019 from a hedge accounting perspective and therefore have recognised in the income statement.\u2018Loss on divestment of assets\u2019 was primarily related to M&A transaction costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__44": { "value": "2.7 Employee costsEmployee costsDKKm 2022 2021Wages, salaries, and remuneration 5,510 4,603Share-based payment 32 26Pensions 430 357Other social security costs 233 191Other employee costs 92 108Employee costs before transfer to assets 6,297 5,285Transfer to assets (1,019) (996)Total employee costs 5,278 4,289Salaries and remuneration for the Group Other members of the 2Group Executive Team1dExecutive Team and the Board of Directors Executive BoarBoard of Directors To ta DKK 000 2022 2021 2022 2021 2022 2021 2022 2021Fixed salary 30,632 31,250 20,337 15,362 6,807 6,306 57,776 52,918Short-term cash-based incentive scheme 6,454 6,996 4,402 4,927 - - 10,856 11,923Share-based payment 3,989 2,497 2,338 262 - - 6,327 2,759Pension, incl. social security and benefits 860 709 4,521 4,129 - - 5,381 4,838Short-term retention-dependent purchase price related to the acquisition of Lincoln Clean Energy - - - 2,352 - - - 2,3523Salary in notice period 14,553- 693 4,907 - - 15,246 4,907Severance payment 9,270 - 4,793 - - - 14,063 -Total 65,758 41,452 37,084 31,939 6,807 6,306 109,649 79,6971 The Executive Board consists of: Mads Nipper, Marianne Wiinholt (left on 8 April 2022), Daniel Lerup (joined on 8 April 2022), Henriette Fenger Ellekrog (joined on 1 November 2022), and Martin Neubert (left on 31 October 2022).2 Other members of the Group Executive Team in 2022 are: Oliva Breese (joined on 1 November 2022), Rasmus Errboe (joined on 1 November 2022), Anders Zo\u00ebga Hansen (joined on 1 November 2022), David Hardy (joined on 1 November 2022), Richard Hunter and Per Mejnert Kristensen (joined on 1 November 2022), Neil O\u2019Donovan and Ingrid Reumert (joined on 1 November 2022), and Henriette Fenger Ellekrog (until 31 October 2022 when she joined the Executive Board).3 Including DKK 3,147 thousand related to share-based payments as, in accord-ance with the programme terms, Martin Neubert keeps his rights to the 2020, 2021, and 2022 grants.Pension plans and number of employees Pension plans are defined-contribution plans that do not commit \u00d8rsted beyondthe amounts contributed. In 2022, our average number of employeeswas 7,428 (2021: 6,508).Remuneration of the Group Executive TeamThe remuneration of the Group Executive Team is based on a fixed salary, including personal benefits, such as a company car, free telephone, etc., a variable salary, andshare-based payment. The non-executive members of the Group Executive Teamalso receive a pension.The members of the Board of Directors arepaid fixed remuneration only for their workin \u00d8rsted. In addition, \u00d8rsted reimbursesany travel expenses.For more details on the remuneration of the Executive Board, please referto the remuneration report (orsted.com/remuneration2022).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__45": { "value": "2.7 Employee costsEmployee costsDKKm 2022 2021Wages, salaries, and remuneration 5,510 4,603Share-based payment 32 26Pensions 430 357Other social security costs 233 191Other employee costs 92 108Employee costs before transfer to assets 6,297 5,285Transfer to assets (1,019) (996)Total employee costs 5,278 4,289Salaries and remuneration for the Group Other members of the 2Group Executive Team1dExecutive Team and the Board of Directors Executive BoarBoard of Directors To ta DKK 000 2022 2021 2022 2021 2022 2021 2022 2021Fixed salary 30,632 31,250 20,337 15,362 6,807 6,306 57,776 52,918Short-term cash-based incentive scheme 6,454 6,996 4,402 4,927 - - 10,856 11,923Share-based payment 3,989 2,497 2,338 262 - - 6,327 2,759Pension, incl. social security and benefits 860 709 4,521 4,129 - - 5,381 4,838Short-term retention-dependent purchase price related to the acquisition of Lincoln Clean Energy - - - 2,352 - - - 2,3523Salary in notice period 14,553- 693 4,907 - - 15,246 4,907Severance payment 9,270 - 4,793 - - - 14,063 -Total 65,758 41,452 37,084 31,939 6,807 6,306 109,649 79,6971 The Executive Board consists of: Mads Nipper, Marianne Wiinholt (left on 8 April 2022), Daniel Lerup (joined on 8 April 2022), Henriette Fenger Ellekrog (joined on 1 November 2022), and Martin Neubert (left on 31 October 2022).2 Other members of the Group Executive Team in 2022 are: Oliva Breese (joined on 1 November 2022), Rasmus Errboe (joined on 1 November 2022), Anders Zo\u00ebga Hansen (joined on 1 November 2022), David Hardy (joined on 1 November 2022), Richard Hunter and Per Mejnert Kristensen (joined on 1 November 2022), Neil O\u2019Donovan and Ingrid Reumert (joined on 1 November 2022), and Henriette Fenger Ellekrog (until 31 October 2022 when she joined the Executive Board).3 Including DKK 3,147 thousand related to share-based payments as, in accord-ance with the programme terms, Martin Neubert keeps his rights to the 2020, 2021, and 2022 grants.Pension plans and number of employees Pension plans are defined-contribution plans that do not commit \u00d8rsted beyondthe amounts contributed. In 2022, our average number of employeeswas 7,428 (2021: 6,508).Remuneration of the Group Executive TeamThe remuneration of the Group Executive Team is based on a fixed salary, including personal benefits, such as a company car, free telephone, etc., a variable salary, andshare-based payment. The non-executive members of the Group Executive Teamalso receive a pension.The members of the Board of Directors arepaid fixed remuneration only for their workin \u00d8rsted. In addition, \u00d8rsted reimbursesany travel expenses.For more details on the remuneration of the Executive Board, please referto the remuneration report (orsted.com/remuneration2022).", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__46-1": { "value": "2.7 Employee costsEmployee costsDKKm 2022 2021Wages, salaries, and remuneration 5,510 4,603Share-based payment 32 26Pensions 430 357Other social security costs 233 191Other employee costs 92 108Employee costs before transfer to assets 6,297 5,285Transfer to assets (1,019) (996)Total employee costs 5,278 4,289Salaries and remuneration for the Group Other members of the 2Group Executive Team1dExecutive Team and the Board of Directors Executive BoarBoard of Directors To ta DKK 000 2022 2021 2022 2021 2022 2021 2022 2021Fixed salary 30,632 31,250 20,337 15,362 6,807 6,306 57,776 52,918Short-term cash-based incentive scheme 6,454 6,996 4,402 4,927 - - 10,856 11,923Share-based payment 3,989 2,497 2,338 262 - - 6,327 2,759Pension, incl. social security and benefits 860 709 4,521 4,129 - - 5,381 4,838Short-term retention-dependent purchase price related to the acquisition of Lincoln Clean Energy - - - 2,352 - - - 2,3523Salary in notice period 14,553- 693 4,907 - - 15,246 4,907Severance payment 9,270 - 4,793 - - - 14,063 -Total 65,758 41,452 37,084 31,939 6,807 6,306 109,649 79,6971 The Executive Board consists of: Mads Nipper, Marianne Wiinholt (left on 8 April 2022), Daniel Lerup (joined on 8 April 2022), Henriette Fenger Ellekrog (joined on 1 November 2022), and Martin Neubert (left on 31 October 2022).2 Other members of the Group Executive Team in 2022 are: Oliva Breese (joined on 1 November 2022), Rasmus Errboe (joined on 1 November 2022), Anders Zo\u00ebga Hansen (joined on 1 November 2022), David Hardy (joined on 1 November 2022), Richard Hunter and Per Mejnert Kristensen (joined on 1 November 2022), Neil O\u2019Donovan and Ingrid Reumert (joined on 1 November 2022), and Henriette Fenger Ellekrog (until 31 October 2022 when she joined the Executive Board).3 Including DKK 3,147 thousand related to share-based payments as, in accord-ance with the programme terms, Martin Neubert keeps his rights to the 2020, 2021, and 2022 grants.Pension plans and number of employees Pension plans are defined-contribution plans that do not commit \u00d8rsted beyondthe amounts contributed. In 2022, our average number of employeeswas 7,428 (2021: 6,508).Remuneration of the Group Executive TeamThe remuneration of the Group Executive Team is based on a fixed salary, including personal benefits, such as a company car, free telephone, etc., a variable salary, andshare-based payment. The non-executive members of the Group Executive Teamalso receive a pension.The members of the Board of Directors arepaid fixed remuneration only for their workin \u00d8rsted. In addition, \u00d8rsted reimbursesany travel expenses.For more details on the remuneration of the Executive Board, please referto the remuneration report (orsted.com/remuneration2022).7.1 Related-party transactionsRelated parties that have control over the Groupcomprise the Danish state, represented by the Danish Ministry of Finance.Other related parties are the Group\u2019s associates and joint ventures, members of the Board of Directors and the Executive Board, and other senior executives. See note 7.4 \u2018Company overview\u2019 for an overview of our joint ventures and associates.Related-party transactions are made on arm\u2019s lengthterms. Intra-group transactions have been eliminatedin the consolidated financial statements. The remuneration and share programmes for the Group Executive Team and the Board of Directors aredescribed in notes 2.7 \u2018 Employee costs\u2019 and 2.8 \u2018Share-based payment\u2019.Through a directly owned company, Peter Korsholm,board member, has had ordin ary transactions with Danish Oil Pipe A/S, a wholly-owned subsidiary in the\u00d8rsted Group.We use the exemption set out in IAS 24.25 concerningentities in which the Danish state is a related party,and therefore transactions with government-related companies are not disclosed.There were no other related-party trans actions during the period.Joint venturesDKKm 2022 2021Dividends received 70 59Capital transactions, net (92) (43)Receivables - 20Payables - -AssociatesDKKmCapital transactions, net (37) (22)Sale of goods and services 14 6Purchase of goods and services (180) (136)Receivables - 1Payables (44) (17)Board of DirectorsDKKmPurchase of goods and services - (8)", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__48-1": { "value": "Salaries and remuneration for the Group Other members of the 2Group Executive Team1dExecutive Team and the Board of Directors Executive BoarBoard of Directors To ta DKK 000 2022 2021 2022 2021 2022 2021 2022 2021Fixed salary 30,632 31,250 20,337 15,362 6,807 6,306 57,776 52,918Short-term cash-based incentive scheme 6,454 6,996 4,402 4,927 - - 10,856 11,923Share-based payment 3,989 2,497 2,338 262 - - 6,327 2,759Pension, incl. social security and benefits 860 709 4,521 4,129 - - 5,381 4,838Short-term retention-dependent purchase price related to the acquisition of Lincoln Clean Energy - - - 2,352 - - - 2,3523Salary in notice period 14,553- 693 4,907 - - 15,246 4,907Severance payment 9,270 - 4,793 - - - 14,063 -Total 65,758 41,452 37,084 31,939 6,807 6,306 109,649 79,6971 The Executive Board consists of: Mads Nipper, Marianne Wiinholt (left on 8 April 2022), Daniel Lerup (joined on 8 April 2022), Henriette Fenger Ellekrog (joined on 1 November 2022), and Martin Neubert (left on 31 October 2022).2 Other members of the Group Executive Team in 2022 are: Oliva Breese (joined on 1 November 2022), Rasmus Errboe (joined on 1 November 2022), Anders Zo\u00ebga Hansen (joined on 1 November 2022), David Hardy (joined on 1 November 2022), Richard Hunter and Per Mejnert Kristensen (joined on 1 November 2022), Neil O\u2019Donovan and Ingrid Reumert (joined on 1 November 2022), and Henriette Fenger Ellekrog (until 31 October 2022 when she joined the Executive Board).3 Including DKK 3,147 thousand related to share-based payments as, in accord-ance with the programme terms, Martin Neubert keeps his rights to the 2020, 2021, and 2022 grants.Remuneration of the Group Executive TeamThe remuneration of the Group Executive Team is based on a fixed salary, including personal benefits, such as a company car, free telephone, etc., a variable salary, andshare-based payment. The non-executive members of the Group Executive Teamalso receive a pension.The members of the Board of Directors arepaid fixed remuneration only for their workin \u00d8rsted. In addition, \u00d8rsted reimbursesany travel expenses.For more details on the remuneration of the Executive Board, please referto the remuneration report (orsted.com/remuneration2022).2.8 Share-based paymentMarket value of PSUs and key assumptions Time of granting Time of granting Time of granting for valuation in executive share programme202220212020Market value of 1 PSU 909 1,246 794Key assumptionsShare price 835 1,025 666Average volatility rate 30.2 % 28.8 % 24.1 %Volatility, \u00d8rsted 34.8 % 29.6 % 24.6 %Risk-free interest rate 0.9 % 0.1 % (0.5) %Expected term at time of granting 3 years 3 years 3 yearsRequired number of locked-up shares relative to fixed salaryCEO 75 % of fixed salaryCFO, Chief HR Officer 50 % of fixed salaryOther members of the Group Executive Team 25 % \u2013 50 % of fixed salaryOther participants 15 % \u2013 25 % of fixed salaryThe figure shows the shareholding requirement in percentage of the participants\u2019 fixed salary. A build-up period of up to five years is allowed.Executive share programmeThe Group Executive Team and a number of other senior executives participate in the share programme (approx. 120). As a condition for the granting of performance share units (PSUs), the participant must own a number of shares in \u00d8rsted corresponding to a portion of the individual participant\u2019s annual fixed salary. The portion depends on the employee category, and it makes up 75 % of our CEO\u2019s fixed salary. See the table above for more information. The participants in the programme must invest in \u00d8rsted shares prior to the first granting. A build-up period for the shareholding requirements of up to five years is allowed. If the participants fulfil the shareholding requirement at the time of granting, they will be granted a numberof PSUs each year, representing a value of 15-20 % (15-40 % in the US) of the annual fixed salary on the date of granting. The granted PSUs have a vesting period of approximately three years. Then, each PSU entitles the holder, without payment, to receive a number of shares corresponding to 0-200 % of the number of PSUs granted. The vesting is conditional upon continued employment. Assuming no share price development since the grant, the value would correspond to 0-30 % or 0-40 % (0-80 % in the US) of the fixed salary on the date of grant. The final number of shares for each participant will be determined on the basis of the total shareholder return delivered by \u00d8rsted, benchmarked against ten comparable European energy companies. The highest rate (200 %) will be triggered if \u00d8rsted\u2019s results, measured as the totalreturn to shareholders, outperform those of the com parable companies. For each lower ranking, the number of shares granted will fall by 20 percentage points. If, for example,\u00d8rsted ranks third, the participants will be entitled to 160 % of the target. If \u00d8rsted ranks 11 in the comparison, noshares will be granted to the participants. The right to shares is conditional upon continued employment. Retention share programmeThe target group for the share-based reten-tion agreements will typically be employees responsible for vital, long-term projects. The use of these share-based retentionagreements will be limited to 25 concurrent agreements with an individual time frame ofup to five years. Members of the ExecutiveBoard (CEO, CFO, and Chief HR Officer) cannot be granted such retention agreements. The number of retention share units (RSUs) to be granted will be determined on thebasis of the price of \u00d8rsted\u2019s shares at thetime of the grant and will be limited to anamount corresponding to a maximum ofsix months\u2019 base pay for the employee inquestion. At vesting, each RSU will entitlethe employee to one \u00d8rsted share free ofcharge. However, the total value of theshares to be received at vesting will becapped at a maximum of twelve months\u2019base pay for the employee in question. Accounting policiesThe share programme is classified as an equity-based programme as the programme is settled in shares. The market value of the PSUs/RSUs and the estimated number ofPSUs granted are measured at the time of granting and recognised:\u2013 in the income statement under employee costs over the vesting period\u2013 as an offset in the balance sheet under equity over the vesting period.The valuation of the PSUs/RSUs and theestimate of the number of PSUs/RSUsexpected to be granted are carried out as a probability simulation based on \u00d8rsted\u2019s expected total shareholder return relative to ten comparable European energy compa-nies. The expect ations are factored into the market value and are not adjusted subse-quently. The participants are compensated for any dividend payments by receiving additional PSUs/RSUs.OtherMaximum number of outstanding shares at 31 DecembermembersMarket value'000of the Group 2022 in of shares atYears Executive ExecutiveSeniorOther% of share granting, until expiryTime of grantingBoardTeamexecutivesemployees 2022 2021capitalDKK millionas of 20221 April 2019 - - - - - 83 - - -1 April 2020 7 5 51 - 63 73 0.02% 25 0.31 April 2021 11 6 36 - 53 59 0.02% 33 1.31 April 2022 18 11 73 - 102 - 0.02% 47 2.3Share retention programme - 2 - 13 15 19 0.00% 9Maximum number of outstanding shares at 31 December 36 24 160 13 233 234 0.06% 114Development in maximum number of outstanding shares '000Maximum number of outstanding shares at 1 January 21 13 181 19 234 300Compensation for dividends paid (2019, 2020, 2021, and 2022 programmes) 1 - 3 - 4 2Transfer between categories 10 11 (19) (2) - -Exercised (2019 programme) (10) (6) (68) - (84) -Exercised (2018 programme) - - - - - (107)Granted (2022 programme) 14 6 81 - 101 -Granted (2021 programme) - - - - - 66Cancelled (2022 programme) - - (1) - (1) -Cancelled (2021 programme) - - (6) - (6) (7)Cancelled (2020 programme) - - (11) - (11) (10)Cancelled (2019 programme) - - - - - (9)Share retention programme - - - (4) (4) (1)Maximum number of outstanding shares at 31 December 36 24 160 13 233 234(DKKm)Market value of share programme at the time of granting 18 12 76 8 114 99Maximum market value of share programme at 31 December 23 15 101 8 147 198The maximum market value of the share programme at 31 December is based on the assump-tion that the participants receive the maximum number of shares (i.e. 200 % of the granted PSUs/RSUs). This requires that \u00d8rsted delivers the highest shareholder return, benchmarked against ten comparable companies.The share price at the time of exercising in 2022 was DKK 793.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__50": { "value": "2.8 Share-based paymentMarket value of PSUs and key assumptions Time of granting Time of granting Time of granting for valuation in executive share programme202220212020Market value of 1 PSU 909 1,246 794Key assumptionsShare price 835 1,025 666Average volatility rate 30.2 % 28.8 % 24.1 %Volatility, \u00d8rsted 34.8 % 29.6 % 24.6 %Risk-free interest rate 0.9 % 0.1 % (0.5) %Expected term at time of granting 3 years 3 years 3 yearsRequired number of locked-up shares relative to fixed salaryCEO 75 % of fixed salaryCFO, Chief HR Officer 50 % of fixed salaryOther members of the Group Executive Team 25 % \u2013 50 % of fixed salaryOther participants 15 % \u2013 25 % of fixed salaryThe figure shows the shareholding requirement in percentage of the participants\u2019 fixed salary. A build-up period of up to five years is allowed.Executive share programmeThe Group Executive Team and a number of other senior executives participate in the share programme (approx. 120). As a condition for the granting of performance share units (PSUs), the participant must own a number of shares in \u00d8rsted corresponding to a portion of the individual participant\u2019s annual fixed salary. The portion depends on the employee category, and it makes up 75 % of our CEO\u2019s fixed salary. See the table above for more information. The participants in the programme must invest in \u00d8rsted shares prior to the first granting. A build-up period for the shareholding requirements of up to five years is allowed. If the participants fulfil the shareholding requirement at the time of granting, they will be granted a numberof PSUs each year, representing a value of 15-20 % (15-40 % in the US) of the annual fixed salary on the date of granting. The granted PSUs have a vesting period of approximately three years. Then, each PSU entitles the holder, without payment, to receive a number of shares corresponding to 0-200 % of the number of PSUs granted. The vesting is conditional upon continued employment. Assuming no share price development since the grant, the value would correspond to 0-30 % or 0-40 % (0-80 % in the US) of the fixed salary on the date of grant. The final number of shares for each participant will be determined on the basis of the total shareholder return delivered by \u00d8rsted, benchmarked against ten comparable European energy companies. The highest rate (200 %) will be triggered if \u00d8rsted\u2019s results, measured as the totalreturn to shareholders, outperform those of the com parable companies. For each lower ranking, the number of shares granted will fall by 20 percentage points. If, for example,\u00d8rsted ranks third, the participants will be entitled to 160 % of the target. If \u00d8rsted ranks 11 in the comparison, noshares will be granted to the participants. The right to shares is conditional upon continued employment. Retention share programmeThe target group for the share-based reten-tion agreements will typically be employees responsible for vital, long-term projects. The use of these share-based retentionagreements will be limited to 25 concurrent agreements with an individual time frame ofup to five years. Members of the ExecutiveBoard (CEO, CFO, and Chief HR Officer) cannot be granted such retention agreements. The number of retention share units (RSUs) to be granted will be determined on thebasis of the price of \u00d8rsted\u2019s shares at thetime of the grant and will be limited to anamount corresponding to a maximum ofsix months\u2019 base pay for the employee inquestion. At vesting, each RSU will entitlethe employee to one \u00d8rsted share free ofcharge. However, the total value of theshares to be received at vesting will becapped at a maximum of twelve months\u2019base pay for the employee in question. Accounting policiesThe share programme is classified as an equity-based programme as the programme is settled in shares. The market value of the PSUs/RSUs and the estimated number ofPSUs granted are measured at the time of granting and recognised:\u2013 in the income statement under employee costs over the vesting period\u2013 as an offset in the balance sheet under equity over the vesting period.The valuation of the PSUs/RSUs and theestimate of the number of PSUs/RSUsexpected to be granted are carried out as a probability simulation based on \u00d8rsted\u2019s expected total shareholder return relative to ten comparable European energy compa-nies. The expect ations are factored into the market value and are not adjusted subse-quently. The participants are compensated for any dividend payments by receiving additional PSUs/RSUs.OtherMaximum number of outstanding shares at 31 DecembermembersMarket value'000of the Group 2022 in of shares atYears Executive ExecutiveSeniorOther% of share granting, until expiryTime of grantingBoardTeamexecutivesemployees 2022 2021capitalDKK millionas of 20221 April 2019 - - - - - 83 - - -1 April 2020 7 5 51 - 63 73 0.02% 25 0.31 April 2021 11 6 36 - 53 59 0.02% 33 1.31 April 2022 18 11 73 - 102 - 0.02% 47 2.3Share retention programme - 2 - 13 15 19 0.00% 9Maximum number of outstanding shares at 31 December 36 24 160 13 233 234 0.06% 114Development in maximum number of outstanding shares '000Maximum number of outstanding shares at 1 January 21 13 181 19 234 300Compensation for dividends paid (2019, 2020, 2021, and 2022 programmes) 1 - 3 - 4 2Transfer between categories 10 11 (19) (2) - -Exercised (2019 programme) (10) (6) (68) - (84) -Exercised (2018 programme) - - - - - (107)Granted (2022 programme) 14 6 81 - 101 -Granted (2021 programme) - - - - - 66Cancelled (2022 programme) - - (1) - (1) -Cancelled (2021 programme) - - (6) - (6) (7)Cancelled (2020 programme) - - (11) - (11) (10)Cancelled (2019 programme) - - - - - (9)Share retention programme - - - (4) (4) (1)Maximum number of outstanding shares at 31 December 36 24 160 13 233 234(DKKm)Market value of share programme at the time of granting 18 12 76 8 114 99Maximum market value of share programme at 31 December 23 15 101 8 147 198The maximum market value of the share programme at 31 December is based on the assump-tion that the participants receive the maximum number of shares (i.e. 200 % of the granted PSUs/RSUs). This requires that \u00d8rsted delivers the highest shareholder return, benchmarked against ten comparable companies.The share price at the time of exercising in 2022 was DKK 793.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__52": { "value": "The share programme is classified as an equity-based programme as the programme is settled in shares. The market value of the PSUs/RSUs and the estimated number ofPSUs granted are measured at the time of granting and recognised:\u2013 in the income statement under employee costs over the vesting period\u2013 as an offset in the balance sheet under equity over the vesting period.The valuation of the PSUs/RSUs and theestimate of the number of PSUs/RSUsexpected to be granted are carried out as a probability simulation based on \u00d8rsted\u2019s expected total shareholder return relative to ten comparable European energy compa-nies. The expect ations are factored into the market value and are not adjusted subse-quently. The participants are compensated for any dividend payments by receiving additional PSUs/RSUs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__53": { "value": "3.1 Acquisition of enterprisesCash flows used for acquisitionsDKKm Ostwind Other 2022 2021Fair value at time of acquisition:Other intangible assets than goodwill 167 - 167 452Property, plant, and equipment 2,342 - 2,342 5,182Joint ventures 313 26 339 33Contract assets and liabilities, net (76) - (76) -Trade receivables 135 - 135 236Other receivables 73 - 73 163Receivables from associates and joint ventures 174 - 174 -Cash 432 - 432 146Interest-bearing debt, excl. lease liabilities (437) - (437) (2,273)Provisions (10) - (10) (47)Derivatives - - - (456)Deferred tax (525) - (525) (634)Other liabilities (241) 7 (234) (312)Net assets acquired 2,347 33 2,380 2,490Goodwill 1,718 - 1,718 -Purchase price 4,065 33 4,098 2,490Cash, available and acquired (432) - (432) (142)Contingent consideration - - - 83Accrued purchase price (260) - (260) -Cash flow used for acquisition of enterprises 3,373 33 3,406 2,431Purchase price 4,065 26 4,091 2,490Adjustments for cash (432) - (432) (146)Adjustments for interest-bearing debt 437 - 437 2,273Adjustments for other debt and net working capital items (65) - (65) -Adjustments for cash, debt, and net working capital items in JVs 1,118 - 1,118 -Enterprise value 5,123 26 5,149 4,617 Accounting policiesAcquisition of enterprises is recognised using the acquisition method. Under thismethod, assets and liabilities as well as contingent liabilities of the acquired enterprise are measured at fair value on the date of acquisition.The fair values of production assets and assets under construction are normally determined using an income approach where they are valued at present value based on the expected cash flows they can generate, including any non- separable power purchase agreements, and on income, such as production tax credits.The fair value of derivatives is deter-mined using our normal approach for such items, which is based on market prices or expectations for prices over the term of the derivatives.The fair values of other assets and liabil-ities are valued using the approach we find most relevant for the individual item, which can be either a market approach, an income approach, or a cost approach.An acquired enterprise is included in the consolidated financial statements from the date of acquisition, which is the date when we obtain control.When an acquired enterprise has entered into a power purchase agreement classified as a derivative, the fair value of the agreement will be included in theopening balance. Post-acquisition, this fair value is recognised as an adjustment to revenue over the duration of the con-tract, based on the fair value calculation at the time of the acquisition.On 19 September 2022, we acquired Ostwind, a German and French onshore wind plat-form, and obtained all of the voting equity interests in OSTWIND Erneuerbare Energien GmbH, OSTWINDpark Rotmainquelle GmbH & Co. KG, OSTWIND International S.A.S., and OSTWIND Engineering S.A.S.The acquisition of Ostwind constitutes \u00d8rsted\u2019s entry into the sizeable and growing German and French onshore markets and substantially expands \u00d8rsted\u2019s onshore foot-print in Europe. Together with the acquisitionof Brookfield Renewable\u2019s Ireland and UK onshore wind platform in 2021 and the recent entry into the Spanish onshore market, \u00d8rsted\u2019s onshore renewables platform now covers the US market and four of the largest growth markets in Europe at scale.The total purchase price was DKK 4,065 million, including an accrued purchase price of DKK 260 million. Of the purchase price allocation, DKK 2,342 million is allocated to \u2018Property, plant, and equipment\u2019, consisting of operating wind and solar farms andprojects under construction or in advanced development. DKK 1,718 million is allocatedto \u2018Goodwill\u2019 related to greenfield wind andsolar development.Since the acquisition date, the contributed revenue and result after tax from Ostwindhas been immaterial.If the acquisition had been made on 1 January 2022, the revenue would have been DKK 318 million, and profit after taxwould have been DKK 246 million. As part of the acquisition process, we have incurred costs of DKK 30 million, which have beenexpensed in our income statement in theOnshore segment.The fair values of the assets and liabilitiesare not considered final until 12 months after the acquisition date.Following \u00d8rsted\u2019s acquisition of Ostwind,Caisse des D\u00e9p\u00f4ts et Consignations, aco-investor in part of Ostwind\u2019s operating portfolio in France, in December decidedto exercise an option to acquire Ostwind\u2019sshares (corresponding to a total of 87 MW)in the projects that Ostwind and Caisse desD\u00e9p\u00f4ts et Consignations co-owned. Key accounting estimatePurchase price allocations in businesscombinationsWhen we apply the acquisition methodfor business combinations, by nature this involves judgement in assessing the fair value of identifiable assets and liabilities. For property, plant, and equipment, our assessment of fair value is based on a number of estimates regarding WACC and expected cash flows, which both have a large impact on the fair value. Our assessment of fair value for deriva-tives is dependent on expected future prices. See note 6.6 \u2018Fair value measure-ment\u2019 for our valuation principles.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__54": { "value": "Acquisition of enterprises is recognised using the acquisition method. Under thismethod, assets and liabilities as well as contingent liabilities of the acquired enterprise are measured at fair value on the date of acquisition.The fair values of production assets and assets under construction are normally determined using an income approach where they are valued at present value based on the expected cash flows they can generate, including any non- separable power purchase agreements, and on income, such as production tax credits.The fair value of derivatives is deter-mined using our normal approach for such items, which is based on market prices or expectations for prices over the term of the derivatives.The fair values of other assets and liabil-ities are valued using the approach we find most relevant for the individual item, which can be either a market approach, an income approach, or a cost approach.An acquired enterprise is included in the consolidated financial statements from the date of acquisition, which is the date when we obtain control.When an acquired enterprise has entered into a power purchase agreement classified as a derivative, the fair value of the agreement will be included in theopening balance. Post-acquisition, this fair value is recognised as an adjustment to revenue over the duration of the con-tract, based on the fair value calculation at the time of the acquisition.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__56-1": { "value": "3.3 Intangible assets, and property, plant, and equipmentFixtures and fit-Property, plant, Property, Intangible assets, and property, plant, and equipmentLand and Productiontings, tools, and and equipment plant, andDKKm Intangible assetsbuildingsassetsequipmentunder constructionequipmentCost at 1 January 2022 3,243 10,311 148,309 1,858 57,852 218,330Exchange rate adjustments (10) (18) (2,019) (62) (555) (2,654)Additions 1,314 720 1,728 1,240 29,394 33,082Additions on acquisition of enterprises 1,886 53 1,179 7 1,103 2,342Disposals (726) (484) (9,634) (12) (1,136) (11,266)Adjustment of decommissioning obligations - - 4,398 - 503 4,901Reclassified assets - 165 34,993 45 (35,203) -Reclassified from assets classified as held for sale - - 140 - 130 270Cost at 31 December 2022 5,707 10,747 179,094 3,076 52,088 245,005Depreciation and amortisation at 1 January 2022 (999) (2,245) (51,906) (1,254) - (55,405)Exchange rate adjustments 1 32 1,278 13 - 1,323Depreciation and amortisation (36) (607) (8,814) (297) - (9,718)Disposals 61 53 340 5 - 398Depreciation and amortisation at 31 December 2022 (973) (2,767) (59,102) (1,533) - (63,402)Impairment losses at 1 January 2022 (701) - (785) - (744) (1,529)Exchange rate adjustments (2) - 4 - 53 57Impairment losses and reversals - - - - (2,529) (2,529)Disposals (2) - - - 63 63Impairment losses at 31 December 2022 (705) - (781) - (3,157) (3,938)Carrying amount at 31 December 2022 4,029 7,980 119,211 1,543 48,931 177,665Fixtures and fit-Property, plant, Property, Intangible assets, and property, plant, and equipmentLand and Productiontings, tools, and and equipment plant, andDKKm Intangible assetsbuildingsassetsequipmentunder constructionequipmentCost at 1 January 2021 2,224 7,254 130,983 1,574 29,987 169,798Exchange rate adjustments 33 330 5,293 44 3,169 8,836Additions 840 2,554 4,344 260 36,783 43,941Additions on acquisition of enterprises 452 121 3,326 - 1,735 5,182Disposals (306) (25) (5,535) (98) (5,179) (10,837)Adjustment of decommissioning obligations - - 147 - 1,307 1,454Reclassified assets - 77 9,751 78 (9,906) -Reclassified to assets classified as held for sale - - - - (44) (44)Cost at 31 December 2021 3,243 10,311 148,309 1,858 57,852 218,330Depreciation and amortisation at 1 January 2021 (941) (1,680) (43,872) (1,067) - (46,619)Exchange rate adjustments (1) (50) (1,305) (15) - (1,370)Depreciation and amortisation (63) (525) (7,144) (240) - (7,909)Disposals 6 10 415 68 - 493Depreciation and amortisation at 31 December 2021 (999) (2,245) (51,906) (1,254) - (55,405)Impairment losses at 1 January 2021 (644) - (927) - (642) (1,569)Exchange rate adjustments - - 24 - (30) (6)Impairment losses and reversals (57) - - - (72) (72)Disposals - - 118 - - 118Impairment losses at 31 December 2021 (701) - (785) - (744) (1,529)Carrying amount at 31 December 2021 1,543 8,066 95,618 604 57,108 161,396Contractual obligationsby segmentDKKm 0-1 year 1-5 years 5-10 years 2022 2021Offshore 58,262 16,541 17,266 92,069 47,775Onshore 10,365 2,713 - 13,078 4,156Bioenergy & Other 178 - - 178 156To ta l 68,805 19,254 17,266 105,325 52,087Overview of contracts entered into where delivery had not taken place at 31 December 2022.The obligations are measured at nominal value.Contractual obligationsOur contractual obligations for property, plant, and equipment at 31 December 2022related mainly to wind turbines, foundations,and cables, etc., for the construction ofoffshore wind farms (primarily Greater Changhua 1 & 2a, Hornsea 3, Ocean Wind 1and 2, Revolution Wind, Sunrise Wind, andSouth Fork).The obligations in Onshore mainly related to purchases of wind turbines and solar PVmodules.Useful livesBattery storage 15 yearsBuildings 20-50 yearsFixtures and fittings, tools, and equipment 3-10 yearsGas transportation system (marine pipelines) 20-40 yearsOffshore wind farms 20-30 yearsOnshore wind farms 24-30 yearsProduction assets, power (thermal), and district heating 20-25 yearsSolar farms 35 yearsGoodwill IndefiniteAccounting policiesProperty, plant, and equipment which is not a lease is measured at cost less accumulated depreciation and impairment losses. Cost of property, plant, and equip-ment is depreciated by using the straight-line method, the diminishing-balance method, or the reducing-frac-tion method. The diminishing-balance method and the reducing-fraction method result in decreasing deprecia-tion over the useful life. These methods are used for some of our offshore wind farms.The residual values, useful lives, and methods of depre-ciation of property, plant, and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.Costs comprise purchase price and any costs directly attributable to the acquisition until the date the asset is available for use. The costs of self-constructed assets comprise direct and indirect costs of materials, components, sub-suppliers, and labour. Borrowing costs relating to both specific and general borrowing directly attributable to assets under construction with a lengthy construction period are recognised in costs during the construction period. Costs are increased by the present value of the estimated obligations for demolition and decommissioning of assets to the ex-tent that the obligations are recognised as provisions.Subsequent costs, for example in connection with replacement of parts of an item of property, plant, and equipment, are recognised in the carrying amount of the asset in question when it is probable that future economic benefits will flow to the Group from the expenses incurred. Any residual value of the replaced parts is recognised in the income statement as loss on disposal of non-current assets. Other repair and maintenance expenses are recognised in profit (loss) for the year as incurred.ImpairmentFor the purposes of assessing impairment losses, intangible assets, and property, plant, and equipment are grouped at the lowest level for which there are separately identifiable cash flows (cash-generating units (CGUs)).CGUs are assessed for indication of impairment on a quarterly basis. The value of a CGU is impaired if the net book value exceeds the recoverable amount, which is the higher of the estimated value in use and the fair value less costs of disposal.Impairment losses are recognised in the income statement and, except in the case of goodwill, reversed if there has been a change in the estimates used to determine the CGU\u2019s recoverable amount. Reversal of an impairment loss is recognised as income in the income statement net of depreciation if no impairment loss has been recognised for the CGU.The discount rate applied when calculating value in use takes general risks into account and is based on the weighted average cost of capital (WACC) after tax, whereas the estimated future cash flows are adjusted for risks specific to the asset. Estimated future cash flows are discounted using a nominal post-tax discount rate.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__59-1": { "value": "3.3 Intangible assets, and property, plant, and equipmentFixtures and fit-Property, plant, Property, Intangible assets, and property, plant, and equipmentLand and Productiontings, tools, and and equipment plant, andDKKm Intangible assetsbuildingsassetsequipmentunder constructionequipmentCost at 1 January 2022 3,243 10,311 148,309 1,858 57,852 218,330Exchange rate adjustments (10) (18) (2,019) (62) (555) (2,654)Additions 1,314 720 1,728 1,240 29,394 33,082Additions on acquisition of enterprises 1,886 53 1,179 7 1,103 2,342Disposals (726) (484) (9,634) (12) (1,136) (11,266)Adjustment of decommissioning obligations - - 4,398 - 503 4,901Reclassified assets - 165 34,993 45 (35,203) -Reclassified from assets classified as held for sale - - 140 - 130 270Cost at 31 December 2022 5,707 10,747 179,094 3,076 52,088 245,005Depreciation and amortisation at 1 January 2022 (999) (2,245) (51,906) (1,254) - (55,405)Exchange rate adjustments 1 32 1,278 13 - 1,323Depreciation and amortisation (36) (607) (8,814) (297) - (9,718)Disposals 61 53 340 5 - 398Depreciation and amortisation at 31 December 2022 (973) (2,767) (59,102) (1,533) - (63,402)Impairment losses at 1 January 2022 (701) - (785) - (744) (1,529)Exchange rate adjustments (2) - 4 - 53 57Impairment losses and reversals - - - - (2,529) (2,529)Disposals (2) - - - 63 63Impairment losses at 31 December 2022 (705) - (781) - (3,157) (3,938)Carrying amount at 31 December 2022 4,029 7,980 119,211 1,543 48,931 177,665Intangible assetsIntangible assets consist of goodwill of DKK 1,843 million (2021: DKK 125 million), carbon emission allowances of DKK 1,464 million (2021 DKK 820 million), other rights of DKK 614 million (2021: DKK 475 million),completed development projects of DKK 28 million (2021: DKK 46 million),and development projects in progress of DKK 80 million (2021: DKK 77 million).Fixtures and fit-Property, plant, Property, Intangible assets, and property, plant, and equipmentLand and Productiontings, tools, and and equipment plant, andDKKm Intangible assetsbuildingsassetsequipmentunder constructionequipmentCost at 1 January 2021 2,224 7,254 130,983 1,574 29,987 169,798Exchange rate adjustments 33 330 5,293 44 3,169 8,836Additions 840 2,554 4,344 260 36,783 43,941Additions on acquisition of enterprises 452 121 3,326 - 1,735 5,182Disposals (306) (25) (5,535) (98) (5,179) (10,837)Adjustment of decommissioning obligations - - 147 - 1,307 1,454Reclassified assets - 77 9,751 78 (9,906) -Reclassified to assets classified as held for sale - - - - (44) (44)Cost at 31 December 2021 3,243 10,311 148,309 1,858 57,852 218,330Depreciation and amortisation at 1 January 2021 (941) (1,680) (43,872) (1,067) - (46,619)Exchange rate adjustments (1) (50) (1,305) (15) - (1,370)Depreciation and amortisation (63) (525) (7,144) (240) - (7,909)Disposals 6 10 415 68 - 493Depreciation and amortisation at 31 December 2021 (999) (2,245) (51,906) (1,254) - (55,405)Impairment losses at 1 January 2021 (644) - (927) - (642) (1,569)Exchange rate adjustments - - 24 - (30) (6)Impairment losses and reversals (57) - - - (72) (72)Disposals - - 118 - - 118Impairment losses at 31 December 2021 (701) - (785) - (744) (1,529)Carrying amount at 31 December 2021 1,543 8,066 95,618 604 57,108 161,396Accounting policiesRights are measured at cost less accumulated amorti-sation and impairment losses. Rights are amortised on a straight-line basis over their estimated future useful lives, which are 5-20 years.Goodwill represents the excess of the cost of an acquisition over the fair value of the identifiable net assets of the acquired company. The carrying amount of goodwill is allocated to the Group\u2019s cash-generating units, which are the operating segments at the acquisi-tion date. Goodwill is not tax deductable. Annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__67-1": { "value": "Fixtures and Lease assetsLand and Production fittings, tools, Property, plant, DKKmbuildingsassetsand equipmentand equipmentCarrying amount at 1 January 2022 6,628 104 255 6,987Exchange rate adjustments 40 - (42) (2)Additions 635 8 1,171 1,814Additions on acquisition of enterprises 53 - - 53Disposals (431) - (7) (438)Divestment of enterprises - - - -Depreciations (516) (69) (220) (805)Carrying amount at 31 December 2022 6,409 43 1,157 7,609Lease assetsDKKmCarrying amount at 1 January 2021 4,274 172 170 4,616Exchange rate adjustments 248 1 2 251Additions 2,500 - 277 2,777Additions on acquisition of enterprises 63 - - 63Disposals (15) - (30) (45)Divestment of enterprises - - - -Depreciations (442) (69) (164) (675)Carrying amount at 31 December 2021 6,628 104 255 6,987LeasesWe mainly lease office buildings, service and installation vessels, seabeds related to offshore wind farms, and plots of landrelated to onshore wind farms, solar farms, and battery storage facilities. Seabed leases include variable lease payments, which depend on the number of megawatt hours generated. However, we have typically agreed on minimum lease payments for the seabeds, and these minimum payments are included in the lease liabilities.Expenses for the year relating to variable lease payments not included in lease lia-bilities were DKK 609 million in 2022 (2021:DKK 352 million). Interests on lease debt ex-pensed in profit (loss) were DKK 256 millionin 2022 (2021: DKK 261 million).Total cash outflow for leases were DKK 1,447 million in 2022 (2021: DKK 1,133million). We have not entered into lease liabilities which are not commenced per 31 December 2022 and consequently not included in the balance sheet. For maturity analysis of leases liabilities,we refer to note 5.5 \u2018Maturity analysis offinancial liabilities\u2019.Accounting policiesOur lease assets are classified alongside our owned assets of similar type under property, plant, and equip-ment. Initially, we measure a lease asset at cost, being the initial amount of the lease liability. We depreciate our lease assets over the lease term. The deprecia-tion method used is the straight-line method for all our lease assets, except for seabed leases where the depreciation method is aligned with the depreciation method for the related offshore wind farm. Therefore, seabed lease assets are depreciated using either the straight-line method or the reducing-fraction method.Our lease liabilities are initially measured at the net present value of the in-substance fixed lease payments for the use of a lease asset. If, at inception of the lease, we are reasonably certain about exercising an option to extend a lease, we will include the lease payments in the option period when calculating the lease liability. We measure the lease asset to the value of the lease liability at initial recognition.Contracts may contain both lease and non-lease com-ponents. We allocate the consideration in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease components in accordance with the accounting policy applicable for such items. Non-lease components com-prise building services and operating costs of leased vessels, etc.Variable lease expenses are recognised in other exter-nal expenses in the period when the condition trigger-ing those payments occurs. Interests of lease liabilities are recognised in financial expenses.Each lease payment is separated into repayment of the lease liability and payment of interests of the lease liability. Debt repayments are classified as cash flows from financing activities, and payment of interests are classified as cash flows from operating activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__76-1": { "value": "CGUs in OffshoreThe cash generating units (CGUs) are made up of individual offshore wind farms, each of which generates cash flows for the segment inde-pendently of each other.Significant CGUsAnholt, Borkum Riffgrund 1, Borkum Riffgrund 2, Borkum Riffgrund 3, Borssele 1 & 2, Burbo Bank Extension, Gode Wind 1, Gode Wind 2, Gode Wind 3, Greater Changhua 1 & 2a, Horns Rev 2, Hornsea 1, Hornsea 2, London Array, Ocean Wind 1, Race Bank, Revolution Wind, South Fork, Sunrise Wind, Westermost Rough, Walney, Walney Extension, and West of Duddon Sands.CGUs in OnshoreThe CGUs are made up of individual onshore windand solar farms, each of which generates cash flows for the segment independently of each other.Significant CGUsAmazon, Bellefield 1, Garracummer, Haystack, Helena Energy Center, Kennoxhead 1, Lincoln Land Wind, Lisheen 3, Lockett, Muscle Shoals, Old 300, Permian Energy Center, Plum Creek Wind, Sage Draw Wind, Tahoka Wind, Western Trail, Willow Creek Wind, and Willow Springs Wind.Bioenergy & OtherThe Danish CHP plants constitute a single CGU, as overall production planning is for the entire Danish portfolio. In addition, the Renescience plant in Northwich in the UK and the Danish offshore gas pipeline system are deemed to constitute independent CGUs.Significant CGUsCentral CHP plants (including goodwill), Renescience Northwich, and the offshore gas pipeline system.Impairment lossesImpairment losses relating to intangible assets We have not recognised any material impairments to goodwill or other intangible assets in 2022.Impairment losses relating to property, plant, and equipmentSunrise Wind The offshore wind energy industry is facing significant macroeconomic challenges, such as unprecedented cost inflation and rapidly rising interest rates in 2022. Sunrise Wind, \u00d8rsted\u2019s 50 % owned US offshore wind development project, has been particularly impacted by general market trends, as well as project specific challenges.As previously disclosed, the project costhas increased substantially since bid. In thepast year, further acute cost increases, spe-cifically driven by the prices for installationvessels and the associated services, haveoccurred. Rising interest rates have had acorresponding impact on the discount rate in calculating the recoverable amount ofthe future cash flows of the project. Thesechallenges have been partially offset byanticipated increased tax benefits from recently enacted tax legislation in the US.As a result of these factors, \u00d8rsted recog-nised an impairment of DKK 2.5 billionon Sunrise Wind in 2022. \u00d8rsted remainscommitted to Sunrise Wind and the rest ofits US offshore wind portfolio. We will con-tinue our work to mature and develop theseprojects, with an aim to ensure that we candeliver renewable energy to the states.The recoverable amount of DKK 1.8 billionwas calculated based on the value-in-usemethod.Accounting policiesFor the purposes of assessing impairment losses, intangible assets, and property, plant, and equipment are grouped at the lowest level for which there are separately identifiable cash flows (cash-generating units (CGUs)).CGUs are assessed for indication of impairment on a quarterly basis. The value of a CGU is impaired if the net book value exceeds the recoverable amount, which is the higher of the estimated value in use and the fair value less costs of disposal.Impairment losses are recognised in the income statement and, except in the case of goodwill, reversed if there has been a change in the estimates used to determine the CGU\u2019s recoverable amount. Reversal of an impairment loss is recognised as income in the income statement net of depreciation if no impairment loss has been recognised for the CGU.The discount rate applied when calculating value in use takes general risks into account and is based on the weighted average cost of capital (WACC) after tax, whereas the estimated future cash flows are adjusted for risks specific to the asset. Estimated future cash flows are discounted using a nominal post-tax discount rate.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__60-1": { "value": "Rights are measured at cost less accumulated amorti-sation and impairment losses. Rights are amortised on a straight-line basis over their estimated future useful lives, which are 5-20 years.Goodwill represents the excess of the cost of an acquisition over the fair value of the identifiable net assets of the acquired company. The carrying amount of goodwill is allocated to the Group\u2019s cash-generating units, which are the operating segments at the acquisi-tion date. Goodwill is not tax deductable. Annual impairment tests are carried out for goodwill and other intangible assets with indefinite useful lives.Useful livesBattery storage 15 yearsBuildings 20-50 yearsFixtures and fittings, tools, and equipment 3-10 yearsGas transportation system (marine pipelines) 20-40 yearsOffshore wind farms 20-30 yearsOnshore wind farms 24-30 yearsProduction assets, power (thermal), and district heating 20-25 yearsSolar farms 35 yearsGoodwill Indefinite", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__57-1": { "value": "Property, plant, and equipment which is not a lease is measured at cost less accumulated depreciation and impairment losses. Cost of property, plant, and equip-ment is depreciated by using the straight-line method, the diminishing-balance method, or the reducing-frac-tion method. The diminishing-balance method and the reducing-fraction method result in decreasing deprecia-tion over the useful life. These methods are used for some of our offshore wind farms.The residual values, useful lives, and methods of depre-ciation of property, plant, and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate.Costs comprise purchase price and any costs directly attributable to the acquisition until the date the asset is available for use. The costs of self-constructed assets comprise direct and indirect costs of materials, components, sub-suppliers, and labour. Borrowing costs relating to both specific and general borrowing directly attributable to assets under construction with a lengthy construction period are recognised in costs during the construction period. Costs are increased by the present value of the estimated obligations for demolition and decommissioning of assets to the ex-tent that the obligations are recognised as provisions.Subsequent costs, for example in connection with replacement of parts of an item of property, plant, and equipment, are recognised in the carrying amount of the asset in question when it is probable that future economic benefits will flow to the Group from the expenses incurred. Any residual value of the replaced parts is recognised in the income statement as loss on disposal of non-current assets. Other repair and maintenance expenses are recognised in profit (loss) for the year as incurred.ImpairmentFor the purposes of assessing impairment losses, intangible assets, and property, plant, and equipment are grouped at the lowest level for which there are separately identifiable cash flows (cash-generating units (CGUs)).CGUs are assessed for indication of impairment on a quarterly basis. The value of a CGU is impaired if the net book value exceeds the recoverable amount, which is the higher of the estimated value in use and the fair value less costs of disposal.Impairment losses are recognised in the income statement and, except in the case of goodwill, reversed if there has been a change in the estimates used to determine the CGU\u2019s recoverable amount. Reversal of an impairment loss is recognised as income in the income statement net of depreciation if no impairment loss has been recognised for the CGU.The discount rate applied when calculating value in use takes general risks into account and is based on the weighted average cost of capital (WACC) after tax, whereas the estimated future cash flows are adjusted for risks specific to the asset. Estimated future cash flows are discounted using a nominal post-tax discount rate.Useful livesBattery storage 15 yearsBuildings 20-50 yearsFixtures and fittings, tools, and equipment 3-10 yearsGas transportation system (marine pipelines) 20-40 yearsOffshore wind farms 20-30 yearsOnshore wind farms 24-30 yearsProduction assets, power (thermal), and district heating 20-25 yearsSolar farms 35 yearsGoodwill Indefinite", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__71": { "value": "Our lease assets are classified alongside our owned assets of similar type under property, plant, and equip-ment. Initially, we measure a lease asset at cost, being the initial amount of the lease liability. We depreciate our lease assets over the lease term. The deprecia-tion method used is the straight-line method for all our lease assets, except for seabed leases where the depreciation method is aligned with the depreciation method for the related offshore wind farm. Therefore, seabed lease assets are depreciated using either the straight-line method or the reducing-fraction method.Our lease liabilities are initially measured at the net present value of the in-substance fixed lease payments for the use of a lease asset. If, at inception of the lease, we are reasonably certain about exercising an option to extend a lease, we will include the lease payments in the option period when calculating the lease liability. We measure the lease asset to the value of the lease liability at initial recognition.Contracts may contain both lease and non-lease com-ponents. We allocate the consideration in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease components in accordance with the accounting policy applicable for such items. Non-lease components com-prise building services and operating costs of leased vessels, etc.Variable lease expenses are recognised in other exter-nal expenses in the period when the condition trigger-ing those payments occurs. Interests of lease liabilities are recognised in financial expenses.Each lease payment is separated into repayment of the lease liability and payment of interests of the lease liability. Debt repayments are classified as cash flows from financing activities, and payment of interests are classified as cash flows from operating activities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__79": { "value": "3.4 InventoriesInventories DKKm 2022 2021Offshore transmission assets 5,119 9,235Biomass 778 225Gas 4,557 3,813Coal 1,169 221Oil 354 76Green certificates 2,053 2,040Carbon emission allowances (purchased) 49 388Other 24 -Total inventories 14,103 15,998Inventories recognised as an expense in \u2018Cost of sales\u2019 during the year 15,427 9,806Inventories measured at fair value are disclosed in note 6.6 \u2018Fair value measurement\u2019.\u2018Offshore transmission assets\u2019 primarilyrelate to the Hornsea 2 transmission asset.\u2018Green certificates\u2019 are primarily renewable obligation certificates (ROCs), which are issued to renewable energy power generators in the UK.Gas at storage primarily relates to our gastrade activities. Accounting policiesOffshore transmission assets are recognised as inventory until divestment and measured at cost. The costs comprise costs of materials used in construction, site labour costs, costs of renting equipment as well as indirect produc-tion costs, such as employee costs. Gas storage in non-Danish facilities are man-aged on a fair value basis, and therefore the gas in these storage facilities is recognised at fair value less costs to sell. Changes in the fair value less cost to sell are recognised in cost of sales in the period of the change. Gas in Danish storage facilities are recognised at cost, determined as a weighted average of the previous months purchase price, including transport costs. Purchased carbon emission allowances are measured at market value. Green certificates, which we earn by generating power using renewable energy sources, are recognised in inventories in step with our gen-eration. We measure green certificates (earned and bought) at cost using the first in, first out(FIFO) principle. Other inventories are measured at cost, determined on a first in, first out basis or netrealisable value, if net realisable value is lower. Inventories are written down to the lower of net realisable value and cost price. For offshore transmission assets, it is the expected final transfer value announced by Ofgem. The net realisable value is the sum (discounted) which the inventories are expected to generate through a normal sale.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__80": { "value": "Offshore transmission assets are recognised as inventory until divestment and measured at cost. The costs comprise costs of materials used in construction, site labour costs, costs of renting equipment as well as indirect produc-tion costs, such as employee costs. Gas storage in non-Danish facilities are man-aged on a fair value basis, and therefore the gas in these storage facilities is recognised at fair value less costs to sell. Changes in the fair value less cost to sell are recognised in cost of sales in the period of the change. Gas in Danish storage facilities are recognised at cost, determined as a weighted average of the previous months purchase price, including transport costs. Purchased carbon emission allowances are measured at market value. Green certificates, which we earn by generating power using renewable energy sources, are recognised in inventories in step with our gen-eration. We measure green certificates (earned and bought) at cost using the first in, first out(FIFO) principle. Other inventories are measured at cost, determined on a first in, first out basis or netrealisable value, if net realisable value is lower. Inventories are written down to the lower of net realisable value and cost price. For offshore transmission assets, it is the expected final transfer value announced by Ofgem. The net realisable value is the sum (discounted) which the inventories are expected to generate through a normal sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2": { "value": "Other payablesDKKmM&A related liabilities 4,203 3,4362Payables related to the divestment of assets2,904 -Accrued interest 2,358 1,6853Collateral received1,184 8Salary-related items payable 671 550VAT and other indirect taxes payable 593 533Carbon rights 5 154Other deferred income 345 397Other 2,618 2,687Total other payables 14,881 9,450Of which, working capital 3,384 3,771Of which, other capital employed 6,574 5,161Of which, interest-bearing net debt 4,923 518", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" }, "links": { "ftTyp_fact-footnote": { "ftGrp_default": [ "tfn-2" ] } } }, "f1": { "value": "3.6 Trade receivablesTrade receivables DKKm 2022 2021Trade receivables, not due 11,025 9,265Trade receivables, 1-30 days overdue 892 332Trade receivables, more than 30 days overdue 835 71Trade receivables, write-downs (51) (103)Total trade receivables 12,701 9,565We continuously perform credit ratings of our customers. For customers with a general credit risk, a write-down of 0-1 % is carried out on initial recognition. In 2022, write-downs of receivables andlosses for the year were DKK 0 million (2021: DKK 0 million). Reversal of write-downs was DKK 52 million. Accounting policiesWe keep our receivables until maturity, and therefore, they are measured at amortised cost.Write-downs are carried out from initial recognition of our receivables. The write-down is calculated as the difference between the carrying amount of the receivable and the net present value of expected future cash flows from the receivable. The discount rate used is the effective interest rate for the individual receivable or the individual portfolio. We apply the simplified approach to the write-down of trade receivables, which permits calculating the write-down as the full loss during the entire term of the receivable.Other receivablesDKKm 2022 2021Receivables from the divestment of assets and enterprises 7,644 89Receivables from the divestment of equity investments to non-controlling interests 713 7571Collateral provided5,888 11,909Cash, not available for use 2,471 1,319VAT and other indirect tax receivables 1,392 913Prepayments 870 742Deposits 624 572Other 3,930 2,325Total other receivables 23,532 18,626Of which, working capital 9,896 11,962Of which, other capital employed 7,876 438Of which, interest-bearing net debt 5,760 6,226", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" }, "links": { "ftTyp_fact-footnote": { "ftGrp_default": [ "tfn-1" ] } } }, "s10_notes__11__84": { "value": "We keep our receivables until maturity, and therefore, they are measured at amortised cost.Write-downs are carried out from initial recognition of our receivables. The write-down is calculated as the difference between the carrying amount of the receivable and the net present value of expected future cash flows from the receivable. The discount rate used is the effective interest rate for the individual receivable or the individual portfolio. We apply the simplified approach to the write-down of trade receivables, which permits calculating the write-down as the full loss during the entire term of the receivable.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__89": { "value": "3.8 Tax equity liabilitiesTax equity liabilitiesDKKm 2022 2021Balance at 1 January 14,564 7,967Contribution received from tax equity partners 1,945 5,415Additions from acquisitions 643 1,297Tax attributes and PTCs/ITCs recognised in other operating income (2,521) (1,322)Cash paid to tax equity partners (301) (127)Tax equity partners\u2019 contractual return 1,134 616Exchange rate adjustments 929 718Balance at 31 December 16,393 14,564Of which, working capital 15,157 13,268Of which, interest-bearing debt 1,236 1,296As at 31 December 2022, we have fourteen onshore wind and solar farms for which we have received tax equity contributions.In the US, we have several wind and solar farms with tax equity partners. During 2022, we commissioned the onshore wind farm, Haystack, and the wind portion of our combined onshore wind and solar PV project, Helena Energy Center. We received tax equity contributions from our partners related to both projects. We also partly commissioned and received tax equity contributions from our partner for the solar PV farm, Old 300. In addition, we acquired Ford Ridge, an operational onshore wind farm, including a tax equity liability. Description of tax equity partnerships Tax equity partnerships are characterised by a tax equity partner, who contributes an upfront payment as part of the initial project investment and does not have an operation-al role in the project. The partner receives acontractually agreed return on the contribu-tion. In order to \u2018repay\u2019 the initial contribu-tion and the return, a disproportionate share of the production tax credits (PTCs) or theinvestment tax credits (ITCs) and other tax attributes (accelerated tax depreciation and other taxable results) are allocated to thepartner during the first part of the project\u2019slifetime. The partner also receives some cash payment-based percentages specified in the partnership agreements. Once thepartner receives the agreed return, the agreement flips, and the partner is typically entitled to a minor part of the cash distribu-tions from the project, unless we repurchasethis right from them, which is highly likely. Accounting policiesWhen a tax equity partnership is formed, we evaluate if the company should still be fully consolidated based on our right to variable returns as well as our ability to exercise influ-ence on financial and operational decisions impacting those returns. Due to the operational and financial nature of the projects and the influence normally given to tax equity partners in such agreements, we normally have the influence to fully consolidate companies that have tax equity partners.The terms of the tax equity partner\u2019s contribu-tion are evaluated to determine the accounting treatment. The contribution generally has the characteristics of a liability as the initial con-tribution is repaid, including an agreed return, and the partner does not share in the risks ofthe project in the same way as a shareholder. As such, the contribution is accounted for as a liability and measured at amortised cost. The liability is based on the expected method of repayment and is divided into: \u2013 a net working capital element to be repaid through PTCs/ITCs and other tax attributes \u2013 an interest-bearing debt element expected to be repaid through cash distributions.The partner\u2019s agreed return is expensed as a financial expense and is recognised as an increase of the tax equity liability. PTCs and other tax attributes transferred to the tax eq-uity partner are recognised as other operating income. Tax attributes allocated to the tax equity partner are deferred and recognised on a straight-line basis over the estimated contractual length of the partnership structure, while PTCs are recognised in the periods earned, similar to recognition of our own PTCs. ITCs, typically associated with solar farms, are recognised on a straight-line basis over the flip period (partner\u2019s ITCs) or over the lifetime of the asset (our own ITCs).In addition to the above, we recognise a liability for the expected purchase price for the partner\u2019s post-flip rights to cash distributions. This liability is recognised at fair value, and adjustments are expensed as a financial item.This recognition reflects the intention and high likelihood that we will purchase the partner\u2019s post-flip rights, and they are part of the finan-cial costs of the arrangement.If we choose not to buy the partner\u2019s post-flip rights, the tax equity partner will be entitled to part of the company\u2019s returns in the post-flip period. At that point, the partner will share in the risks and rewards in the company as a shareholder. We will continue to classify the tax equity investment as a liability after flip. Key accounting judgementRecognition of tax equity partnerships On formation of a tax equity partnership, we assess the appropriate recognition of the partner\u2019s contribution as well as the method of recognition for the elements used to repay the partner, such as PTCs and tax attributes. In assessing the recognition of the partner\u2019s contribution, we look at:\u2013 the expected flows of PTCs, tax attributes, and cash payments to the partner\u2013 the rights and obligations of both us and the tax equity partner. The deferral of the income related to tax attributes and the recognition of the contribu-tion as working capital or interest-bearing debt are affected by our expectation to the size, method, and timing of repayments.", "dimensions": { "concept": "ORS:DisclosureOfTaxEquityLiabilities", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__90": { "value": "When a tax equity partnership is formed, we evaluate if the company should still be fully consolidated based on our right to variable returns as well as our ability to exercise influ-ence on financial and operational decisions impacting those returns. Due to the operational and financial nature of the projects and the influence normally given to tax equity partners in such agreements, we normally have the influence to fully consolidate companies that have tax equity partners.The terms of the tax equity partner\u2019s contribu-tion are evaluated to determine the accounting treatment. The contribution generally has the characteristics of a liability as the initial con-tribution is repaid, including an agreed return, and the partner does not share in the risks ofthe project in the same way as a shareholder. As such, the contribution is accounted for as a liability and measured at amortised cost. The liability is based on the expected method of repayment and is divided into: \u2013 a net working capital element to be repaid through PTCs/ITCs and other tax attributes \u2013 an interest-bearing debt element expected to be repaid through cash distributions.The partner\u2019s agreed return is expensed as a financial expense and is recognised as an increase of the tax equity liability. PTCs and other tax attributes transferred to the tax eq-uity partner are recognised as other operating income. Tax attributes allocated to the tax equity partner are deferred and recognised on a straight-line basis over the estimated contractual length of the partnership structure, while PTCs are recognised in the periods earned, similar to recognition of our own PTCs. ITCs, typically associated with solar farms, are recognised on a straight-line basis over the flip period (partner\u2019s ITCs) or over the lifetime of the asset (our own ITCs).In addition to the above, we recognise a liability for the expected purchase price for the partner\u2019s post-flip rights to cash distributions. This liability is recognised at fair value, and adjustments are expensed as a financial item.This recognition reflects the intention and high likelihood that we will purchase the partner\u2019s post-flip rights, and they are part of the finan-cial costs of the arrangement.If we choose not to buy the partner\u2019s post-flip rights, the tax equity partner will be entitled to part of the company\u2019s returns in the post-flip period. At that point, the partner will share in the risks and rewards in the company as a shareholder. We will continue to classify the tax equity investment as a liability after flip.", "dimensions": { "concept": "ORS:DescriptionOfAccountingPolicyForTaxEquityLiabilities", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__91": { "value": "3.9 Provisions and contingent liabilities2022 2021Decom- Decom-ProvisionsmissioningOthermissioningOtherDKKmobligationsprovisions To ta obligationsprovisions To ta Provisions at 1 January 8,851 7,037 15,888 7,003 6,860 13,863Exchange rate adjustments (203) (46) (249) 294 147 441Used during the year - (1,382) (1,382) (2) (1,495) (1,497)Provisions reversed during the year - (1,659) (1,659) - (1,187) (1,187)Provisions made during the year 832 1,663 2,495 1,387 4,142 5,529Disposals (376) - (376) (296) - (296)Additions of acquisition of enterprises 33 - 33 113 - 113Divestment of enterprises - (5) (5) - (107) (107)Change in estimates 4,087 - 4,087 62 - 62Transferred to other payables - - - - (1,372) (1,372)Transferred to/from assets and liabilities classified as held for sale 414 - 414 (11) - (11)Interest element of provisions 438 22 460 301 49 350Total provisions at 31 December 14,076 5,630 19,706 8,851 7,037 15,888Falling due as follows:0-1 year 217 368 585 141 623 7641-5 years 1,798 4,786 6,584 754 5,952 6,706After 5 years 12,061 476 12,537 7,956 462 8,418Decommissioning obligations by segmentAfter 20DKKm 0-5 years 5-10 years 10-20 yearsyears 2022 2021Offshore 1,387 2,251 3,681 2,914 10,233 6,155Onshore 13 - 14 1,742 1,769 1,302Bioenergy & Other 615 246 191 1,022 2,074 1,394To ta l 2,015 2,497 3,886 5,678 14,076 8,851Decommissioning obligationsDecommissioning obligations comprise estimated expenses relating to decommis-sioning and disposal of our offshore wind,onshore wind, and solar farms, the restora-tion of seabeds, and the decommissioning of our CHP plants.As developers of offshore wind, onshore wind, and solar farms, we are obliged todecommission our wind and solar farms andrestore the surroundings. When we con-struct offshore wind farms in cooperation with partners, they are liable for their shareof the decommissioning costs. Therefore, we have only included the decommissioning obligations associated with our ownershipinterest in the offshore wind farms.Decommissioning obligations increased by DKK 5,225 million from 2021 to 2022,primarily due to the update of decommis-sioning scope and methodology and the construction of new wind and solar farms.Decommissioning methodology was reviewed to incorporate changes in per-mitting, biodiversity, and sustainability requirements as well as changes in newtechnologies and vessels.Other provisionsOther provisions comprise primarily: \u2013 offshore partnership provisions, including warranty obligations \u2013 obligations in relation to the divestment of our oil and gas business in 2017 \u2013 obligations in respect of our own carbon emissions\u2013 provisions for onerous contracts\u2013 other contractual obligations.Contingent liabilitiesLiability to pay compensation In case of any environmental accidents or other types of damage caused by our gas and oil transport, the companies \u00d8rsted Salg & Service A/S and Danish Oil Pipe A/S are liable to pay compensation according to legislation. This also applies if there is no proof of negligence (strict liability). We have taken out insurance to cover any such claims.Secondary liabilityAs part of the divestment of our oil and gas business in 2017, we assumed a secondary liability regarding the decommissioning of offshore installations.LitigationWe are party to a number of court cases and legal disputes. In our assessment, none of these will significantly impact \u00d8rsted\u2019s financial position, neither individually nor collectively.We have been party to actions relating to the Danish competition authorities\u2019 claim that the former Elsam A/S and Elsam KraftA/S (\u2018Elsam\u2019), now part of \u00d8rsted, charged excessive prices in the Danish wholesale power market in the period 1 July 2003 to31 December 2006.There are no longer any outstanding cases with the competition authorities claiming Elsam infringed competition law, but in connection with the former cases, some energy trading companies, some of theircustomers, and others have filed claimsfor damages, which are still pending. The biggest claim was filed in 2007 before the Copenhagen Maritime & Commercial Court, amounting to approx. DKK 4.4 billion withaddition of litigation interest. The case is at the moment under preparation for theMaritime & Commercial Court.\u00d8rsted is involved in ongoing transfer pricing disputes. For further information, we refer tosection 4.1 \u2018Approach to taxes\u2019.Change of controlSome of our activities are subject to con-sents, permits, and licences granted by pub-lic authorities. We may be faced with a claimfor acceptance of any transfer, possibly withadditional terms and conditions, if the DanishState holds less than 50 % of the share capi-tal or voting rights in \u00d8rsted A/S. Read morein note 5.1 \u2018Interest-bearing debt and FFO\u2019. Key accounting estimateAssumptions for provisionsWe continually assess our provisions recognised to cover contractual obligations and claims raised against \u00d8rsted. Timing, probabilities, amounts, etc., which have a bearing on our pro-visions\u2019 estimates are updated quarterly based on our expectations. Estimates of provisions are based on our expec-tations of, for example:\u2013 timing and scope of obligation \u2013 future cost level \u2013 legal assessment.If deemed material, non-current provisions are discounted using either the structural risk-free interest rate or the incremental borrowing rate. The structural risk-free interest rate is used for decommissioning liabilities and onerous con-tracts. It is calculated as the sum of real return (gross domestic product growth rate), inflation, and inflation premium for other risks. Separate structural risk-free interest rates are calculated for Europe, the US, and Taiwan. The outcome of our contractual obligations and claims may depend on future events, which are uncertain by nature. Accounting policiesProvisions are recognised when the following criteria are fulfilled: \u2013 We have a legal or constructive obligation as a result of an earlier event. \u2013 The settlement of the obligation is expected to result in an outflow of resources. \u2013 The obligation can be measured reliably. Decommissioning obligations are measuredat the present value of the future liability in respect of decommissioning as expected at the balance sheet date. The present value of the provision and changes in estimate are rec-ognised as part of the cost of property, plant, and equipment and depreciated together with the associated asset. The addition of interest on provisions is recognised in the income state-ment under financial expenses.For onerous contracts, a provision is made when the expected income to be derived from a contract is lower than the unavoidable cost of meeting our obligations under the contract.Provisions concerning carbon emissions are recognised when our actual emissions exceed our holding of carbon emission allowances.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__92-1": { "value": "2022 2021Decom- Decom-ProvisionsmissioningOthermissioningOtherDKKmobligationsprovisions To ta obligationsprovisions To ta Provisions at 1 January 8,851 7,037 15,888 7,003 6,860 13,863Exchange rate adjustments (203) (46) (249) 294 147 441Used during the year - (1,382) (1,382) (2) (1,495) (1,497)Provisions reversed during the year - (1,659) (1,659) - (1,187) (1,187)Provisions made during the year 832 1,663 2,495 1,387 4,142 5,529Disposals (376) - (376) (296) - (296)Additions of acquisition of enterprises 33 - 33 113 - 113Divestment of enterprises - (5) (5) - (107) (107)Change in estimates 4,087 - 4,087 62 - 62Transferred to other payables - - - - (1,372) (1,372)Transferred to/from assets and liabilities classified as held for sale 414 - 414 (11) - (11)Interest element of provisions 438 22 460 301 49 350Total provisions at 31 December 14,076 5,630 19,706 8,851 7,037 15,888Falling due as follows:0-1 year 217 368 585 141 623 7641-5 years 1,798 4,786 6,584 754 5,952 6,706After 5 years 12,061 476 12,537 7,956 462 8,418Decommissioning obligations by segmentAfter 20DKKm 0-5 years 5-10 years 10-20 yearsyears 2022 2021Offshore 1,387 2,251 3,681 2,914 10,233 6,155Onshore 13 - 14 1,742 1,769 1,302Bioenergy & Other 615 246 191 1,022 2,074 1,394To ta l 2,015 2,497 3,886 5,678 14,076 8,851Decommissioning obligationsDecommissioning obligations comprise estimated expenses relating to decommis-sioning and disposal of our offshore wind,onshore wind, and solar farms, the restora-tion of seabeds, and the decommissioning of our CHP plants.As developers of offshore wind, onshore wind, and solar farms, we are obliged todecommission our wind and solar farms andrestore the surroundings. When we con-struct offshore wind farms in cooperation with partners, they are liable for their shareof the decommissioning costs. Therefore, we have only included the decommissioning obligations associated with our ownershipinterest in the offshore wind farms.Decommissioning obligations increased by DKK 5,225 million from 2021 to 2022,primarily due to the update of decommis-sioning scope and methodology and the construction of new wind and solar farms.Decommissioning methodology was reviewed to incorporate changes in per-mitting, biodiversity, and sustainability requirements as well as changes in newtechnologies and vessels.Other provisionsOther provisions comprise primarily: \u2013 offshore partnership provisions, including warranty obligations \u2013 obligations in relation to the divestment of our oil and gas business in 2017 \u2013 obligations in respect of our own carbon emissions\u2013 provisions for onerous contracts\u2013 other contractual obligations.Key accounting estimateAssumptions for provisionsWe continually assess our provisions recognised to cover contractual obligations and claims raised against \u00d8rsted. Timing, probabilities, amounts, etc., which have a bearing on our pro-visions\u2019 estimates are updated quarterly based on our expectations. Estimates of provisions are based on our expec-tations of, for example:\u2013 timing and scope of obligation \u2013 future cost level \u2013 legal assessment.If deemed material, non-current provisions are discounted using either the structural risk-free interest rate or the incremental borrowing rate. The structural risk-free interest rate is used for decommissioning liabilities and onerous con-tracts. It is calculated as the sum of real return (gross domestic product growth rate), inflation, and inflation premium for other risks. Separate structural risk-free interest rates are calculated for Europe, the US, and Taiwan. The outcome of our contractual obligations and claims may depend on future events, which are uncertain by nature.Accounting policiesProvisions are recognised when the following criteria are fulfilled: \u2013 We have a legal or constructive obligation as a result of an earlier event. \u2013 The settlement of the obligation is expected to result in an outflow of resources. \u2013 The obligation can be measured reliably. Decommissioning obligations are measuredat the present value of the future liability in respect of decommissioning as expected at the balance sheet date. The present value of the provision and changes in estimate are rec-ognised as part of the cost of property, plant, and equipment and depreciated together with the associated asset. The addition of interest on provisions is recognised in the income state-ment under financial expenses.For onerous contracts, a provision is made when the expected income to be derived from a contract is lower than the unavoidable cost of meeting our obligations under the contract.Provisions concerning carbon emissions are recognised when our actual emissions exceed our holding of carbon emission allowances.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__95": { "value": "Liability to pay compensation In case of any environmental accidents or other types of damage caused by our gas and oil transport, the companies \u00d8rsted Salg & Service A/S and Danish Oil Pipe A/S are liable to pay compensation according to legislation. This also applies if there is no proof of negligence (strict liability). We have taken out insurance to cover any such claims.Secondary liabilityAs part of the divestment of our oil and gas business in 2017, we assumed a secondary liability regarding the decommissioning of offshore installations.LitigationWe are party to a number of court cases and legal disputes. In our assessment, none of these will significantly impact \u00d8rsted\u2019s financial position, neither individually nor collectively.We have been party to actions relating to the Danish competition authorities\u2019 claim that the former Elsam A/S and Elsam KraftA/S (\u2018Elsam\u2019), now part of \u00d8rsted, charged excessive prices in the Danish wholesale power market in the period 1 July 2003 to31 December 2006.There are no longer any outstanding cases with the competition authorities claiming Elsam infringed competition law, but in connection with the former cases, some energy trading companies, some of theircustomers, and others have filed claimsfor damages, which are still pending. The biggest claim was filed in 2007 before the Copenhagen Maritime & Commercial Court, amounting to approx. DKK 4.4 billion withaddition of litigation interest. The case is at the moment under preparation for theMaritime & Commercial Court.\u00d8rsted is involved in ongoing transfer pricing disputes. For further information, we refer tosection 4.1 \u2018Approach to taxes\u2019.Change of controlSome of our activities are subject to con-sents, permits, and licences granted by pub-lic authorities. We may be faced with a claimfor acceptance of any transfer, possibly withadditional terms and conditions, if the DanishState holds less than 50 % of the share capi-tal or voting rights in \u00d8rsted A/S. Read morein note 5.1 \u2018Interest-bearing debt and FFO\u2019.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__96": { "value": "Provisions are recognised when the following criteria are fulfilled: \u2013 We have a legal or constructive obligation as a result of an earlier event. \u2013 The settlement of the obligation is expected to result in an outflow of resources. \u2013 The obligation can be measured reliably. Decommissioning obligations are measuredat the present value of the future liability in respect of decommissioning as expected at the balance sheet date. The present value of the provision and changes in estimate are rec-ognised as part of the cost of property, plant, and equipment and depreciated together with the associated asset. The addition of interest on provisions is recognised in the income state-ment under financial expenses.For onerous contracts, a provision is made when the expected income to be derived from a contract is lower than the unavoidable cost of meeting our obligations under the contract.Provisions concerning carbon emissions are recognised when our actual emissions exceed our holding of carbon emission allowances.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__97": { "value": "3.10 Non-controlling interestsGunfleet Sands Walney (UK) Offshore Ocean WindHolding Ltd. GroupWindfarms Ltd.JV HoldCo LLCNon-controlling interests DKKm2022 2021 2022 2021 2022 2021Statement of comprehensive incomeRevenue 518 455 1,348 1,223 - -EBITDA 317 231 608 626 2 3Profit (loss) for the year 70 (21) 76 57 (21) (240)Total comprehensive income 4 72 (113) 303 2 (126)Profit (loss) for the year attributable to non-controlling interests 35 (10) 38 29 (5) (60)Balance sheetNon-current assets 1,582 1,702 4,424 4,767 8,234 2,483Current assets 171 179 364 259 444 165Non-current liabilities 607 463 1,352 1,030 310 292Current liabilities 58 79 290 334 908 147Carrying amount of non-controlling interests 543 669 1,570 1,848 1,843 552Statement of cash flowsCash flows from operating activities 246 230 544 587 93 47Cash flows from investing activities - - (29) (47) (5,710) (1,070)Cash flows from financing activities (261) (230) (413) (540) 5,838 1,164\u2013 of which, dividends paid to non-controlling interests (128) (113) (166) (236) - -Transactions with non-controlling interestsDKKm 2022 2021Transactions with non-controlling interestsDividends paid to non-controlling interests (294) (349)Divestment of equity investments to non-controlling interests 3 446Other capital transactions with non-controlling interests 1,461 235Total transactions, cf. statement of cash flows 1,170 332Divestment of equity investments to non-controlling interestsChanges in receivables relating to the acquisition and divestment of non-controlling interests 3 446Cash selling price, total 3 446Subsidiaries with Non-significant non- controlling Registered1controlling interestsinterestofficeGunfleet Sands London,Holding Ltd 49.9 %UKWalney (UK) Offshore London,Windfarms Ltd 49.9 %UKOcean Wind JV Delaware, HoldCo LLC 25 %US1 Entities are fully consolidated.In the table, we provide financial information for subsidiaries with significant non-controlling interests. The amounts stated are the consolidated accounting figures of the individual enterprises or groups, determined according to our accounting policies. Amounts are stated before intra-group eliminations. Accounting policiesTransactions with non-controlling inter-ests are accounted for as transactions with the shareholder base. Gains and losses on the divestment ofequity investments to non-controlling interests are recognised in equity when the divestment does not result in a loss of control.Net assets acquired are not revalued on the acquisition of non-controlling inter-ests. Any difference between the carrying amount and the acquisition or sellingprice is recognised in equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__98": { "value": "Transactions with non-controlling inter-ests are accounted for as transactions with the shareholder base. Gains and losses on the divestment ofequity investments to non-controlling interests are recognised in equity when the divestment does not result in a loss of control.Net assets acquired are not revalued on the acquisition of non-controlling inter-ests. Any difference between the carrying amount and the acquisition or sellingprice is recognised in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__99-1": { "value": "4. Ta xThe Group\u2019s taxes reflect our business operations and applicable tax legislation in the countrieswhere we operate.1.3 bnCorporate income tax paid by the Group in 2022 totalled DKK 1,263 million against DKK 1,380 million in 2021.2.9 bnCurrent corporate income tax in 2022 totalled DKK 2,906 million against DKK 1,532 million in 2021.6.5 bnOur total tax contribution in 2022 totalled DKK 6,500 million against DKK 5,590 million in 2021.4.1 Approach to taxesAt \u00d8rsted, we want to provide user-friendly and transparent information about our global tax positions. We are committed to paying the right amount of tax, at the right time, in the right place \u2013 in accordance with the tax laws of the countries where we operate. We seek to comply not only with the letter of the law, but also with the underlying tax policy intent.We believe that taxes are a core part of our corporate social responsibility.We are committed to conducting our business in a way that contributes to the United Nations\u2019 Sustainable Development Goals (SDGs). Taxes are a key contribution to the SDGs, in particular target 16.6 on the development of effective, accountable, and transparent institutions. For more details on our approach to taxes, we refer to our tax policy, which can be found here: orsted.com/taxpolicy.Transparency and sustainabilityFor the third year in a row, we have drawn inspiration from the GRI (Global Reporting Initiative) 207: Tax standard when presenting our approach to and reporting of tax. In line with our tax policy, we engage constructively in national and international dialogue with governments, business groups, and civil society to support the develop-ment of effective tax systems, legislation, and administration. We want to help create a tax framework supporting the green transformation.During 2022, we have engaged with the OECD and European Union on the implemen-tation of Pillar 2 and submitted our response to a public consultation by the UK treasury on the UK capital allowances regime. Fur-ther, we have met with representatives from the Belgian Cabinet to discuss how tax regu-lations can support the green transformation and facilitate investments in renewables. We have met with representatives from the Greenlandic government to discuss the com-patibility of the Greenlandic tax regime with international tax regulations. Upon request, we have provided input to the Alternative Minimum Tax introduced under the Inflation Reduction Act in the US.We continuously engage with policymakers and authorities to ensure that windfall taxes and similar measures only target actual excess revenues on a net basis, including related hedges.The impact of the energy cap regulations and windfall taxes for 2023 will depend on not yet finalised legislation.The purpose of our engagement is to pro-mote the development of tax regimes that support the green transformation by contrib-uting to an informed discussion. By engaging with civil society and gathering input on, for example, how we share information, we believe we can contribute to increasing the public\u2019s confidence in the corporate tax system. Further, we are committed to cre-ating certainty for our stakeholders, such as investors and the local communities where we pay our taxes.Tax governanceTaxes are overseen by the Board of Directors, and within the Board, the Chair of the Audit & Risk Committee is accountable for our tax policy. The responsibility for tax risk manage-ment lies with the CFO and is overseen bythe Audit & Risk Committee. The day-to-day tax management is handled by a centralised global tax team. Our tax function is involved in the planning, implementation, and documentation of all significant business decisions and processes to ensure coordinated assessment of all tax compliance and risks. The tax function also regularly monitors and updates tax risks andrelated controls.Complying with tax rules can be complex,as the interpretation of legislation and caselaw may not always be clear cut and maychange over time, giving rise to tax risks. Wehave implemented a governance framework,which ensures appropriate processes andorganisational structures to identify, assess, monitor, and manage tax risks at differentlevels of the Group. We manage our taxrisks by preventing unnecessary disputes,which we strive to achieve through strongtechnical positions, thorough documentation and explanations of our positions, robustcompliance procedures, and by engaging in up-front dialogues with tax authorities.We define a tax risk as any consequencerelating to the application of our tax policy,day-to-day operations, compliance, or ex-ternal reporting that impacts the business in the form of cash liabilities, financial report-ing misstatements, or reputational damage.We have a standardised review process inplace, and our controls are continuouslyreviewed, assessed, and, where applicable,substituted by automated processes. Tax decisions in relation to matters which aresubject to approval by the Group ExecutiveTeam or the Board of Directors are approved by the Head of Tax.Our tax risk management work includes considering uncertain tax positions, e.g. when we have taken a position where there is an uncertainty created by a comparison of the wording of the law, the expressed policy intent or lack thereof, or fluctuating or diver-gent application by tax authorities or judicial systems in the countries where we operate.Occasionally, a multinational enterprise like \u00d8rsted faces potential double taxation. This occurs when two or more tax jurisdic-tions seek to tax the same business income. We believe that profit should only be taxed once, and where the value is created in line with the position of the OECD. In response to the tax risks connected to cross-border activities, including the con-troversies described in this section, we have made tax-related provisions in accordance with IAS 12, IAS 37, and relevant interpreta-tion, such as IFRIC 23. The provisions have been calculated based on differences in tax rates and statistical risks of suffering eco-nomic or legal double taxation.Tax controversiesDuring 2022, the Danish Tax Agency hasopened further enquiries on development of non-Danish wind farms. The Danish Tax Agency also closed an enquiry relating to development services performed by \u00d8rsted Wind Power A/S to our German offshore wind farm Borkum Riffgrund 2 without any adjustments. No information was provided from the Danish Tax Agency on why the enquiry on Borkum Riffgrund 2 was closed. If the principles applied by the Danish Tax Agency in the tax audits on the Hornsea 1, Walney Extension, and Race Bank offshore wind farms had been consistently applied in the Borkum Riffgrund 2 case, this would have resulted in a downward adjustments of the taxable profits in Denmark.To date, \u00d8rsted Wind Power A/S has re-ceived final administrative decisions from the Danish Tax Agency in relation to the development of the offshore wind farms Hornsea 1, Walney Extension, and Race Bank. In all its decisions, the Danish Tax Agency claims that \u00d8rsted Wind Power A/S has not acted at arm\u2019s length terms when charging fees for technical development services provided to the project companies. In its decisions, the Danish Tax Agency has increased \u00d8rsted Wind Power A/S\u2019s tax pay-ment to Denmark by DKK 7.6 billion for the income years 2015, 2016, and 2017.We have appealed the administrativedecisions to the Danish Tax Tribunal. In December 2020, we lodged a successfulapplication for a mutual agreement procedure (MAP) between Denmark and theUK under the EU Arbitration Convention forHornsea 1 and Walney Extension. On RaceBank, we continue to consider our furtheroptions, including an elaborated appeal to the Danish Tax Tribunal, a direct appeal to the court system, or a request for a MAPunder the double tax agreement between Denmark and the UK. The Danish Tax Agency has accepted a deferral of the tax paymentuntil the case has been finally decided.Tax planning and use of tax incentivesWe only use business structures that aredriven by commercial considerations and aligned with our business activities. We donot use so-called secrecy jurisdictions ortax havens to avoid taxes. If we establish anentity in a low or nil-rate jurisdiction, it will be for substantive and commercial reasons. In order to remain competitive, we make useof incentives and tax relief implemented bygovernments where we have commercial substance, and our business activities arethe intended beneficiaries of such incentivesand relief.UN sustainability goalWe are transparent about our approach to tax. We actively participate in the development of effective, accountable, and transparent legislation by our engagement with the OECD on Pillar 2.We endorse the B Team Responsible Tax Principles. The B Team is a group of business leaders working to redefine the culture of accountability in business, for companies, communities, and future generations by creating and cascading new norms of corporate leadership that can build a better world.ISRS 4400 \u2013 AUP on application ofGRI 207:TaxWe have drawn inspiration from the GRI 207: Tax standard when presenting our approach to and reporting of tax. The leadership team has been provided with a statement (ISRS 4400 \u2013 Agreed Upon Procedures) from our auditors on our application of GRI 207: Tax.The Fair Tax Mark accreditation scheme seeks to encourage and recognise businesses that pay the right amountof corporation tax at the right time and in the right place. We seek to pay tax responsibly and transparently and are proud to have qualified for the Fair Tax Mark in 2022.4.2 Tax on profit (loss) for the year2022 2021Effective tax rate DKKm, %DKK million % DKK million %Tax on profit (loss) for the year can be explained as follows:Calculated 22 % tax on profit (loss) before tax (3,874) 22 (2,921) 22Adjustments of calculated tax in foreign subsidiaries in relation to 22 % 348 (2) 160 (1)Tax effect of:Non-taxable income and non-deductible costs, net 2,243 (13) 1,842 (14)Unrecognised tax assets (651) 4 (239) 2Tax equity contributions (354) 2 (2,278) 17Movements in uncertain tax positions 10 - 534 (4)Changes in tax rates 29 - 988 (7)Adjustment of tax concerning previous years (364) 2 (476) 3Effective tax for the year (2,613) 15 (2,390) 18Income tax Tax on profit (loss) was DKK 2,613 million in 2022 against DKK 2,390 million in 2021. The effective tax rate was 15 % in 2022 against 18 % in 2021.The effective tax rate was primarily affect-ed by the largely tax-exempt divestments of the offshore wind farms Hornsea 2 and Borkum Riffgrund 3. Another primary factorderived from the recognition of deferred taxliabilities in connection with capitalisation of project costs in the US where we have entered into tax equity agreements on the following projects: Helena Energy CenterOld 300And the continued recognition of deferredtax liabilities on: North-East cluster Ocean Wind 1See more regarding tax equity partner-ships in notes 3.8 \u2018Tax equity liabilities\u2019 and 4.3 \u2018Deferred tax\u2019.The adjustment of tax concerning previ-ous years primarily relates to a tax equityadjustment on the 2021 Texas winter storm that was not accounted for in 2021.This was partly offset by adjustments toprovisions in Danish companies, a partialderecognition of tax loss carryforwards in the US, and adjustments related to theUK consortium relief in accordance withour agreements with our joint venturepartners.The effective tax rate in 2021 was primar-ily affected by the largely tax-exemptdivestments of the offshore wind farms Borssele 1 & 2 and Greater Changhua 1 andchanges to the corporate tax rate in theUK, which impacted our net deferred tax assets. Another primary factor in 2021 wasthe recognition of a tax liability in connec-tion with tax equity partnerships in the USrelated to Haystack, Western Trail, MuscleShoals, Permian Energy Center, the North-East cluster, and Ocean Wind 1. Accounting policiesTax for the year consists of current tax, changes in deferred tax, and adjustments in respect of previous years. Tax on profit (loss) for the year is recognised in the income statement. Tax relating to other items is recognised in other comprehen-sive income.Our uncertain tax positions are measured by using either of the following two methods, depending on which methodwe expect to better predict the resolu-tion of the uncertainty:\u2013 The most-likely-outcome method is applied in cases where there are only two possible outcomes.\u2013 The weighted-average method is used in cases where there are more than two possible outcomes. Our uncertain tax positions are recog-nised under \u2018Income tax\u2019 or \u2018 Deferred tax\u2019, depending on how the realisation of the tax position will affect the financial statement.Income taxDKKm 2022 2021Tax on profit (loss) for the year (2,613) (2,390)Tax on other comprehensive income (236) 6,448Tax on hybrid capital related to equity 13 87Total tax for the year (2,836) 4,145Tax on profit (loss) for the year can be broken down as follows:Current tax (2,906) (1,532)Deferred tax 868 269Changes in tax rates 29 988Uncertain tax positions 10 534Tax on hybrid capital 104 105Tax equity (354) (2,278)Adjustment of tax concerning previous years (364) (476)Tax on profit (loss) for the year (2,613) (2,390)Tax on other comprehensive income can be broken down as follows:Current tax 60 (31)Deferred tax (296) 6,479Tax on other comprehensive income (236) 6,448Tax on profit (loss) for the year and other comprehensive income In 2022, total tax for the year wasDKK 2,836 million, consisting of tax on profit (loss) for the year, tax on other comprehensive income, and tax on hybrid capital related to equity.Current tax Current tax is the payable tax expense incurred by \u00d8rsted on profit for the year. This differs from taxes paid as a resultof payments or refunds regarding prioryears and residual payments for the current year. Because of the high level of investments and the subsequent deferrals of payable tax as a consequence of accelerated taxdepreciation, our current tax is generallylower than the statutory corporate tax rates during construction and the initial years after first power from a wind farm. Key accounting estimateEstimates regarding recognition of income taxesWe are subject to income taxes in all the countries where we operate. Significant judgement and estimates are required in determining the worldwide income taxes and income tax assets and liabilities, including provisions for uncertain tax positions.In the course of conducting businessaround the world, tax and transfer pric-ing disputes with tax authorities may oc-cur due to the complex nature of the tax rules related to the business. Judgement is applied to assess the possible outcome of such disputes. We apply the methods prescribed in IFRIC 23 \u2018Uncertainty over Income Tax Treatments\u2019 when making provisions for uncertain tax positions, and the provisions made are based on different scenarios of possible outcomes. We consider the provisions made to be adequate. The actual obligation may deviate and might lead to tax in excess of the uncertain tax provisions included. This depends on the result of litigations and settlements with the relevant tax authorities.Ongoing tax disputes, primarily related to transfer pricing cases, are included as part of \u2018Income tax\u2019 and \u2018Deferred tax\u2019. Estimates in respect of transfer pricing cases depend, among others, on whether corresponding adjustments can be ob-tained in the relevant jurisdictions, and, in terms of disputes regarding project companies with partners, whether com-pensation can be obtained from these partners. Any expected compensation from partners are included as part of\u2018Other receivables\u2019.4.4 Our tax footprintOur tax footprint is an effect of how and where we conduct our business.Local corporate taxes paidWe have made significant investments in offshore wind farms in the UK, Germany, the Netherlands, the US, and Taiwan, resulting in the accumulation of large tax assets in recent years. Historically, we have not paid significant taxes in these countries besides the UK. This is changing as the offshore wind farms are being commissioned and generating positive taxable income, resulting currently in paid taxes in more countries.We are also continuously investing inthe US. We do, however, not expect topay material corporate taxes in the USin the near future due to the commercialstructures in the US. The funding in the USis carried out applying the US tax equityset-up, which effectively means thattax attributes are transferred to the taxequity partner as repayment and returnon investment. See more regarding taxequity partnerships in note 3.8 \u2018Tax equity liabilities\u2019.A wind farm life cycleWe operate in several countries (see our global footprint in the management\u2019s review). The design of the individual tax regime in each jurisdiction impacts the tax over the life cycle of our investments and thereby the timing of our tax payments. A wind farm life cycle begins with the development phase. This includes opportunity screening, if applicable, bid preparation and obtaining land rights, grid connection, and permits. The latter activities are further matured if an investment decision is made, and the construction phase commences, which includes construction of the wind farm. During both phases, product, people, and property taxes are borne or collected (see our total tax contribution section).When the wind farm is commissioned and put into operation, income and positive cash flows are generated. In many cases, theeffect of tax incentives results in a deferralof taxable income compared to profit beforetax for accounting purposes. Conversely,once the deferral ends, the taxable income related to the wind farm will exceed theaccounting profit.For this reason, the applicable corporate taxrate and cash tax paid will always differ, butaccumulated over the lifetime of the windfarm, they will be very similar.Also, in some of the jurisdictions where weoperate, there are mandatory or voluntary tax groupings. This means that we will onlypay tax on the consolidated result of all ofour activities in that country. As a result,continued significant investments in such acountry may further defer the time when wepay taxes in that country.Total tax contributionThe total tax contribution represents our cash tax payments to government revenues, including amounts paid through an agent. Tax does not result in a return of value to \u00d8rsted for a right or asset used in the business.Taxes borne by us are those that represent a direct cost and are reflected in the financial result. Taxes borne are charged to the profit and loss account.Taxes collected are those which are gener-ated by our operations, but do not constitute a tax liability for \u00d8rsted. \u00d8rsted generates the commercial activity that gives rise tothe taxes and then collects and administers them on behalf of the tax authorities in thecountries where we operate.Country-by-country reportingIn order to increase transparency, we presentkey figures on tax jurisdiction levels below.Our country-by-country reporting content widely follows the GRI 207: Tax standard. The standard is based on guidance fromOECD. In order to ensure internal coherence throughout the annual report, corporate income tax is calculated based on IFRS reporting standards instead of GRI method-ology. The tax incentives provided on greeninvestments defer our tax payments, result-ing in a difference between profit (loss) inthe accounts and taxable income during the life cycle of a wind farm. This is applicable inmost of the countries where we operate.Total global taxes paid in 2022Profit taxesThese include taxes on company profits that are borne (such as corporate income tax) and collected (such as with-holding tax on payments to third parties).People taxesTaxes on employment, both borne and collected (including income tax and social security tax payments). Product taxesIndirect taxes on the production and consumption of goods and services, including net VAT and sales tax, custom duties, and insurance premium tax. Net VAT in countries in a net refund position is excluded in the total tax contribution, as it is considered a repayment of tax al-ready paid within the year. Included are also planet taxes, which are insignificant for this summary. Property taxesTaxes on the ownership, sale, transfer, or occupancy of property.Revenue from intra-Property, plant, Corporate income Total employeeRevenue from group trans actionsand equipment, Balance of intra-tax paid on 2 remunerationCountry-by-country Number of third-party sales with other tax and inventorycompany debta cash basiskey figures, 2022employeesDKKmDKKmjurisdictions, DKKmDKKmDKKm DKKmDenmark 4,219 3,723 111,020 9,713 18,400 36,740 6The UK 1,254 1,015 11,264 27,418 55,005 61,775 720The US 643 709 2,396 71 68,348 18,575 1Germany 331 211 432 3,257 13,700 17,697 233Ireland 102 54 937 - 4,797 517 -The Netherlands 88 58 - 1,829 4,722 4,524 42Taiwan 185 148 5,439 65 24,476 15,264 247Malaysia 574 143 2 213 11 - 2Poland 519 164 20 274 1,479 11 9Norway - - - - - - -Sweden 6 6 721 1 146 38 2France 51 - 27 - 667 - -Singapore 13 16 19 45 9 - 1Korea 17 19 - 19 - 149 -Japan 25 22 - 8 - 69 -1Other countries - 9 - - 8 - -To ta l 8,027 6,297 132,277 42,913 191,768 155,359 1,263Current tax expla-Calculated local Non-taxable nation on country corporate tax income and level, 2022Profit (loss) on profit (loss) non- deductibleUnrecognised OtherDKKmbefore taxbefore taxcosts, nettax assets Deferred taxadjustments Current taxDenmark 8,405 (1,809) 2,213 - (414) (40) (50)The UK 9,876 (1,877) (23) (2) (12) - (1,914)The US (3,395) 856 7 (556) (293) (7) 7Germany 1,799 (528) 10 (11) 138 (12) (403)Ireland 305 (34) - - (37) (4) (75)The Netherlands 1,005 (251) - - (47) - (298)Taiwan (124) 59 24 - (203) (24) (144)Malaysia 24 (6) (1) - - 1 (6)Poland 7 (3) (6) (2) - 2 (9)Norway (21) 5 1 (5) - (1) -Sweden (85) 17 - (18) 1 1 1France 27 (7) - - - - (7)Singapore 21 (4) 1 - - (1) (4)Korea (120) 12 (12) (14) - 12 (2)Japan (85) 37 20 (37) - (20) -1Other countries (30) 7 9 (6) (1) (11) (2)To ta l 17,609 (3,526) 2,243 (651) (868) (104) (2,906)Country-by-country key figures The table shows reporting of financial, economic, and tax-related information for each jurisdiction where we operate. This information can be compared with our total tax contribution. Our tax contributions reflect that some of our development and construction activities have been based inDenmark, and that our operations in the comingyears are beginning to ramp up in markets that have been developed. Also, our presence and the corresponding tax position is affected by hedging, which is primarily handled centrally in Denmark.Withholding taxes are reported under the country where the payment is made.Current tax explanation on country levelThe table shows our profit (loss) before tax in tax jurisdictions and the journey to current tax. Current tax for Denmark is significantly impacted by hedge losses, resulting in an overall tax loss for the year, i.e. a deferred tax asset. See more in the section \u2018Accounting policies\u2019 in note 4.3 \u2018Deferred tax\u2019.1 Other countries include Belgium, China, the Isleof Man, Latvia, Spain, and Vietnam.2 Including employee costs transferred to assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__102": { "value": "Tax for the year consists of current tax, changes in deferred tax, and adjustments in respect of previous years. Tax on profit (loss) for the year is recognised in the income statement. Tax relating to other items is recognised in other comprehen-sive income.Our uncertain tax positions are measured by using either of the following two methods, depending on which methodwe expect to better predict the resolu-tion of the uncertainty:\u2013 The most-likely-outcome method is applied in cases where there are only two possible outcomes.\u2013 The weighted-average method is used in cases where there are more than two possible outcomes. Our uncertain tax positions are recog-nised under \u2018Income tax\u2019 or \u2018 Deferred tax\u2019, depending on how the realisation of the tax position will affect the financial statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__103": { "value": "4.3 Deferred taxNet deferred tax for 2022 primarily consist of Offshore OnshoreAssetsRecognition of tax loss carryforwardsInternal gain on construction agreementsLiabilitiesTax equity structuresAccelerated tax depreciation compared to accounting depreciationAcquisitionsFinancial instrumentsDeferred tax 2022DKKm Offshore OnshoreDeferred tax, assets 14,554 61 1,457(2,35313,719Deferred tax, liabilities 3,471 3,915 2,496(2,4687,414Unrecognised tax assets 895 83 100-1,078Deferred tax 2021DKKmDeferred tax, assets 11,701 10 1,563713,281Deferred tax, liabilities 798 4,387 1362955,616Unrecognised tax assets 254 94 9322463The table shows the reconciliation of deferred tax to the balance sheet by segment. The unrecognised tax asset is primarily due to ring-fenced tax losses and other losses not meeting the criteria for recognition under IAS 12. There is no expiry of our unrecognised tax assets. No provision for withholding tax on dividends has been included as the amounts where a concrete dividend distribution is planned are considered immaterial in 2022. Other activities/eliminations primarily consist of eliminations between segments.BioenergyOther activities/& OthereliminationsBioenergyOther activities/ Deferred tax at & Othereliminations 31 DecemberSignificant movements in deferred tax assets and liabilitiesDeferred tax assetsTax loss carryforwards due to the accelerated depreciation for tax purposes. Current tax transferred to deferred tax in Denmark because of the net losses on hedges. Difference between tax and accounting treatment of financialinstruments. Adjustments to previous year\u2019s tax returns in Denmark. Utilisation of tax loss carryforwards and surrender of consortium relief in the UK.Deferred tax liabilities Recognition of tax liabilities in connection with tax equitypartnerships related to the onshore wind part of Helena Energy Center, Old 300, the North-East cluster, and Ocean Wind 1 in our US offshore portfolio.Acquisition of the shares in Ostwind. Adjustment to prior-year classification of property, plant, and equipment related to our onshore wind farm Lincoln Land.Development in deferred tax assets Deferred tax Deferred tax and liabilities, 2022balances at balances at DKKm1 January, net Movements31 December, net Assets LiabilitiesIntangible assets (40) 2 (38) 1 39Property, plant, and equipment (8,198) 2,064 (6,134) 4,001 10,135Other non-current assets (8) 24 16 30 14Current assets (50) 50 - 1 1Decommissioning obligations 1,350 751 2,101 2,101 -Other non-current liabilities 4,666 (4,251) 415 499 84Current liabilities 3,937 (564) 3,373 3,373 -Tax loss carryforwards 6,008 564 6,572 6,572 -Offset (2,859) (2,859)To ta l 7,665 (1,360) 6,305 13,719 7,414Development in deferred tax assets and liabilities, 2021DKKmIntangible assets (47) 7 (40) - 40Property, plant, and equipment (1,710) (6,488) (8,198) 6,379 14,577Other non-current assets (29) 21 (8) 6 14Current assets (2) (48) (50) - 50Decommissioning obligations 1,138 212 1,350 1,350 -Other non-current liabilities 662 4,004 4,666 4,815 149Current liabilities 188 3,749 3,937 3,941 4Tax loss carryforwards 4,397 1,611 6,008 6,008 -Offset (9,218) (9,218)To ta l 4,597 3,068 7,665 13,281 5,616For tax purposes, depreciation of fixed assets is typically accelerated compared with accounting purposes. As the accelerated depreciation is larger than our taxable profits when we make large investments, our tax loss carryforwards increase when more wind farms enter into operation. The tax loss carryforwards are either offset against deferred tax liabilities on the same wind farm or jurisdiction or offset against expected future profits from the very same wind farm or jurisdiction. Our decommissioning liability increases as we expand operations. In most tax jurisdictions, the cost is not tax-deductible until it incurs. Accounting policiesDeferred tax is recognised in respect of all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts. Deferred tax is not recognised in respect of temporary differences relating to: \u2013 the acquisition of joint operations, including licence interests\u2013 other items where differences arise at the time of acquisition, affecting neither the profit (loss) for the year nor the taxable income. However, this does not include differences arising in connection with company acquisitions. Except for right-of-use assets, lease liabilities, decommissioning, restoration, and similar liabilities where the corresponding amounts are recognised as part of the cost of the related assets.Differences arising in connection with company acquisitions are recognised.Deferred tax is measured depending on how we plan to use the assets and settle the liabilities. We offset tax assets and liabilities when the tax assets can be offset against tax liabilities in the year in which the deferred tax assets are ex-pected to be used. Intra-group gains and losses are eliminated when calculating deferred tax. In countries where taxes can be offset between companies due to joint taxation schemes, we have netted within a tax jurisdiction. Where no such possibility is feasible, the deferred tax is included with the gross amount on a company- by-company level.Tax losses carried forward in jurisdictions where we have a history of losses are recognised based on other convincing evidence of future profits. The other convicing evidence is based on our long-term forecast model approved by the Board of Directors.Adjustments to unrecognised tax assets are recognised on profit (loss) or other compre-hensive income depending on the underlying source of the adjustment.Deferred tax is measured based on the tax rules and rates applying when the deferred tax be-comes current tax. Changes in deferred tax as a result of changes in tax rates are recognised in profit (loss) for the year. Deferred tax (net liabilities) related to tax equity structures are recognised as tax expense in the income statement when the tax equity partner-ship agreement is effective, and we start to or have capitalised the corresponding assets. The liability recognised is the amount that we expect to take over once the contribution from the equity partner is repaid, and the tax equity structure flips.US tax equity partnershipsWe have entered into several tax equity part-nership agreements in the US.The expected value of the deferred tax liability related to property, plant, and equipment at the flip date in the tax equity partnership agreement is included in our accounts when the tax equity partnership agreement is effec-tive, and we start to or have capitalised the corresponding assets. The deferred tax liability from existing tax equity partnerships will be gradually reduced based on accounting depre-ciation after the flip date. See more regarding tax equity partnerships in note 3.8 \u2018Tax equity liabilities\u2019.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__104": { "value": "Deferred tax is recognised in respect of all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts. Deferred tax is not recognised in respect of temporary differences relating to: \u2013 the acquisition of joint operations, including licence interests\u2013 other items where differences arise at the time of acquisition, affecting neither the profit (loss) for the year nor the taxable income. However, this does not include differences arising in connection with company acquisitions. Except for right-of-use assets, lease liabilities, decommissioning, restoration, and similar liabilities where the corresponding amounts are recognised as part of the cost of the related assets.Differences arising in connection with company acquisitions are recognised.Deferred tax is measured depending on how we plan to use the assets and settle the liabilities. We offset tax assets and liabilities when the tax assets can be offset against tax liabilities in the year in which the deferred tax assets are ex-pected to be used. Intra-group gains and losses are eliminated when calculating deferred tax. In countries where taxes can be offset between companies due to joint taxation schemes, we have netted within a tax jurisdiction. Where no such possibility is feasible, the deferred tax is included with the gross amount on a company- by-company level.Tax losses carried forward in jurisdictions where we have a history of losses are recognised based on other convincing evidence of future profits. The other convicing evidence is based on our long-term forecast model approved by the Board of Directors.Adjustments to unrecognised tax assets are recognised on profit (loss) or other compre-hensive income depending on the underlying source of the adjustment.Deferred tax is measured based on the tax rules and rates applying when the deferred tax be-comes current tax. Changes in deferred tax as a result of changes in tax rates are recognised in profit (loss) for the year. Deferred tax (net liabilities) related to tax equity structures are recognised as tax expense in the income statement when the tax equity partner-ship agreement is effective, and we start to or have capitalised the corresponding assets. The liability recognised is the amount that we expect to take over once the contribution from the equity partner is repaid, and the tax equity structure flips.US tax equity partnershipsWe have entered into several tax equity part-nership agreements in the US.The expected value of the deferred tax liability related to property, plant, and equipment at the flip date in the tax equity partnership agreement is included in our accounts when the tax equity partnership agreement is effec-tive, and we start to or have capitalised the corresponding assets. The deferred tax liability from existing tax equity partnerships will be gradually reduced based on accounting depre-ciation after the flip date. See more regarding tax equity partnerships in note 3.8 \u2018Tax equity liabilities\u2019.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__106": { "value": "5. Capital structureAn appropriate capital structure is important to ensure we have the ability to raise new debt with attractive terms. 42.7 %Funds from operations (FFO) relative to adjusted interest-bearing net debt amounted to 42.7 % at 31 December 2022 against 26.3 % at 31 December 2021.30.6 bnOur interest-bearing net debt totalled DKK 30,571 million at 31 December 2022 against DKK 24,280 million at31 December 2021.97.8 bnOur liquidity reserve totalled DKK 97,784 million at 31 December 2022 against DKK 43,183 million at31 December 2021.In 2022, we have issued a total of five new green senior bonds in June and September with a total nominal value of EUR 2,250 million (DKK 16,732 million) and GBP 950million (DKK 7,963 million). Furthermore in December, we have issued a new green hybrid bond with a nominal value of EUR 500 million (DKK 3,718 million). Part of the proceeds was used to repay a portion of the 6.25 % 3013 hybrid bond.Finally, we significantly increased our short-term credit facilities to ensure access to sufficient liquidity. Also in a scenario with continuous extreme price fluctuations where we could be required to post collateral and make margin payments for the negative value of hedginginstruments. We have increased our committed credit facilities from DKK 28.3 billion end of 2021 to DKK 57.2 billion end of 2022.Capital structure To ensure the financial strength to operate in the international energy and capital markets and secure financing on attractive terms, we have defined a capital structure and credit rating target of Baa1/BBB+ and aFFO/adjusted net debt credit metric of around 25 %. Financing policyThe aim of our financing policy is to minimise liquidityand refinancing risks, while minimising financing costs and matching the currency composition of our debt withour revenue.The financing markets are diversified among various funding sources and maturities and are primarily con-solidated in the parent company where cash resourcesare made available to the Group companies via aninternal bank.Cash management and liquidity reserveA group-wide cash management set-up ensures optimalallocation of cash in relation to our day- to-day opera-tions and investment programme. We target a liquidityreserve to ensure adequate coverage of budgeted liquidity uses on a rolling 12 month forward-looking basisto limit the company\u2019s sensitivity to unforeseen develop-ments, including unrest in financial markets.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__107-1": { "value": "5. Capital structureAn appropriate capital structure is important to ensure we have the ability to raise new debt with attractive terms. 42.7 %Funds from operations (FFO) relative to adjusted interest-bearing net debt amounted to 42.7 % at 31 December 2022 against 26.3 % at 31 December 2021.30.6 bnOur interest-bearing net debt totalled DKK 30,571 million at 31 December 2022 against DKK 24,280 million at31 December 2021.97.8 bnOur liquidity reserve totalled DKK 97,784 million at 31 December 2022 against DKK 43,183 million at31 December 2021.In 2022, we have issued a total of five new green senior bonds in June and September with a total nominal value of EUR 2,250 million (DKK 16,732 million) and GBP 950million (DKK 7,963 million). Furthermore in December, we have issued a new green hybrid bond with a nominal value of EUR 500 million (DKK 3,718 million). Part of the proceeds was used to repay a portion of the 6.25 % 3013 hybrid bond.Finally, we significantly increased our short-term credit facilities to ensure access to sufficient liquidity. Also in a scenario with continuous extreme price fluctuations where we could be required to post collateral and make margin payments for the negative value of hedginginstruments. We have increased our committed credit facilities from DKK 28.3 billion end of 2021 to DKK 57.2 billion end of 2022.Capital structure To ensure the financial strength to operate in the international energy and capital markets and secure financing on attractive terms, we have defined a capital structure and credit rating target of Baa1/BBB+ and aFFO/adjusted net debt credit metric of around 25 %. Financing policyThe aim of our financing policy is to minimise liquidityand refinancing risks, while minimising financing costs and matching the currency composition of our debt withour revenue.The financing markets are diversified among various funding sources and maturities and are primarily con-solidated in the parent company where cash resourcesare made available to the Group companies via aninternal bank.Cash management and liquidity reserveA group-wide cash management set-up ensures optimalallocation of cash in relation to our day- to-day opera-tions and investment programme. We target a liquidityreserve to ensure adequate coverage of budgeted liquidity uses on a rolling 12 month forward-looking basisto limit the company\u2019s sensitivity to unforeseen develop-ments, including unrest in financial markets.5.4 Liquidity reserveLiquidity reserveLiquidity reserve at 31 December 2022 amounted to DKK 97.8 billion (31 December 2021: DKK 43.2 billion). The financial re-sources were in particular built up during the year to ensure sufficient liquidity to cope with collateral payments and continuing investments in the green transformation.The change in liquidity reserve is due to an increase in cash, available securities, and undrawn credit facilities of DKK 7,554 million, DKK 18,217 million, and DKK 28,830 million, respectively.Collateral and margin postingsWhen we trade in derivatives to execute our hedging strategy, we have two alternatives:\u2013 Trading on exchanges where the market value is settled on an ongoing basis through receipt or placing of collateral.\u2013 Trading OTC where we accept the credit risk that will occur if we gain on the transaction.We are trading under both type of agree-ments to increase the number of counter-parties with whom we are engaging to achieve the most optimal price.To mitigate and limit the potential neg-ative impact on our cash position from temporary fluctuations in market prices, we actively manage the volume of trades between trading with and without collater-al arrangements.As of 31 December 2022, 31 % (2021: 51 %) of our power and gas trades and 86 % (2021: 82 %) of our currency, inflation, and interest rate hedges had daily margin settlements.To limit cash impact, we also provide non-cash collateral as parent company andbank guarantees, where possible. At the endof December 2022, we had covered EUR 1 billion in collateral for initial margins onenergy hedges through a parent companyguarantee.Our collateral and margin payments relatedto trading with derivatives and collateralrelated to insurance liabilities and escrow accounts have increased from DKK 12.3billion at 31 December 2021 to DKK 17.3billion at 31 December 2022. The increase was primarily driven by the large increase inpower and gas prices. Collateral paymentsrelated to variation margins increased byDKK 10.3 billion and was partly offset by a decrease in initial margins of DKK 3.5 billionduring the year and amounted to DKK 12.8billion at 31 December 2022.Initial margin and variation margin relate to energy hedges, and the credit supportannex (CSA) relates to currency, inflation,and interest rate hedges. Other collateralmainly relates to insurance liabilities and escrow accounts. Further securities can beplaced as collateral in repo transactions aspart of our cash management.Cash and cash equivalents, securitiesDKKm 2022 2021Cash cf. balance sheet 16,178 8,624Bank overdrafts that are part of the ongoing cash management (3) (10)Total cash and cash equivalents at 31 December, cf. statement of cash flows 16,175 8,614Cash can be specified as follows:Cash cf. balance sheet 16,178 8,624Cash, not available for use 2,471 1,319Securities can be specified as follows:Securities, available 24,428 6,210Securities, not available for use 769 15,018Total securities at 31 December 25,197 21,228The table shows our cash and securities divided into available and not available for use.Overview of securitiesDKKm Fixed rate Floating rate 2022 Fixed rate Floating rate 2021Maturities0-2 years 37 12,278 12,315 1,293 6,642 7,9352-5 years 961 6,025 6,986 (1,214) 7,008 5,794After 5 years 1,666 4,230 5,896 2,385 5,114 7,499Total carrying amount 2,664 22,533 25,197 2,464 18,764 21,228The table shows our securities split into maturities and fixed or floating interest rates. The overview includes interest rate swaps used to manage the interest rate risk on the securities.Cash, cash equivalents, and securitiesSecurities are a key element in our liqiudity reserve, and therefore investments are mainly made in liquid AAA-rated Danish mortgage bonds and, to a lesser extent,in other bonds. Most of the securities qualify for repo transactions with the Danish central bank, \u2018Danmarks Nationalbank\u2019.Securities not available for use comprise securities pledged as collateral for: \u2013 short-term repo loans: DKK 0 million at 31 December 2022 (2021: DKK 14,207 million)\u2013 insurance- related provisions: DKK 381 million at 31 December 2022 (2021: DKK 397 million)\u2013 trading in financial instruments: DKK 388 million at 31 December 2022 (2021: DKK 414 million).At 31 December 2022, we had received cashcollateral in the amount of DKK 1,194 million(2021: DKK 1 million) concerning the positivemarket value of derivatives.Cash not available for use comprises:\u2013 payables for the purchase of gas thathas not yet been settled placed on a restricted acount: DKK 2,029 million(2021: DKK 0 million)\u2013 collateral for insurance-relatedprovisions: DKK 38 million(2021: DKK 254 million)\u2013 collateral for power purchaseagreements and trading with financial instruments: DKK 366 million(2021: DKK 825 million)\u2013 collateral for other transactions:DKK 38 million (2021: DKK 240 million).Accounting policiesSecurities comprise bonds that are monitored, measured, and reported at market value on an on going basis in conformity with the Group\u2019s investment policy. Changes in market value are recognised in profit (loss) for the year as financial income and expenses. Purchase and sale of secu-rities are recognised at the settlement date.For listed securities, market value equals the market price, and for unlisted securities, market value is estimated based on generally accepted valuation methods and market data.Divested securities where repurchase agree-ments (repo transactions) have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held. The amount received is recognised as a liability, and the difference between the sell-ing price and the purchase price is recognised in profit (loss) for the year over the term as interest. The return on the securities is recognised in profit (loss) for the year.5.5 Maturity analysis of financial liabilitiesMaturity analysis of financial liabilities 2022DKKm 2023 2024 2025-2026 After 2026 2022Bank loans and issued bonds:\u2013 Notional amount 3,087 53 1,487 59,077 63,704\u2013 Interest payments 1,883 1,880 3,741 14,721 22,225Trade payables 20,641 - - - 20,641Derivatives 32,636 13,442 6,059 11,288 63,425Lease liabilities 817 664 1,288 9,182 11,951Tax equity debt 150 158 343 1,690 2,341Other payables 8,019 1,543 489 12,810 22,861Total payment obligations 67,233 17,740 13,407 108,768 207,148Maturity analysis of financial liabilities 2021DKKm 2022 2023 2024-2025 After 2025 2021Bank loans and issued bonds:\u2013 Notional amount 19,375 53 106 31,669 51,203\u2013 Interest payments 975 873 1,748 8,011 11,607Trade payables 20,231 - - - 20,231Derivatives 27,668 15,315 1,509 6,932 51,424Lease liabilities 738 579 1,083 8,483 10,883Tax equity debt 175 137 235 1,988 2,535Other payables 3,826 1,011 3,459 733 9,029Liabilities relating to assets classified as held for sale 72 - - - 72Total payment obligations 73,060 17,968 8,140 57,816 156,984The Group\u2019s cash needs in respect of its financial loans and borrowings are shown in the table. The maturity analysis was determined on 31 December. The maturity analysis is based on undiscounted cash flows, including estimated interest pay-ments. Interest payments are based on market conditions and interest rate hedging entered into on 31 December. The maturity analysis does not include hybrid capital classified as equity. At 31 December 2022, we had issued hybrid capital with a notional amount totalling DKK 19,877 million due after 2026.For further disclosures of lease liabilities, see note 3.3 \u2018Intangible assets, and property, plant, and equipment\u2019.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__109-1": { "value": "Interest-bearing debt and interest-bearing assetsDKKm 2022 2021Interest-bearing debt:Bank debt 8,913 16,318Bond debt 54,368 34,677Total bond and bank debt 63,281 50,995Tax equity liability (see note 3.8) 1,236 1,296Lease liability 8,266 7,532Other interest-bearing debt:Debt in connection with divestments 2,904 -Debt from receiving collateral under credit support annexes 1,196 1Other interest-bearing debt 824 534Total interest-bearing debt 77,707 60,358Interest-bearing assets:Securities 25,197 21,228Cash 16,178 8,624Cash, not available for use 2,471 1,319Other interest-bearing receivables:Receivables from placing collateral under credit support annexes 2,449 4,150Receivables in connection with divestments 713 757Other receivables 128 -Total interest-bearing assets 47,136 36,078Total interest-bearing net debt at 31 December 30,571 24,280In 2022, bank debt includes DKK 0 million (2021: DKK 14,207 million) in short-term repo loans. The market value of our bond and bank debt amounted to DKK 53,358 million and DKK 8,483 million, respectively, at 31 December 2022 (2021: DKK 40,292 million and DKK 16,339 million, respectively). The market value of our bond and bank debt is below the carrying amount due to the increase in interest levels since the issuance of the debt.6.8 Categories of financial instrumentsCategories of financial instrumentsDKKm 2022 2021Energy and currency derivatives 16,389 967Securities 25,197 21,228Financial assets measured at fair value via the income statement 41,586 22,195Energy derivatives 6,709 14,314Interest and inflation derivatives 1,661 847Currency derivatives 478 666Derivatives (assets) used as hedging instruments 8,848 15,827Trade receivables 12,701 9,565Other accounts receivable 28,108 24,111Financial assets measured at amortised cost 40,809 33,676Energy and currency derivatives 11,165 8,303Financial liabilities measured at fair value via the income statement 11,165 8,303Energy derivatives 41,237 35,174Interest and inflation derivatives 2,083 2,884Currency derivatives 3,073 3,428Derivatives (liabilities) used as hedging instruments 46,393 41,486Bank loans and issued bonds 63,281 50,995Trade payables 20,641 20,231Other accounts payable 11,310 7,368Financial liabilities measured at amortised cost 95,232 78,594The table shows our financial instruments divided into categories. The categories indicate how the financial instruments are recognised in the financial statement.Financial instruments are used for various purposes. The purpose determines the category, and whether the value adjust-ment of the instrument should be recog-nised in the profit (loss) for the year or aspart of the hedging reserve in equity.The fair value of financial instrumentsmeasured at amortised cost is identical to the carrying amount with the excep-tion of bank loans and issued bondswhere the market value is stated in note 5.1 \u2018 Interest-bearing debt\u2019.6.9 Sensitivity analysis of financial instruments Sensitivity analysis of 31 December 2022 31 December 2021financial instrumentsDKKmPrice Effect on profit Effect on equity Effect on profit Effect on equity Riskchange(loss) before taxbefore tax(loss) before taxbefore taxOil 25 % (533) 277 (608) 32-25 % 608 (6) 608 (32)Gas 25 % (764) 177 (731) (375)-25 % 764 (177) 731 375Power 25 % (1,791) (14,382) (549) (12,152)-25 % 1,794 14,402 554 12,278USD 10 % (947) (853) (451) (440)-10 % 947 853 445 440GBP 10 % (2,430) (4,727) (3,041) (6,421)-10 % 2,430 4,727 3,041 6,421NTD 10 % (743) - (134) --10 % 743 - 134 -EUR 1 % (899) (125) 67 67-1 % 899 125 (66) (67)Interest 1 % point (332) 1,224 (234) 1,737Inflation 1 % point - (2,162) - (4,419)The sensitivity analysis in the table shows the effect of market value changes, assum-ing a relative price change at 31 December2022. The effect on profit (loss) before tax com-prises financial instruments that remained open at the balance sheet date, and whichhave an effect on profit (loss) in the current financial year. Effect on equity before tax comprises finan-cial instruments that remained open at the balance sheet date, and which are value- adjusted directly in equity. Financial instruments include derivatives as well as receivables and payables in foreign currencies.The illustrated sensitivities only comprise the impacts from our financial instruments. If the hedged exposure had been included in the sensitivity analysis, the effect of aprice change would have been reduced oroffset entirely.Net investments and associated hedging ofnet investments in foreign subsidiaries arenot included in the table, as the effects ofthe sum of the investments and the hedgingare considered to be neutral to changes in currencies. A 10 % increase in the currencies hedged in connection with net investments would reduce equity by DKK 6,257 million(2021: DKK 5,131 million).7.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__108": { "value": "5.1 Interest-bearing debt and FFOInterest-bearing debt and interest-bearing assetsDKKm 2022 2021Interest-bearing debt:Bank debt 8,913 16,318Bond debt 54,368 34,677Total bond and bank debt 63,281 50,995Tax equity liability (see note 3.8) 1,236 1,296Lease liability 8,266 7,532Other interest-bearing debt:Debt in connection with divestments 2,904 -Debt from receiving collateral under credit support annexes 1,196 1Other interest-bearing debt 824 534Total interest-bearing debt 77,707 60,358Interest-bearing assets:Securities 25,197 21,228Cash 16,178 8,624Cash, not available for use 2,471 1,319Other interest-bearing receivables:Receivables from placing collateral under credit support annexes 2,449 4,150Receivables in connection with divestments 713 757Other receivables 128 -Total interest-bearing assets 47,136 36,078Total interest-bearing net debt at 31 December 30,571 24,280In 2022, bank debt includes DKK 0 million (2021: DKK 14,207 million) in short-term repo loans. The market value of our bond and bank debt amounted to DKK 53,358 million and DKK 8,483 million, respectively, at 31 December 2022 (2021: DKK 40,292 million and DKK 16,339 million, respectively). The market value of our bond and bank debt is below the carrying amount due to the increase in interest levels since the issuance of the debt.Changes in interest-bearing debtDKKm 2022 2021Interest-bearing debt at 1 January 60,358 44,447Cash transactions:Instalments on loans (22,595) (4,435)Proceeds from raising loans 37,090 14,582Instalments on leases (582) (520)Change in other interest-bearing debt and tax equity liability 1,291 (797)Non-cash transactions:Raising lease debt, etc. 1,316 2,998Bank loans acquired in a business combination 437 2,273Foreign exchange adjustments, amortisation, etc. 392 1,810Interest-bearing debt at 31 December 77,707 60,358Interest-bearing debt increased by DKK 17,349 million in 2022.Proceeds from raising loans include DKK 0 million (2021: DKK 14,207 million) in rasing short-term repo loans.Funds from operations (FFO)DKKm 2022 2021EBITDA 32,057 24,296Change in provisions and other adjustments (2,213) (422)Change in derivatives (8,687) (2,050)Variation margin (add back) 10,332 (627)Reversal of gain (loss) on divestment of assets (10,885) (7,920)Income tax paid (1,263) (1,380)Interest and similar items, received/paid (563) (467)Reversal of interest expenses transferred to assets (586) (782)50 % of coupon payments on hybrid capital (264) (215)Dividends received and capital reductions 23 29Funds from operations (FFO) 17,951 10,462We have adjusted our definition of FFO/adjusted net debt. We have excluded variation margin payments from our FFO definition to reflect the changes implemented by the rating agencies. Furthermore, we have excluded \u2019other interest- bearing debt\u2019 and \u2019other interest-bearing receivables\u2019 from adjusted net debt to align with the common methodology used by the rating agencies. Comparative figures for 2021 are restated in accordance with the new definition of FFO/adjusted net debt. This has reduced the 2021 FFO/adjusted net debt from 31.3 % to 26.3 %Adjusted interest-bearing net debtDKKm 2022 2021Total interest-bearing net debt 30,571 24,28050 % of hybrid capital 9,897 8,992Other interest-bearing debt, add back (4,924) (535)Other interest-bearing receivables, add back 3,290 4,907Cash and securities not available for distribution, excluding repo loans 3,241 2,130Total adjusted interest-bearing net debt 42,075 39,774Funds from operations (FFO)/adjusted interest-bearing net debt%Funds from operations (FFO)/adjusted interest-bearing net debt 42.7 % 26.3 %We aim to have a long-term FFO/adjusted NIBD at above 25 %, in line with the rating agencies.Interest-bearing net debtInterest-bearing net debt totalled DKK 30,571 million at the end of 2022, an increase of DKK 6,291 million relative to 2021. The increase in interest-bearing net debt consists of an increase in interest- bearing debt of DKK 17,349 million and an increase in interest -bearing assets of DKK 11,058 million.In January and March, we have entered into a USD 197 million (DKK 1,375 million) and USD 548 million (DKK 3,818 million) loan with Nordic Investment Bank and European Investment Bank, respectively. In June, we issued two new green senior bonds in the amount of EUR 1,350 million(DKK 10,039 million):\u2013 EUR 750 million (DKK 5,577 million), 2.875 % interest, maturing in June 2033\u2013 EUR 600 million (DKK 4,462 million), 2.25 % interest, maturing in June 2028.In September, we issued three new greenbonds in the amount of EUR 900 million (DKK 6,693 million) and GBP 950 million (DKK 7,963 million):\u2013 EUR 900 million (DKK 6,693 million), 3.25 % interest, maturing in September 2031\u2013 GBP 575 million (DKK 4,819 million), 5.375 % interest, maturing in September 2042\u2013 GBP 375 million (DKK 3,143 million), 5.125 % interest, maturing in September 2034.RatingWe have a corporate credit rating of BBB+/Baa1/BBB+, stable outlook, from Standard& Poor\u2019s, Moody\u2019s, and Fitch, which is inline with our target. FFO/adjusted interest-bearing net debt was 42.7 % in 2022, well above our target. Loan arrangements and credit facilitiesAt 31 December 2022, we had bank loan obligations totalling DKK 5,880 million (2021:DKK 1,536 million) to European InvestmentBank and Nordic Investment Bank. The loans offered by these multilateral financialinstitutions cofund specific energy projects with maturities exceeding those normallyavailable in the commercial banking market. Furthermore, we had non-cancellable credit facilities and undrawn loan agreements ofDKK 57,179 million at 31 December 2022 (2021: DKK 28,349 million) with a number ofScandinavian, international, and Taiwanese banks.In connection with these loan arrangements and credit facilities, we may be met with demands for cancellation and repayment of any drawn amount in the event of share-holders other than a group consisting of theDanish state and Danish power distribution companies controlling more than 50 % of the share capital or voting rights in\u00d8rsted A/S. Our financing agreements are not subject to any other unusual termsor conditions.Outstanding amountSenior bonds issued at31 December 2022Million, currency Green financingCoupon (%) Time of issue Maturing Quoted inEUR \u221a 600 4,462 2.250 14 June 2022 14 June 2028 LuxembourgEUR \u221a 750 5,578 1.500 24 Nov. 2017 26 Nov. 2029 LondonEUR \u221a 900 6,693 3.250 13 Sep. 2022 13 Sep. 2031 LuxembourgEUR \u221a 750 5,577 2.875 14 June 2022 14 June 2033 LuxembourgGBP \u221a 350 2,934 2.125 16 May 2019 17 May 2027 LuxembourgGBP 750 6,286 4.875 12 Jan. 2012 12 Jan. 2032 LondonGBP \u221a 300 2,514 2.500 16 May 2019 16 May 2033 Luxembourg1GBP \u221a 2502,095 CPI+0.375 16 May 2019 16 May 2034 LuxembourgGBP \u221a 375 3,143 5.125 13 Sep. 2022 13 Sep. 2034 LuxembourgGBP 500 4,191 5.750 9 Apr. 2010 9 Apr. 2040 LondonGBP \u221a 575 4,819 5.375 13 Sep. 2022 13 Sep. 2042 LuxembourgNTD \u221a 4,000 907 0.920 19 Nov. 2019 19 Nov 2026 TaipeiNTD \u221a 4,000 907 0.600 13 Nov. 2020 13 Nov. 2027 TaipeiNTD \u221a 3,000 680 0.700 13 Nov. 2020 13 Nov. 2030 TaipeiNTD \u221a 8,000 1,814 1.500 19 Nov. 2019 19 Nov 2034 TaipeiNTD \u221a 8,000 1,814 0.980 13 Nov. 2020 13 Nov. 2040 Taipei1 Issued principal is indexed to an outstanding amount of GBP 295 million corresponding to DKK 2,473 million at 31 December 2022. In addition to senior bonds, we have issued a number of hybrid bonds, see note 5.3 \u2018Hybrid capital\u2019.Accounting policiesBond debt, bank debt, and otherpayables are recognised at inception at market value (typically proceeds re-ceived) net of transaction costs incurred. In subsequent periods, the liabilities are measured at amortised cost, so that the difference between the cost (proceeds) and the nominal value is recognisedin profit (loss) for the year as interest expenses over the term of the loan, using the effective interest rate method.Financial liabilities are classified ascurrent, unless the Group has an uncondi-tional right to defer settlement of the liability to at least one year after the balance sheet date. The market value of issued bonds hasbeen determined as the market value at 31 December (level 1 \u2013 quoted prices).The market value of bank loans has been determined as the present value of expected future instalments and interest payments using the Group\u2019s current in-terest rate on loans as the discount rate (level 2 \u2013 observable inputs).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__110": { "value": "Bond debt, bank debt, and otherpayables are recognised at inception at market value (typically proceeds re-ceived) net of transaction costs incurred. In subsequent periods, the liabilities are measured at amortised cost, so that the difference between the cost (proceeds) and the nominal value is recognisedin profit (loss) for the year as interest expenses over the term of the loan, using the effective interest rate method.Financial liabilities are classified ascurrent, unless the Group has an uncondi-tional right to defer settlement of the liability to at least one year after the balance sheet date. The market value of issued bonds hasbeen determined as the market value at 31 December (level 1 \u2013 quoted prices).The market value of bank loans has been determined as the present value of expected future instalments and interest payments using the Group\u2019s current in-terest rate on loans as the discount rate (level 2 \u2013 observable inputs).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__112": { "value": "Earnings per shareDKKm 2022 2021Profit (loss) for the year 14,996 10,887Interest and costs, hybrid capital owners of \u00d8rsted A/S (577) (740)Non-controlling interests 130 75\u00d8rsted\u2019s share of profit (loss) for the year 14,549 10,222(\u2019000)Average number of outstanding shares 420,209 420,146Dilutive effect of share programme 233 234Average number of outstanding shares, diluted 420,442 420,380(DKK)Earnings per share 34.624.3Diluted earnings per share34.624.3", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__111": { "value": "5.2 EquityEarnings per shareDKKm 2022 2021Profit (loss) for the year 14,996 10,887Interest and costs, hybrid capital owners of \u00d8rsted A/S (577) (740)Non-controlling interests 130 75\u00d8rsted\u2019s share of profit (loss) for the year 14,549 10,222(\u2019000)Average number of outstanding shares 420,209 420,146Dilutive effect of share programme 233 234Average number of outstanding shares, diluted 420,442 420,380(DKK)Earnings per share 34.624.3Diluted earnings per share34.624.3Share capital \u00d8rsted\u2019s share capital is DKK 4,203,810,800 (2021: 4,204 million), divided into shares of DKK 10. The share capital is unchanged from last year. No shares are subject to special rights or restrictions on voting rights. All shares are fully paid up.Treasury sharesTo secure our share programme, we have acquired treasury shares in accordance with the authorisation approved by thegeneral meeting. The total portfolio of treasury shares consists of 154,344 shares at 31 December 2022 (2021: 209,575), cor-responding to less than 0.1 % of the share capital.DividendsThe Board of Directors recommends that dividends of DKK 5,675 million (2021:DKK 5,255 million) be paid for the financialyear, corresponding to DKK 13.50 per share (2021: DKK 12.50 per share). The proposeddividends correspond to a dividend yield of 2.1 % (2021: 1.5 %), calculated on the basis of the closing price for an \u00d8rsted share on thelast trading day of the year.Owners in \u00d8rstedThe Danish state is the principal share-holder with an ownership interest of 50.1 %. In addition, Andel have an ownership interest above 5 %. See note 16 \u2018Ownership information\u2019 in the parent company\u2019s finan-cial statements.1Hedging reserveForeign currency Hedging Hedging of Reserves 2022translation of net Hedging of Hedging of Hedging of production Total DKKmreserveinvestmentsrevenuedivestmentsinterestassetsreservesReserves at 1 January 1,475 (1,833) (24,585) (460) 574 51 (24,778)Exchange rate adjustments (3,625) - - - - - (3,625)Value adjustments of hedging - 738 (29,935) 3,786 2,578 50 (22,783)Value adjustments transferred to:Revenue - - 11,730 - - - 11,730Other operating income \u2013 gain on divestment of assets 574 102 11,970 (3,197) - - 9,449Other operating expenses - - 4,475 - - 4,475Financial income and expenses - - - - (583) - (583)Property, plant, and equipment - - - - - (116) (116)Tax:Tax on hedging and currency adjustments 851 (185) (349) (129) (439) 15 (236)Movement in comprehensive income for the year (2,200) 655 (2,109) 460 1,556 (51) (1,689)Total reserves including tax at 31 December (725) (1,178) (26,694) - 2,130 - (26,467)Total reserves excluding tax at 31 December (1,544) (1,510) (33,000) - 2,731 - (33,323)Reserves 2021DKKmReserves at 1 January (3,829) 711 1,235 (133) 45 15 (1,956)Exchange rate adjustments 6,529 - - - - - 6,529Value adjustments of hedging - (3,359) (39,782) (736) 646 168 (43,063)Value adjustments transferred to:Revenue - - 7,174 - - - 7,174Other operating income (243) 98 - 323 - - 178Financial income and expenses - - - - 33 - 33Property, plant, and equipment - - - - - (121) (121)Tax:Tax on hedging and currency adjustments (982) 717 6,788 86 (150) (11) 6,448Movement in comprehensive income for the year 5,304 (2,544) (25,820) (327) 529 36 (22,822)Total reserves including tax at 31 December 1,475 (1,833) (24,585) (460) 574 51 (24,778)Total reserves excluding tax at 31 December 1,507 (2,350) (31,236) (589) 736 66 (31,866)1 Costs of hedging related to basis spread on currency swaps and option premiums included in the hedging reserve amount to DKK 10 million (2021: 376 million).Foreign currency translation reserve The foreign currency translation reserve comprises:\u2013 exchange rate adjustments arising on translation of the financial statements of foreign entities with a currency that is not the Group\u2019s presentation currency\u2013 exchange rate adjustments relating to loans that form part of our net investment in such entities\u2013 exchange rate adjustments relating to hedging transactions on our net investment in such entities.On realisation or partial realisation of the net investment, the exchange rate adjustments are recognised in profit (loss) for the year if a foreign exchange gain (loss) is realised by the divested entity. The foreign exchange gain (loss) is transferred to the item in which the gain (loss) is recognised.Hedging reserveThe hedging reserve covers cash flow hedging of:\u2013 energy, currency, and inflation risks associated with revenue and production assets\u2013 commodity price and currency risks associated with the construction of offshore wind farms\u2013 interest rates associated with loans. In addition, it covers hedging of net investments in foreign operations.Deferred costs of hedgingChanges in the basic spread on currency swaps and time value of options are included in deferred costs of hedging.Share premium reserveRetained earnings include the share premium re-serve of DKK 21,279 million (2021: 21,279 million),representing the excess of the amount of sub-scribed-for share capital over the nominal value of these shares in connection with capital injections.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__113": { "value": "Share capital \u00d8rsted\u2019s share capital is DKK 4,203,810,800 (2021: 4,204 million), divided into shares of DKK 10. The share capital is unchanged from last year. No shares are subject to special rights or restrictions on voting rights. All shares are fully paid up.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__114": { "value": "Treasury sharesTo secure our share programme, we have acquired treasury shares in accordance with the authorisation approved by thegeneral meeting. The total portfolio of treasury shares consists of 154,344 shares at 31 December 2022 (2021: 209,575), cor-responding to less than 0.1 % of the share capital.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__115": { "value": "DividendsThe Board of Directors recommends that dividends of DKK 5,675 million (2021:DKK 5,255 million) be paid for the financialyear, corresponding to DKK 13.50 per share (2021: DKK 12.50 per share). The proposeddividends correspond to a dividend yield of 2.1 % (2021: 1.5 %), calculated on the basis of the closing price for an \u00d8rsted share on thelast trading day of the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__116": { "value": "5675000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK" } }, "s10_notes__12__116": { "value": "5255000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:DKK" } }, "s10_notes__11__117": { "value": "13.5", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:DKK/xbrli:shares" } }, "s10_notes__12__117": { "value": "12.5", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:DKK/xbrli:shares" } }, "s10_notes__11__118": { "value": " 1Hedging reserveForeign currency Hedging Hedging of Reserves 2022translation of net Hedging of Hedging of Hedging of production Total DKKmreserveinvestmentsrevenuedivestmentsinterestassetsreservesReserves at 1 January 1,475 (1,833) (24,585) (460) 574 51 (24,778)Exchange rate adjustments (3,625) - - - - - (3,625)Value adjustments of hedging - 738 (29,935) 3,786 2,578 50 (22,783)Value adjustments transferred to:Revenue - - 11,730 - - - 11,730Other operating income \u2013 gain on divestment of assets 574 102 11,970 (3,197) - - 9,449Other operating expenses - - 4,475 - - 4,475Financial income and expenses - - - - (583) - (583)Property, plant, and equipment - - - - - (116) (116)Tax:Tax on hedging and currency adjustments 851 (185) (349) (129) (439) 15 (236)Movement in comprehensive income for the year (2,200) 655 (2,109) 460 1,556 (51) (1,689)Total reserves including tax at 31 December (725) (1,178) (26,694) - 2,130 - (26,467)Total reserves excluding tax at 31 December (1,544) (1,510) (33,000) - 2,731 - (33,323)Reserves 2021DKKmReserves at 1 January (3,829) 711 1,235 (133) 45 15 (1,956)Exchange rate adjustments 6,529 - - - - - 6,529Value adjustments of hedging - (3,359) (39,782) (736) 646 168 (43,063)Value adjustments transferred to:Revenue - - 7,174 - - - 7,174Other operating income (243) 98 - 323 - - 178Financial income and expenses - - - - 33 - 33Property, plant, and equipment - - - - - (121) (121)Tax:Tax on hedging and currency adjustments (982) 717 6,788 86 (150) (11) 6,448Movement in comprehensive income for the year 5,304 (2,544) (25,820) (327) 529 36 (22,822)Total reserves including tax at 31 December 1,475 (1,833) (24,585) (460) 574 51 (24,778)Total reserves excluding tax at 31 December 1,507 (2,350) (31,236) (589) 736 66 (31,866)1 Costs of hedging related to basis spread on currency swaps and option premiums included in the hedging reserve amount to DKK 10 million (2021: 376 million).Foreign currency translation reserve The foreign currency translation reserve comprises:\u2013 exchange rate adjustments arising on translation of the financial statements of foreign entities with a currency that is not the Group\u2019s presentation currency\u2013 exchange rate adjustments relating to loans that form part of our net investment in such entities\u2013 exchange rate adjustments relating to hedging transactions on our net investment in such entities.On realisation or partial realisation of the net investment, the exchange rate adjustments are recognised in profit (loss) for the year if a foreign exchange gain (loss) is realised by the divested entity. The foreign exchange gain (loss) is transferred to the item in which the gain (loss) is recognised.Hedging reserveThe hedging reserve covers cash flow hedging of:\u2013 energy, currency, and inflation risks associated with revenue and production assets\u2013 commodity price and currency risks associated with the construction of offshore wind farms\u2013 interest rates associated with loans. In addition, it covers hedging of net investments in foreign operations.Deferred costs of hedgingChanges in the basic spread on currency swaps and time value of options are included in deferred costs of hedging.Share premium reserveRetained earnings include the share premium re-serve of DKK 21,279 million (2021: 21,279 million),representing the excess of the amount of sub-scribed-for share capital over the nominal value of these shares in connection with capital injections.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__119": { "value": "5.3 Hybrid capital Hybrid bonds Due in 3013 Green due in 3017 Green due in 3019 Green due in 3021 Green due in 3022 Green due in 3021Type Subordinated Subordinated Subordinated Subordinated Subordinated SubordinatedCarrying amount DKK 681 million DKK 3,668 million DKK 4,416 million DKK 3,701 million DKK 3,692 million DKK 3,635 millionFinancial classification Equity Equity Equity Equity Equity EquityNotional amount EUR 94 million (DKK 699 million) EUR 500 million (DKK 3,718 million) EUR 600 million (DKK 4,462 million) EUR 500 milllion (DKK 3,718 million) EUR 500 milllion (DKK 3,718 million) GBP 425 million (DKK 3,562 million)Issued June 2013 November 2017 December 2019 February 2021 December 2022 February 2021Maturing June 3013 November 3017 December 3019 February 3021 December 3022 February 3021Quoted in Luxembourg Luxembourg Luxembourg Luxembourg Luxembourg LuxembourgFirst redemption at par 26 June 2023 24 November 2024 9 December 2027 18 Februar 2031 8 December 2028 18 February 2033Coupon for the first Ten years fixed at 6.25 % p.a. Seven years fixed at 2.25 % p.a. Eight years fixed at 1.75 % p.a. Ten years fixed at 1.50 % p.a. Six years fixed at 5.25 % p.a. 12 years fixed at 2.5 % p.a.Coupon in subsequent period +4.75 % points from 2023-2043 and +1.899 % points from 2024, +2.149 % +1.952 % points from 2027, +2.202 % +1.86 % points from 2031 and +2.62 % points from 2028, +2.87 % Coupon for the first twelve years at is adjusted every five years +5.5 % points after 2043 points from 2029, and +2.899 % points from 2032, and +2.952 % +2.61 % points from 2056points from 2033, and +3.62 % points 2.5 % p.a., after which it is adjusted with the five-year euro swappoints from 2044points from 2047from 2048every five years with the five-year benchmark gilt +2.136 % points from 2033 and +2.886 % points from 2053Deferral of interest payment Optional Optional Optional Optional Optional OptionalWe have issued hybrid capital which is sub-ordinate to our other creditors. The purpose of issuing hybrid capital is to strengthen our capital base and fund our investments. We have issued EUR hybrid bonds with a total nominal value of EUR 2,194 million and GBP 425 million, equivalent to DKK 19,877 million (2021: EUR 1,950 million and GBP 425million, equivalent to DKK 18,269 million). In 2022, we have issued a new green hybrid bond with a nominal value of EUR 500 mil-lion (DKK 3,718 million). Part of the proceeds was used to repay the 3013 hybrid bond.For all our hybrid bonds, we have the rightto defer coupon payments and ultimately decide not to pay them at maturity. Deferred coupon payments become payable,however, if we decide to pay dividends to our shareholders or pay coupon payments on other hybrid bonds.As a consequence of the special terms regarding the hybrid bonds, these are classified as equity, and therefore couponpayments are recognised in equity. Accounting policiesHybrid capital comprises issued bonds that qualify for treatment in accordance with the rules on compound financial instruments due to the special characteristics of the bonds. The notional amount, which constitutes a liability, is recognised at present value, and equity has been increased by the difference between the net proceeds received and the present value of the discounted liability. The carrying amount of the liability component amounted to nil on initial recognition as the only payment obligation is the repayment of the nomi-nal value in 1000 years. Coupon payments are accounted for as dividends, which are recognised directly in equity at the time the payment obligation arises. This is because the coupon is discretionary, and therefore any deferred coupon lapses upon maturity of the hybrid capital. Coupon payments are recognised in the statement of cash flows within financing activities.On redemption of hybrid capital, the payment will be distributed between liability and equity, applying the same ratio as when the hybrid capital was issued. This means that the difference between the payment on redemption and the net proceeds received on issue is recognised directly in equity, as the liability portion of the existing hybrid issues will be nil during the first part of the life of the hybrid capital.", "dimensions": { "concept": "ORS:DisclosureOfHybridCapital", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__120": { "value": "Hybrid capital comprises issued bonds that qualify for treatment in accordance with the rules on compound financial instruments due to the special characteristics of the bonds. The notional amount, which constitutes a liability, is recognised at present value, and equity has been increased by the difference between the net proceeds received and the present value of the discounted liability. The carrying amount of the liability component amounted to nil on initial recognition as the only payment obligation is the repayment of the nomi-nal value in 1000 years. Coupon payments are accounted for as dividends, which are recognised directly in equity at the time the payment obligation arises. This is because the coupon is discretionary, and therefore any deferred coupon lapses upon maturity of the hybrid capital. Coupon payments are recognised in the statement of cash flows within financing activities.On redemption of hybrid capital, the payment will be distributed between liability and equity, applying the same ratio as when the hybrid capital was issued. This means that the difference between the payment on redemption and the net proceeds received on issue is recognised directly in equity, as the liability portion of the existing hybrid issues will be nil during the first part of the life of the hybrid capital.", "dimensions": { "concept": "ORS:DescriptionOfAccountingPolicyForHybridCapital", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__121": { "value": "5.4 Liquidity reserveLiquidity reserveLiquidity reserve at 31 December 2022 amounted to DKK 97.8 billion (31 December 2021: DKK 43.2 billion). The financial re-sources were in particular built up during the year to ensure sufficient liquidity to cope with collateral payments and continuing investments in the green transformation.The change in liquidity reserve is due to an increase in cash, available securities, and undrawn credit facilities of DKK 7,554 million, DKK 18,217 million, and DKK 28,830 million, respectively.Collateral and margin postingsWhen we trade in derivatives to execute our hedging strategy, we have two alternatives:\u2013 Trading on exchanges where the market value is settled on an ongoing basis through receipt or placing of collateral.\u2013 Trading OTC where we accept the credit risk that will occur if we gain on the transaction.We are trading under both type of agree-ments to increase the number of counter-parties with whom we are engaging to achieve the most optimal price.To mitigate and limit the potential neg-ative impact on our cash position from temporary fluctuations in market prices, we actively manage the volume of trades between trading with and without collater-al arrangements.As of 31 December 2022, 31 % (2021: 51 %) of our power and gas trades and 86 % (2021: 82 %) of our currency, inflation, and interest rate hedges had daily margin settlements.To limit cash impact, we also provide non-cash collateral as parent company andbank guarantees, where possible. At the endof December 2022, we had covered EUR 1 billion in collateral for initial margins onenergy hedges through a parent companyguarantee.Our collateral and margin payments relatedto trading with derivatives and collateralrelated to insurance liabilities and escrow accounts have increased from DKK 12.3billion at 31 December 2021 to DKK 17.3billion at 31 December 2022. The increase was primarily driven by the large increase inpower and gas prices. Collateral paymentsrelated to variation margins increased byDKK 10.3 billion and was partly offset by a decrease in initial margins of DKK 3.5 billionduring the year and amounted to DKK 12.8billion at 31 December 2022.Initial margin and variation margin relate to energy hedges, and the credit supportannex (CSA) relates to currency, inflation,and interest rate hedges. Other collateralmainly relates to insurance liabilities and escrow accounts. Further securities can beplaced as collateral in repo transactions aspart of our cash management.Cash and cash equivalents, securitiesDKKm 2022 2021Cash cf. balance sheet 16,178 8,624Bank overdrafts that are part of the ongoing cash management (3) (10)Total cash and cash equivalents at 31 December, cf. statement of cash flows 16,175 8,614Cash can be specified as follows:Cash cf. balance sheet 16,178 8,624Cash, not available for use 2,471 1,319Securities can be specified as follows:Securities, available 24,428 6,210Securities, not available for use 769 15,018Total securities at 31 December 25,197 21,228The table shows our cash and securities divided into available and not available for use.Overview of securitiesDKKm Fixed rate Floating rate 2022 Fixed rate Floating rate 2021Maturities0-2 years 37 12,278 12,315 1,293 6,642 7,9352-5 years 961 6,025 6,986 (1,214) 7,008 5,794After 5 years 1,666 4,230 5,896 2,385 5,114 7,499Total carrying amount 2,664 22,533 25,197 2,464 18,764 21,228The table shows our securities split into maturities and fixed or floating interest rates. The overview includes interest rate swaps used to manage the interest rate risk on the securities.Cash, cash equivalents, and securitiesSecurities are a key element in our liqiudity reserve, and therefore investments are mainly made in liquid AAA-rated Danish mortgage bonds and, to a lesser extent,in other bonds. Most of the securities qualify for repo transactions with the Danish central bank, \u2018Danmarks Nationalbank\u2019.Securities not available for use comprise securities pledged as collateral for: \u2013 short-term repo loans: DKK 0 million at 31 December 2022 (2021: DKK 14,207 million)\u2013 insurance- related provisions: DKK 381 million at 31 December 2022 (2021: DKK 397 million)\u2013 trading in financial instruments: DKK 388 million at 31 December 2022 (2021: DKK 414 million).At 31 December 2022, we had received cashcollateral in the amount of DKK 1,194 million(2021: DKK 1 million) concerning the positivemarket value of derivatives.Cash not available for use comprises:\u2013 payables for the purchase of gas thathas not yet been settled placed on a restricted acount: DKK 2,029 million(2021: DKK 0 million)\u2013 collateral for insurance-relatedprovisions: DKK 38 million(2021: DKK 254 million)\u2013 collateral for power purchaseagreements and trading with financial instruments: DKK 366 million(2021: DKK 825 million)\u2013 collateral for other transactions:DKK 38 million (2021: DKK 240 million).Accounting policiesSecurities comprise bonds that are monitored, measured, and reported at market value on an on going basis in conformity with the Group\u2019s investment policy. Changes in market value are recognised in profit (loss) for the year as financial income and expenses. Purchase and sale of secu-rities are recognised at the settlement date.For listed securities, market value equals the market price, and for unlisted securities, market value is estimated based on generally accepted valuation methods and market data.Divested securities where repurchase agree-ments (repo transactions) have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held. The amount received is recognised as a liability, and the difference between the sell-ing price and the purchase price is recognised in profit (loss) for the year over the term as interest. The return on the securities is recognised in profit (loss) for the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__123": { "value": "Cash and cash equivalents, securitiesDKKm 2022 2021Cash cf. balance sheet 16,178 8,624Bank overdrafts that are part of the ongoing cash management (3) (10)Total cash and cash equivalents at 31 December, cf. statement of cash flows 16,175 8,614Cash can be specified as follows:Cash cf. balance sheet 16,178 8,624Cash, not available for use 2,471 1,319Securities can be specified as follows:Securities, available 24,428 6,210Securities, not available for use 769 15,018Total securities at 31 December 25,197 21,228The table shows our cash and securities divided into available and not available for use.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__124": { "value": "Securities not available for use comprise securities pledged as collateral for: \u2013 short-term repo loans: DKK 0 million at 31 December 2022 (2021: DKK 14,207 million)\u2013 insurance- related provisions: DKK 381 million at 31 December 2022 (2021: DKK 397 million)\u2013 trading in financial instruments: DKK 388 million at 31 December 2022 (2021: DKK 414 million).At 31 December 2022, we had received cashcollateral in the amount of DKK 1,194 million(2021: DKK 1 million) concerning the positivemarket value of derivatives.Cash not available for use comprises:\u2013 payables for the purchase of gas thathas not yet been settled placed on a restricted acount: DKK 2,029 million(2021: DKK 0 million)\u2013 collateral for insurance-relatedprovisions: DKK 38 million(2021: DKK 254 million)\u2013 collateral for power purchaseagreements and trading with financial instruments: DKK 366 million(2021: DKK 825 million)\u2013 collateral for other transactions:DKK 38 million (2021: DKK 240 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__125": { "value": "Securities not available for use comprise securities pledged as collateral for: \u2013 short-term repo loans: DKK 0 million at 31 December 2022 (2021: DKK 14,207 million)", "dimensions": { "concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__122": { "value": "Securities comprise bonds that are monitored, measured, and reported at market value on an on going basis in conformity with the Group\u2019s investment policy. Changes in market value are recognised in profit (loss) for the year as financial income and expenses. Purchase and sale of secu-rities are recognised at the settlement date.For listed securities, market value equals the market price, and for unlisted securities, market value is estimated based on generally accepted valuation methods and market data.Divested securities where repurchase agree-ments (repo transactions) have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held. The amount received is recognised as a liability, and the difference between the sell-ing price and the purchase price is recognised in profit (loss) for the year over the term as interest. The return on the securities is recognised in profit (loss) for the year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__126": { "value": "Divested securities where repurchase agree-ments (repo transactions) have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held. The amount received is recognised as a liability, and the difference between the sell-ing price and the purchase price is recognised in profit (loss) for the year over the term as interest. The return on the securities is recognised in profit (loss) for the year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__129": { "value": "5.6 Financial income and expenses1Net financial income and expensesDKKm 2022 2021Interest expenses, net (1,895) (895)Interest expenses, leasing (256) (261)Interest element of provisions, etc. (613) (454)Tax equity partner\u2019s contractual return (1,134) (616)Value adjustments of derivatives, net 1,593 202Exchange rate adjustments, net 1,343 169Value adjustments of securities at market value, net (1,556) (501)Other financial income and expenses (18) 190Net financial income and expenses (2,536) (2,166)2Financial income and expensesDKKm 2022 2021Interest income from cash, etc. 211 160Interest income from securities at market value 157 175Foreign exchange gains 8,226 2,994Value adjustments of derivatives 6,885 914Other financial income 35 137Total financial income 15,514 4,380Interest expenses relating to loans and borrowings, etc. (2,848) (2,012)Interest expenses transferred to assets 585 782Interest expenses, leasing (256) (261)Interest element of provisions (513) (350)Tax equity partner\u2019s contractual returns (1,134) (616)Capital losses on securities at market value (1,596) (501)Foreign exchange losses (7,323) (2,962)Value adjustments of derivatives (4,800) (514)Other financial expenses (165) (112)Total financial expenses (18,050) (6,546)Net financial income and expenses (2,536) (2,166)1 The table shows net financial income and expenses, corresponding to our internal reporting. Exchange rate adjustments and hedging contracts entered into to hedge currency risks are presented net under the item \u2018Exchange rate adjustments, net\u2019.2 Exchange rate adjust ments of currency hedging are recognised in revenue and cost of sales with a loss of DKK 349 million (2021: a loss of DKK 238million).Borrowing costs transferred to property, plant, and equipment under construction are calculated at the weighted average effective interest rate for general borrowing. This amounted to 3.1 % in 2022 (2021: 3.4 %).Accounting policiesMarket value adjustments of interest rate and currency derivatives that have not been entered into for hedging pur-poses are presented as financial income or expenses.The accounting policy for the tax equity partner\u2019s contractual return is described in note 3.8 \u2018Tax equity liabilities\u2019.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__130": { "value": "5.6 Financial income and expenses1Net financial income and expensesDKKm 2022 2021Interest expenses, net (1,895) (895)Interest expenses, leasing (256) (261)Interest element of provisions, etc. (613) (454)Tax equity partner\u2019s contractual return (1,134) (616)Value adjustments of derivatives, net 1,593 202Exchange rate adjustments, net 1,343 169Value adjustments of securities at market value, net (1,556) (501)Other financial income and expenses (18) 190Net financial income and expenses (2,536) (2,166)2Financial income and expensesDKKm 2022 2021Interest income from cash, etc. 211 160Interest income from securities at market value 157 175Foreign exchange gains 8,226 2,994Value adjustments of derivatives 6,885 914Other financial income 35 137Total financial income 15,514 4,380Interest expenses relating to loans and borrowings, etc. (2,848) (2,012)Interest expenses transferred to assets 585 782Interest expenses, leasing (256) (261)Interest element of provisions (513) (350)Tax equity partner\u2019s contractual returns (1,134) (616)Capital losses on securities at market value (1,596) (501)Foreign exchange losses (7,323) (2,962)Value adjustments of derivatives (4,800) (514)Other financial expenses (165) (112)Total financial expenses (18,050) (6,546)Net financial income and expenses (2,536) (2,166)1 The table shows net financial income and expenses, corresponding to our internal reporting. Exchange rate adjustments and hedging contracts entered into to hedge currency risks are presented net under the item \u2018Exchange rate adjustments, net\u2019.2 Exchange rate adjust ments of currency hedging are recognised in revenue and cost of sales with a loss of DKK 349 million (2021: a loss of DKK 238million).Borrowing costs transferred to property, plant, and equipment under construction are calculated at the weighted average effective interest rate for general borrowing. This amounted to 3.1 % in 2022 (2021: 3.4 %).Accounting policiesMarket value adjustments of interest rate and currency derivatives that have not been entered into for hedging pur-poses are presented as financial income or expenses.The accounting policy for the tax equity partner\u2019s contractual return is described in note 3.8 \u2018Tax equity liabilities\u2019.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__131": { "value": "5.6 Financial income and expenses1Net financial income and expensesDKKm 2022 2021Interest expenses, net (1,895) (895)Interest expenses, leasing (256) (261)Interest element of provisions, etc. (613) (454)Tax equity partner\u2019s contractual return (1,134) (616)Value adjustments of derivatives, net 1,593 202Exchange rate adjustments, net 1,343 169Value adjustments of securities at market value, net (1,556) (501)Other financial income and expenses (18) 190Net financial income and expenses (2,536) (2,166)2Financial income and expensesDKKm 2022 2021Interest income from cash, etc. 211 160Interest income from securities at market value 157 175Foreign exchange gains 8,226 2,994Value adjustments of derivatives 6,885 914Other financial income 35 137Total financial income 15,514 4,380Interest expenses relating to loans and borrowings, etc. (2,848) (2,012)Interest expenses transferred to assets 585 782Interest expenses, leasing (256) (261)Interest element of provisions (513) (350)Tax equity partner\u2019s contractual returns (1,134) (616)Capital losses on securities at market value (1,596) (501)Foreign exchange losses (7,323) (2,962)Value adjustments of derivatives (4,800) (514)Other financial expenses (165) (112)Total financial expenses (18,050) (6,546)Net financial income and expenses (2,536) (2,166)1 The table shows net financial income and expenses, corresponding to our internal reporting. Exchange rate adjustments and hedging contracts entered into to hedge currency risks are presented net under the item \u2018Exchange rate adjustments, net\u2019.2 Exchange rate adjust ments of currency hedging are recognised in revenue and cost of sales with a loss of DKK 349 million (2021: a loss of DKK 238million).Borrowing costs transferred to property, plant, and equipment under construction are calculated at the weighted average effective interest rate for general borrowing. This amounted to 3.1 % in 2022 (2021: 3.4 %).Accounting policiesMarket value adjustments of interest rate and currency derivatives that have not been entered into for hedging pur-poses are presented as financial income or expenses.The accounting policy for the tax equity partner\u2019s contractual return is described in note 3.8 \u2018Tax equity liabilities\u2019.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__132": { "value": "Market value adjustments of interest rate and currency derivatives that have not been entered into for hedging pur-poses are presented as financial income or expenses.The accounting policy for the tax equity partner\u2019s contractual return is described in note 3.8 \u2018Tax equity liabilities\u2019.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__133-1": { "value": "6. Risk managementMarket and credit risks are a natural part of our business activities and a precondition for being able to createvalue. Through our risk management, we monitor these risks and reduce them to an acceptable level.The majority of our income from power generation for the next five years are based on fixed tariffs, guaran-teed minimum prices, or long-term power purchase agreements. Only a small part of our total earnings are exposed to changes in energy prices. We describe the management of this residual risk in this chapter.35 %Our net inflation risk for assets in operation, under construction, and awarded is 35 % for the period 2023-2032, i.e. if inflation increases by 1.0 percentage point, our long term earnings will increase by 0.65 percentage point.-33.0 bnThe value of hedging instruments (mainly power) that will impact EBITDA in the future amounts to a loss of DKK 33,000 million at 31 December 2022 (2021: DKK 31,804 million).+1.5 bnThe initial fair value of corporate power purchase agreements (CPPAs) amounts to DKK 1,497 million, which will be recognised as revenue over the remaining life of the CPPAs (2021: DKK 834 million).Unusual year with high energy pricesIt has been another extraordinary year for the energy markets.Gas prices have remained high during 2022 until at the very end ofthe year. The main reason for the high gas prices was the low supplyof Russian gas as a consequence of the war in Ukraine. The highgas price has also driven the power prices to record-high levels.Our previous hedging policy implies that the majority of our expected energy price exposure in 2022 was hedged. This has caused a volume-related overhedging, among other things due to the delay of the commissioning of the Hornsea 2 Offshore WindFarm. Overhedging and ineffective hedges net of our trading resultwas recognised in other operating expenses with a net loss ofDKK 4.6 billion.Trading portfolioWe have a limited trading portfolio with the main purpose of opti-mising the execution of hedging contracts and gains from short-term energy price fluctuations. Read more in note 6.7 \u2018 Energy trading portfolio\u2019.Expected impact on EBITDA from hedges and CPPAsDKKm2023 2024 2025+ To t a Deferred for subsequent recognition at 31 December 2022Power and carbon emissions (8,470) (6,737) (12,698) (27,905)Gas and oil (671) (906) (336) (1,913)Inflation - (202) (3,164) (3,366)Currency (108) 30 262 184Initial fair value of CPPAs 207 154 1,136 1,497Total EBITDA impact from hedges and CPPAs (9,042) (7,661) (14,800) (31,503)6.1 Market risk policyOur most significant market risks relate to:\u2013 energy and commodity prices\u2013 production variability\u2013 foreign exchange rates \u2013 interest rates and inflation. The overall objective of our risk manage-ment is to: \u2013 increase the predictability of the short-term earnings and FFO/NIBD by securing the price of energy and currency\u2013 protect the long-term real value of \u2018shareholders\u2019 investment in \u00d8rsted by matching fixed nominal cash flows fromour assets with fixed nominal debt. New energy hedging frameworkIn light of recent high and volatile energy prices, we no longer deem our previous ap-proach for hedging renewable power price exposure fit-for-purpose. Going forward, we will apply a new approach better suitedto the characteristics of our portfolio. The new framework provides a better balance between ensuring short-term financial stability and avoiding adverse impact from the hedges, such as the risk of being overhedged and large collateral postings due to negative market values. With the new approach, we have decided to reduce the hedge level and horizon for renewable power price exposures to a range of 0 % \u2013 70 % in the current year plus the next year. In addition, we will utilise opportunitiesbeyond this period to maximixe value and support commercial initiatives.Under our previous hedging framework, we hedged the next five years with a staircasemodel with minimum hedge levels of 90 % in the coming year, gradually being reduced each year. A transition period is required togo from the previous risk mandate set-up and into the new.Managing long-term market risksBeyond the period where we actively hedge, our market risk picture is determined by ourportfolio of assets and long-term contracts. We actively manage the long-term marketrisk through the investment decisions wetake and contracts we enter into. Our power exposure is partly mitigated through long-term corporate power pur-chase agreements (CPPAs), and we use debtto manage our long-term currency, interest rate, and inflation risks. Accounting policiesWe apply hedge accounting to our energy, commodity, currency, interest, and inflation hedges. Where possible, we use hedging instru-ments which hedge the desired risk one-to-one. The GBP exposure, for example, is hedged using GBP forward exchange contracts, GBP swaps, or GBP loans. Thus, there are no significant sources of ineffectiveness. For currency swaps, the basis spread is accounted for according to the cost of the hedging model. To the extent that a risk needs to be hedged, and if there is no fully effective instrument available in the market, analyses are performed of the expected effectiveness of the hedging instrument before the hedging transaction is concluded. In this case, the ratio between the hedged risk and the hedging instrument may deviate from the one-to-one principle and will be determined as the ratio which most effec-tively hedges the desired risk. We recognise changes to the market value of hedging instruments that qualify for recogni-tion as a hedge of future cash flows in other comprehensive income in the hedging reserve. The majority of our exposure is highly probable forecast transactions. On realisation of the hedged cash flow, the resulting gains or losses are transferred from equity and recognised in the same item as the hedged item. However, on hedging of proceeds from future loans, the resulting gain or loss is transferred from equity over the term of the loan.When we conclude a hedging transaction, and each time we present financial statements thereafter, we assess whether the hedged exposure and the hedging instrument are still financially correlated. If the hedged cash flows are no longer expected to be realised, the in full or partially accumulated value change is transferred to profit (loss) for the year. Ineffec-tive hedges related to energy and commodity exposures are recognised in other operating ex-penses. Ineffectiveness related to other hedges are recognised in financial income or expenses. Changes in the market value of derivatives that are classified as hedges of the fair value of a recognised asset or liability are recognised in profit (loss) for the year together with changes in the value of the hedged asset or liability to the extent of the hedged risk.Key accounting estimateValuation of long-term power purchase agreementsWhen we measure our power purchase agreements at fair value, we use estimates of non-observable prices such as:\u2013 production forecasts \u2013 intermittency (expected profiled production versus constant (flat) production)\u2013 forecasted long-term power prices and exchange rates\u2013 forecasted inflation expectationsThe development in market values is monitored on a continuing basis and reported to the Group Executive Team.Hedge accountingHedge effectiveness is measured using forecasted production as well as estimates regarding energy prices,intermittency, interest, currency and inflation. For periods where we are close to fully hedged, volume overhedging is possible if the forecasted production does not materialize which will lead to recognition of ineffectiveness.Key accounting judgementValuation of long-term power purchase agreementsWe measure our power purchase agreements at fair value, but they cannot always be measured on quoted prices in active markets due to the long duration of the contracts. We use elements of judgements determining models to measure the fair value and we aim to limit the use of subjective estimates and base the fair values on external information including external pricing and benchmark services.Effectiveness of hedge relationshipJudgements are used to consider whether forecasted transactions are highly probable exposures as hedged item in a hedge relation-ship, eg. expected production from wind farms, and judgment is applied in whether the hedgeinstruments applied in the hedge relationshipsidentified are effective.6.2 Currency risksOur forward-looking currency exposure from produc tion, sales, investments, and divestments after hedging for the years 2023-2027 can be summarised as shown in the table.Effect of price changeRisk after hedgingDKKbn+10 % -10 %GBP: 13.9 sales position +1.4 -1.4USD: 12.8 buy position -1.3 +1.3NTD: 7.7 sales position +0.8 -0.8Therefore, a 10 % increase in the GBP/DKK exchange rate will result in a gain of DKK 1.4 billion over the period 2023-2027, all else remaining unchanged.Our largest currency exposure stems from offshore wind farms in the UK, but our growing activities in the US and Taiwan have increased our exposure to USD and NTD.Principles for managing currency risksHighly certain cash flows in a foreign cur-rency are actively managed within the first five years.Exchange rate risks related to energy revenue in foreign currencies are hedged only after the energy price is hedged. Hence, the GBP exchange rate risk associated with power generation in the UK is hedged when the power price has been hedged.In contrast, cash flows that relate to subsi-dised GBP income from offshore wind farms inthe UK, less operating expenses, are hedged on a declining level of hedging over the five-year risk management horizon. The target is to hedge 100 % in year 1, declining by 20 per-centage points each year to 20 % in year 5.GBP exposureOur GBP exposure amounted to DKK 13.9billion after hedging for the years 2023-2027. This unhedged GBP exposure stems primarily from subsidised GBP income less operational expenditures.The GBP exchange rate for hedges impact-ing EBITDA in 2023 and 2024 is hedgedat an average of GBP/DKK 8.4 and 8.3,respectively.USD and NTD exposuresFor our USD and NTD exposures from new markets, we have a limited existing port-folio against which we can net constructionpayments. Therefore, we seek to hedge theexchange rate risk in the near term by swap-ping out the exposure in time.EUR exposureWe have a substantial exposure towardsEUR, which we assess on a continuousbasis. EUR is generally not hedged, as webelieve that Denmark will maintain its fixed exchange-rate policy.Maturity analysis Market valueExpected transfers to income statementCurrency cash flow hedge Recognised inaccounting 2022Contractual comprehensiveDKKmprincipal amount2023 2024 After 2024 Asset Liability 2023 2024 After 2024incomeEBITDA impactRevenue (GBP) 24,199 2,953 7,416 13,830 151 - 182 (109) 29 262Revenue (USD) 3 - 3 - - (21) 2 1 1 -Impact on other line itemsInterest payments (GBP) 553 553 - - 32 - 4 4 - -Currency cash flow hedge accounting 2021DKKm 2022 2023 After 2023 2022 2023 After 2023EBITDA impactRevenue (GBP) 31,256 6,706 8,810 15,740 - (1,565) (1,405) (485) (463) (457)Revenue (USD) 11 17 (2) (4) 4 - - - - -Divestments (GBP) 14,634 14,634 - - - (247) (234) (234) - -Impact on other line itemsProduction assets (USD) 7 7 - - - - - - - -Interest payments (GBP) 1,075 490 585 - 101 - 103 47 56 -Ineffectiveness from currency cash flow hedges in 2022 amounts to a gain of DKK 189 million (2021: DKK -20 million) recognised in financial items. Maturity analysis Market valueCurrency fair-value hedge accounting 2022Contractual DKKmprincipal amount2023 2024 After 2024 Asset LiabilityGBP (sell position) 25,983 - - 25,983 - (1,047)USD (sell position) 6,122 - - 6,122 168 -NTD (sell position) 5,194 - - 5,194 171 -Currency fair-value hedge accounting 2021DKKm 2022 2023 After 2023GBP (sell position) 19,046 - - 19,046 130 -EUR (sell position) 4,463 4,463 - - - (4)NTD (sell position) 6,379 - - 6,379 427 -The fair-value hedges are related to hedges of loans in the balance sheet.2022 2021Contracts accounted for at fair value through profit or loss (financial items)ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueCurrencyForward exchange contracts 30,549 27 38,080 1The table shows cash management postions which are not hedge accounted. The positons primarly consist of EUR and to a lesser extent GBP and USD. Hedging of net investments in foreign subsidiariesAccumulated DKKm Of which, Hedged exchange rateNet non-controlling amount adjustmentsCurrency 2022investmentinterestsin currency Net positionin equityGBP 54,674 (2,132) (34,536) 18,006 (3,806)EUR 35,004 - - 35,004 (49)USD 29,881 (1,839) (21,916) 6,126 617NTD 14,884 - (6,122) 8,762 288Other 1,892 - - 1,892 (104)To ta l 136,335 (3,971) (62,574) 69,790 (3,054)Currency 2021GBP 74,278 (2,516) (26,845) 44,917 (1,252)EUR 32,861 - (4,463) 28,398 (45)USD 26,791 (555) (13,620) 12,616 (250)NTD 8,840 - (6,379) 2,461 761Other 1,763 - - 1,763 (59)To ta l 144,533 (3,071) (51,307) 90,155 (845)Maturity analysis Market valueNet investment hedges 2022Contractual DKKmprincipal amount2023 2024 After 2024 Asset LiabilityGBP (sell poition) 34,536 4,895 - 29,641 1,139 -USD (sell position) 21,916 3,114 8,919 9,883 - (168)NTD (sell position) 6,122 - - 6,122 - (847)Net investment hedges 2021DKKm 2022 2023 After 2023GBP (sell poition) 26,845 887 3,047 22,911 - (826)EUR (sell position) 4,463 4,463 - - 4 -USD (sell position) 13,620 37 11,406 2,177 - (359)NTD (sell position) 6,379 - - 6,379 - (427)The net position expresses the accounting exposure. If, for example, the GBP/DKK exchange rate increased by 10 % on 31 December 2022, equity would have increased by DKK 1,801 million, corresponding to 10 % of DKK 18,006 million.Hedging of net investments in foreign subsidiariesOur foreign activities entail currency risks.We hedge these currency risks by raisingloans in foreign currencies and by enteringinto forward exchange contracts, currency swaps, and options. On 31 December 2022, the accumulatedexchange rate adjustments totalledDKK -3,054 million (2021: -845 million), divided between the exchange rate adjustment of the net investment ofDKK -1,544 million (2021: 1,510 million) andthe hedging thereof of DKK -1,510 million(2021: -2,355 million). Accounting policiesHedging of net investments in foreign subsidiariesChanges in the market value of deriva-tives and loans that are classified as net investment hedges in foreign subsidiaries or associates are recognised in the con-solidated financial statements directly in equity within a separate foreign currency translation reserve.6.3 Energy and commodity price risksOur forward-looking energy exposure after hedging of produc tion for the years 2023-2027 can be summarised as shown in the table.Effect of price changeRisk after hedgingDKKbn+10 % -10 %Power: 40.3 sales position +4.0 -4.0Spread (power): 5.9 +0.6 -0.6Therefore, a 10 % increase in the power price will result in a gain of DKK 4.0 billion over the period 2023-2027, all else remaining unchanged. Gas and oil activities only have a risk after hedging of DKK 0.1 billion for the period 2023-2027.Introduction to hedging of powerWe use fixed-volume hedges (settled based on a fixed hourly volume throughout the hedged period) to hedge price risk associ-ated with our power production. The fixed- volume hedges do not fully match the actual hourly production profile delivered by our wind farms. This is referred to as intermittency risk. See \u2018Intermittency risk\u2019 graph to the right. Offshore power generationRevenue from power generation from off-shore wind farms mainly comprise:\u2013 fixed tariffs in the UK (CfD wind farms), the US, and Taiwan\u2013 guaranteed minimum prices in Denmark, Germany, and the Netherlands\u2013 sale of power production at market price from some wind farms in Denmark andthe UK\u2013 guaranteed minimum prices for green certificates in the UK (ROC wind farms)\u2013 long-term power purchase agreements.At the end of 2022, fixed tariffs and guaranteed minimum prices covered approx. 76 % (2021: 83 %) of the expected income from offshore wind farms for the period 2023-2027. The reduction is due to a large increase in forward power prices at the end of 2022 compared to 2021, which increased the expected revenue from production settled at market price. The re-maining 24 % of expected income is exposed to energy price risks and concerns sales ofpower at market price in the UK, Denmark,Germany, and the Netherlands.Onshore power generationA large part of the earnings in Onshorecomes from power generation in the US,which comprises tax incentives, such as PTCs or ITCs, and power. The tax incentiveshave a fixed value. However, there is a pricerisk associated with the power, which is reduced by entering into CPPAs. The current CPPAs cover approx. 73 % of the expected generation for the period 2023-2027 cal-culated from the time of commissioning of the individual wind farms, if that date is later than the end of 2022. The CPPAs are entered into with large corporates or finan-cial institutions.Furthermore, additional earnings originate from power generation in Ireland, Germany, and France where the assets are either sub-ject to a subsidy scheme, or we have PPAs in place for the majority of the production.Power generation at our CHP plantsOur combined heat and power (CHP) plants consist of biomass- and fossil-fuelled plants in Denmark. Heat generation does not giverise to price risks, as the associated costs are covered by the heat customers. However, heat generation entails a price risk for power to the extent to which we generate heat and power simultaneously. The profitability of power generation is determined by the difference between the selling price of power and the purchase price of fuel and, forother fuels than biomass, carbon emissionallowances. If the spreads are attractive, we provide condensing power generation in addition to CHP generation. The total net risk associated with power from heat-bound CHP generation for the 2023-2027 period isDKK 5.9 billion after hedging.Commodity risk for construction projectsWhen building a wind farm, we are exposed to the price development in a number of commodities, most significantly steel. Steelelement indices have enabled hedging ofparts of this risk. We hedged a substantial amount of the steel for foundations thatwere delivered in 2022, and we will continueto hedge more throughout 2023 as futurevolumes are being committed.Power salesThe price risk associated with power salesis given by the difference between the pur-chase and sales prices and is thus consid-ered to be limited.For our investor power purchase agree-ments, we retain part of the power price risk,and thus we are to some extent exposed to the same risks as for the production fromour own share of the wind farms, includingvolume and intermittency risks.Gas salesThe price risk associated with sale of gasstems from differences in the indexing ofsales and purchase prices. Our largest gaspurchase contracts are mainly indexed topure gas prices and thus no longer constitutea significant risk. Principles for estimating exposuresExposure is calculated as the expected production (or net purchase/sale) times the forward price for the respective years.Maturity analysis Market valueExpected transfers to EBITDA/CAPEXEnergy price cash flow hedge Recognised inaccounting 2022Contractual comprehensiveDKKmprincipal amount2023 2024 After 2024 Asset Liability 2023 2024 After 2024incomeEBITDA impactPower swaps and futures 32,300 8,480 7,856 15,964 6,291 (39,641) (27,779) (8,435) (6,649) (12,695)Power options 1,071 - 922 149 22 - (91) - (88) (3)Gas swaps, futures, options 1,171 312 387 472 396 (1,596) (1,915) (672) (907) (336)Carbon emission allowances 46 46 - - - - (35) (35) - -Oil futures 15 9 6 - - - 2 1 1 -Energy price cash flow hedge accounting 2021DKKm 2022 2023 After 2023 2022 2023 After 2023EBITDA impactPower swaps and futures 25,452 6,934 5,511 13,007 8,058 (29,877) (27,032) (15,149) (6,033) (5,850)Power options 587 733 (425) 279 644 (887) (65) (38) (27) -Gas swaps, futures, options 3,721 3,151 268 302 5,545 (4,409) (387) 162 (264) (285)Oil futures 9 (2) 10 1 - - 13 12 1 -Hedging production assetsSteel 115 115 - - 45 - 45 - - 45Oil futures 30 30 - - 22 (1) 21 21 - -In 2022, we recognised ineffective hedges in the amount of DKK -4,475 million (2021: DKK -1,074 million) in other operating expenses of which volume-related ineffectiveness related to offshore DKK 3,771 million, inflation-indexed related ineffective hedges DKK 658 million, and other ineffectiveness DKK 46 million.2022 2021Contracts accounted for at fair value through profit or loss (EBITDA)ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueEnergyOil swaps and options 507 (803) 550 (710)Gas swaps 2,668 2,920 3,027 (4,507)Gas options 748 - 537 -Power swaps 3,264 3,872 2,836 (2,073)Power options 7,821 (1,894) - -Other 69 - 347 (86)6.4 Inflation and interest rate risksInflation and interest rate riskOur earnings mainly stem from a portfolio of Offshore and Onshore assets with a balanced exposure towards inflation and interest rate risk, which helps to provide stability over the business cycle and across inflationary and deflationary environments. Earnings from inflation-indexed and mer-chant assets follow consumer and market prices, thereby protecting against real value loss from increasing inflation and interest rates. Earnings from fixed nominal assets provide cash flow stability and will benefit in periods characterised by deflation and expansionary monetary policy from central banks.A total of ~65 % of our revenue from Offshore and Onshore assets in operation, under construction, and awarded for the period 2023-2032 is expected to increase and decrease with inflation changes. Of this, ~50 % of our revenue is inflation-indexed, mainly from our UK and Polish offshore wind farms, while ~15 % of our revenue is driven by merchant power prices. The remaining~35 % of revenue is fixed and is there-fore subject to real value loss if inflation increases. This is the case for: \u2013 fixed nominal subsidies from offshore wind assets in Denmark, Germany, the Netherlands, Taiwan, and the US\u2013 fixed nominal power purchase agree-ments related to onshore wind assets in the US and offshore wind assets in Europe and Taiwan.We have converted part of our UK inflation-linked revenue to fixed nominal revenuewith derivatives to create a better match between our GBP revenue and debt at anaverage retail price index (RPI) rate of 3.6 % for the priod 2024-2037 and an averageconsumer price index (CPI) rate of 2.7 % for the period 2030-2033.Other EBITDA mainly includes OPEX, COGS, DEVEX, and other operating income from US tax credits and divestment gains. Themajority of these items will increase with inflation and is netted with the inflation- indexed revenue, leaving the EBITDA pro-portionally more exposed to fixed nominal cash flows compared to revenue.To mitigate the inflation risk from our fixed nominal exposure, we issue fixed-rate debtand enter into hedges to fix future debt isuances. With active management, we have reduced the fixed nominal exposure to 35 % for EBITDA, net of debt and related hedges.Maturity analysis Market valueExpected transfers to income statementCash flow hedge accountingRecognised in2022 Contractual comprehensiveDKKmprincipal amount2023-26 2027-32 After 2032 Asset Liability 2023 2024 After 2024incomeEBITDA impactRevenue (UK inflation) 22,295 6,244 9,681 6,370 - (3,070) (3,366) - (202) (3,164)Financial items impactInterest payments (fixed) 15,678 - - 15,678 478 (3) 2,727 49 189 2,489Cash flow hedge accounting2021DKKm 2022-26 2027-31 After 2031 2022 2023 After 2023EBITDA impactRevenue (UK inflation) 31,326 6,792 11,503 13,031 - (1,953) (2,395) - - (2,395)Divestments (fixed inflation) 4,379 751 1,326 2,302 16 (872) (414) (414) - -Divestments (fixed interest) 13,328 2,230 - 11,098 118 (59) 59 59 - -Financial items impactInterest payments (fixed) 14,715 - - 14,175 713 - 633 (25) (16) 674We hedge our UK inflation risk related to revenue from ROC and CfD wind farms. Furthermore, we hedge the interest and inflation risk related to divestments. In 2020, we have hedged the interest on expected USD bond debt issuance (USD interest risk) in 2022. The bond issuance occurred in EUR instead, and we have postponed the USD issuance to 2023 and 2024. Due to the postponement, we have recongised ineffec-tiveness of DKK 529 million related to the US interest rate hedges in financial income. 2022 2021Contracts accounted for at fair value through profit or loss (financial items) ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueInterest rate swaps 8,902 1,103 8,833 39Interest rate swaps are used to adjust the maturity of our bond portfolio. 6.5 Credit risks Offsetting of financial assetsTradeTradeDKKm Derivativesreceivables 2022 Derivativesreceivables 2021Financial assets 43,507 121,693 165,200 79,781 43,203 122,984Financial liabilities, offset (22,232) (114,438) (136,670) (57,533) (38,009) (95,542)Financial assets in the balance sheet 21,275 7,255 28,530 22,248 5,194 27,442Amounts not offset in thebalance sheet:Liabilities with offsetting rights (7,094) - (7,094) (6,812) - (6,812)Collateral received (4,515) - (4,515) (3,430) - (3,430)Net 9,666 7,255 16,921 12,006 5,194 17,200 Offsetting of financial liabilitiesTradeTradeDKKm Derivativespayables 2022 Derivativespayables 2021Financial liabilities 60,891 121,661 182,552 101,541 43,816 145,357Financial assets, offset (22,232) (114,438) (136,670) (57,533) (38,009) (95,542)Financial liabilities in thebalance sheet 38,659 7,223 45,882 44,008 5,807 49,815Amounts not offset in thebalance sheet:Assets with offsetting rights (7,094) - (7,094) (6,812) - (6,812)Collateral provided (2,744) - (2,744) (4,973) - (4,973)Net 28,821 7,223 36,044 32,223 5,807 38,030 Credit quality of theGroup\u2019s counterpartiesDKKm 2022 2021AAA/Aaa 23,351 18,215AA/Aa 2,568 3,385A/A 23,551 12,323BBB/Baa 15,665 14,551Other 16,649 9,056Total credit exposure 81,784 57,530We are exposed to credit risks from our trading partners and customers. A large part of our counterparty risks concerns major international energy companies and banks. Such trading is regulated under standard agreements, such as EFET and ISDA agree-ments, which feature, for instance, creditrating and netting provisions. Our credit exposure is mainly concentrated on counter-parties in the EU, the UK, Switzerland, and the US. We limit our credit risks by:\u2013 rating significant counterparties\u2013 granting credit limits\u2013 demanding that collateral be furnished or credit security put in place for weak counterparties.The counterparties and credit limits gran-ted are monitored on an ongoing basis.The monitoring is based on the framework established by our Board of Directorsand the Group Executive Risk Committee.\u2196 The table shows our financial assets and liabilities where a share is offset and therefore presented net. Offsetting is typically limited to specific products.\u2190 The AAA/Aaa category covers our position in Danish AAA-rated government and mortgage bonds. The other category primarily consists of trade receivables from customers, such as end users.For the most significant counterparties, aninternal rating is assigned in connection withestablishing credit limits. The rating is basedon information from external credit rating agencies, publicly available information, and our own analyses.We have not suffered losses from any singlemajor counterparty in 2022 or 2021.The credit risks from our financial assetsprima rily concern derivatives, cash, secu-rities, and receivables. The assessmentis based on the individual counterparty\u2019sratings with Standard & Poor\u2019s, Moody\u2019s,and Fitch. The figures do not reflect our actual credit exposure, as the positions are calculated before offsetting our debt to such counterparties. Accounting policiesWe only offset positive and negative values if we are entitled to and intend to settle several financial instruments net.6.7 Energy trading portfolio2022 2021 Overview of the Group\u2019s energy 1trading portfolioContractual ContractualDKKmprincipal amount Market valueprincipal amount Market value Power swaps 4,683 2,988 4,980 1,618Power options 3,060 10,013 4,724 5,297Gas swaps and options 3,601 1,430 2,929 (4,093)Oil swaps and options 498 (807) 434 (731)Other 74 (6) 498 (58)2Market trading mandatesVaR limit in 2022: Stress limit in 2022: Maximum open positions in DKK 100 millionDKK 400 milliontrading portfolioVaR indicates the largest loss in Stress indicates the largest daily \u2013 Max. 6 TWh of powerone trading day at a probability loss we risk sustaining with the \u2013 Max. 9.5 TWh of gasof 95 %. VaR is based on data for given portfolio. Stress is based on \u2013 Max. 1 million boe of oilthe past 45 trading days, with the data from 1 January 2006 to the \u2013 Max. 1.5 million tonnes of carbon heaviest weighting being assigned present day.emissionsto the most recent trading days.\u2013 Max. 0.5 million tonnes of coal and biomass1 The contractual principal amount has been determined as the net position per derivative type. The risks associated with our options are smaller than for our swaps. The market value mostly consists of received exposure from our assets with settlement at maturity, whereas part of the external trade is settled on a daily basis.2 Trading activities are carried out under mandates approved by the Board of Directors. The mandates comprise a value-at-risk (VaR) mandate and a stress mandate as well as a limit for the maximum positions measured in energy units per product (power, gas, etc.). 3 The graph shows the daily VaR position for the period 2021-2022. VaR reached DKK 280 million on 9 March 2022, causing a passive breach of the Board of Directors\u2019 mandate of DKK 100 million due to the Russian invasion of Ukraine and the large reduction in gas supplies to Europe, causing the European energy prices to spike. In 2022, there were further passive breaches in August due to Russian gas supply cuts and in September-November due to a halt of gas through the Nord Stream 1 and 2 pipelines after the explosions in September.Trading portfolioThe purpose of our trading portfolio is to: \u2013 optimise hedging contracts\u2013 contribute to increased market insight\u2013 profit from short-term fluctuations in energy prices.The energy trading portfolio receives the exposure from our assets and takes thatexposure into the external market in themost efficient way possible, given the man-dates shown to the left. The overview of the Group\u2019s energy trading portfolio to the leftis the net of the internal exposures receivedfrom the assets and the external trades inline with internal risk management.The trading portfolio primarily consists of positions in power and gas.The trading portfolio constitutes a smallerpart of our total portfolio of derivatives,and the associated risk is limited.Accounting policiesMarket value adjustments of physical and financial contracts relating to energy that are entered into with the purpose of gener-ating gains from short-term price changes are recognised as revenue.6.9 Sensitivity analysis of financial instruments Sensitivity analysis of 31 December 2022 31 December 2021financial instrumentsDKKmPrice Effect on profit Effect on equity Effect on profit Effect on equity Riskchange(loss) before taxbefore tax(loss) before taxbefore taxOil 25 % (533) 277 (608) 32-25 % 608 (6) 608 (32)Gas 25 % (764) 177 (731) (375)-25 % 764 (177) 731 375Power 25 % (1,791) (14,382) (549) (12,152)-25 % 1,794 14,402 554 12,278USD 10 % (947) (853) (451) (440)-10 % 947 853 445 440GBP 10 % (2,430) (4,727) (3,041) (6,421)-10 % 2,430 4,727 3,041 6,421NTD 10 % (743) - (134) --10 % 743 - 134 -EUR 1 % (899) (125) 67 67-1 % 899 125 (66) (67)Interest 1 % point (332) 1,224 (234) 1,737Inflation 1 % point - (2,162) - (4,419)The sensitivity analysis in the table shows the effect of market value changes, assum-ing a relative price change at 31 December2022. The effect on profit (loss) before tax com-prises financial instruments that remained open at the balance sheet date, and whichhave an effect on profit (loss) in the current financial year. Effect on equity before tax comprises finan-cial instruments that remained open at the balance sheet date, and which are value- adjusted directly in equity. Financial instruments include derivatives as well as receivables and payables in foreign currencies.The illustrated sensitivities only comprise the impacts from our financial instruments. If the hedged exposure had been included in the sensitivity analysis, the effect of aprice change would have been reduced oroffset entirely.Net investments and associated hedging ofnet investments in foreign subsidiaries arenot included in the table, as the effects ofthe sum of the investments and the hedgingare considered to be neutral to changes in currencies. A 10 % increase in the currencies hedged in connection with net investments would reduce equity by DKK 6,257 million(2021: DKK 5,131 million).7.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__137-1": { "value": "We apply hedge accounting to our energy, commodity, currency, interest, and inflation hedges. Where possible, we use hedging instru-ments which hedge the desired risk one-to-one. The GBP exposure, for example, is hedged using GBP forward exchange contracts, GBP swaps, or GBP loans. Thus, there are no significant sources of ineffectiveness. For currency swaps, the basis spread is accounted for according to the cost of the hedging model. To the extent that a risk needs to be hedged, and if there is no fully effective instrument available in the market, analyses are performed of the expected effectiveness of the hedging instrument before the hedging transaction is concluded. In this case, the ratio between the hedged risk and the hedging instrument may deviate from the one-to-one principle and will be determined as the ratio which most effec-tively hedges the desired risk. We recognise changes to the market value of hedging instruments that qualify for recogni-tion as a hedge of future cash flows in other comprehensive income in the hedging reserve. The majority of our exposure is highly probable forecast transactions. On realisation of the hedged cash flow, the resulting gains or losses are transferred from equity and recognised in the same item as the hedged item. However, on hedging of proceeds from future loans, the resulting gain or loss is transferred from equity over the term of the loan.When we conclude a hedging transaction, and each time we present financial statements thereafter, we assess whether the hedged exposure and the hedging instrument are still financially correlated. If the hedged cash flows are no longer expected to be realised, the in full or partially accumulated value change is transferred to profit (loss) for the year. Ineffec-tive hedges related to energy and commodity exposures are recognised in other operating ex-penses. Ineffectiveness related to other hedges are recognised in financial income or expenses. Changes in the market value of derivatives that are classified as hedges of the fair value of a recognised asset or liability are recognised in profit (loss) for the year together with changes in the value of the hedged asset or liability to the extent of the hedged risk.Hedging of net investments in foreign subsidiariesChanges in the market value of deriva-tives and loans that are classified as net investment hedges in foreign subsidiaries or associates are recognised in the con-solidated financial statements directly in equity within a separate foreign currency translation reserve.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__136-1": { "value": "6.1 Market risk policyOur most significant market risks relate to:\u2013 energy and commodity prices\u2013 production variability\u2013 foreign exchange rates \u2013 interest rates and inflation. The overall objective of our risk manage-ment is to: \u2013 increase the predictability of the short-term earnings and FFO/NIBD by securing the price of energy and currency\u2013 protect the long-term real value of \u2018shareholders\u2019 investment in \u00d8rsted by matching fixed nominal cash flows fromour assets with fixed nominal debt. New energy hedging frameworkIn light of recent high and volatile energy prices, we no longer deem our previous ap-proach for hedging renewable power price exposure fit-for-purpose. Going forward, we will apply a new approach better suitedto the characteristics of our portfolio. The new framework provides a better balance between ensuring short-term financial stability and avoiding adverse impact from the hedges, such as the risk of being overhedged and large collateral postings due to negative market values. With the new approach, we have decided to reduce the hedge level and horizon for renewable power price exposures to a range of 0 % \u2013 70 % in the current year plus the next year. In addition, we will utilise opportunitiesbeyond this period to maximixe value and support commercial initiatives.Under our previous hedging framework, we hedged the next five years with a staircasemodel with minimum hedge levels of 90 % in the coming year, gradually being reduced each year. A transition period is required togo from the previous risk mandate set-up and into the new.Managing long-term market risksBeyond the period where we actively hedge, our market risk picture is determined by ourportfolio of assets and long-term contracts. We actively manage the long-term marketrisk through the investment decisions wetake and contracts we enter into. Our power exposure is partly mitigated through long-term corporate power pur-chase agreements (CPPAs), and we use debtto manage our long-term currency, interest rate, and inflation risks. Accounting policiesWe apply hedge accounting to our energy, commodity, currency, interest, and inflation hedges. Where possible, we use hedging instru-ments which hedge the desired risk one-to-one. The GBP exposure, for example, is hedged using GBP forward exchange contracts, GBP swaps, or GBP loans. Thus, there are no significant sources of ineffectiveness. For currency swaps, the basis spread is accounted for according to the cost of the hedging model. To the extent that a risk needs to be hedged, and if there is no fully effective instrument available in the market, analyses are performed of the expected effectiveness of the hedging instrument before the hedging transaction is concluded. In this case, the ratio between the hedged risk and the hedging instrument may deviate from the one-to-one principle and will be determined as the ratio which most effec-tively hedges the desired risk. We recognise changes to the market value of hedging instruments that qualify for recogni-tion as a hedge of future cash flows in other comprehensive income in the hedging reserve. The majority of our exposure is highly probable forecast transactions. On realisation of the hedged cash flow, the resulting gains or losses are transferred from equity and recognised in the same item as the hedged item. However, on hedging of proceeds from future loans, the resulting gain or loss is transferred from equity over the term of the loan.When we conclude a hedging transaction, and each time we present financial statements thereafter, we assess whether the hedged exposure and the hedging instrument are still financially correlated. If the hedged cash flows are no longer expected to be realised, the in full or partially accumulated value change is transferred to profit (loss) for the year. Ineffec-tive hedges related to energy and commodity exposures are recognised in other operating ex-penses. Ineffectiveness related to other hedges are recognised in financial income or expenses. Changes in the market value of derivatives that are classified as hedges of the fair value of a recognised asset or liability are recognised in profit (loss) for the year together with changes in the value of the hedged asset or liability to the extent of the hedged risk.Key accounting estimateValuation of long-term power purchase agreementsWhen we measure our power purchase agreements at fair value, we use estimates of non-observable prices such as:\u2013 production forecasts \u2013 intermittency (expected profiled production versus constant (flat) production)\u2013 forecasted long-term power prices and exchange rates\u2013 forecasted inflation expectationsThe development in market values is monitored on a continuing basis and reported to the Group Executive Team.Hedge accountingHedge effectiveness is measured using forecasted production as well as estimates regarding energy prices,intermittency, interest, currency and inflation. For periods where we are close to fully hedged, volume overhedging is possible if the forecasted production does not materialize which will lead to recognition of ineffectiveness.Key accounting judgementValuation of long-term power purchase agreementsWe measure our power purchase agreements at fair value, but they cannot always be measured on quoted prices in active markets due to the long duration of the contracts. We use elements of judgements determining models to measure the fair value and we aim to limit the use of subjective estimates and base the fair values on external information including external pricing and benchmark services.Effectiveness of hedge relationshipJudgements are used to consider whether forecasted transactions are highly probable exposures as hedged item in a hedge relation-ship, eg. expected production from wind farms, and judgment is applied in whether the hedgeinstruments applied in the hedge relationshipsidentified are effective.6.2 Currency risksOur forward-looking currency exposure from produc tion, sales, investments, and divestments after hedging for the years 2023-2027 can be summarised as shown in the table.Effect of price changeRisk after hedgingDKKbn+10 % -10 %GBP: 13.9 sales position +1.4 -1.4USD: 12.8 buy position -1.3 +1.3NTD: 7.7 sales position +0.8 -0.8Therefore, a 10 % increase in the GBP/DKK exchange rate will result in a gain of DKK 1.4 billion over the period 2023-2027, all else remaining unchanged.Our largest currency exposure stems from offshore wind farms in the UK, but our growing activities in the US and Taiwan have increased our exposure to USD and NTD.Principles for managing currency risksHighly certain cash flows in a foreign cur-rency are actively managed within the first five years.Exchange rate risks related to energy revenue in foreign currencies are hedged only after the energy price is hedged. Hence, the GBP exchange rate risk associated with power generation in the UK is hedged when the power price has been hedged.In contrast, cash flows that relate to subsi-dised GBP income from offshore wind farms inthe UK, less operating expenses, are hedged on a declining level of hedging over the five-year risk management horizon. The target is to hedge 100 % in year 1, declining by 20 per-centage points each year to 20 % in year 5.GBP exposureOur GBP exposure amounted to DKK 13.9billion after hedging for the years 2023-2027. This unhedged GBP exposure stems primarily from subsidised GBP income less operational expenditures.The GBP exchange rate for hedges impact-ing EBITDA in 2023 and 2024 is hedgedat an average of GBP/DKK 8.4 and 8.3,respectively.USD and NTD exposuresFor our USD and NTD exposures from new markets, we have a limited existing port-folio against which we can net constructionpayments. Therefore, we seek to hedge theexchange rate risk in the near term by swap-ping out the exposure in time.EUR exposureWe have a substantial exposure towardsEUR, which we assess on a continuousbasis. EUR is generally not hedged, as webelieve that Denmark will maintain its fixed exchange-rate policy.Maturity analysis Market valueExpected transfers to income statementCurrency cash flow hedge Recognised inaccounting 2022Contractual comprehensiveDKKmprincipal amount2023 2024 After 2024 Asset Liability 2023 2024 After 2024incomeEBITDA impactRevenue (GBP) 24,199 2,953 7,416 13,830 151 - 182 (109) 29 262Revenue (USD) 3 - 3 - - (21) 2 1 1 -Impact on other line itemsInterest payments (GBP) 553 553 - - 32 - 4 4 - -Currency cash flow hedge accounting 2021DKKm 2022 2023 After 2023 2022 2023 After 2023EBITDA impactRevenue (GBP) 31,256 6,706 8,810 15,740 - (1,565) (1,405) (485) (463) (457)Revenue (USD) 11 17 (2) (4) 4 - - - - -Divestments (GBP) 14,634 14,634 - - - (247) (234) (234) - -Impact on other line itemsProduction assets (USD) 7 7 - - - - - - - -Interest payments (GBP) 1,075 490 585 - 101 - 103 47 56 -Ineffectiveness from currency cash flow hedges in 2022 amounts to a gain of DKK 189 million (2021: DKK -20 million) recognised in financial items. Maturity analysis Market valueCurrency fair-value hedge accounting 2022Contractual DKKmprincipal amount2023 2024 After 2024 Asset LiabilityGBP (sell position) 25,983 - - 25,983 - (1,047)USD (sell position) 6,122 - - 6,122 168 -NTD (sell position) 5,194 - - 5,194 171 -Currency fair-value hedge accounting 2021DKKm 2022 2023 After 2023GBP (sell position) 19,046 - - 19,046 130 -EUR (sell position) 4,463 4,463 - - - (4)NTD (sell position) 6,379 - - 6,379 427 -The fair-value hedges are related to hedges of loans in the balance sheet.2022 2021Contracts accounted for at fair value through profit or loss (financial items)ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueCurrencyForward exchange contracts 30,549 27 38,080 1The table shows cash management postions which are not hedge accounted. The positons primarly consist of EUR and to a lesser extent GBP and USD. Hedging of net investments in foreign subsidiariesAccumulated DKKm Of which, Hedged exchange rateNet non-controlling amount adjustmentsCurrency 2022investmentinterestsin currency Net positionin equityGBP 54,674 (2,132) (34,536) 18,006 (3,806)EUR 35,004 - - 35,004 (49)USD 29,881 (1,839) (21,916) 6,126 617NTD 14,884 - (6,122) 8,762 288Other 1,892 - - 1,892 (104)To ta l 136,335 (3,971) (62,574) 69,790 (3,054)Currency 2021GBP 74,278 (2,516) (26,845) 44,917 (1,252)EUR 32,861 - (4,463) 28,398 (45)USD 26,791 (555) (13,620) 12,616 (250)NTD 8,840 - (6,379) 2,461 761Other 1,763 - - 1,763 (59)To ta l 144,533 (3,071) (51,307) 90,155 (845)Maturity analysis Market valueNet investment hedges 2022Contractual DKKmprincipal amount2023 2024 After 2024 Asset LiabilityGBP (sell poition) 34,536 4,895 - 29,641 1,139 -USD (sell position) 21,916 3,114 8,919 9,883 - (168)NTD (sell position) 6,122 - - 6,122 - (847)Net investment hedges 2021DKKm 2022 2023 After 2023GBP (sell poition) 26,845 887 3,047 22,911 - (826)EUR (sell position) 4,463 4,463 - - 4 -USD (sell position) 13,620 37 11,406 2,177 - (359)NTD (sell position) 6,379 - - 6,379 - (427)The net position expresses the accounting exposure. If, for example, the GBP/DKK exchange rate increased by 10 % on 31 December 2022, equity would have increased by DKK 1,801 million, corresponding to 10 % of DKK 18,006 million.Hedging of net investments in foreign subsidiariesOur foreign activities entail currency risks.We hedge these currency risks by raisingloans in foreign currencies and by enteringinto forward exchange contracts, currency swaps, and options. On 31 December 2022, the accumulatedexchange rate adjustments totalledDKK -3,054 million (2021: -845 million), divided between the exchange rate adjustment of the net investment ofDKK -1,544 million (2021: 1,510 million) andthe hedging thereof of DKK -1,510 million(2021: -2,355 million). Accounting policiesHedging of net investments in foreign subsidiariesChanges in the market value of deriva-tives and loans that are classified as net investment hedges in foreign subsidiaries or associates are recognised in the con-solidated financial statements directly in equity within a separate foreign currency translation reserve.6.3 Energy and commodity price risksOur forward-looking energy exposure after hedging of produc tion for the years 2023-2027 can be summarised as shown in the table.Effect of price changeRisk after hedgingDKKbn+10 % -10 %Power: 40.3 sales position +4.0 -4.0Spread (power): 5.9 +0.6 -0.6Therefore, a 10 % increase in the power price will result in a gain of DKK 4.0 billion over the period 2023-2027, all else remaining unchanged. Gas and oil activities only have a risk after hedging of DKK 0.1 billion for the period 2023-2027.Introduction to hedging of powerWe use fixed-volume hedges (settled based on a fixed hourly volume throughout the hedged period) to hedge price risk associ-ated with our power production. The fixed- volume hedges do not fully match the actual hourly production profile delivered by our wind farms. This is referred to as intermittency risk. See \u2018Intermittency risk\u2019 graph to the right. Offshore power generationRevenue from power generation from off-shore wind farms mainly comprise:\u2013 fixed tariffs in the UK (CfD wind farms), the US, and Taiwan\u2013 guaranteed minimum prices in Denmark, Germany, and the Netherlands\u2013 sale of power production at market price from some wind farms in Denmark andthe UK\u2013 guaranteed minimum prices for green certificates in the UK (ROC wind farms)\u2013 long-term power purchase agreements.At the end of 2022, fixed tariffs and guaranteed minimum prices covered approx. 76 % (2021: 83 %) of the expected income from offshore wind farms for the period 2023-2027. The reduction is due to a large increase in forward power prices at the end of 2022 compared to 2021, which increased the expected revenue from production settled at market price. The re-maining 24 % of expected income is exposed to energy price risks and concerns sales ofpower at market price in the UK, Denmark,Germany, and the Netherlands.Onshore power generationA large part of the earnings in Onshorecomes from power generation in the US,which comprises tax incentives, such as PTCs or ITCs, and power. The tax incentiveshave a fixed value. However, there is a pricerisk associated with the power, which is reduced by entering into CPPAs. The current CPPAs cover approx. 73 % of the expected generation for the period 2023-2027 cal-culated from the time of commissioning of the individual wind farms, if that date is later than the end of 2022. The CPPAs are entered into with large corporates or finan-cial institutions.Furthermore, additional earnings originate from power generation in Ireland, Germany, and France where the assets are either sub-ject to a subsidy scheme, or we have PPAs in place for the majority of the production.Power generation at our CHP plantsOur combined heat and power (CHP) plants consist of biomass- and fossil-fuelled plants in Denmark. Heat generation does not giverise to price risks, as the associated costs are covered by the heat customers. However, heat generation entails a price risk for power to the extent to which we generate heat and power simultaneously. The profitability of power generation is determined by the difference between the selling price of power and the purchase price of fuel and, forother fuels than biomass, carbon emissionallowances. If the spreads are attractive, we provide condensing power generation in addition to CHP generation. The total net risk associated with power from heat-bound CHP generation for the 2023-2027 period isDKK 5.9 billion after hedging.Commodity risk for construction projectsWhen building a wind farm, we are exposed to the price development in a number of commodities, most significantly steel. Steelelement indices have enabled hedging ofparts of this risk. We hedged a substantial amount of the steel for foundations thatwere delivered in 2022, and we will continueto hedge more throughout 2023 as futurevolumes are being committed.Power salesThe price risk associated with power salesis given by the difference between the pur-chase and sales prices and is thus consid-ered to be limited.For our investor power purchase agree-ments, we retain part of the power price risk,and thus we are to some extent exposed to the same risks as for the production fromour own share of the wind farms, includingvolume and intermittency risks.Gas salesThe price risk associated with sale of gasstems from differences in the indexing ofsales and purchase prices. Our largest gaspurchase contracts are mainly indexed topure gas prices and thus no longer constitutea significant risk. Principles for estimating exposuresExposure is calculated as the expected production (or net purchase/sale) times the forward price for the respective years.Maturity analysis Market valueExpected transfers to EBITDA/CAPEXEnergy price cash flow hedge Recognised inaccounting 2022Contractual comprehensiveDKKmprincipal amount2023 2024 After 2024 Asset Liability 2023 2024 After 2024incomeEBITDA impactPower swaps and futures 32,300 8,480 7,856 15,964 6,291 (39,641) (27,779) (8,435) (6,649) (12,695)Power options 1,071 - 922 149 22 - (91) - (88) (3)Gas swaps, futures, options 1,171 312 387 472 396 (1,596) (1,915) (672) (907) (336)Carbon emission allowances 46 46 - - - - (35) (35) - -Oil futures 15 9 6 - - - 2 1 1 -Energy price cash flow hedge accounting 2021DKKm 2022 2023 After 2023 2022 2023 After 2023EBITDA impactPower swaps and futures 25,452 6,934 5,511 13,007 8,058 (29,877) (27,032) (15,149) (6,033) (5,850)Power options 587 733 (425) 279 644 (887) (65) (38) (27) -Gas swaps, futures, options 3,721 3,151 268 302 5,545 (4,409) (387) 162 (264) (285)Oil futures 9 (2) 10 1 - - 13 12 1 -Hedging production assetsSteel 115 115 - - 45 - 45 - - 45Oil futures 30 30 - - 22 (1) 21 21 - -In 2022, we recognised ineffective hedges in the amount of DKK -4,475 million (2021: DKK -1,074 million) in other operating expenses of which volume-related ineffectiveness related to offshore DKK 3,771 million, inflation-indexed related ineffective hedges DKK 658 million, and other ineffectiveness DKK 46 million.2022 2021Contracts accounted for at fair value through profit or loss (EBITDA)ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueEnergyOil swaps and options 507 (803) 550 (710)Gas swaps 2,668 2,920 3,027 (4,507)Gas options 748 - 537 -Power swaps 3,264 3,872 2,836 (2,073)Power options 7,821 (1,894) - -Other 69 - 347 (86)6.4 Inflation and interest rate risksInflation and interest rate riskOur earnings mainly stem from a portfolio of Offshore and Onshore assets with a balanced exposure towards inflation and interest rate risk, which helps to provide stability over the business cycle and across inflationary and deflationary environments. Earnings from inflation-indexed and mer-chant assets follow consumer and market prices, thereby protecting against real value loss from increasing inflation and interest rates. Earnings from fixed nominal assets provide cash flow stability and will benefit in periods characterised by deflation and expansionary monetary policy from central banks.A total of ~65 % of our revenue from Offshore and Onshore assets in operation, under construction, and awarded for the period 2023-2032 is expected to increase and decrease with inflation changes. Of this, ~50 % of our revenue is inflation-indexed, mainly from our UK and Polish offshore wind farms, while ~15 % of our revenue is driven by merchant power prices. The remaining~35 % of revenue is fixed and is there-fore subject to real value loss if inflation increases. This is the case for: \u2013 fixed nominal subsidies from offshore wind assets in Denmark, Germany, the Netherlands, Taiwan, and the US\u2013 fixed nominal power purchase agree-ments related to onshore wind assets in the US and offshore wind assets in Europe and Taiwan.We have converted part of our UK inflation-linked revenue to fixed nominal revenuewith derivatives to create a better match between our GBP revenue and debt at anaverage retail price index (RPI) rate of 3.6 % for the priod 2024-2037 and an averageconsumer price index (CPI) rate of 2.7 % for the period 2030-2033.Other EBITDA mainly includes OPEX, COGS, DEVEX, and other operating income from US tax credits and divestment gains. Themajority of these items will increase with inflation and is netted with the inflation- indexed revenue, leaving the EBITDA pro-portionally more exposed to fixed nominal cash flows compared to revenue.To mitigate the inflation risk from our fixed nominal exposure, we issue fixed-rate debtand enter into hedges to fix future debt isuances. With active management, we have reduced the fixed nominal exposure to 35 % for EBITDA, net of debt and related hedges.Maturity analysis Market valueExpected transfers to income statementCash flow hedge accountingRecognised in2022 Contractual comprehensiveDKKmprincipal amount2023-26 2027-32 After 2032 Asset Liability 2023 2024 After 2024incomeEBITDA impactRevenue (UK inflation) 22,295 6,244 9,681 6,370 - (3,070) (3,366) - (202) (3,164)Financial items impactInterest payments (fixed) 15,678 - - 15,678 478 (3) 2,727 49 189 2,489Cash flow hedge accounting2021DKKm 2022-26 2027-31 After 2031 2022 2023 After 2023EBITDA impactRevenue (UK inflation) 31,326 6,792 11,503 13,031 - (1,953) (2,395) - - (2,395)Divestments (fixed inflation) 4,379 751 1,326 2,302 16 (872) (414) (414) - -Divestments (fixed interest) 13,328 2,230 - 11,098 118 (59) 59 59 - -Financial items impactInterest payments (fixed) 14,715 - - 14,175 713 - 633 (25) (16) 674We hedge our UK inflation risk related to revenue from ROC and CfD wind farms. Furthermore, we hedge the interest and inflation risk related to divestments. In 2020, we have hedged the interest on expected USD bond debt issuance (USD interest risk) in 2022. The bond issuance occurred in EUR instead, and we have postponed the USD issuance to 2023 and 2024. Due to the postponement, we have recongised ineffec-tiveness of DKK 529 million related to the US interest rate hedges in financial income. 2022 2021Contracts accounted for at fair value through profit or loss (financial items) ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueInterest rate swaps 8,902 1,103 8,833 39Interest rate swaps are used to adjust the maturity of our bond portfolio.6.7 Energy trading portfolio2022 2021 Overview of the Group\u2019s energy 1trading portfolioContractual ContractualDKKmprincipal amount Market valueprincipal amount Market value Power swaps 4,683 2,988 4,980 1,618Power options 3,060 10,013 4,724 5,297Gas swaps and options 3,601 1,430 2,929 (4,093)Oil swaps and options 498 (807) 434 (731)Other 74 (6) 498 (58)2Market trading mandatesVaR limit in 2022: Stress limit in 2022: Maximum open positions in DKK 100 millionDKK 400 milliontrading portfolioVaR indicates the largest loss in Stress indicates the largest daily \u2013 Max. 6 TWh of powerone trading day at a probability loss we risk sustaining with the \u2013 Max. 9.5 TWh of gasof 95 %. VaR is based on data for given portfolio. Stress is based on \u2013 Max. 1 million boe of oilthe past 45 trading days, with the data from 1 January 2006 to the \u2013 Max. 1.5 million tonnes of carbon heaviest weighting being assigned present day.emissionsto the most recent trading days.\u2013 Max. 0.5 million tonnes of coal and biomass1 The contractual principal amount has been determined as the net position per derivative type. The risks associated with our options are smaller than for our swaps. The market value mostly consists of received exposure from our assets with settlement at maturity, whereas part of the external trade is settled on a daily basis.2 Trading activities are carried out under mandates approved by the Board of Directors. The mandates comprise a value-at-risk (VaR) mandate and a stress mandate as well as a limit for the maximum positions measured in energy units per product (power, gas, etc.). 3 The graph shows the daily VaR position for the period 2021-2022. VaR reached DKK 280 million on 9 March 2022, causing a passive breach of the Board of Directors\u2019 mandate of DKK 100 million due to the Russian invasion of Ukraine and the large reduction in gas supplies to Europe, causing the European energy prices to spike. In 2022, there were further passive breaches in August due to Russian gas supply cuts and in September-November due to a halt of gas through the Nord Stream 1 and 2 pipelines after the explosions in September.Trading portfolioThe purpose of our trading portfolio is to: \u2013 optimise hedging contracts\u2013 contribute to increased market insight\u2013 profit from short-term fluctuations in energy prices.The energy trading portfolio receives the exposure from our assets and takes thatexposure into the external market in themost efficient way possible, given the man-dates shown to the left. The overview of the Group\u2019s energy trading portfolio to the leftis the net of the internal exposures receivedfrom the assets and the external trades inline with internal risk management.The trading portfolio primarily consists of positions in power and gas.The trading portfolio constitutes a smallerpart of our total portfolio of derivatives,and the associated risk is limited.Accounting policiesMarket value adjustments of physical and financial contracts relating to energy that are entered into with the purpose of gener-ating gains from short-term price changes are recognised as revenue.6.9 Sensitivity analysis of financial instruments Sensitivity analysis of 31 December 2022 31 December 2021financial instrumentsDKKmPrice Effect on profit Effect on equity Effect on profit Effect on equity Riskchange(loss) before taxbefore tax(loss) before taxbefore taxOil 25 % (533) 277 (608) 32-25 % 608 (6) 608 (32)Gas 25 % (764) 177 (731) (375)-25 % 764 (177) 731 375Power 25 % (1,791) (14,382) (549) (12,152)-25 % 1,794 14,402 554 12,278USD 10 % (947) (853) (451) (440)-10 % 947 853 445 440GBP 10 % (2,430) (4,727) (3,041) (6,421)-10 % 2,430 4,727 3,041 6,421NTD 10 % (743) - (134) --10 % 743 - 134 -EUR 1 % (899) (125) 67 67-1 % 899 125 (66) (67)Interest 1 % point (332) 1,224 (234) 1,737Inflation 1 % point - (2,162) - (4,419)The sensitivity analysis in the table shows the effect of market value changes, assum-ing a relative price change at 31 December2022. The effect on profit (loss) before tax com-prises financial instruments that remained open at the balance sheet date, and whichhave an effect on profit (loss) in the current financial year. Effect on equity before tax comprises finan-cial instruments that remained open at the balance sheet date, and which are value- adjusted directly in equity. Financial instruments include derivatives as well as receivables and payables in foreign currencies.The illustrated sensitivities only comprise the impacts from our financial instruments. If the hedged exposure had been included in the sensitivity analysis, the effect of aprice change would have been reduced oroffset entirely.Net investments and associated hedging ofnet investments in foreign subsidiaries arenot included in the table, as the effects ofthe sum of the investments and the hedgingare considered to be neutral to changes in currencies. A 10 % increase in the currencies hedged in connection with net investments would reduce equity by DKK 6,257 million(2021: DKK 5,131 million).7.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__141": { "value": "6.5 Credit risks Offsetting of financial assetsTradeTradeDKKm Derivativesreceivables 2022 Derivativesreceivables 2021Financial assets 43,507 121,693 165,200 79,781 43,203 122,984Financial liabilities, offset (22,232) (114,438) (136,670) (57,533) (38,009) (95,542)Financial assets in the balance sheet 21,275 7,255 28,530 22,248 5,194 27,442Amounts not offset in thebalance sheet:Liabilities with offsetting rights (7,094) - (7,094) (6,812) - (6,812)Collateral received (4,515) - (4,515) (3,430) - (3,430)Net 9,666 7,255 16,921 12,006 5,194 17,200 Offsetting of financial liabilitiesTradeTradeDKKm Derivativespayables 2022 Derivativespayables 2021Financial liabilities 60,891 121,661 182,552 101,541 43,816 145,357Financial assets, offset (22,232) (114,438) (136,670) (57,533) (38,009) (95,542)Financial liabilities in thebalance sheet 38,659 7,223 45,882 44,008 5,807 49,815Amounts not offset in thebalance sheet:Assets with offsetting rights (7,094) - (7,094) (6,812) - (6,812)Collateral provided (2,744) - (2,744) (4,973) - (4,973)Net 28,821 7,223 36,044 32,223 5,807 38,030 Credit quality of theGroup\u2019s counterpartiesDKKm 2022 2021AAA/Aaa 23,351 18,215AA/Aa 2,568 3,385A/A 23,551 12,323BBB/Baa 15,665 14,551Other 16,649 9,056Total credit exposure 81,784 57,530We are exposed to credit risks from our trading partners and customers. A large part of our counterparty risks concerns major international energy companies and banks. Such trading is regulated under standard agreements, such as EFET and ISDA agree-ments, which feature, for instance, creditrating and netting provisions. Our credit exposure is mainly concentrated on counter-parties in the EU, the UK, Switzerland, and the US. We limit our credit risks by:\u2013 rating significant counterparties\u2013 granting credit limits\u2013 demanding that collateral be furnished or credit security put in place for weak counterparties.The counterparties and credit limits gran-ted are monitored on an ongoing basis.The monitoring is based on the framework established by our Board of Directorsand the Group Executive Risk Committee.\u2196 The table shows our financial assets and liabilities where a share is offset and therefore presented net. Offsetting is typically limited to specific products.\u2190 The AAA/Aaa category covers our position in Danish AAA-rated government and mortgage bonds. The other category primarily consists of trade receivables from customers, such as end users.For the most significant counterparties, aninternal rating is assigned in connection withestablishing credit limits. The rating is basedon information from external credit rating agencies, publicly available information, and our own analyses.We have not suffered losses from any singlemajor counterparty in 2022 or 2021.The credit risks from our financial assetsprima rily concern derivatives, cash, secu-rities, and receivables. The assessmentis based on the individual counterparty\u2019sratings with Standard & Poor\u2019s, Moody\u2019s,and Fitch. The figures do not reflect our actual credit exposure, as the positions are calculated before offsetting our debt to such counterparties. Accounting policiesWe only offset positive and negative values if we are entitled to and intend to settle several financial instruments net.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__145": { "value": "We only offset positive and negative values if we are entitled to and intend to settle several financial instruments net.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__142": { "value": " Offsetting of financial assetsTradeTradeDKKm Derivativesreceivables 2022 Derivativesreceivables 2021Financial assets 43,507 121,693 165,200 79,781 43,203 122,984Financial liabilities, offset (22,232) (114,438) (136,670) (57,533) (38,009) (95,542)Financial assets in the balance sheet 21,275 7,255 28,530 22,248 5,194 27,442Amounts not offset in thebalance sheet:Liabilities with offsetting rights (7,094) - (7,094) (6,812) - (6,812)Collateral received (4,515) - (4,515) (3,430) - (3,430)Net 9,666 7,255 16,921 12,006 5,194 17,200 Offsetting of financial liabilitiesTradeTradeDKKm Derivativespayables 2022 Derivativespayables 2021Financial liabilities 60,891 121,661 182,552 101,541 43,816 145,357Financial assets, offset (22,232) (114,438) (136,670) (57,533) (38,009) (95,542)Financial liabilities in thebalance sheet 38,659 7,223 45,882 44,008 5,807 49,815Amounts not offset in thebalance sheet:Assets with offsetting rights (7,094) - (7,094) (6,812) - (6,812)Collateral provided (2,744) - (2,744) (4,973) - (4,973)Net 28,821 7,223 36,044 32,223 5,807 38,030", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__143": { "value": " Offsetting of financial assetsTradeTradeDKKm Derivativesreceivables 2022 Derivativesreceivables 2021Financial assets 43,507 121,693 165,200 79,781 43,203 122,984Financial liabilities, offset (22,232) (114,438) (136,670) (57,533) (38,009) (95,542)Financial assets in the balance sheet 21,275 7,255 28,530 22,248 5,194 27,442Amounts not offset in thebalance sheet:Liabilities with offsetting rights (7,094) - (7,094) (6,812) - (6,812)Collateral received (4,515) - (4,515) (3,430) - (3,430)Net 9,666 7,255 16,921 12,006 5,194 17,200", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__144": { "value": " Offsetting of financial liabilitiesTradeTradeDKKm Derivativespayables 2022 Derivativespayables 2021Financial liabilities 60,891 121,661 182,552 101,541 43,816 145,357Financial assets, offset (22,232) (114,438) (136,670) (57,533) (38,009) (95,542)Financial liabilities in thebalance sheet 38,659 7,223 45,882 44,008 5,807 49,815Amounts not offset in thebalance sheet:Assets with offsetting rights (7,094) - (7,094) (6,812) - (6,812)Collateral provided (2,744) - (2,744) (4,973) - (4,973)Net 28,821 7,223 36,044 32,223 5,807 38,030", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__146": { "value": "6.6 Fair value measurementAssets LiabilitiesFair value hierarchyDKKmInventories Derivatives Securities Derivatives2022Quoted prices 3,442 14,474 - 12,871Observable input - 10,200 25,197 29,438Non-observable input - 563 - 15,250To ta l 3,442 25,237 25,197 57,5592021Quoted prices 2,773 5,574 - 8,799Observable input - 9,991 21,228 32,313Non-observable input - 1,229 - 8,677To ta l 2,773 16,794 21,228 49,789We measure our securities and derivatives at fair value. A number of our derivatives, mainly power purchase agreements, are measured based on unobservable inputs due to the long duration of the contracts. The most significant non-observable inputs are the long-term US power prices (mainly ERCOT) and German power prices. Valuation principles and key assumptionsIn order to minimise the use of subjective estimates or modifications of parameters and calculation models, it is our policy todetermine fair values based on the external information that most accurately reflects the market values. We use pricing services and benchmark services to increase the data quality. Market values are determined by the Risk Management function, which reports to the CFO. The development in market values is monitored on a continuing basis and reported to the Group Executive Team.Initial fair value from power purchase agreementsThe initiation fair value from CPPAs consistof the market value of CPPAs purchasedas part of a business combination or assetacquisition. The CPPAs lock the power price of the expected power generation overa period of 10-20 years. These contractsare accounted for at fair value. Due to thelong duration of these CPPAs, power pricesare not observable for a large part of theduration. The initial negative fair value from CPPAsis recognised as revenue in profit or loss inthe future period to which the market valuerelates. In 2022, we have recognised an income of DKK 228 million (2021: DKK 139million) related to the initial fair value fromCPPAs. The total amount of initial fairvalue as of 31 December 2022 amounts to a loss of DKK 1,497 million (2021: loss ofDKK 834 million), which will be recognisedas revenue in a future period.Derivatives valued on the basis of unobservable inputDKKm 2022 2021Market value at 1 January (7,448) (82)Value adjustments through profit or loss (322) (374)Value adjustments through other comprehensive income (6,476) (5,997)Sales/redemptions 1,190 29Purchases/issues (497) (1,043)Transferred from quoted prices and observable input (1,773) (3)Transferred to quoted prices and observable input 639 22Market value at 31 December (14,687) (7,448)Unobservable input per commodity price inputDKKmUS power prices (7,762) (3,207)German power prices (5,030) (2,914)Other power prices (1,825) (1,139)Gas prices (70) (188)To ta l (14,687) (7,448)The main unobservable inputs are US power prices and German power prices.Power price (DKK) Sensitivity (DKKm)Overview of significantunobservable inputs and Weight MonthlyMonthlysensitivitiesaverageminimummaximum +25 % -25 %Intermittency adjusted power priceGermany (2025-2034) 800 515 1,474 (2,053) +2,053Ireland (2023-2042) 874 604 1,820 (256) +256US ERCOT (2023-2030) 231 92 800 (3,294) +3,334US SPP (2023-2030) 208 140 421 (542) +583US MISO (2023-2023) 399 297 622 (651) +677The table shows the significant unobservable inputs used in the fair value measurements categorised as level 3 of the fair value hierarchy, together with a sensitivity analysis as at 31 December 2022. If intermittency- adjusted power prices in Germany as of 31 December 2022 increased/decreased by 25 %, the market value would decrease/increase by DKK 2,053 million.Significant non-observable inputs Market values based on non-observableinput primarily comprise long-term con-tracts on the purchase or sale of power and gas. Since there are no active markets for the long-term prices of power and gas,the market values have been determinedthrough an estimate of the future prices. Estimating non-observable power pricesSince our CPPAs are normally settled onthe actual production, and the power prices available in the market are basedon a constant production (flat profile),we take into account that our expected production is not constant, and thus ourCPPAs will not be settled against a flatprofile price (intermittency adjustment). For the majority of our markets, the flat profile power price can be observed fora maximum of four to six years in themarket, after which an active market nolonger exists. Accounting policiesMarket values based on quoted prices comprise quoted securities and deriva-tives that are traded in active markets. The market value of derivatives traded in an active market is often settled on a daily basis, thereby minimising the market value presented on the balance sheet.Market values based on observable inputs comprise derivatives where valu-ation models with observable inputs are used to measure fair value.All assets and liabilities measured at market value are measured on a recur-ring basis.In business combinations, gains (losses)at initial recognition of derivatives whose values are based on non-observable inputs are deferred and recognised in the period to which the value relates.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__147": { "value": "Market values based on quoted prices comprise quoted securities and deriva-tives that are traded in active markets. The market value of derivatives traded in an active market is often settled on a daily basis, thereby minimising the market value presented on the balance sheet.Market values based on observable inputs comprise derivatives where valu-ation models with observable inputs are used to measure fair value.All assets and liabilities measured at market value are measured on a recur-ring basis.In business combinations, gains (losses)at initial recognition of derivatives whose values are based on non-observable inputs are deferred and recognised in the period to which the value relates.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__148": { "value": "6.7 Energy trading portfolio2022 2021 Overview of the Group\u2019s energy 1trading portfolioContractual ContractualDKKmprincipal amount Market valueprincipal amount Market value Power swaps 4,683 2,988 4,980 1,618Power options 3,060 10,013 4,724 5,297Gas swaps and options 3,601 1,430 2,929 (4,093)Oil swaps and options 498 (807) 434 (731)Other 74 (6) 498 (58)2Market trading mandatesVaR limit in 2022: Stress limit in 2022: Maximum open positions in DKK 100 millionDKK 400 milliontrading portfolioVaR indicates the largest loss in Stress indicates the largest daily \u2013 Max. 6 TWh of powerone trading day at a probability loss we risk sustaining with the \u2013 Max. 9.5 TWh of gasof 95 %. VaR is based on data for given portfolio. Stress is based on \u2013 Max. 1 million boe of oilthe past 45 trading days, with the data from 1 January 2006 to the \u2013 Max. 1.5 million tonnes of carbon heaviest weighting being assigned present day.emissionsto the most recent trading days.\u2013 Max. 0.5 million tonnes of coal and biomass1 The contractual principal amount has been determined as the net position per derivative type. The risks associated with our options are smaller than for our swaps. The market value mostly consists of received exposure from our assets with settlement at maturity, whereas part of the external trade is settled on a daily basis.2 Trading activities are carried out under mandates approved by the Board of Directors. The mandates comprise a value-at-risk (VaR) mandate and a stress mandate as well as a limit for the maximum positions measured in energy units per product (power, gas, etc.). 3 The graph shows the daily VaR position for the period 2021-2022. VaR reached DKK 280 million on 9 March 2022, causing a passive breach of the Board of Directors\u2019 mandate of DKK 100 million due to the Russian invasion of Ukraine and the large reduction in gas supplies to Europe, causing the European energy prices to spike. In 2022, there were further passive breaches in August due to Russian gas supply cuts and in September-November due to a halt of gas through the Nord Stream 1 and 2 pipelines after the explosions in September.Trading portfolioThe purpose of our trading portfolio is to: \u2013 optimise hedging contracts\u2013 contribute to increased market insight\u2013 profit from short-term fluctuations in energy prices.The energy trading portfolio receives the exposure from our assets and takes thatexposure into the external market in themost efficient way possible, given the man-dates shown to the left. The overview of the Group\u2019s energy trading portfolio to the leftis the net of the internal exposures receivedfrom the assets and the external trades inline with internal risk management.The trading portfolio primarily consists of positions in power and gas.The trading portfolio constitutes a smallerpart of our total portfolio of derivatives,and the associated risk is limited.Accounting policiesMarket value adjustments of physical and financial contracts relating to energy that are entered into with the purpose of gener-ating gains from short-term price changes are recognised as revenue.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__149": { "value": "Market value adjustments of physical and financial contracts relating to energy that are entered into with the purpose of gener-ating gains from short-term price changes are recognised as revenue.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradingIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__155": { "value": "the Danish state, represented by the Danish Ministry of Finance", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__156": { "value": "the Danish state, represented by the Danish Ministry of Finance", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__157": { "value": "7.2 Auditor\u2019s feesAuditor\u2019s feesDKKm 2022 2021Audit and audit-related feesStatutory audit 25 22Other assurance engagements 4 2Non-audit servicesTax and VAT advice 3 7Other services 3 4Total fees to PwC 35 35Fee for non-audit services in percent of statutory audit fee 37 % 41 %PwC Denmark non-audit service ratio 69 % 58 %Effective from 1 January 2020, the non-audit services provided by the Group auditor in Denmark cannot exceed 70 %.PwC is \u00d8rsted\u2019s auditor appointed by the annual general meeting. PwC audits the consolidated financial statements of \u00d8rstedand our subsidiaries\u2019 statutory financial statements in all the countries where we are represented.It is our policy that the annual fee for non- audit services provided by our statutory auditor cannot exceed the annual fee forstatutory audit services measured at Group level. The cap may be exceeded subject to approval by the Audit & Risk Committee.Other assurance engagements primarily included reviews of ESG data, assurance ser-vices related to the issuance of bonds, and reviews of regulatory financial statements.Tax and VAT advice primarily included advice in connection with tax due diligence,transfer pricing advice, and advice in con-nection with the preparation and review oftax returns.Other services included other consultancyservices, primarily related to vendor duediligence and leadership support. Fees for services other than statutory audit supplied by PwC Denmark to \u00d8rstedamounted to DKK 7 million (2021: DKK 4million) and consisted of assurance services related to the issuance of bonds, duediligence, review of ESG data, and othergeneral accounting, tax, and transferpricing advice.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__159": { "value": "7.4 Company overviewOwnership 1Segment/company Country TypeinterestParent Company\u00d8rsted A/S DenmarkOffshore3Anholt Havvindm\u00f8llepark I/SDenmark JO 50 %Borkum Riffgrund 2 Offshore Wind Farm GmbH & Co. oHG Germany JO 50 %Borssele Windfarm C.V. The Netherlands JO 50 %Gode Wind 1 Offshore Wind Farm GmbH & Co. oHG Germany JO 50 %Gode Wind 2 Offshore Wind Farm P/S GmbH Germany JO 50 %Greater Changhua Offshore Wind Farm SE Ltd2 Taiwan JO 50 %Greater Changhua Offshore Wind Farm SW Ltd2 Taiwan S 100 %2Hornsea 1 LimitedThe UK JO 50 %North East Offshore, LLC The US JO 50 %2Ocean Wind LLCThe US NC 75 %Orsted Borssele Holding B.V. The Netherlands S 100 %Orsted Hornsea 1 Holdings Limited The UK S 100 %Orsted Hornsea Project Three (UK) Ltd The UK S 100 %Orsted Hornsea Two Holdings Ltd The UK S 100 %Orsted London Array II Limited The UK S 100 %Orsted North America Inc The US S 100 %Orsted Power (UK) Ltd The UK S 100 %Orsted Race Bank (Holding) Ltd The UK S 100 %Orsted Taiwan Ltd Taiwan S 100 %Orsted Walney Extension Holdings Limited The UK S 100 %Orsted West of Duddon Sands (UK) Ltd The UK S 100 %Revolution Wind, LLC The US S 100 %Soundmark Wind Limited The UK S 100 %Walney (UK) Offshore Windfarms Limited The UK S 50 %West Of Duddon Sands The UK JO 50 %\u00d8rsted Horns Rev 2 A/S Denmark S 100 %\u00d8rsted Vind A/S Denmark S 100 %4\u00d8rsted Wind Power A/SDenmark S 100 %\u00d8rsted Wind Power Holding A/S Denmark S 100 %Ownership 1Segment/company Country TypeinterestOnshore2W Permian Solar, LLC The US S 100 %Haystack Wind Project, LLC The US S 100 %Helena Wind, LLC The US S 100 %Lincoln Land, LLC The US S 100 %Old 300 Solar Center, LLC The US S 100 %Orsted Onshore Ireland Green Energy Limited Ireland S 100 %Western Trail Wind, LLC The US S 100 %\u00d8rsted Onshore Holding A/S Denmark S 100 %Bioenergy & OtherOrsted AB Sweden S 100 %Orsted Power Sales (UK) Limited The UK S 100 %Orsted Sales (UK) Limited The UK S 100 % 4\u00d8rsted Bioenergy & Thermal Power A/SDenmark S 100 % 4\u00d8rsted Salg & Service A/SDenmark S 100 %Shared functions\u00d8rsted North America Holding A/S Denmark S 100 %\u00d8rsted Wind Power TW Holding A/S Denmark S 100 %1 S = subsidiary, A = associate, JO = joint operation, JV = joint venture, NC = non-consolidated entity2 The company is owned through a company which is not owned 100 % by \u00d8rsted. The disclosed ownership interest is \u00d8rsted\u2019s ultimate ownership interest in the company.3 The company applies the provision in section 5 or section 6 of the Danish Financial Statements Act to omit presenting a separate annual report.4 Subsidiaries owned directly by \u00d8rsted A/S.5 One or more tax equity partners own an insignificant share of the company. See note 3.8 \u2018Tax equity liabilities\u2019. The company is fully consolidated.Companies without significant activities are not included in the list. A full comprehensive list of companies is available at: https://orsted.com/company-overview", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__160": { "value": "7.4 Company overviewOwnership 1Segment/company Country TypeinterestParent Company\u00d8rsted A/S DenmarkOffshore3Anholt Havvindm\u00f8llepark I/SDenmark JO 50 %Borkum Riffgrund 2 Offshore Wind Farm GmbH & Co. oHG Germany JO 50 %Borssele Windfarm C.V. The Netherlands JO 50 %Gode Wind 1 Offshore Wind Farm GmbH & Co. oHG Germany JO 50 %Gode Wind 2 Offshore Wind Farm P/S GmbH Germany JO 50 %Greater Changhua Offshore Wind Farm SE Ltd2 Taiwan JO 50 %Greater Changhua Offshore Wind Farm SW Ltd2 Taiwan S 100 %2Hornsea 1 LimitedThe UK JO 50 %North East Offshore, LLC The US JO 50 %2Ocean Wind LLCThe US NC 75 %Orsted Borssele Holding B.V. The Netherlands S 100 %Orsted Hornsea 1 Holdings Limited The UK S 100 %Orsted Hornsea Project Three (UK) Ltd The UK S 100 %Orsted Hornsea Two Holdings Ltd The UK S 100 %Orsted London Array II Limited The UK S 100 %Orsted North America Inc The US S 100 %Orsted Power (UK) Ltd The UK S 100 %Orsted Race Bank (Holding) Ltd The UK S 100 %Orsted Taiwan Ltd Taiwan S 100 %Orsted Walney Extension Holdings Limited The UK S 100 %Orsted West of Duddon Sands (UK) Ltd The UK S 100 %Revolution Wind, LLC The US S 100 %Soundmark Wind Limited The UK S 100 %Walney (UK) Offshore Windfarms Limited The UK S 50 %West Of Duddon Sands The UK JO 50 %\u00d8rsted Horns Rev 2 A/S Denmark S 100 %\u00d8rsted Vind A/S Denmark S 100 %4\u00d8rsted Wind Power A/SDenmark S 100 %\u00d8rsted Wind Power Holding A/S Denmark S 100 %Ownership 1Segment/company Country TypeinterestOnshore2W Permian Solar, LLC The US S 100 %Haystack Wind Project, LLC The US S 100 %Helena Wind, LLC The US S 100 %Lincoln Land, LLC The US S 100 %Old 300 Solar Center, LLC The US S 100 %Orsted Onshore Ireland Green Energy Limited Ireland S 100 %Western Trail Wind, LLC The US S 100 %\u00d8rsted Onshore Holding A/S Denmark S 100 %Bioenergy & OtherOrsted AB Sweden S 100 %Orsted Power Sales (UK) Limited The UK S 100 %Orsted Sales (UK) Limited The UK S 100 % 4\u00d8rsted Bioenergy & Thermal Power A/SDenmark S 100 % 4\u00d8rsted Salg & Service A/SDenmark S 100 %Shared functions\u00d8rsted North America Holding A/S Denmark S 100 %\u00d8rsted Wind Power TW Holding A/S Denmark S 100 %1 S = subsidiary, A = associate, JO = joint operation, JV = joint venture, NC = non-consolidated entity2 The company is owned through a company which is not owned 100 % by \u00d8rsted. The disclosed ownership interest is \u00d8rsted\u2019s ultimate ownership interest in the company.3 The company applies the provision in section 5 or section 6 of the Danish Financial Statements Act to omit presenting a separate annual report.4 Subsidiaries owned directly by \u00d8rsted A/S.5 One or more tax equity partners own an insignificant share of the company. See note 3.8 \u2018Tax equity liabilities\u2019. The company is fully consolidated.Companies without significant activities are not included in the list. A full comprehensive list of companies is available at: https://orsted.com/company-overview", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__161": { "value": "7.4 Company overviewOwnership 1Segment/company Country TypeinterestParent Company\u00d8rsted A/S DenmarkOffshore3Anholt Havvindm\u00f8llepark I/SDenmark JO 50 %Borkum Riffgrund 2 Offshore Wind Farm GmbH & Co. oHG Germany JO 50 %Borssele Windfarm C.V. The Netherlands JO 50 %Gode Wind 1 Offshore Wind Farm GmbH & Co. oHG Germany JO 50 %Gode Wind 2 Offshore Wind Farm P/S GmbH Germany JO 50 %Greater Changhua Offshore Wind Farm SE Ltd2 Taiwan JO 50 %Greater Changhua Offshore Wind Farm SW Ltd2 Taiwan S 100 %2Hornsea 1 LimitedThe UK JO 50 %North East Offshore, LLC The US JO 50 %2Ocean Wind LLCThe US NC 75 %Orsted Borssele Holding B.V. The Netherlands S 100 %Orsted Hornsea 1 Holdings Limited The UK S 100 %Orsted Hornsea Project Three (UK) Ltd The UK S 100 %Orsted Hornsea Two Holdings Ltd The UK S 100 %Orsted London Array II Limited The UK S 100 %Orsted North America Inc The US S 100 %Orsted Power (UK) Ltd The UK S 100 %Orsted Race Bank (Holding) Ltd The UK S 100 %Orsted Taiwan Ltd Taiwan S 100 %Orsted Walney Extension Holdings Limited The UK S 100 %Orsted West of Duddon Sands (UK) Ltd The UK S 100 %Revolution Wind, LLC The US S 100 %Soundmark Wind Limited The UK S 100 %Walney (UK) Offshore Windfarms Limited The UK S 50 %West Of Duddon Sands The UK JO 50 %\u00d8rsted Horns Rev 2 A/S Denmark S 100 %\u00d8rsted Vind A/S Denmark S 100 %4\u00d8rsted Wind Power A/SDenmark S 100 %\u00d8rsted Wind Power Holding A/S Denmark S 100 %Ownership 1Segment/company Country TypeinterestOnshore2W Permian Solar, LLC The US S 100 %Haystack Wind Project, LLC The US S 100 %Helena Wind, LLC The US S 100 %Lincoln Land, LLC The US S 100 %Old 300 Solar Center, LLC The US S 100 %Orsted Onshore Ireland Green Energy Limited Ireland S 100 %Western Trail Wind, LLC The US S 100 %\u00d8rsted Onshore Holding A/S Denmark S 100 %Bioenergy & OtherOrsted AB Sweden S 100 %Orsted Power Sales (UK) Limited The UK S 100 %Orsted Sales (UK) Limited The UK S 100 % 4\u00d8rsted Bioenergy & Thermal Power A/SDenmark S 100 % 4\u00d8rsted Salg & Service A/SDenmark S 100 %Shared functions\u00d8rsted North America Holding A/S Denmark S 100 %\u00d8rsted Wind Power TW Holding A/S Denmark S 100 %1 S = subsidiary, A = associate, JO = joint operation, JV = joint venture, NC = non-consolidated entity2 The company is owned through a company which is not owned 100 % by \u00d8rsted. The disclosed ownership interest is \u00d8rsted\u2019s ultimate ownership interest in the company.3 The company applies the provision in section 5 or section 6 of the Danish Financial Statements Act to omit presenting a separate annual report.4 Subsidiaries owned directly by \u00d8rsted A/S.5 One or more tax equity partners own an insignificant share of the company. See note 3.8 \u2018Tax equity liabilities\u2019. The company is fully consolidated.Companies without significant activities are not included in the list. A full comprehensive list of companies is available at: https://orsted.com/company-overview", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__162": { "value": "7.5 Events after the reporting periodIn January 2023, \u00d8rsted signed an agreementto acquire Public Service Enterprise Group\u2019s(PSEG) 25 % equity stake in the 1,100 MW offshore wind energy project Ocean Wind 1.The acquisition provides \u00d8rsted with 100 % ownership of Ocean Wind 1. The transactionbetween \u00d8rsted and PSEG is expected toclose in the first half of 2023, pending therequired closing conditions.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__213": { "value": "\u00d8rsted A/S", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__214": { "value": "A/S", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s10_notes__11__216": { "value": "Kraftv\u00e6rksvej 53DK-7000 Fredericia", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:W9NG6WMZIYEU8VEDOG48", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "tfn-1": { "value": "1 The collateral provided by the Group is receivables from banks in connection with hedging activities.", "dimensions": { "concept": "xbrl:note", "noteId": "tfn-1", "language": "en" } }, "tfn-2": { "value": "2 Mainly related to the divestment of a portfolio of four onshore projects.3 The collateral received by the Group is cash received from banks in connection with hedging of derivatives.", "dimensions": { "concept": "xbrl:note", "noteId": "tfn-2", "language": "en" } } } }