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"s7_cashflow__6__64": {
"value": "\u2018Cash flows from operating activities\u2019 are deter-mined using the indirect method as operating profit (loss) before depreciation, amortisation, and impairment 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 \u2018Change in trade payables\u2019.\u2018Change in tax equity liabilities\u2019 relates to cash contributions from tax equity partners and repayment hereof through production tax credits (PTCs), investment tax credits (ITCs), and other tax attributes to tax equity partners. See also note 3.9 \u2018Tax equity liabilities\u2019.\u2018Cash flows from investing activities\u2019 comprise payments in connection with the purchase and sale of non-current assets and enterprises as well as the purchase 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 composition 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 func-tional 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": {
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"language": "en",
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"s7_cashflow__6__63-1": {
"value": "\u2018Cash flows from operating activities\u2019 are deter-mined using the indirect method as operating profit (loss) before depreciation, amortisation, and impairment 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 \u2018Change in trade payables\u2019.\u2018Change in tax equity liabilities\u2019 relates to cash contributions from tax equity partners and repayment hereof through production tax credits (PTCs), investment tax credits (ITCs), and other tax attributes to tax equity partners. See also note 3.9 \u2018Tax equity liabilities\u2019.\u2018Cash flows from investing activities\u2019 comprise payments in connection with the purchase and sale of non-current assets and enterprises as well as the purchase 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 composition 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 func-tional currency are translated at the average exchange rates for the month in question, unless these differ significantly from the rates at the transaction date.Our operating segments are consistent with our internal reporting to our chief operating decision-maker, the Group Executive Team.The operating segments are managed primar-ily on the basis of EBITDA and investments. Financial income, financial expenses, and tax are allocated to the operating segments, while we manage them at Group level. Segment income and segment expenses are those items that, in our internal management reporting, are directly attributable to individual segments or can be indirectly allocated to indi-vidual segments on a reliable basis.Revenue is measured based on the consider-ation 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 con-trol 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 con-sideration 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 or ready to increase or decrease the generation of power to balance the demand and supply in the system is considered one performance obligation fulfilled over time.The consideration for the power is due when the actual power is delivered to the customer.Sale of powerSale of power includes revenue from the sale of power sourced from other producers. This includes the sale of power sourced from investor power purchase agreements, third-party balancing contracts, exchanges, and other sales contracts. The sale is recognised when the power is delivered to the grid.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 wind farmsRevenue from construction of wind farms includes development and construction. The construction agreements cover the construction phase from design to delivery of an operational asset. The agreement con-sists of two performance obligations:\u00b7 Wind farms. \u00b7 Offshore transmission assets, if applicable. The construction agreements cover our partners' shares of the construction of the wind farm and offshore transmission assets, if applicable. If our contracts include multi-ple performance obligations, the transac-tion price will be allocated to each perfor-mance obligation 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 wind farm during the construc-tion 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 opera-tion. The consideration for an offshore trans-mission asset is a fixed fee.After signing the construction agreement, we carry out an assessment determining when the wind farm is expected to be com-pleted. We calculate the size of the variable payment on this basis. We only recognise the variable fee when it is highly probable that a subsequent reversal will not take place. Our partner pays the fixed consideration based on a payment schedule. The payment schedule is determined 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 recognised when the heat is delivered to our customer. The individual heat customer has made a prepayment to finance the majority of our CAPEX associated with the biomass con-version of the CHP plant. The prepayment 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 mainte-nance of a CHP plant, fuel costs for the gen-eration of heat, and a financial 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 sup-pliers 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 rene-gotiate the fixed sales prices. Expectations for the outcomes of renegotiations are not included in revenue before we know the out-come 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 recognised 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 services Revenue from providing services is recog-nised over time as our customers simulta-neously receive and consume the benefits provided. For fixed-priced contracts, revenue is recog-nised based on the actual service rendered at the end of the reporting period as a pro-portion 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 inven-tories 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 generation, grants for the funding of development projects, investment grants, etc. Government grants are recognised when there is reason-able assurance that the grants will be received. As grants for power generation are intended as a com-pensation for the price of power, we systematically rec-ognise 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 the blade stability and performance of wind farms, and 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 (presented in Note 2.7 \u2018Employee costs\u2019) as well as internal and external costs, which can be directly or indirectly attributed to design and development of offshore and onshore wind farms, solar farms, P2X production facilities, and energy storage facilities.Development costs are expensed until the capitalisation criteria are met. Development costs incurred after that are capitalised as \u2018Property, plant, and equipment under construction\u2019 (see note 3.1 \u2018Intangible assets, and property, plant and equipment\u2019).Gains from farm-downs of ownership interests in wind farms are recognised on the divestment date as other operating income. Gains from future construction of the partner's share of the wind farm are recognised over time in the income statement in step with construction. See notes 2.2 \u2018Revenue\u2019 and 3.5 \u2018Contract assets and liabilities\u2019. The accounting policies for the income from \u2018US tax credits and tax attributes\u2019 are described in note 3.9 \u2018Tax equity liabilities\u2019.Losses from our market trading activities are pre-sented as other operating expenses under \u2018Ineffecive hedges, etc.\u2019.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 construction and future operation of the offshore wind farm. Contracts in connection with a divestment are typically agreements on:\u00b7 the sale of shares (divestment of assets) (SPA)\u00b7 the future construction of the offshore wind farm (construction agreements or construction man-agement agreements, if not in operation)\u00b7 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 and the estimated number of PSUs granted are meas-ured at the time of granting and recognised:\u00b7 in the income statement under employee costs over the vesting period\u00b7 as an offset in the balance sheet under equity over the vesting period.The valuation of the PSUs and the estimate of the number of PSUs expected to be granted are carried out as a probability simulation based on \u00d8rsted's expected total shareholder return relative to ten comparable European energy companies. The expectations are factored into the market value and are not adjusted subsequently. The participants are compensated for any dividend payments by receiving additional PSUs.Intangible assetsRights are measured at cost less accumulated amortisation 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 identi-fiable net assets of the acquired company. The carrying amount of goodwill is allocated to the Group's cash-generating units, which are the operating segments at the acquisition 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 equipment is depreci-ated by using the straight-line method, the diminishing-balance method, or the reducing- fraction method. The diminishing-balance method and the reducing-fraction method result in decreasing depreciation over the useful life. These methods are used for some of our offshore wind farms.The residual values, useful lives, and meth-ods of depreciation of property, plant, and equipment are reviewed at the end of each financial year 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, compo-nents, sub-suppliers, and labour. Borrowing costs relating to both specific and general borrowing directly attributable to assets under construction with a lengthy construc-tion period are recognised in costs during the construction period. Costs are increased by the present value of the estimated obliga-tions for demolition and decommissioning of assets to the extent that the obligations are recognised as provisions.Subsequent costs, for example in connection with replacement of parts of an item of prop-erty, plant, and equipment, are recognised in the carrying amount of the asset in question when it is probable that future economic bene-fits 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 recog-nised in profit (loss) for the year as incurred.LeasesOur lease assets are classified alongside our owned assets of similar type under property, plant, and equipment. 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 depreciation 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 rea-sonably certain about exercising an option to extend a lease, we will include the lease payments in the option period when calculat-ing 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 components. We allocate the consider-ation in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease com-ponents in accordance with the accounting policy applicable for such items. Non-lease components comprise building services and operating costs of leased vessels, etc.Variable lease expenses are recognised in other external expenses in the period when the condition triggering those payments occurs. Interests of lease liabilities are recog-nised in financial expenses.Each lease payment is separated into repay-ment of the lease liability and payment of interests of the lease liability. Debt repay-ments are classified as cash flows from financing activities, and payment of interests are classified as cash flows from operating activities.For the purpose of assessing impairment losses, \u2018Intangible assets\u2019, and \u2018Property, plant, and equip-ment\u2019 are grouped at the level for which there are separately identifiable cash flows (cash-generating units (CGUs)). CGUs are assessed for impairment whenever events or circumstances indicate that the carrying amount of an asset or CGU may not be recoverable. If any indication of impairment exists, an estimate of the asset's or CGU's recoverable amount is made. 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. Value-in-use calcu-lations are based on management's expectations to future cash flows from financial forecasts and business plans and include a number of assump-tions and estimates. Fair value less costs of dis-posal is used for seabeds and is based on a multiple analysis and discounted cash flow models, if a business case is available. Estimating expected cash flows involves a number of assumptions and estimates. In the US, key esti-mates and assumptions for the forecast periods are CAPEX (including knock-on effects from supplier delays, etc.), inflation, terms of conditions in new power purchase agreements, possible renegotia-tions of existing ORECs (which do not have inflation indexation), eligibility for bonus ITCs, and tax equity arrangements or alternative ways of monetising the ITCs. All these key estimates and assumptions are determined specifically for each 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. 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's recoverable amount. Reversal of an impairment loss is recognised as income in the income statement net of deprecia-tion if no impairment loss had been recognised for the CGU.Acquisition of enterprises is recognised using the acquisition method. Under this method, assets and liabilities as well as contingent lia-bilities 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 determined 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 liabilities are valued using the approach we find most rele-vant 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 con-solidated 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 the opening balance. Post- acquisition, this fair value is recognised as an adjustment to revenue over the duration of the contract, based on the fair value calculation at the time of the acquisition.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 costs 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 month's purchase price, including transport costs. Purchased carbon emission allowances are measured at market value. Green certificates, which we earn by generat-ing 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, deter-mined on a first-in, first-out basis (e.g. for coal and biomass) or by net realisable 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 per-form a service or transfer goods in advance of receiving consideration, and the consideration is conditional. When the consideration is uncon-ditional, and the goods or services are deliv-ered, we recognise a receivable. A right to con-sideration is unconditional if only the passage of time is required before the payment is due. Contract assets are measured at the transac-tion 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 receiv-able 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.Due to the operational and financial nature of the tax equity partnerships, we normally have the power to affect relevant activites and make deci-sions for the projects as the managing partner in the agreements. Therefore, we normally fully con-solidate companies that have tax equity partners.The tax equity contribution generally has the char-acteristics of a liability as the initial contribution is repaid, including an agreed return, and the partner does not share in the risks of the project in the same way as a shareholder. As such, the contribution is accounted for as a lia-bility and measured at amortised cost. The liability is based on the expected method of repayment and is divided into: \u00b7 a net working capital element to be repaid through PTCs/ITCs and other tax attributes \u00b7 an interest-bearing debt element expected to be repaid through cash distributions.The partner's agreed return is expensed as a finan-cial expense and is recognised as an increase of the tax equity liability. PTCs, ITCs and other tax attributes transferred to the tax equity partner are recognised as other operating income. PTCs are recognised in the periods earned, while ITCs and other tax attributes are recognised on a straight-line basis over the estimated contractual length of the partnership. In addition to the above, we recognise a liability for the expected purchase price for the partner's post-flip rights to cash distributions. This liabil-ity 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's post-flip rights, and they are part of the financial costs of the arrangement.Provisions are recognised when the following criteria are fulfilled: \u00b7 We have a legal or constructive obligation as a result of an earlier event. \u00b7 The settlement of the obligation is expected to result in an outflow of resources. \u00b7 The obligation can be measured reliably. Decommissioning obligations are measured at 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 recognised 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 statement 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 recog-nised when our actual emissions exceed our hold-ing of carbon emission allowances.Transactions with non-controlling interests are accounted for as transactions with the shareholder base. Gains and losses on the divestment of equity 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 interests. Any difference between the carrying amount and the acquisition or selling price 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 relat-ing to other items is recognised in other com-prehensive income.Our uncertain tax positions are measured by using either of the following two methods, depending on which method we expect to bet-ter predict the resolution of the uncertainty:\u00b7 The most-likely-outcome method is applied in cases where there are only two possible outcomes.\u00b7 The weighted-average method is used in cases where there are more than two possible outcomes. Our uncertain tax positions are recognised under \u2018Income tax\u2019 or \u2018Deferred tax\u2019, depending on how the realisation of the tax position will affect the financial statement.We have adopted the narrow-scope amend-ments to IAS 12, \u2018Income taxes\u2019, which provide temporary relief from accounting for deferred taxes arising from the implementation of the Pillar 2 model rules.Deferred tax is recognised in respect of all tempo-rary differences arising between the tax bases of assets and liabilities and their carrying amounts. Deferred tax is not recognised in respect of tempo-rary differences relating to: \u00b7 the acquisition of joint operations, including licence interests\u00b7 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 costs 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 expected to be used. Intra-group gains and losses are elimi-nated 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 in 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 convincing evidence is based on our long-term forecast model approved by the Board of Directors.Adjustments to unrecognised tax assets are recognised in profit (loss) or other comprehensive 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 becomes current tax. Changes in deferred tax because 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 a tax expense in the income statement when the tax equity partnership 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 partner-ship 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 effective, and we start to or have capitalised the corresponding assets. The deferred tax liability from existing tax equity partnerships will gradually be reduced based on accounting depreciation after the flip date. See more regarding tax equity partnerships in note 3.9 \u2018Tax equity liabilities\u2019.Bond debt, bank debt, and other payables are recognised at inception at market value (typically proceeds received) net of transac-tion 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 recognised in profit (loss) for the year as interest expenses over the term of the loan, using the effective interest rate method.Financial liabilities are classified as current, unless the Group has an unconditional right to defer settlement of the liability to at least one year after the balance sheet dateHybrid capital comprises issued bonds that qualify for treat-ment 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 differ-ence 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 nominal value in 1,000 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 ongoing basis in conformity with the Group's investment policy. Changes in market value are recognised in profit (loss) for the year as financial income and expenses. Purchase and sale of securities are recognised at the settle-ment 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 recog-nised as a liability, and the difference between the selling price and the purchase price is rec-ognised in profit (loss) for the year over the term as interest. The return on the securities is recog-nised in profit (loss) for the year.Market value adjustments of interest rate and currency derivatives that have not been entered into for hedging purposes are pre-sented as financial income or expenses.The accounting policy for the tax equity part-ner's contractual return is described in note 3.9 \u2018Tax equity liabilities\u2019.Hedge accountingWe apply hedge accounting to our energy, com-modity, currency, interest, and inflation hedges. Almost all of the hedging instruments we use fully match the market risk of the exposure we hedge. The UK power exposure, for example, is hedged using UK power swaps or futures. Thus, the main source of ineffectiveness is related to the volume and timing of the actual production versus the settlement of the hedge. This difference in timing is referred to as volume risk and is described in more detail on the next page.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 effectively hedges the desired risk. When we conclude a hedging transaction, and each time we present financial statements thereafter, we assess the correlation between the hedged exposure and the hedging instrument. The effective change in market value of the hedging instrument is recognised as a hedge of future cash flows in other comprehensive income in the hedging reserve. 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. Ineffective hedges related to energy and com-modity exposures are recognised in other operating expenses. Ineffectiveness related to other hedges are recognised in financial income or expenses.On realisation of the hedged cash flow, the result-ing 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.For currency swaps, the basis spread is accounted for according to the cost of the hedging model.Exposure is calculated as the expected production (or net purchase/sale) times the forward price for the respective years.Hedging of net investments in foreign subsidiariesChanges in the market value of currency derivatives and currency adjustment of loans that are classified as net investment hedges in foreign subsidiaries or associates are recognised in the consolidated 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.When the fair value at \u2018initiation recognition\u2019 differs from the transaction price, and the fair value is not purely based on observable prices, the difference between the fair value at initial recognition and the transaction price is deferred and recognised over the lifetime of the PPAMarket value adjustments of physical and financial contracts relating to energy that are entered into with the purpose of generating gains from short-term price changes are recognised as revenue.Non-IFRS financial measuresNote 7.3We present financial measures in the consolidated financial statements to describe the Group's financial performance and cash flows. We use these financial measures as we believe they provide valuable infor-mation to our stakeholders and management.The financial measures should not be considered a replacement for the performance measures as defined under IFRS but rather as supplementary information. The financial ratios are an overview of our financial performance and operational efficiency based on common ratio types relevant to \u00d8rsted.Our definitions of the financial measures and reason-ing for using them are shown in the table.Description Reason for the use of the measurementsEBITDA Reflecting \u2018Earnings before interest, taxes, depreciation, amortisation, and Measurement for our core operational performance. Given our capital-intensitive port-impairments\u2019. folio of assets, our primary operations are best measured by excluding depreciation and financing costs. \u00d8rsted guides externally on this non-IFRS measure. Net interest-bearing debt (NIBD) Equals interest-bearing debt to be repaid in cash, including Issued bonds, bank debt Measurement of the sum of our interest-bearing assets and liabilites. and lease liabilities, less securities, cash, and other interest-bearing assets.Thus, important for mangement to monitor in order to ensure adequate debt levels.Gross investments Gross investments reflect our total investments in assets and enterprises. It com-Measurement used to monitor the net interest-bearing debt impact of our investment prises cash flows from investing activities, excluding dividends received from asso-activities in assets and enterprises. ciates, joint ventures, and equity investments, purchase and sale of securities, loans \u00d8rsted guides externally on this non-IFRS measure. 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 investments Net investments are gross investments less divestments of assets and enterprises, Measurement to monitor the net interest-bearing debt impact of our investment activities the selling price for non-controlling interests, and subsequent capital injections in assets and enterprises, net of divestments.from non-controlling interests. Furthermore, interest-bearing debt transferred in connection with a divestment is deducted.Funds from operations (FFO) EBITDA adjusted for gain (loss) on divestment of assets; variation margin, change Measurement used to monitor our funds, directly and indirectly, generated from our in provisions and other adjustments; income tax paid; interest and similar items, operations.received or paid, including capitalised interest expenses; 50 % of coupon payments Funds from operations is the numerator in our rating metric.on hybrid capital; dividends received, and capital reductions. Adjusted interest-bearing net debt Adjusted interest-bearing net debt is interest-bearing net debt plus: Measurement used as an indicator of our interest-bearing net debt in a format compara-\u00b7 cash and securities not available for distribution (excluding repo loans)ble to the ones used by rating agencies. \u00b7 50 % of hybrid capital Net interest-bearing debt is the denominator in our rating metric.\u00b7 Other interest-bearing debt (add back)\u00b7 Other interest-bearing receivables (add back)FFO to adjusted interest-bearing FFOMeasurement used to monitor our ability to generate funds from our operations which can net debtserve our interest-bearing debt. Adjusted interest-bearing net debtIt is the metric used by rating agencies when assessing their rating of \u00d8rsted.Free cash flow Free cash flows are cash flows from operating activities and divestments less Measurement used as an indicator to see if we can self-fund our growth. (FCF)gross investments.Capital employed Capital employed are all assets and liabilities, except for equity and interest- Measurement used to monitor the capital tied within the business which is utilised for the bearing net debt.primary activities of generating profits.Description Reason for the use of the measurementsReturn on capital employed (ROCE)EBITCommon measurement to monitor the return generated on the capital invested within the company over the duration of the year passed.Average capital employedProposed dividend per share Total proposed dividendCommon formula to monitor the proposed dividend per share issued.(DPS)Number of shares at year endDividend yieldDividend per share (proposed)Measurement to indicate the return obtained solely from dividends.Share price on the last trading day of the yearAverage number of shares1\u00d7 Number of days= X1 Common formula to calculate the average number of shares issued during the yearNumber of days\u2211i=1Net working capital Net working capital is inventories, contract assets (net), trade receivables, and Common measurement to monitor the capital invested in short-term operating facilities.other current operating assets less trade payables, other current operating liabilities, and working capital elements of tax equity balances.Other definitions (IFRS financial measure)Profit (loss) per shareShareholder's share of the profit (loss) for the periodCommon measurement to indicate the profit to which each share is entitled.Average number of sharesDiluted profit (loss) per shareShareholder's share of the profit (loss) for the periodCommon measurement to indicate the profit to which each share is entitled, including any dilutive effects arising from free shares.Average number of shares, including dilutive effect of free sharesBasis of preparationNote 1.2This 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. Key accounting estimates and judgements as well as new and amended IFRS standards and interpreta-tions are discussed in detail later in this note.Accounting policiesThe consolidated financial statements have been prepared in accordance with the IFRS Accounting Standards as adopted by the EU and further require-ments in the Danish Financial Statements Act (\u00c5rsregnskabsloven).The accounting policies have been applied con-sistently in the financial year and for comparative figures, except for one change in accounting policy \u2013 see below. Change in accounting policyFrom gross to net presentation of revenue and cost of sales from power trading activities.We have changed our accounting policy regard-ing presentation of revenue and related costs from the settlement of failed own-use power contracts. These are contracts settled with delivery of physical power where the purpose of entering into them are hedging or optimisation of our revenue. Previously, we recognised revenue and the cost of sales on a gross basis when these contracts were settled. As the gross presentation does not reflect the magnitude of the Group's power trading activities, we have changed the presentation to a net presentation of revenue and related costs. It is management's view that such presentation better reflects the power trading activities.The change only impacts revenue and the cost of sales in the Offshore segment, and thus our EBITDA is not impacted. The 2022 comparisons have been adjusted accordingly. The impact on our 2023 and 2022 numbers is illustrated in the table to the right.Measurement basisThe consolidated financial statements have been pre-pared on historical cost basis, except for derivatives, gas in non-Danish storage facilities, financial instru-ments in the trading portfolio, and carbon emission allowances in the trading portfolio, which are meas-ured at market value.ConsolidationThe consolidated financial statements comprise the financial statements of \u00d8rsted A/S (the parent com-pany) and subsidiaries controlled by \u00d8rsted A/S. See more in note 7.4 \u2018Company overview\u2019. The consolidated financial statements have been pre-pared as a consolidation of the parent company's and the individual subsidiaries' financial statements, which have been prepared in accordance with the Group's 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 from transactions 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 joint arrangement is considered a joint operation. Our shares in joint operations are recognised in the consolidated balance sheet through recognition of the Group's own assets, liabilities, income, and expenses. The proportionate share of realised and unrealised gains and losses arising from intra-group transactions between fully consolidated enterprises and joint oper-ations is eliminated.2023 Previous accounting policy Change New accounting policyRevenue 188,482 (9,227) 79,255Cost of sales 255,851 (9,227) 46,6242022 Reported Change AdjustedRevenue 1132,277 (17,860) 114,417Cost of sales 297,163 (17,860) 79,303The table illustrates the change in accounting policy regarding presentation of revenue and related costs from settlement of failed own-use contracts.1 The line item \u2018Sale of power\u2019 is impacted in note 2.2 \u2018Revenue\u2019.2 The line item \u2018Power including certificates\u2019 is impacted in note 2.3 \u2018Cost of sales\u2019.Foreign currency translationThe financial statements are presented in million Danish kroner (DKKm), unless otherwise stated.Exchange differences arising between the exchange rate on the transaction date and on the date of pay-ment are recognised in profit (loss) for the year as financial income or expenses.Foreign currency transactions are translated into the functional currency defined for each entity, using the exchange rates prevailing at the transaction date. Receivables, payables, and other monetary items in foreign currencies are translated at the exchange rates on the balance sheet date. The difference between the exchange rate on the balance sheet date and on the date at which the receivable or pay-able arose is recognised in profit (loss) for the year as financial income or expenses.Financial statements of foreign subsidiaries, joint oper-ations, associates, and joint ventures are translated into DKK at monthly average 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: \u00b7 translation of the opening equity of these entities at the exchange rates on the balance sheet date\u00b7 translation of the statements of comprehensive income of these enterprises from \u2018the average-for-the-month exchange rates\u2019 to \u2018the exchange rates on the balance sheet date\u2019\u00b7 translation of balances accounted for as part of the total net investment\u00b7 translation of the portion of loans and derivatives that has been entered into to hedge the net invest-ment in an enterprise, and that provides an effec-tive hedge against corresponding foreign exchange gains (losses) on the net investment.The above types of exchange differences are recog-nised 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:\u00b7 Disposal resulting in loss of control: The accumulated exchange rate adjustments, including any associated hedges, are recognised in the profit (loss) for the year if a foreign exchange gain (loss) is realised by the selling enterprise. Any foreign exchange gain (loss) is transferred to the item in which the gain (loss) from the disposal is rec-ognised. The part of the foreign currency translation reserve that relates to non-controlling interests is not transferred to profit (loss) for the year.\u00b7 Disposal not resulting in loss of control: A proportionate share of the foreign currency trans-lation reserve is transferred from the parent com-pany shareholders' share of equity to the minority shareholders' share of equity.Repayment of balances that are considered part of the net investment does not constitute a partial disposal of the subsidiary.",
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"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_cashflow__6__62": {
"value": "\u2018Cash flows from operating activities\u2019 are deter-mined using the indirect method as operating profit (loss) before depreciation, amortisation, and impairment 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 \u2018Change in trade payables\u2019.\u2018Change in tax equity liabilities\u2019 relates to cash contributions from tax equity partners and repayment hereof through production tax credits (PTCs), investment tax credits (ITCs), and other tax attributes to tax equity partners. See also note 3.9 \u2018Tax equity liabilities\u2019.\u2018Cash flows from investing activities\u2019 comprise payments in connection with the purchase and sale of non-current assets and enterprises as well as the purchase 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 composition 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 func-tional currency are translated at the average exchange rates for the month in question, unless these differ significantly from the rates at the transaction date.",
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"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notes__8__22": {
"value": "The consolidated financial statements have been prepared in accordance with the IFRS Accounting Standards as adopted by the EU and further require-ments in the Danish Financial Statements Act (\u00c5rsregnskabsloven).",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notes__8__24-1": {
"value": "Change in accounting policyFrom gross to net presentation of revenue and cost of sales from power trading activities.We have changed our accounting policy regard-ing presentation of revenue and related costs from the settlement of failed own-use power contracts. These are contracts settled with delivery of physical power where the purpose of entering into them are hedging or optimisation of our revenue. Previously, we recognised revenue and the cost of sales on a gross basis when these contracts were settled. As the gross presentation does not reflect the magnitude of the Group's power trading activities, we have changed the presentation to a net presentation of revenue and related costs. It is management's view that such presentation better reflects the power trading activities.The change only impacts revenue and the cost of sales in the Offshore segment, and thus our EBITDA is not impacted. The 2022 comparisons have been adjusted accordingly. The impact on our 2023 and 2022 numbers is illustrated in the table to the right.2023 Previous accounting policy Change New accounting policyRevenue 188,482 (9,227) 79,255Cost of sales 255,851 (9,227) 46,6242022 Reported Change AdjustedRevenue 1132,277 (17,860) 114,417Cost of sales 297,163 (17,860) 79,303The table illustrates the change in accounting policy regarding presentation of revenue and related costs from settlement of failed own-use contracts.1 The line item \u2018Sale of power\u2019 is impacted in note 2.2 \u2018Revenue\u2019.2 The line item \u2018Power including certificates\u2019 is impacted in note 2.3 \u2018Cost of sales\u2019.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 2023. None of them required a change in our accounting policies.",
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"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notes__8__23-1": {
"value": "Change in accounting policyFrom gross to net presentation of revenue and cost of sales from power trading activities.We have changed our accounting policy regard-ing presentation of revenue and related costs from the settlement of failed own-use power contracts. These are contracts settled with delivery of physical power where the purpose of entering into them are hedging or optimisation of our revenue. Previously, we recognised revenue and the cost of sales on a gross basis when these contracts were settled. As the gross presentation does not reflect the magnitude of the Group's power trading activities, we have changed the presentation to a net presentation of revenue and related costs. It is management's view that such presentation better reflects the power trading activities.The change only impacts revenue and the cost of sales in the Offshore segment, and thus our EBITDA is not impacted. The 2022 comparisons have been adjusted accordingly. The impact on our 2023 and 2022 numbers is illustrated in the table to the right.2023 Previous accounting policy Change New accounting policyRevenue 188,482 (9,227) 79,255Cost of sales 255,851 (9,227) 46,6242022 Reported Change AdjustedRevenue 1132,277 (17,860) 114,417Cost of sales 297,163 (17,860) 79,303The table illustrates the change in accounting policy regarding presentation of revenue and related costs from settlement of failed own-use contracts.1 The line item \u2018Sale of power\u2019 is impacted in note 2.2 \u2018Revenue\u2019.2 The line item \u2018Power including certificates\u2019 is impacted in note 2.3 \u2018Cost of sales\u2019.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 2023. None of them required a change in our accounting policies.",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notes__8__25": {
"value": "The consolidated financial statements comprise the financial statements of \u00d8rsted A/S (the parent com-pany) and subsidiaries controlled by \u00d8rsted A/S. See more in note 7.4 \u2018Company overview\u2019. The consolidated financial statements have been pre-pared as a consolidation of the parent company's and the individual subsidiaries' financial statements, which have been prepared in accordance with the Group's 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 from transactions 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 joint arrangement is considered a joint operation. Our shares in joint operations are recognised in the consolidated balance sheet through recognition of the Group's own assets, liabilities, income, and expenses. The proportionate share of realised and unrealised gains and losses arising from intra-group transactions between fully consolidated enterprises and joint oper-ations is eliminated.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notes__8__21": {
"value": "Basis of preparationNote 1.2This 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. Key accounting estimates and judgements as well as new and amended IFRS standards and interpreta-tions are discussed in detail later in this note.Accounting policiesThe consolidated financial statements have been prepared in accordance with the IFRS Accounting Standards as adopted by the EU and further require-ments in the Danish Financial Statements Act (\u00c5rsregnskabsloven).The accounting policies have been applied con-sistently in the financial year and for comparative figures, except for one change in accounting policy \u2013 see below. Change in accounting policyFrom gross to net presentation of revenue and cost of sales from power trading activities.We have changed our accounting policy regard-ing presentation of revenue and related costs from the settlement of failed own-use power contracts. These are contracts settled with delivery of physical power where the purpose of entering into them are hedging or optimisation of our revenue. Previously, we recognised revenue and the cost of sales on a gross basis when these contracts were settled. As the gross presentation does not reflect the magnitude of the Group's power trading activities, we have changed the presentation to a net presentation of revenue and related costs. It is management's view that such presentation better reflects the power trading activities.The change only impacts revenue and the cost of sales in the Offshore segment, and thus our EBITDA is not impacted. The 2022 comparisons have been adjusted accordingly. The impact on our 2023 and 2022 numbers is illustrated in the table to the right.Measurement basisThe consolidated financial statements have been pre-pared on historical cost basis, except for derivatives, gas in non-Danish storage facilities, financial instru-ments in the trading portfolio, and carbon emission allowances in the trading portfolio, which are meas-ured at market value.ConsolidationThe consolidated financial statements comprise the financial statements of \u00d8rsted A/S (the parent com-pany) and subsidiaries controlled by \u00d8rsted A/S. See more in note 7.4 \u2018Company overview\u2019. The consolidated financial statements have been pre-pared as a consolidation of the parent company's and the individual subsidiaries' financial statements, which have been prepared in accordance with the Group's 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 from transactions 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 joint arrangement is considered a joint operation. Our shares in joint operations are recognised in the consolidated balance sheet through recognition of the Group's own assets, liabilities, income, and expenses. The proportionate share of realised and unrealised gains and losses arising from intra-group transactions between fully consolidated enterprises and joint oper-ations is eliminated.2023 Previous accounting policy Change New accounting policyRevenue 188,482 (9,227) 79,255Cost of sales 255,851 (9,227) 46,6242022 Reported Change AdjustedRevenue 1132,277 (17,860) 114,417Cost of sales 297,163 (17,860) 79,303The table illustrates the change in accounting policy regarding presentation of revenue and related costs from settlement of failed own-use contracts.1 The line item \u2018Sale of power\u2019 is impacted in note 2.2 \u2018Revenue\u2019.2 The line item \u2018Power including certificates\u2019 is impacted in note 2.3 \u2018Cost of sales\u2019.Foreign currency translationThe financial statements are presented in million Danish kroner (DKKm), unless otherwise stated.Exchange differences arising between the exchange rate on the transaction date and on the date of pay-ment are recognised in profit (loss) for the year as financial income or expenses.Foreign currency transactions are translated into the functional currency defined for each entity, using the exchange rates prevailing at the transaction date. Receivables, payables, and other monetary items in foreign currencies are translated at the exchange rates on the balance sheet date. The difference between the exchange rate on the balance sheet date and on the date at which the receivable or pay-able arose is recognised in profit (loss) for the year as financial income or expenses.Financial statements of foreign subsidiaries, joint oper-ations, associates, and joint ventures are translated into DKK at monthly average 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: \u00b7 translation of the opening equity of these entities at the exchange rates on the balance sheet date\u00b7 translation of the statements of comprehensive income of these enterprises from \u2018the average-for-the-month exchange rates\u2019 to \u2018the exchange rates on the balance sheet date\u2019\u00b7 translation of balances accounted for as part of the total net investment\u00b7 translation of the portion of loans and derivatives that has been entered into to hedge the net invest-ment in an enterprise, and that provides an effec-tive hedge against corresponding foreign exchange gains (losses) on the net investment.The above types of exchange differences are recog-nised 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:\u00b7 Disposal resulting in loss of control: The accumulated exchange rate adjustments, including any associated hedges, are recognised in the profit (loss) for the year if a foreign exchange gain (loss) is realised by the selling enterprise. Any foreign exchange gain (loss) is transferred to the item in which the gain (loss) from the disposal is rec-ognised. The part of the foreign currency translation reserve that relates to non-controlling interests is not transferred to profit (loss) for the year.\u00b7 Disposal not resulting in loss of control: A proportionate share of the foreign currency trans-lation reserve is transferred from the parent com-pany shareholders' share of equity to the minority shareholders' share of equity.Repayment of balances that are considered part of the net investment does not constitute a partial disposal of the subsidiary.",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__28": {
"value": "The financial statements are presented in million Danish kroner (DKKm), unless otherwise stated.Exchange differences arising between the exchange rate on the transaction date and on the date of pay-ment are recognised in profit (loss) for the year as financial income or expenses.Foreign currency transactions are translated into the functional currency defined for each entity, using the exchange rates prevailing at the transaction date. Receivables, payables, and other monetary items in foreign currencies are translated at the exchange rates on the balance sheet date. The difference between the exchange rate on the balance sheet date and on the date at which the receivable or pay-able arose is recognised in profit (loss) for the year as financial income or expenses.Financial statements of foreign subsidiaries, joint oper-ations, associates, and joint ventures are translated into DKK at monthly average 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: \u00b7 translation of the opening equity of these entities at the exchange rates on the balance sheet date\u00b7 translation of the statements of comprehensive income of these enterprises from \u2018the average-for-the-month exchange rates\u2019 to \u2018the exchange rates on the balance sheet date\u2019\u00b7 translation of balances accounted for as part of the total net investment\u00b7 translation of the portion of loans and derivatives that has been entered into to hedge the net invest-ment in an enterprise, and that provides an effec-tive hedge against corresponding foreign exchange gains (losses) on the net investment.The above types of exchange differences are recog-nised 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:\u00b7 Disposal resulting in loss of control: The accumulated exchange rate adjustments, including any associated hedges, are recognised in the profit (loss) for the year if a foreign exchange gain (loss) is realised by the selling enterprise. Any foreign exchange gain (loss) is transferred to the item in which the gain (loss) from the disposal is rec-ognised. The part of the foreign currency translation reserve that relates to non-controlling interests is not transferred to profit (loss) for the year.\u00b7 Disposal not resulting in loss of control: A proportionate share of the foreign currency trans-lation reserve is transferred from the parent com-pany shareholders' share of equity to the minority shareholders' share of equity.Repayment of balances that are considered part of the net investment does not constitute a partial disposal of the subsidiary.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notes__8__29": {
"value": "Foreign currency transactions are translated into the functional currency defined for each entity, using the exchange rates prevailing at the transaction date. Receivables, payables, and other monetary items in foreign currencies are translated at the exchange rates on the balance sheet date. The difference between the exchange rate on the balance sheet date and on the date at which the receivable or pay-able arose is recognised in profit (loss) for the year as financial income or expenses.",
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"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notes__8__33": {
"value": "New standards and interpretationsIASB has issued new or amended accounting stand-ards and interpretations that have not yet become effective and have consequently not been imple-mented in the consolidated financial statements for 2023. \u00d8rsted expects to adopt the accounting stand-ards and interpretations as they become mandatory, except for the early implementation of the new dis-closures to IAS 7 and IFRS 7 \u2018Supplier Finance Arrange-ments\u2019. See note 3.7 \u2018Supply chain finance\u2019. The new or amended standards or interpretations are not expected to have a significant impact on our con-solidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notes__8__30-1": {
"value": "Note Key accounting estimates and judgements Estimate/judgement Potential impact from accounting estimates and judgementsVariable selling prices related to divestments of offshore wind farms and offshore transmission assets Estimate2.6 Other operating income and expensesConsolidation method for partnerships JudgementClassification of divestments Judgement 3.2 Impairments Key assumptions in impairment tests Estimate 3.9 Tax equity liabilities Recognition of tax equity partnerships Estimate/judgement 3.10 Provisions and contingent liabilities Assumptions for provisions Estimate4.2 Tax on profit (loss) for the year Recognition of income taxes Estimate Valuation of long-term power purchase agreements Estimate/judgement6.1 Risk frameworkHedge accounting Estimate/judgement \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 to \u00d8rstedKey accounting estimates and judgementsThe use of reasonable estimates and judgements is an essential part of the preparation of the consolidated financial statements.Given the uncertainties inherent in our business activi-ties, we make a number of estimates and judgements. The estimates and judgements are based on assump-tions concerning future developments, which affect our application of accounting policies and the reported amounts of our assets, liabilities, sales, costs, cash flows, hedge reserves, 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 and judge-ments based on, among other things, historical expe-rience, the current situation in the financial markets, and a number of other relevant factors, e.g. the updates in 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 for further information on the key accounting estimates and judgements as well as the assumptions applied.Variable selling price related to divest-ments 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 trans-action 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.: \u00b7 the divestment price of the offshore transmission asset through a competitive tender process\u00b7 the impact on production from future wind farms\u00b7 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 divestment qualifies as a divestment of an enterprise or a divestment of assets. We have typically assessed that the off-shore wind farms do not constitute an enterprise, as no employees are transferred, and processes are transferred to a limited extent only.Consolidation method for partnershipsOn establishment of partnerships and in connec-tion with any restructuring of existing partnerships, we assess whether the structure is a joint arrange-ment under shared control. For joint arrangements, we subsequently assess whether they are joint ventures or joint operations. In assessing joint operations, we look at: \u00b7 the corporate form of the operation\u00b7 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 buy or are assigned all output, for example the power gener-ated, will lead to the structure being considered a joint operation if we have joint control.Key assumptions in impairment testsValue-in-use calculations are based on manage-ment's expectations to future cash flows from financial budgets and forecasts and include a number of assumptions and estimates. These assumptions include construction sched-ules, estimates of future market conditions, CAPEX, market prices of energy and commodi-ties, 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 avail-able 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 in Europe, an assump-tion 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 Europe. While there are inherent uncertainties in the assumptions, the assumptions reflect man-agement's best estimate over the lives of the Group's CGUs.Recognition of tax equity partnerships On formation of a tax equity partnership, we assess the appropriate recognition of the partner's contri-bution as well as the method of recognition for the elements used to repay the partner, such as PTCs, ITCs, and tax attributes. When assessing the recognition of the partner's contribution, we look at: \u00b7 the expected flows of PTCs/ITCs, tax attributes, and cash payments to the partner \u00b7 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 contribution as working capital or interest-bearing debt are affected by our expectation to the size, method, and timing of repayments.Government support in the US In the US, PTCs, ITCs, and other tax attributes are used to incentivise investment in renewable energy assets \u2013 similar to subsidies in other countries.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 provisions' estimates, are updated quarterly based on our expectations. Estimates of provisions are based on our expectations of, for example:\u00b7 timing and scope of obligation \u00b7 future cost level \u00b7 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 contracts. It is calculated as the sum of real return (gross domestic product growth rate), inflation, and infla-tion premium for other risks. Separate structural risk-free interest rates are calculated for Europe, the UK, the US, and Taiwan. The outcome of our contractual obligations and claims may depend on future events, which are uncertain by nature.Key assumptions in estimating cancellation feesMeasuring the provision for \u2018Onerous contracts\u2019 related to cancellation fees for Ocean Wind 1 involves a number of assumptions and significant estimates and judgements. On contract level, we have assessed the contractual terms and obliga-tions, including the expexted costs of fulfilling or cancelling the contracts. The assessment also includes an evaluation of the possibilities of reus-ing or selling certain project development assets and reselling of the seabed lease to a third party. To a high degree, the estimation of the total provi-sion depends on negotiations with subcontractors and contractual partners, which impact the settle-ment of the individual contracts. The measuring and estimation of the total provision for \u2018Onerous contracts\u2019 is based on management's expectations and best estimate of total costsEstimates regarding recognition of income taxesWe are subject to income taxes in all the coun-tries 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.While conducting business around the world, tax and transfer pricing disputes with tax authorities may occur 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 meth-ods prescribed in IFRIC 23 \u2018Uncertainty over Income Tax Treatments\u2019 when making provi-sions for uncertain tax positions, and the provi-sions 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 settle-ments 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 obtained 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 is included as part of \u2018Other receivables\u2019.Valuation of long-term power purchase agreementsWhen we measure our power purchase agree-ments at fair value, we use estimates of non- observable prices, such as:\u00b7 production forecasts\u00b7 forecasted long-term power prices and exchange rates\u00b7 forecasted inflation expectations.Hedge accountingHedge effectiveness is measured using forecasted production as well as estimates regarding energy prices, intermittency, interest, currency, and infla-tion. For periods where we are close to fully hedged, volume overhedging is possible if the forecasted production does not materialise, 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 against quoted prices in active markets due to the long duration of the contracts. We therefore use elements of judgement when measuring 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 bench-mark services.Hedge accountingJudgements are used to consider whether fore-casted transactions are highly probable expo-sures as hedged items in a hedge relationship, e.g. expected production from wind farms, and judge-ment is applied as to whether the hedge instru-ments applied in the hedge relationships identified are effective.",
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"s9_notes__8__36": {
"value": "Segment informationNote 2.1Offshore DKKmRevenue 58,427EBITDA 13,817Gross investments 28,613Primary activitiesDevelopment, construction, ownership, and operation of offshore wind farms in the UK, Europe, the US, and Taiwan as well as develop-ment of renewable hydrogen and green fuels in Europe and on the US Gulf Coast. Onshore DKKmRevenue 2,620EBITDA 2,970Gross investments 9,069Primary activitiesDevelopment, construction, ownership, and operation of onshore wind and solar farms in the US and in Europe, including integrated storage. Bioenergy & Other DKKmRevenue 19,230EBITDA 1,523Gross investments 727Primary activitiesGeneration of heat and power and delivery of ancillary services from CHP plants in Denmark, optimisation of our gas portfolio, and of our Danish and Swedish B2B customers. Geographical distributionGeographical revenue is broken down, as far as possi-ble, by the customer's geographical location based on supply point. A significant part of our sales takes place via power exchanges and gas hubs in Europe, whose physical locations do not reflect the geographical locations of our customers. When breaking down these sales by geographical location, we use the physical locations of the exchange or hub since we do not know the physical location of our customers in all cases. No single customer accounted for more than 10 % of our consolidated revenue in 2023 or 2022. Non-current assets are broken down geographically, based on the physical locations of the assets.\u00a7 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 primar-ily on the basis of EBITDA and investments. Financial income, financial expenses, and tax are allocated to the operating segments, while we manage them at Group level. Segment income and segment expenses are those items that, in our internal management reporting, are directly attributable to individual segments or can be indirectly allocated to indi-vidual segments on a reliable basis.Other 2023 income statementBioenergyReportableactivities/DKKm Offshore Onshore& Othersegmentseliminations To t a lExternal revenue 57,062 2,643 19,525 79,230 25 79,255Intra-group revenue 1,365 (23) (295) 1,047 (1,047) 1-Revenue 58,427 2,620 19,230 80,277 (1,022) 79,255Cost of sales (31,773) (129) (15,024) (46,926) 302 (46,624)Employee costs and other external expenses (9,712) (2,460) (2,730) (14,902) 1,122 (13,780)Gain (loss) on disposal of non-current assets 5,751 - (6) 5,745 - 5,745Additional other operating income and expenses (8,829) 2,948 52 (5,829) 5 (5,824)Share of profit (loss) in associates and joint ventures (47) (9) 1 (55) - (55)EBITDA 13,817 2,970 1,523 18,310 407 18,717Depreciation and amortisation (6,815) (1,957) (759) (9,531) (264) (9,795)Impairment losses (25,526) (927) (322) (26,775) - (26,775)Operating profit (loss) (EBIT) (18,524) 86 442 (17,996) 143 (17,853)Key ratiosIntangible assets, and property, plant, and equipment 111,188 62,626 8,132 181,946 1,249 183,195Equity investments and non-current receivables 770 143 92 1,005 167 1,172Net working capital, capital expenditures (3,285) (1,001) (256) (4,542) - (4,542)Net working capital, work in progress 1,705 - - 1,705 - 1,705Net working capital, tax equity (1,365) (14,446) - (15,811) - (15,811)Net working capital, other items 4,513 461 870 5,844 1,950 7,794Derivatives, net (3,645) (6,311) (738) (10,694) 311 (10,383)Decommissioning obligations (8,840) (2,062) (2,075) (12,977) - (12,977)Other provisions (16,865) (2) (1,022) (17,889) (1,997) (19,886)Tax, net 2,187 (3,787) (348) (1,948) 901 (1,047)Other receivables and other payables, net (2,789) 13 . (2,776) (1,274) (4,050)Capital employed at 31 December 83,574 35,634 4,655 123,863 1,307 125,170Return on capital employed (ROCE), % (14.2)Cash flows from operating activities 21,209 609 2,550 24,368 4,164 28,532Gross investments (28,613) (9,069) (727) (38,409) (100) (38,509)Divestments 1,500 5 61 1,566 (24) 1,542Free cash flow (FCF) (5,904) (8,455) 1,884 (12,475) 4,040 (8,435)The column \u2018Other activities/eliminations\u2019 primarily covers the elimination of inter-segment transactions. It also includes income and costs, assets and liabilities, investment activity, taxes, etc., handled at Group level.1 Including the elimination of other activities, the total elimination of intra-group revenue amounts to DKK -4,896 million, which primarily relates to our Shared Functions services as well as our B2B business activities. Other 2022 income statementBioenergyReportableactivities/DKKm Offshore Onshore& Othersegmentseliminations To t a lExternal revenue 61,110 3,014 50,279 114,403 14 114,417Intra-group revenue 8,151 - (4,036) 4,115 (4,115) 1-Revenue 69,261 3,014 46,243 118,518 (4,101) 114,417Cost of sales (48,538) (57) (34,748) (83,343) 4,040 (79,303)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 transactions. It also includes income and costs, assets and liabilities, investment activity, taxes, etc., handled at Group level.1 Including the elimination 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__37-1": {
"value": "Development, construction, ownership, and operation of offshore wind farms in the UK, Europe, the US, and Taiwan as well as develop-ment of renewable hydrogen and green fuels in Europe and on the US Gulf Coast.Development, construction, ownership, and operation of onshore wind and solar farms in the US and in Europe, including integrated storage.Generation of heat and power and delivery of ancillary services from CHP plants in Denmark, optimisation of our gas portfolio, and of our Danish and Swedish B2B customers.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__40": {
"value": "UK, Europe, the US, and Taiwan",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__41": {
"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 primar-ily on the basis of EBITDA and investments. Financial income, financial expenses, and tax are allocated to the operating segments, while we manage them at Group level. Segment income and segment expenses are those items that, in our internal management reporting, are directly attributable to individual segments or can be indirectly allocated to indi-vidual segments on a reliable basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__43-1": {
"value": "RevenueNote 2.2Other Other RevenueBioenergyactivities/2023 Bioenergyactivities/2022 DKKm Offshore Onshore& Othereliminations total Offshore Onshore& Othereliminations totalGeneration of power 10,585 2,171 6,306 - 19,062 15,149 2,121 12,701 - 29,971Sale of power 25,329 3 395 (288) 25,439 34,392 - 5,936 (4,099) 36,229Revenue from construction of wind farms and transmission assets 6,589 148 - - 6,737 11,640 - - - 11,640Generation and sale of heat and steam - - 3,776 - 3,776 - - 3,002 - 3,002Sale of gas - - 6,296 - 6,296 - - 20,954 - 20,954Distribution and transmission - - 309 (1) 308 - - 277 (5) 272O&M and other services 4,045 163 942 (733) 4,417 2,403 31 733 (45) 3,122Total revenue from customers 46,548 2,485 18,024 (1,022) 66,035 63,584 2,152 43,603 (4,149) 105,190Government grants 9,518 296 364 - 10,178 4,831 862 493 - 6,186Miscellaneous revenue 2,361 (161) 842 - 3,042 846 - 2,147 48 3,041Total revenue 58,427 2,620 19,230 (1,022) 79,255 69,261 3,014 46,243 (4,101) 114,417Timing of revenue recognition from customersAt a point in time 34,657 2,485 10,722 (1,022) 46,842 48,833 2,152 26,564 (4,149) 73,400Over time 11,891 - 7,302 - 19,193 14,751 - 17,039 - 31,790Total revenue from customers 46,548 2,485 18,024 (1,022) 66,035 63,584 2,152 43,603 (4,149) 105,190Revenue from sale of goods and servicesRevenue from sale of goods 54,602 2,585 18,736 (303) 75,620 66,984 3,001 45,837 (4,044) 111,778Revenue from sale of services 3,825 35 494 (719) 3,635 2,277 13 406 (57) 2,639Total revenue 58,427 2,620 19,230 (1,023) 79,255 69,261 3,014 46,243 (4,101) 114,417RevenueThe timing of transfer of goods or services to customers is catego-rised as follows:\u2018At a point in time\u2019 mainly comprises:\u00b7 sale of power or gas in the market, e.g. Nord Pool, TTF, NBP, and ERCOT\u00b7 sale of transmission assets from offshore wind farms. \u2018Over time\u2019 mainly comprises:\u00b7 construction agreements for wind farms and transmission assets\u00b7 long-term contracts with customers to deliver power, heat, or gas.BacklogOrder backlog for the construction of wind farms and offshore trans-mission assets is remaining revenue on construction agreements to be recognised in future years. The overview does not include revenue from contracts with customers to deliver gas, heat, and power, or our operations and maintenance agree-ments. For these types of goods and services, we recognise the revenue that corresponds directly to the value transferred to the customer.Order backlogDKKm 2023 202231 December 6,538 5,989Within one year 99 % 43 %In more than one year 1 % 57 %Revenue for the year decreased by 31 % to DKK 79,255 million in 2023. The decrease was primarily driven by significantly lower power and gas prices across all mar-kets as well as lower volumes of gas and power sold. Revenue from construction agreements was DKK 6,737 million, mainly relating to the construc-tion of Borkum Riffgrund 3 for partners and the divestment of the Hornsea 2 transmission asset.In 2022, revenue from construction agreements mainly related to the farm-down of 50 % of the Hornsea 2 offshore transmission asset and the contruction of Greater Changhua 1 for partners.Income from government grants increased in 2023 due to power prices being below subsidy prices, leading to a higher subsidy per MWh produced.On 1 January 2023, we changed our accounting policy with respect to presentation of revenue and related costs from the settlement of failed own-use power contracts. See more in note 1.2 \u2018Basis of preparation\u2019. \u00a7 Accounting policiesRevenue is measured based on the consider-ation 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 con-trol 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 con-sideration 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 or ready to increase or decrease the generation of power to balance the demand and supply in the system is considered one performance obligation fulfilled over time.The consideration for the power is due when the actual power is delivered to the customer.Sale of powerSale of power includes revenue from the sale of power sourced from other producers. This includes the sale of power sourced from investor power purchase agreements, third-party balancing contracts, exchanges, and other sales contracts. The sale is recognised when the power is delivered to the grid.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 wind farmsRevenue from construction of wind farms includes development and construction. The construction agreements cover the construction phase from design to delivery of an operational asset. The agreement con-sists of two performance obligations:\u00b7 Wind farms. \u00b7 Offshore transmission assets, if applicable. The construction agreements cover our partners' shares of the construction of the wind farm and offshore transmission assets, if applicable. If our contracts include multi-ple performance obligations, the transac-tion price will be allocated to each perfor-mance obligation 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 wind farm during the construc-tion 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 opera-tion. The consideration for an offshore trans-mission asset is a fixed fee.After signing the construction agreement, we carry out an assessment determining when the wind farm is expected to be com-pleted. We calculate the size of the variable payment on this basis. We only recognise the variable fee when it is highly probable that a subsequent reversal will not take place. Our partner pays the fixed consideration based on a payment schedule. The payment schedule is determined 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 recognised when the heat is delivered to our customer. The individual heat customer has made a prepayment to finance the majority of our CAPEX associated with the biomass con-version of the CHP plant. The prepayment 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 mainte-nance of a CHP plant, fuel costs for the gen-eration of heat, and a financial 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 sup-pliers 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 rene-gotiate the fixed sales prices. Expectations for the outcomes of renegotiations are not included in revenue before we know the out-come 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 recognised 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 services Revenue from providing services is recog-nised over time as our customers simulta-neously receive and consume the benefits provided. For fixed-priced contracts, revenue is recog-nised based on the actual service rendered at the end of the reporting period as a pro-portion 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. Contract assets and liabilitiesNote 3.5Revenue from contracts with customers DKKm 2023 2022Revenue included in contract liabilities at the beginning of the year (6) 21Revenue from performance obligations satisfied in previous years (592) (471)Contract balancesDKKmContract assetsCurrent contract assets 802 408Total contract assets 802 408Contract liabilitiesNon-current contract liabilities 3,297 3,085Current contract liabilities 2,785 2,269Total contract liabilities 6,082 5,354The 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 primarily related to: \u00b7 the construction of offshore wind farms with part-ners, with each party typically owning 50 % of the offshore wind farm \u00b7 prepayments from heat customers.Our contract assets primarily related to the construc-tion of Greater Changhua 1.At the end of 2023, current contract liabilities related to the construction of Borkum Riffgrund 3 and Gode Wind 3. Non-current contract liabilities primarily related to prepayments from heat customers.At the end of 2022, contract liabilities related to the construction of Borkum Riffgrund 3. \u00a7 Accounting policiesWe recognise a contract asset when we per-form a service or transfer goods in advance of receiving consideration, and the consideration is conditional. When the consideration is uncon-ditional, and the goods or services are deliv-ered, we recognise a receivable. A right to con-sideration is unconditional if only the passage of time is required before the payment is due. Contract assets are measured at the transac-tion 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.",
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"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__42": {
"value": "RevenueNote 2.2Other Other RevenueBioenergyactivities/2023 Bioenergyactivities/2022 DKKm Offshore Onshore& Othereliminations total Offshore Onshore& Othereliminations totalGeneration of power 10,585 2,171 6,306 - 19,062 15,149 2,121 12,701 - 29,971Sale of power 25,329 3 395 (288) 25,439 34,392 - 5,936 (4,099) 36,229Revenue from construction of wind farms and transmission assets 6,589 148 - - 6,737 11,640 - - - 11,640Generation and sale of heat and steam - - 3,776 - 3,776 - - 3,002 - 3,002Sale of gas - - 6,296 - 6,296 - - 20,954 - 20,954Distribution and transmission - - 309 (1) 308 - - 277 (5) 272O&M and other services 4,045 163 942 (733) 4,417 2,403 31 733 (45) 3,122Total revenue from customers 46,548 2,485 18,024 (1,022) 66,035 63,584 2,152 43,603 (4,149) 105,190Government grants 9,518 296 364 - 10,178 4,831 862 493 - 6,186Miscellaneous revenue 2,361 (161) 842 - 3,042 846 - 2,147 48 3,041Total revenue 58,427 2,620 19,230 (1,022) 79,255 69,261 3,014 46,243 (4,101) 114,417Timing of revenue recognition from customersAt a point in time 34,657 2,485 10,722 (1,022) 46,842 48,833 2,152 26,564 (4,149) 73,400Over time 11,891 - 7,302 - 19,193 14,751 - 17,039 - 31,790Total revenue from customers 46,548 2,485 18,024 (1,022) 66,035 63,584 2,152 43,603 (4,149) 105,190Revenue from sale of goods and servicesRevenue from sale of goods 54,602 2,585 18,736 (303) 75,620 66,984 3,001 45,837 (4,044) 111,778Revenue from sale of services 3,825 35 494 (719) 3,635 2,277 13 406 (57) 2,639Total revenue 58,427 2,620 19,230 (1,023) 79,255 69,261 3,014 46,243 (4,101) 114,417RevenueThe timing of transfer of goods or services to customers is catego-rised as follows:\u2018At a point in time\u2019 mainly comprises:\u00b7 sale of power or gas in the market, e.g. Nord Pool, TTF, NBP, and ERCOT\u00b7 sale of transmission assets from offshore wind farms. \u2018Over time\u2019 mainly comprises:\u00b7 construction agreements for wind farms and transmission assets\u00b7 long-term contracts with customers to deliver power, heat, or gas.BacklogOrder backlog for the construction of wind farms and offshore trans-mission assets is remaining revenue on construction agreements to be recognised in future years. The overview does not include revenue from contracts with customers to deliver gas, heat, and power, or our operations and maintenance agree-ments. For these types of goods and services, we recognise the revenue that corresponds directly to the value transferred to the customer.Order backlogDKKm 2023 202231 December 6,538 5,989Within one year 99 % 43 %In more than one year 1 % 57 %Revenue for the year decreased by 31 % to DKK 79,255 million in 2023. The decrease was primarily driven by significantly lower power and gas prices across all mar-kets as well as lower volumes of gas and power sold. Revenue from construction agreements was DKK 6,737 million, mainly relating to the construc-tion of Borkum Riffgrund 3 for partners and the divestment of the Hornsea 2 transmission asset.In 2022, revenue from construction agreements mainly related to the farm-down of 50 % of the Hornsea 2 offshore transmission asset and the contruction of Greater Changhua 1 for partners.Income from government grants increased in 2023 due to power prices being below subsidy prices, leading to a higher subsidy per MWh produced.On 1 January 2023, we changed our accounting policy with respect to presentation of revenue and related costs from the settlement of failed own-use power contracts. See more in note 1.2 \u2018Basis of preparation\u2019. \u00a7 Accounting policiesRevenue is measured based on the consider-ation 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 con-trol 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 con-sideration 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 or ready to increase or decrease the generation of power to balance the demand and supply in the system is considered one performance obligation fulfilled over time.The consideration for the power is due when the actual power is delivered to the customer.Sale of powerSale of power includes revenue from the sale of power sourced from other producers. This includes the sale of power sourced from investor power purchase agreements, third-party balancing contracts, exchanges, and other sales contracts. The sale is recognised when the power is delivered to the grid.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 wind farmsRevenue from construction of wind farms includes development and construction. The construction agreements cover the construction phase from design to delivery of an operational asset. The agreement con-sists of two performance obligations:\u00b7 Wind farms. \u00b7 Offshore transmission assets, if applicable. The construction agreements cover our partners' shares of the construction of the wind farm and offshore transmission assets, if applicable. If our contracts include multi-ple performance obligations, the transac-tion price will be allocated to each perfor-mance obligation 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 wind farm during the construc-tion 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 opera-tion. The consideration for an offshore trans-mission asset is a fixed fee.After signing the construction agreement, we carry out an assessment determining when the wind farm is expected to be com-pleted. We calculate the size of the variable payment on this basis. We only recognise the variable fee when it is highly probable that a subsequent reversal will not take place. Our partner pays the fixed consideration based on a payment schedule. The payment schedule is determined 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 recognised when the heat is delivered to our customer. The individual heat customer has made a prepayment to finance the majority of our CAPEX associated with the biomass con-version of the CHP plant. The prepayment 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 mainte-nance of a CHP plant, fuel costs for the gen-eration of heat, and a financial 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 sup-pliers 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 rene-gotiate the fixed sales prices. Expectations for the outcomes of renegotiations are not included in revenue before we know the out-come 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 recognised 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 services Revenue from providing services is recog-nised over time as our customers simulta-neously receive and consume the benefits provided. For fixed-priced contracts, revenue is recog-nised based on the actual service rendered at the end of the reporting period as a pro-portion 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__44-1": {
"value": "Revenue is measured based on the consider-ation 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 con-trol 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 con-sideration 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 or ready to increase or decrease the generation of power to balance the demand and supply in the system is considered one performance obligation fulfilled over time.The consideration for the power is due when the actual power is delivered to the customer.Sale of powerSale of power includes revenue from the sale of power sourced from other producers. This includes the sale of power sourced from investor power purchase agreements, third-party balancing contracts, exchanges, and other sales contracts. The sale is recognised when the power is delivered to the grid.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 wind farmsRevenue from construction of wind farms includes development and construction. The construction agreements cover the construction phase from design to delivery of an operational asset. The agreement con-sists of two performance obligations:\u00b7 Wind farms. \u00b7 Offshore transmission assets, if applicable. The construction agreements cover our partners' shares of the construction of the wind farm and offshore transmission assets, if applicable. If our contracts include multi-ple performance obligations, the transac-tion price will be allocated to each perfor-mance obligation 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 wind farm during the construc-tion 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 opera-tion. The consideration for an offshore trans-mission asset is a fixed fee.After signing the construction agreement, we carry out an assessment determining when the wind farm is expected to be com-pleted. We calculate the size of the variable payment on this basis. We only recognise the variable fee when it is highly probable that a subsequent reversal will not take place. Our partner pays the fixed consideration based on a payment schedule. The payment schedule is determined 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 recognised when the heat is delivered to our customer. The individual heat customer has made a prepayment to finance the majority of our CAPEX associated with the biomass con-version of the CHP plant. The prepayment 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 mainte-nance of a CHP plant, fuel costs for the gen-eration of heat, and a financial 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 sup-pliers 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 rene-gotiate the fixed sales prices. Expectations for the outcomes of renegotiations are not included in revenue before we know the out-come 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 recognised 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 services Revenue from providing services is recog-nised over time as our customers simulta-neously receive and consume the benefits provided. For fixed-priced contracts, revenue is recog-nised based on the actual service rendered at the end of the reporting period as a pro-portion 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 per-form a service or transfer goods in advance of receiving consideration, and the consideration is conditional. When the consideration is uncon-ditional, and the goods or services are deliv-ered, we recognise a receivable. A right to con-sideration is unconditional if only the passage of time is required before the payment is due. Contract assets are measured at the transac-tion 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__45": {
"value": "Cost of salesNote 2.3Other Other Cost of salesBioenergyactivities/2023 Bioenergyactivities/2022 DKKm Offshore Onshore& Othereliminations total Offshore Onshore& Othereliminations totalPower including certificates 23,500 - 686 (134) 24,052 36,902 - 6,172 (4,014) 39,060Costs of construction of wind farms and trans-mission assets 6,527 53 - - 6,580 9,570 - - - 9,570Biomass - - 3,753 - 3,753 - - 3,323 - 3,323Coal - - 2,017 (7) 2,010 - - 2,955 - 2,955Gas - - 5,640 (1) 5,639 - - 19,676 - 19,676Distribution and transmission costs 1,527 37 1,408 (59) 2,913 2,066 27 1,507 (50) 3,550Other cost of sales 219 39 1,520 (101) 1,677 - 30 1,115 24 1,169To t a l 31,773 129 15,024 (302) 46,624 48,538 57 34,748 (4,040) 79,303Cost of sales decreased by 41 % to DKK 46,624 million in 2023. The decrease was primarily due to the lower power and gas prices as well as the lower power and gas volumes sold across all markets. \u2018Costs of construction of wind farms and transmission assets\u2019 was DKK 6,580 million, mainly relating to the construction of Borkum Riffgrund 3 for partners and the divestment of the remaining 50 % of the Hornsea 2 off-shore transmission asset to an Ofgem-appointed buyer.In 2022, \u2018Costs of construction of wind farms and transmission assets\u2019 was DKK 9,570 million, mainly relating to the construction of Greater Changhua 1 for partners and the farm-down of the first 50 % of the offshore transmission asset at Hornsea 2 to partners. On 1 January 2023, we changed our accounting policy with respect to presentation of revenue and related costs from the settlement of failed own-use power contracts. See more in note 1.2 \u2018Basis of preparation\u2019.\u00a7 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 inven-tories 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__46": {
"value": "Government grantsNote 2.4Government grants DKKm 2023 2022Government grants recognised in profit (loss) for the year under revenue 10,178 6,186Government grants recognised in profit (loss) for the year under other operating income 26 28Government grants recognised in the balance sheet (26) (28)Government grants recognised for the year 10,178 6,186Energinet, the transmission system operator in Denmark, administers subsidies for environmentally 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 (renewable obligation certificate (ROC) regime). The Burbo Bank Extension, Walney Extension, and Hornsea 1 offshore wind farms are under the CfD regime, while our other UK wind farms are entitled to ROCs. We treat the payments from the schemes as government grants.Feed-in tariffs from our Irish, French, Dutch, and German wind farms are also recognised as govern-ment grants. For subsidies in the US, see note 3.9 \u2018Tax equity liabilities\u2019. Income from government grants increased in 2023 due to power prices being below subsidy prices, leading to a higher subsidy per MWh produced.\u00a7 Accounting policiesGovernment grants comprise grants for environmentally sustainable power generation, grants for the funding of development projects, investment grants, etc. Government grants are recognised when there is reason-able assurance that the grants will be received. As grants for power generation are intended as a com-pensation for the price of power, we systematically rec-ognise 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__48": {
"value": "Research and development expendituresNote 2.5Expensed research and development expenditures 2023Bioenergy DKKm Offshore 1Onshore& Other To t a lResearch 239 - - 239Development 1,606 460 1 2,067To t a l 1,845 460 1 2,306Expensed research and development expenditures 2022DKKmResearch 122 - - 122Development 1,736 266 10 2,012To t a l 1,858 266 10 2,1341 In 2023, development expenditures in Offshore include P2X development costs of DKK 338 million (2022: DKK 159 million).\u00a7 Accounting policiesResearch costs are costs incurred to find new or improve existing technologies (e.g. improving offshore foundations, optimising the blade stability and performance of wind farms, and 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 (presented in Note 2.7 \u2018Employee costs\u2019) as well as internal and external costs, which can be directly or indirectly attributed to design and development of offshore and onshore wind farms, solar farms, P2X production facilities, and energy storage facilities.Development costs are expensed until the capitalisation criteria are met. Development costs incurred after that are capitalised as \u2018Property, plant, and equipment under construction\u2019 (see note 3.1 \u2018Intangible assets, and property, plant and equipment\u2019).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__47": {
"value": "Government grants comprise grants for environmentally sustainable power generation, grants for the funding of development projects, investment grants, etc. Government grants are recognised when there is reason-able assurance that the grants will be received. As grants for power generation are intended as a com-pensation for the price of power, we systematically rec-ognise 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__49": {
"value": "Research costs are costs incurred to find new or improve existing technologies (e.g. improving offshore foundations, optimising the blade stability and performance of wind farms, and 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 (presented in Note 2.7 \u2018Employee costs\u2019) as well as internal and external costs, which can be directly or indirectly attributed to design and development of offshore and onshore wind farms, solar farms, P2X production facilities, and energy storage facilities.Development costs are expensed until the capitalisation criteria are met. Development costs incurred after that are capitalised as \u2018Property, plant, and equipment under construction\u2019 (see note 3.1 \u2018Intangible assets, and property, plant and equipment\u2019).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__50": {
"value": "Other operating income and expensesNote 2.6Other operating incomeDKKm 2023 2022Gain on divestment of assets 5,895 11,018Insurance compensation 116 -US tax credits and tax attributes 2,577 2,556Other compensation 800 175Miscellaneous operating income 941 370To t a l 10,329 14,119Other operating expensesDKKm 2023 2022Cancellation fees 9,621 -Ineffective hedges, etc. 512 4,591 Loss on divestment of assets 150 133Miscellaneous operating expenses 125 239To t a l 10,408 4,963Other operating incomeIn 2023, \u2018Other operating income\u2019 was DKK 10,329 million, which was DKK 3,790 million lower than in 2022. In 2023, \u2018Gain on divestment of assets\u2019 primarily related to the divestment of London Array, the 50 % farm-down of Gode Wind 3, and other minor adjust-ments to finalised projects. In 2022, \u2018Gain on divest-ments of assets\u2019 related to the 50 % farm-downs of Hornsea 2 and Borkum Riffgrund 3. \u2018Other compensation\u2019 was primarily compensations regarding outages and curtailments from TenneT, the German grid operator, and compensations from US operating asset performance guarantees. \u2018Miscellaneous operating income\u2019 primarily related to adjustment of provisions toward partners.Other operating expenses\u2018Cancellation fees\u2019 amounted to DKK 9,621 million and related to the decision to cease the development of Ocean Wind 1. Costs related to fulfilling and cancelling contracts on Ocean Wind 1 were recognised as \u2018Cancellation fees\u2019 when the obligation arose, and to the extent these exceeded the provision for onerous contracts made as part of the impairment losses recognised in our interim report for the first nine months of 2023. Adjustments to this provision will be recognised in \u2018Other operating expenses\u2019 as \u2018Cancellation fees\u2019.See note 3.10 \u2018Provisions and contingent liabilities\u2019 for more information about the cancellation fees and pro-visions made in relation to this.\u2018Ineffective hedges\u2019 in 2023 mainly related to hedges, which we cannot document as being \u2018effective\u2019 from a hedge accounting perspective. In 2022, we also had volume-ineffective hedges.\u00a7 Accounting policiesGains from farm-downs of ownership interests in wind farms are recognised on the divestment date as other operating income. Gains from future construction of the partner's share of the wind farm are recognised over time in the income statement in step with construction. See notes 2.2 \u2018Revenue\u2019 and 3.5 \u2018Contract assets and liabilities\u2019. The accounting policies for the income from \u2018US tax credits and tax attributes\u2019 are described in note 3.9 \u2018Tax equity liabilities\u2019.Losses from our market trading activities are pre-sented as other operating expenses under \u2018Ineffecive hedges, etc.\u2019.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 construction and future operation of the offshore wind farm. Contracts in connection with a divestment are typically agreements on:\u00b7 the sale of shares (divestment of assets) (SPA)\u00b7 the future construction of the offshore wind farm (construction agreements or construction man-agement agreements, if not in operation)\u00b7 the future operation of the offshore wind farm (O&M agreements). Key accounting estimateVariable selling price related to divest-ments 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 trans-action 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.: \u00b7 the divestment price of the offshore transmission asset through a competitive tender process\u00b7 the impact on production from future wind farms\u00b7 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 divestment qualifies as a divestment of an enterprise or a divestment of assets. We have typically assessed that the off-shore wind farms do not constitute an enterprise, as no employees are transferred, and processes are transferred to a limited extent only.Consolidation method for partnershipsOn establishment of partnerships and in connec-tion with any restructuring of existing partnerships, we assess whether the structure is a joint arrange-ment under shared control. For joint arrangements, we subsequently assess whether they are joint ventures or joint operations. In assessing joint operations, we look at: \u00b7 the corporate form of the operation\u00b7 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 buy or are assigned all output, for example the power gener-ated, will lead to the structure being considered a joint operation if we have joint control.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__51-1": {
"value": "Other operating incomeDKKm 2023 2022Gain on divestment of assets 5,895 11,018Insurance compensation 116 -US tax credits and tax attributes 2,577 2,556Other compensation 800 175Miscellaneous operating income 941 370To t a l 10,329 14,119Other operating incomeIn 2023, \u2018Other operating income\u2019 was DKK 10,329 million, which was DKK 3,790 million lower than in 2022. In 2023, \u2018Gain on divestment of assets\u2019 primarily related to the divestment of London Array, the 50 % farm-down of Gode Wind 3, and other minor adjust-ments to finalised projects. In 2022, \u2018Gain on divest-ments of assets\u2019 related to the 50 % farm-downs of Hornsea 2 and Borkum Riffgrund 3. \u2018Other compensation\u2019 was primarily compensations regarding outages and curtailments from TenneT, the German grid operator, and compensations from US operating asset performance guarantees. \u2018Miscellaneous operating income\u2019 primarily related to adjustment of provisions toward partners.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__52-1": {
"value": "Other operating expensesDKKm 2023 2022Cancellation fees 9,621 -Ineffective hedges, etc. 512 4,591 Loss on divestment of assets 150 133Miscellaneous operating expenses 125 239To t a l 10,408 4,963Other operating expenses\u2018Cancellation fees\u2019 amounted to DKK 9,621 million and related to the decision to cease the development of Ocean Wind 1. Costs related to fulfilling and cancelling contracts on Ocean Wind 1 were recognised as \u2018Cancellation fees\u2019 when the obligation arose, and to the extent these exceeded the provision for onerous contracts made as part of the impairment losses recognised in our interim report for the first nine months of 2023. Adjustments to this provision will be recognised in \u2018Other operating expenses\u2019 as \u2018Cancellation fees\u2019.See note 3.10 \u2018Provisions and contingent liabilities\u2019 for more information about the cancellation fees and pro-visions made in relation to this.\u2018Ineffective hedges\u2019 in 2023 mainly related to hedges, which we cannot document as being \u2018effective\u2019 from a hedge accounting perspective. In 2022, we also had volume-ineffective hedges.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__57-1": {
"value": "Employee costsNote 2.7Employee costsDKKm 2023 2022Wages, salaries, and remuneration 6,550 5,510Share-based payment 32 32Pensions 536 430Other social security costs 268 233Other employee costs 185 92Employee costs before transfer to assets 7,571 6,297Transfer to assets (1,197) (1,019)Total employee costs 6,374 5,278Salaries and remuneration for the Group Executive Team Other members of theand the Board of Directors Executive Board 1Group Executive Team 2Board of Directors Tota lDKK 000 2023 2022 2023 2022 2023 2022 2023 2022Fixed salary 27,849 30,632 36,278 20,337 6,907 6,807 71,034 57,776Short-term cash-based incentive scheme 3,711 6,454 5,046 4,402 - - 8,757 10,856Share-based payment 6,27033,989 4,622 2,338 - - 10,892 6,327Pension, incl. social security and benefits 858 860 7,650 4,521 - - 8,508 5,381Salary in notice period 8,443414,553 512,850 693 - - 21,293 15,246Severance payment 6,210 9,270 14,309 4,793 - - 20,519 14,063To t a l 53,341 65,758 80,755 37,084 6,907 6,807 141,003 109,6491 The Executive Board in 2023 consisted of: Mads Nipper, Rasmus Errboe (joined on 14 November 2023), Daniel Lerup (left on 14 November 2023), and Henriette Fenger Ellekrog. The decrease is due to the change in composition of the executive board.2 Other members of the Group Executive Team in 2023 were: Olivia Breese, Andrew Brown (joined on 14 November 2023), Rasmus Errboe (until 14 November 2023 when he joined the Executive Board), Anders Zo\u00ebga Hansen, David Hardy, Richard Hunter (left on 14 November 2023), Per Mejnert Kristensen, Neil O'Donovan (left on 31 July 2023), Ingrid Reumert, and Varun Sivaram (joined on 1 August 2023). The increase is due to number of members increasing from three in 2022 to seven at the end of 2023.3 The expensed remuneration for Mads Nipper includes an expense related to the cancellation of two LTI grants due to not meeting the shareholding requirement. Despite his increase in shareholding, the total value of his shares was not sufficient to satisfy the build-up of the shareholding requirement for continued participation in the share program. In accordance with IFRS 2, the 2023 and future expense related to the two grants from 2021 and 2022 have been accelerated, and DKK 4.5 million have been expensed and reported as share-based remuneration to Mads in 2023 despite him not receiving any remuneration from the two grants.4 Including DKK 1,373 thousand related to share-based payments as, in accordance with the programme terms, Daniel Lerup kept his rights to the 2021, 2022, and 2023 grants.5 Including DKK 3,147 thousand related to share-based payments as, in accordance with the programme terms, Martin Neubert kept his rights to the 2020, 2021, and 2022 grants. As Martin has entered into a new position in 2023 during the notice period, we have the right to offset his new salary. Pension plans and number of employees Pension plans are defined-contribution plans that do not commit \u00d8rsted beyond the amounts contributed. In 2023, our average number of employees was 8,666 (2022: 7,428). 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, and share-based payment. The non-executive members of the Group Executive Team also receive a pension.The members of the Board of Directors are paid a fixed remuneration only for their work in \u00d8rsted. In addition, \u00d8rsted reimburses any travel expenses. For more details on the remuneration of the Executive Board, please refer to the remuneration report orsted.com/remuneration2023.Share-based paymentNote 2.8Market value of PSUs and key assumptions Time of Time of Time of for valuation in executive share programme granting 2023 granting 2022 granting 2021Market value of 1 PSU 729 909 1,246Key assumptionsShare price 583 835 1,025Average volatility rate 30.6 % 30.2 % 28.8 %Volatility, \u00d8rsted 36.2 % 34.8 % 29.6 %Risk-free interest rate 2.5 % 0.9 % 0.1 %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' 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. 150). As a condition for the granting of perfor-mance share units (PSUs), the participant must own a number of shares in \u00d8rsted corresponding to a por-tion of the individual participant's annual fixed salary. The portion depends on the employee category, and it makes up 75 % of our CEO's fixed salary. See the table above for more information. The participants in the pro-gramme must invest in \u00d8rsted shares prior to the first granting. A build-up period for the shareholding require-ments of up to five years is allowed. If the particip ants fulfil the shareholding requirement at the time of grant-ing, they will be granted a number of 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 approxi-mately three years. Then, each PSU entitles the holder, without payment, to receive a number of shares cor-responding to 0-200 % of the number of PSUs granted. The vesting is conditional upon continued employ-ment. 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 par-ticipant 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's results, measured as the total return to shareholders, outperform those of the comparable 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, no shares will be granted to the participants. The right to shares is con-ditional upon continued employment. Retention share programmeThe target group for the share-based retention agree-ments will typically be employees responsible for vital, long-term projects. The use of these share-based retention agreements will be limited to 25 concurrent agreements with an individual time frame of up to five years. Members of the Executive Board (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 the basis of the price of \u00d8rsted's shares at the time of the grant and will be limited to an amount corresponding to a maximum of six months' base pay for the employee in question. At vesting, each RSU will entitle the employee to one \u00d8rsted share free of charge. However, the total value of the shares to be received at vesting will be capped at a maximum of twelve months' base pay for the employee in question.\u00a7 Accounting policiesThe share programme is classified as an equity- based programme as the programme is settled in shares. The market value of the PSUs and the estimated number of PSUs granted are meas-ured at the time of granting and recognised:\u00b7 in the income statement under employee costs over the vesting period\u00b7 as an offset in the balance sheet under equity over the vesting period.The valuation of the PSUs and the estimate of the number of PSUs expected to be granted are carried out as a probability simulation based on \u00d8rsted's expected total shareholder return relative to ten comparable European energy companies. The expectations are factored into the market value and are not adjusted subsequently. The participants are compensated for any dividend payments by receiving additional PSUs.Maximum number of outstanding shares at 31 DecemberMarket value '000Other members2023 in of shares at Years Executiveof the Group SeniorOther% of share granting until expiry as Time of granting Board 2Executive Team 2executivesemployees 2023 2022capitalDKKmof 20231 April 2020 - - - - - 63 - - -1 April 2021 3 4 40 - 47 53 0.01 % 29 0.31 April 2022 4 7 78 - 89 102 0.02 % 41 1.31 April 2023 7 13 116 - 136 - 0.03 % 50 2.3Share retention programme - 1 - 7 8 15 0.00 % 5Maximum number of outstanding shares at 31 December 14 25 234 7 280 233 0.06 % 125Development in maximum number of outstanding shares '000Maximum number of outstanding shares at 1 January 36 24 160 13 233 234Compensation for dividends paid (2020, 2021, and 2022 programmes) - 1 4 - 5 4Transfer between categories (9) (14) 23 - - -Exercised (2020 programme) 1 (7) (5) (53) - (65) -Exercised (2019 programme) - - - - - (84)Granted (2023 programme) 8 24 135 - 167 -Granted (2022 programme) - - - - - 101Cancelled (2023 programme) - (4) (28) - (32) -Cancelled (2022 programme) (9)3- (5) (14) (1)Cancelled (2021 programme) (5)3- (2) - (7) (6)Cancelled (2020 programme) - - - - - (11)Share retention programme - (1) - (6) (7) (4)Maximum number of outstanding shares at 31 December 14 25 234 7 280 233DKKmMarket value of share programme at the time of granting 6 11 103 5 125 114Maximum market value of share programme at 31 December 5 9 88 3 105 1471 At vesting, \u00d8rsted did not outperform any of the 10 competitors, and, as a result, no shares were granted to the participants.2 Members as of 31 Dec. 2023 are included in this category.3 Cancellation of Mads Nipper's LTI grants for 2021 and 2022. Despite his increase in shareholding, the total value of his shares was not sufficient to satisfy the build-up of the shareholding requirement for continued participation in the share programme, and consequently, the awarded PSUs were cancelled.The maximum market value of the share programme at 31 December is based on the assumption that the participants receive the maximum number of shares (i.e. 200 % of the granted PSUs/RSUs). This requires \u00d8rsted to deliver the highest shareholder return, benchmarked against ten comparable companies.The share price at the time of exercising in 2023 was DKK 583.Related-party transactionsNote 7.1Joint venturesDKKm 2023 2022Dividends received 86 70Capital transactions, net (222) (92)Sales of goods and services 64 -Receivables 9 -AssociatesDKKmCapital transactions, net (54) (37)Sale of goods and services - 14Purchase of goods and services (186) (180)Receivables - -Payables (25) (44)Related parties that have control over the Group comprise the Danish state, represented by the Danish Ministry of Finance.Other related parties are the Group's 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's length terms. Intra-group transactions have been eliminated in the consolidated financial statements. The remuneration and share programmes for the Group Executive Team and the Board of Directors are described in notes 2.7 \u2018Employee costs\u2019 and 2.8 \u2018Share-based payment\u2019.We use the exemption set out in IAS 24.25 concerning entities 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 transactions during the period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__56": {
"value": "Employee costsNote 2.7Employee costsDKKm 2023 2022Wages, salaries, and remuneration 6,550 5,510Share-based payment 32 32Pensions 536 430Other social security costs 268 233Other employee costs 185 92Employee costs before transfer to assets 7,571 6,297Transfer to assets (1,197) (1,019)Total employee costs 6,374 5,278Salaries and remuneration for the Group Executive Team Other members of theand the Board of Directors Executive Board 1Group Executive Team 2Board of Directors Tota lDKK 000 2023 2022 2023 2022 2023 2022 2023 2022Fixed salary 27,849 30,632 36,278 20,337 6,907 6,807 71,034 57,776Short-term cash-based incentive scheme 3,711 6,454 5,046 4,402 - - 8,757 10,856Share-based payment 6,27033,989 4,622 2,338 - - 10,892 6,327Pension, incl. social security and benefits 858 860 7,650 4,521 - - 8,508 5,381Salary in notice period 8,443414,553 512,850 693 - - 21,293 15,246Severance payment 6,210 9,270 14,309 4,793 - - 20,519 14,063To t a l 53,341 65,758 80,755 37,084 6,907 6,807 141,003 109,6491 The Executive Board in 2023 consisted of: Mads Nipper, Rasmus Errboe (joined on 14 November 2023), Daniel Lerup (left on 14 November 2023), and Henriette Fenger Ellekrog. The decrease is due to the change in composition of the executive board.2 Other members of the Group Executive Team in 2023 were: Olivia Breese, Andrew Brown (joined on 14 November 2023), Rasmus Errboe (until 14 November 2023 when he joined the Executive Board), Anders Zo\u00ebga Hansen, David Hardy, Richard Hunter (left on 14 November 2023), Per Mejnert Kristensen, Neil O'Donovan (left on 31 July 2023), Ingrid Reumert, and Varun Sivaram (joined on 1 August 2023). The increase is due to number of members increasing from three in 2022 to seven at the end of 2023.3 The expensed remuneration for Mads Nipper includes an expense related to the cancellation of two LTI grants due to not meeting the shareholding requirement. Despite his increase in shareholding, the total value of his shares was not sufficient to satisfy the build-up of the shareholding requirement for continued participation in the share program. In accordance with IFRS 2, the 2023 and future expense related to the two grants from 2021 and 2022 have been accelerated, and DKK 4.5 million have been expensed and reported as share-based remuneration to Mads in 2023 despite him not receiving any remuneration from the two grants.4 Including DKK 1,373 thousand related to share-based payments as, in accordance with the programme terms, Daniel Lerup kept his rights to the 2021, 2022, and 2023 grants.5 Including DKK 3,147 thousand related to share-based payments as, in accordance with the programme terms, Martin Neubert kept his rights to the 2020, 2021, and 2022 grants. As Martin has entered into a new position in 2023 during the notice period, we have the right to offset his new salary. Pension plans and number of employees Pension plans are defined-contribution plans that do not commit \u00d8rsted beyond the amounts contributed. In 2023, our average number of employees was 8,666 (2022: 7,428). 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, and share-based payment. The non-executive members of the Group Executive Team also receive a pension.The members of the Board of Directors are paid a fixed remuneration only for their work in \u00d8rsted. In addition, \u00d8rsted reimburses any travel expenses. For more details on the remuneration of the Executive Board, please refer to the remuneration report orsted.com/remuneration2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__55": {
"value": "Employee costsNote 2.7Employee costsDKKm 2023 2022Wages, salaries, and remuneration 6,550 5,510Share-based payment 32 32Pensions 536 430Other social security costs 268 233Other employee costs 185 92Employee costs before transfer to assets 7,571 6,297Transfer to assets (1,197) (1,019)Total employee costs 6,374 5,278Salaries and remuneration for the Group Executive Team Other members of theand the Board of Directors Executive Board 1Group Executive Team 2Board of Directors Tota lDKK 000 2023 2022 2023 2022 2023 2022 2023 2022Fixed salary 27,849 30,632 36,278 20,337 6,907 6,807 71,034 57,776Short-term cash-based incentive scheme 3,711 6,454 5,046 4,402 - - 8,757 10,856Share-based payment 6,27033,989 4,622 2,338 - - 10,892 6,327Pension, incl. social security and benefits 858 860 7,650 4,521 - - 8,508 5,381Salary in notice period 8,443414,553 512,850 693 - - 21,293 15,246Severance payment 6,210 9,270 14,309 4,793 - - 20,519 14,063To t a l 53,341 65,758 80,755 37,084 6,907 6,807 141,003 109,6491 The Executive Board in 2023 consisted of: Mads Nipper, Rasmus Errboe (joined on 14 November 2023), Daniel Lerup (left on 14 November 2023), and Henriette Fenger Ellekrog. The decrease is due to the change in composition of the executive board.2 Other members of the Group Executive Team in 2023 were: Olivia Breese, Andrew Brown (joined on 14 November 2023), Rasmus Errboe (until 14 November 2023 when he joined the Executive Board), Anders Zo\u00ebga Hansen, David Hardy, Richard Hunter (left on 14 November 2023), Per Mejnert Kristensen, Neil O'Donovan (left on 31 July 2023), Ingrid Reumert, and Varun Sivaram (joined on 1 August 2023). The increase is due to number of members increasing from three in 2022 to seven at the end of 2023.3 The expensed remuneration for Mads Nipper includes an expense related to the cancellation of two LTI grants due to not meeting the shareholding requirement. Despite his increase in shareholding, the total value of his shares was not sufficient to satisfy the build-up of the shareholding requirement for continued participation in the share program. In accordance with IFRS 2, the 2023 and future expense related to the two grants from 2021 and 2022 have been accelerated, and DKK 4.5 million have been expensed and reported as share-based remuneration to Mads in 2023 despite him not receiving any remuneration from the two grants.4 Including DKK 1,373 thousand related to share-based payments as, in accordance with the programme terms, Daniel Lerup kept his rights to the 2021, 2022, and 2023 grants.5 Including DKK 3,147 thousand related to share-based payments as, in accordance with the programme terms, Martin Neubert kept his rights to the 2020, 2021, and 2022 grants. As Martin has entered into a new position in 2023 during the notice period, we have the right to offset his new salary. Pension plans and number of employees Pension plans are defined-contribution plans that do not commit \u00d8rsted beyond the amounts contributed. In 2023, our average number of employees was 8,666 (2022: 7,428). 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, and share-based payment. The non-executive members of the Group Executive Team also receive a pension.The members of the Board of Directors are paid a fixed remuneration only for their work in \u00d8rsted. In addition, \u00d8rsted reimburses any travel expenses. For more details on the remuneration of the Executive Board, please refer to the remuneration report orsted.com/remuneration2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__58-1": {
"value": "Salaries and remuneration for the Group Executive Team Other members of theand the Board of Directors Executive Board 1Group Executive Team 2Board of Directors Tota lDKK 000 2023 2022 2023 2022 2023 2022 2023 2022Fixed salary 27,849 30,632 36,278 20,337 6,907 6,807 71,034 57,776Short-term cash-based incentive scheme 3,711 6,454 5,046 4,402 - - 8,757 10,856Share-based payment 6,27033,989 4,622 2,338 - - 10,892 6,327Pension, incl. social security and benefits 858 860 7,650 4,521 - - 8,508 5,381Salary in notice period 8,443414,553 512,850 693 - - 21,293 15,246Severance payment 6,210 9,270 14,309 4,793 - - 20,519 14,063To t a l 53,341 65,758 80,755 37,084 6,907 6,807 141,003 109,6491 The Executive Board in 2023 consisted of: Mads Nipper, Rasmus Errboe (joined on 14 November 2023), Daniel Lerup (left on 14 November 2023), and Henriette Fenger Ellekrog. The decrease is due to the change in composition of the executive board.2 Other members of the Group Executive Team in 2023 were: Olivia Breese, Andrew Brown (joined on 14 November 2023), Rasmus Errboe (until 14 November 2023 when he joined the Executive Board), Anders Zo\u00ebga Hansen, David Hardy, Richard Hunter (left on 14 November 2023), Per Mejnert Kristensen, Neil O'Donovan (left on 31 July 2023), Ingrid Reumert, and Varun Sivaram (joined on 1 August 2023). The increase is due to number of members increasing from three in 2022 to seven at the end of 2023.3 The expensed remuneration for Mads Nipper includes an expense related to the cancellation of two LTI grants due to not meeting the shareholding requirement. Despite his increase in shareholding, the total value of his shares was not sufficient to satisfy the build-up of the shareholding requirement for continued participation in the share program. In accordance with IFRS 2, the 2023 and future expense related to the two grants from 2021 and 2022 have been accelerated, and DKK 4.5 million have been expensed and reported as share-based remuneration to Mads in 2023 despite him not receiving any remuneration from the two grants.4 Including DKK 1,373 thousand related to share-based payments as, in accordance with the programme terms, Daniel Lerup kept his rights to the 2021, 2022, and 2023 grants.5 Including DKK 3,147 thousand related to share-based payments as, in accordance with the programme terms, Martin Neubert kept his rights to the 2020, 2021, and 2022 grants. As Martin has entered into a new position in 2023 during the notice period, we have the right to offset his new salaryRemuneration 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, and share-based payment. The non-executive members of the Group Executive Team also receive a pension.The members of the Board of Directors are paid a fixed remuneration only for their work in \u00d8rsted. In addition, \u00d8rsted reimburses any travel expenses. For more details on the remuneration of the Executive Board, please refer to the remuneration report orsted.com/remuneration2023.Share-based paymentNote 2.8Market value of PSUs and key assumptions Time of Time of Time of for valuation in executive share programme granting 2023 granting 2022 granting 2021Market value of 1 PSU 729 909 1,246Key assumptionsShare price 583 835 1,025Average volatility rate 30.6 % 30.2 % 28.8 %Volatility, \u00d8rsted 36.2 % 34.8 % 29.6 %Risk-free interest rate 2.5 % 0.9 % 0.1 %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' 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. 150). As a condition for the granting of perfor-mance share units (PSUs), the participant must own a number of shares in \u00d8rsted corresponding to a por-tion of the individual participant's annual fixed salary. The portion depends on the employee category, and it makes up 75 % of our CEO's fixed salary. See the table above for more information. The participants in the pro-gramme must invest in \u00d8rsted shares prior to the first granting. A build-up period for the shareholding require-ments of up to five years is allowed. If the particip ants fulfil the shareholding requirement at the time of grant-ing, they will be granted a number of 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 approxi-mately three years. Then, each PSU entitles the holder, without payment, to receive a number of shares cor-responding to 0-200 % of the number of PSUs granted. The vesting is conditional upon continued employ-ment. 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 par-ticipant 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's results, measured as the total return to shareholders, outperform those of the comparable 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, no shares will be granted to the participants. The right to shares is con-ditional upon continued employment. Retention share programmeThe target group for the share-based retention agree-ments will typically be employees responsible for vital, long-term projects. The use of these share-based retention agreements will be limited to 25 concurrent agreements with an individual time frame of up to five years. Members of the Executive Board (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 the basis of the price of \u00d8rsted's shares at the time of the grant and will be limited to an amount corresponding to a maximum of six months' base pay for the employee in question. At vesting, each RSU will entitle the employee to one \u00d8rsted share free of charge. However, the total value of the shares to be received at vesting will be capped at a maximum of twelve months' base pay for the employee in question.\u00a7 Accounting policiesThe share programme is classified as an equity- based programme as the programme is settled in shares. The market value of the PSUs and the estimated number of PSUs granted are meas-ured at the time of granting and recognised:\u00b7 in the income statement under employee costs over the vesting period\u00b7 as an offset in the balance sheet under equity over the vesting period.The valuation of the PSUs and the estimate of the number of PSUs expected to be granted are carried out as a probability simulation based on \u00d8rsted's expected total shareholder return relative to ten comparable European energy companies. The expectations are factored into the market value and are not adjusted subsequently. The participants are compensated for any dividend payments by receiving additional PSUs.Maximum number of outstanding shares at 31 DecemberMarket value '000Other members2023 in of shares at Years Executiveof the Group SeniorOther% of share granting until expiry as Time of granting Board 2Executive Team 2executivesemployees 2023 2022capitalDKKmof 20231 April 2020 - - - - - 63 - - -1 April 2021 3 4 40 - 47 53 0.01 % 29 0.31 April 2022 4 7 78 - 89 102 0.02 % 41 1.31 April 2023 7 13 116 - 136 - 0.03 % 50 2.3Share retention programme - 1 - 7 8 15 0.00 % 5Maximum number of outstanding shares at 31 December 14 25 234 7 280 233 0.06 % 125Development in maximum number of outstanding shares '000Maximum number of outstanding shares at 1 January 36 24 160 13 233 234Compensation for dividends paid (2020, 2021, and 2022 programmes) - 1 4 - 5 4Transfer between categories (9) (14) 23 - - -Exercised (2020 programme) 1 (7) (5) (53) - (65) -Exercised (2019 programme) - - - - - (84)Granted (2023 programme) 8 24 135 - 167 -Granted (2022 programme) - - - - - 101Cancelled (2023 programme) - (4) (28) - (32) -Cancelled (2022 programme) (9)3- (5) (14) (1)Cancelled (2021 programme) (5)3- (2) - (7) (6)Cancelled (2020 programme) - - - - - (11)Share retention programme - (1) - (6) (7) (4)Maximum number of outstanding shares at 31 December 14 25 234 7 280 233DKKmMarket value of share programme at the time of granting 6 11 103 5 125 114Maximum market value of share programme at 31 December 5 9 88 3 105 1471 At vesting, \u00d8rsted did not outperform any of the 10 competitors, and, as a result, no shares were granted to the participants.2 Members as of 31 Dec. 2023 are included in this category.3 Cancellation of Mads Nipper's LTI grants for 2021 and 2022. Despite his increase in shareholding, the total value of his shares was not sufficient to satisfy the build-up of the shareholding requirement for continued participation in the share programme, and consequently, the awarded PSUs were cancelled.The maximum market value of the share programme at 31 December is based on the assumption that the participants receive the maximum number of shares (i.e. 200 % of the granted PSUs/RSUs). This requires \u00d8rsted to deliver the highest shareholder return, benchmarked against ten comparable companies.The share price at the time of exercising in 2023 was DKK 583.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__63": {
"value": "The share programme is classified as an equity- based programme as the programme is settled in shares. The market value of the PSUs and the estimated number of PSUs granted are meas-ured at the time of granting and recognised:\u00b7 in the income statement under employee costs over the vesting period\u00b7 as an offset in the balance sheet under equity over the vesting period.The valuation of the PSUs and the estimate of the number of PSUs expected to be granted are carried out as a probability simulation based on \u00d8rsted's expected total shareholder return relative to ten comparable European energy companies. The expectations are factored into the market value and are not adjusted subsequently. The participants are compensated for any dividend payments by receiving additional PSUs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__62": {
"value": "Share-based paymentNote 2.8Market value of PSUs and key assumptions Time of Time of Time of for valuation in executive share programme granting 2023 granting 2022 granting 2021Market value of 1 PSU 729 909 1,246Key assumptionsShare price 583 835 1,025Average volatility rate 30.6 % 30.2 % 28.8 %Volatility, \u00d8rsted 36.2 % 34.8 % 29.6 %Risk-free interest rate 2.5 % 0.9 % 0.1 %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' 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. 150). As a condition for the granting of perfor-mance share units (PSUs), the participant must own a number of shares in \u00d8rsted corresponding to a por-tion of the individual participant's annual fixed salary. The portion depends on the employee category, and it makes up 75 % of our CEO's fixed salary. See the table above for more information. The participants in the pro-gramme must invest in \u00d8rsted shares prior to the first granting. A build-up period for the shareholding require-ments of up to five years is allowed. If the particip ants fulfil the shareholding requirement at the time of grant-ing, they will be granted a number of 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 approxi-mately three years. Then, each PSU entitles the holder, without payment, to receive a number of shares cor-responding to 0-200 % of the number of PSUs granted. The vesting is conditional upon continued employ-ment. 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 par-ticipant 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's results, measured as the total return to shareholders, outperform those of the comparable 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, no shares will be granted to the participants. The right to shares is con-ditional upon continued employment. Retention share programmeThe target group for the share-based retention agree-ments will typically be employees responsible for vital, long-term projects. The use of these share-based retention agreements will be limited to 25 concurrent agreements with an individual time frame of up to five years. Members of the Executive Board (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 the basis of the price of \u00d8rsted's shares at the time of the grant and will be limited to an amount corresponding to a maximum of six months' base pay for the employee in question. At vesting, each RSU will entitle the employee to one \u00d8rsted share free of charge. However, the total value of the shares to be received at vesting will be capped at a maximum of twelve months' base pay for the employee in question.\u00a7 Accounting policiesThe share programme is classified as an equity- based programme as the programme is settled in shares. The market value of the PSUs and the estimated number of PSUs granted are meas-ured at the time of granting and recognised:\u00b7 in the income statement under employee costs over the vesting period\u00b7 as an offset in the balance sheet under equity over the vesting period.The valuation of the PSUs and the estimate of the number of PSUs expected to be granted are carried out as a probability simulation based on \u00d8rsted's expected total shareholder return relative to ten comparable European energy companies. The expectations are factored into the market value and are not adjusted subsequently. The participants are compensated for any dividend payments by receiving additional PSUs.Maximum number of outstanding shares at 31 DecemberMarket value '000Other members2023 in of shares at Years Executiveof the Group SeniorOther% of share granting until expiry as Time of granting Board 2Executive Team 2executivesemployees 2023 2022capitalDKKmof 20231 April 2020 - - - - - 63 - - -1 April 2021 3 4 40 - 47 53 0.01 % 29 0.31 April 2022 4 7 78 - 89 102 0.02 % 41 1.31 April 2023 7 13 116 - 136 - 0.03 % 50 2.3Share retention programme - 1 - 7 8 15 0.00 % 5Maximum number of outstanding shares at 31 December 14 25 234 7 280 233 0.06 % 125Development in maximum number of outstanding shares '000Maximum number of outstanding shares at 1 January 36 24 160 13 233 234Compensation for dividends paid (2020, 2021, and 2022 programmes) - 1 4 - 5 4Transfer between categories (9) (14) 23 - - -Exercised (2020 programme) 1 (7) (5) (53) - (65) -Exercised (2019 programme) - - - - - (84)Granted (2023 programme) 8 24 135 - 167 -Granted (2022 programme) - - - - - 101Cancelled (2023 programme) - (4) (28) - (32) -Cancelled (2022 programme) (9)3- (5) (14) (1)Cancelled (2021 programme) (5)3- (2) - (7) (6)Cancelled (2020 programme) - - - - - (11)Share retention programme - (1) - (6) (7) (4)Maximum number of outstanding shares at 31 December 14 25 234 7 280 233DKKmMarket value of share programme at the time of granting 6 11 103 5 125 114Maximum market value of share programme at 31 December 5 9 88 3 105 1471 At vesting, \u00d8rsted did not outperform any of the 10 competitors, and, as a result, no shares were granted to the participants.2 Members as of 31 Dec. 2023 are included in this category.3 Cancellation of Mads Nipper's LTI grants for 2021 and 2022. Despite his increase in shareholding, the total value of his shares was not sufficient to satisfy the build-up of the shareholding requirement for continued participation in the share programme, and consequently, the awarded PSUs were cancelled.The maximum market value of the share programme at 31 December is based on the assumption that the participants receive the maximum number of shares (i.e. 200 % of the granted PSUs/RSUs). This requires \u00d8rsted to deliver the highest shareholder return, benchmarked against ten comparable companies.The share price at the time of exercising in 2023 was DKK 583.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__65": {
"value": " Intangible assets, and property, plant, and equipmentNote 3.1Fixtures and Property, plant, Intangible assets, and property, plant, and equipmentIntangible Land and Production fittings, tools, and equipment Property, plant, DKKmassetsbuildingsassetsand equipmentunder constructionand equipmentCost at 1 January 2023 5,707 10,747 179,094 3,076 52,088 245,005Exchange rate adjustments 9 (47) 159 (23) (1,551) (1,462)Additions 19 551 349 889 36,164 37,953Disposals (580) (114) (5,125) - (1,477) (6,716)Adjustment of decommissioning obligations - - (1,803) - 539 (1,264)Reclassified assets 22 16 16,430 98 (16,566) (22)Cost at 31 December 2023 5,177 11,153 189,104 4,040 69,197 273,494Depreciation and amortisation at 1 January 2023 (973) (2,767) (59,102) (1,533) - (63,402)Exchange rate adjustments - (6) (586) (2) . (594)Depreciation and amortisation (59) (614) (8,661) (459) - (9,734)Disposals (16) 41 2,710 - - 2,751Depreciation and amortisation at 31 December 2023 (1,048) (3,346) (65,639) (1,994) - (70,979)Impairment losses at 1 January 2023 (705) - (781) - (3,157) (3,938)Exchange rate adjustments 2 - 17 - 438 455Impairment losses and reversals - (30) (1,058) (4) (18,190) (19,282) 1Disposals - - - - 19 19Impairment losses at 31 December 2023 (703) (30) (1,822) (4) (20,890) (22,746)Carrying amount at 31 December 2023 3,426 7,777 121,643 2,042 48,307 179,7691 We recognised total impairment losses of DKK 26,775 million for the year. Of that amount, DKK 19,282 million are recog-nised under \u2018Property, plant, and equipment\u2019 and DKK 7,493 million under \u2018Provisions\u2019 as \u2018Onerous contracts\u2019. See note 3.2 \u2018Impairments\u2019 and note 3.10 \u2018Provisions and contingent liabili-ties\u2019 for more information. Intangible assetsIntangible assets consist of goodwill of DKK 1,847 million (2022: DKK 1,843 million), carbon emission allowances of DKK 871 million (2022 DKK 1,464 million), other rights of DKK 626 million (2022: DKK 614 million), completed development projects of DKK 61 million (2022: DKK 28 million), and development projects in progress of DKK 21 million (2022: DKK 80 million). Recognised goodwill primarily relates to Onshore Europe. Fixtures and Property, plant, Intangible assets, and property, plant, and equipmentIntangible Land and Production fittings, tools, and equipment Property, plant, DKKmassetsbuildingsassetsand equipmentunder constructionand equipmentCost 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 Lease assetsfittings, tools, and Property, plant, DKKm Land and buildings Production assetsequipmentand equipmentCarrying amount at 1 January 2023 6,409 43 1,157 7,609Exchange rate adjustments (45) 1 (32) (76)Additions 137 4 814 955Disposals (67) - - (67)Impairment (30) - - (30)Depreciation (523) (21) (372) (916)Carrying amount at 31 December 2023 5,881 27 1,567 7,475Lease assetsDKKmCarrying 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)Depreciation (516) (69) (220) (805)Carrying amount at 31 December 2022 6,409 43 1,157 7,609Contractual obligations by segmentDKKm 0-1 year 1-5 years 5-10 years 2023 2022Offshore 38,714 47,298 3 86,015 74,806Onshore 8,282 2,655 - 10,937 13,078Bioenergy & Other 1,528 746 - 2,274 178To t a l 48,524 50,699 3 99,226 88,062Overview of contracts entered into where delivery had not taken place at 31 December 2023.The obligations are measured at nominal value.LeasesWe mainly lease office buildings, service and installa-tion vessels, seabeds related to offshore wind farms, and plots of land related 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 pay-ments are included in the lease liabilities. Expenses for the year relating to variable lease pay-ments not included in lease liabilities were DKK 717 million in 2023 (2022: DKK 609 million). Interests on lease debt expensed in profit (loss) were DKK 308 mil-lion in 2023 (2022: DKK 256 million). Total cash outflow for leases were DKK 1,737 million in 2023 (2022: DKK 1,447 million). We have not entered into lease liabilities which have not been commenced per 31 December 2023 and con-sequently not included in the balance sheet. For a maturity analysis of lease liabilities, we refer to note 5.5 \u2018Maturity analysis of financial liabilities\u2019.Contractual obligationsOur contractual obligations for property, plant, and equipment at 31 December 2023 mainly related to wind turbines, foundations, and cables, etc., for the construc-tion of offshore wind farms (primarily Borkum Riffgrund 3, Gode Wind 3, Greater Changhua 2b and 4, Hornsea 3, Revolution Wind, South Fork, and Sunrise Wind). The obligations in Onshore mainly related to purchases of wind turbines and solar PV modules.Useful livesBattery storage 15 yearsBuildings 20-50 yearsFixtures and fittings, tools, and equipment 3-10 yearsGas transportation systems (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\u00a7 Accounting policiesIntangible assetsRights are measured at cost less accumulated amortisation 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 identi-fiable net assets of the acquired company. The carrying amount of goodwill is allocated to the Group's cash-generating units, which are the operating segments at the acquisition 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 equipment is depreci-ated by using the straight-line method, the diminishing-balance method, or the reducing- fraction method. The diminishing-balance method and the reducing-fraction method result in decreasing depreciation over the useful life. These methods are used for some of our offshore wind farms.The residual values, useful lives, and meth-ods of depreciation of property, plant, and equipment are reviewed at the end of each financial year 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, compo-nents, sub-suppliers, and labour. Borrowing costs relating to both specific and general borrowing directly attributable to assets under construction with a lengthy construc-tion period are recognised in costs during the construction period. Costs are increased by the present value of the estimated obliga-tions for demolition and decommissioning of assets to the extent that the obligations are recognised as provisions.Subsequent costs, for example in connection with replacement of parts of an item of prop-erty, plant, and equipment, are recognised in the carrying amount of the asset in question when it is probable that future economic bene-fits 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 recog-nised in profit (loss) for the year as incurred.LeasesOur lease assets are classified alongside our owned assets of similar type under property, plant, and equipment. 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 depreciation 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 rea-sonably certain about exercising an option to extend a lease, we will include the lease payments in the option period when calculat-ing 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 components. We allocate the consider-ation in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease com-ponents in accordance with the accounting policy applicable for such items. Non-lease components comprise building services and operating costs of leased vessels, etc.Variable lease expenses are recognised in other external expenses in the period when the condition triggering those payments occurs. Interests of lease liabilities are recog-nised in financial expenses.Each lease payment is separated into repay-ment of the lease liability and payment of interests of the lease liability. Debt repay-ments are classified as cash flows from financing activities, and payment of interests are classified as cash flows from operating activities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__66": {
"value": " Intangible assets, and property, plant, and equipmentNote 3.1Fixtures and Property, plant, Intangible assets, and property, plant, and equipmentIntangible Land and Production fittings, tools, and equipment Property, plant, DKKmassetsbuildingsassetsand equipmentunder constructionand equipmentCost at 1 January 2023 5,707 10,747 179,094 3,076 52,088 245,005Exchange rate adjustments 9 (47) 159 (23) (1,551) (1,462)Additions 19 551 349 889 36,164 37,953Disposals (580) (114) (5,125) - (1,477) (6,716)Adjustment of decommissioning obligations - - (1,803) - 539 (1,264)Reclassified assets 22 16 16,430 98 (16,566) (22)Cost at 31 December 2023 5,177 11,153 189,104 4,040 69,197 273,494Depreciation and amortisation at 1 January 2023 (973) (2,767) (59,102) (1,533) - (63,402)Exchange rate adjustments - (6) (586) (2) . (594)Depreciation and amortisation (59) (614) (8,661) (459) - (9,734)Disposals (16) 41 2,710 - - 2,751Depreciation and amortisation at 31 December 2023 (1,048) (3,346) (65,639) (1,994) - (70,979)Impairment losses at 1 January 2023 (705) - (781) - (3,157) (3,938)Exchange rate adjustments 2 - 17 - 438 455Impairment losses and reversals - (30) (1,058) (4) (18,190) (19,282) 1Disposals - - - - 19 19Impairment losses at 31 December 2023 (703) (30) (1,822) (4) (20,890) (22,746)Carrying amount at 31 December 2023 3,426 7,777 121,643 2,042 48,307 179,7691 We recognised total impairment losses of DKK 26,775 million for the year. Of that amount, DKK 19,282 million are recog-nised under \u2018Property, plant, and equipment\u2019 and DKK 7,493 million under \u2018Provisions\u2019 as \u2018Onerous contracts\u2019. See note 3.2 \u2018Impairments\u2019 and note 3.10 \u2018Provisions and contingent liabili-ties\u2019 for more information. Intangible assetsIntangible assets consist of goodwill of DKK 1,847 million (2022: DKK 1,843 million), carbon emission allowances of DKK 871 million (2022 DKK 1,464 million), other rights of DKK 626 million (2022: DKK 614 million), completed development projects of DKK 61 million (2022: DKK 28 million), and development projects in progress of DKK 21 million (2022: DKK 80 million). Recognised goodwill primarily relates to Onshore Europe. Fixtures and Property, plant, Intangible assets, and property, plant, and equipmentIntangible Land and Production fittings, tools, and equipment Property, plant, DKKmassetsbuildingsassetsand equipmentunder constructionand equipmentCost 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 Lease assetsfittings, tools, and Property, plant, DKKm Land and buildings Production assetsequipmentand equipmentCarrying amount at 1 January 2023 6,409 43 1,157 7,609Exchange rate adjustments (45) 1 (32) (76)Additions 137 4 814 955Disposals (67) - - (67)Impairment (30) - - (30)Depreciation (523) (21) (372) (916)Carrying amount at 31 December 2023 5,881 27 1,567 7,475Lease assetsDKKmCarrying 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)Depreciation (516) (69) (220) (805)Carrying amount at 31 December 2022 6,409 43 1,157 7,609Contractual obligations by segmentDKKm 0-1 year 1-5 years 5-10 years 2023 2022Offshore 38,714 47,298 3 86,015 74,806Onshore 8,282 2,655 - 10,937 13,078Bioenergy & Other 1,528 746 - 2,274 178To t a l 48,524 50,699 3 99,226 88,062Overview of contracts entered into where delivery had not taken place at 31 December 2023.The obligations are measured at nominal value.LeasesWe mainly lease office buildings, service and installa-tion vessels, seabeds related to offshore wind farms, and plots of land related 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 pay-ments are included in the lease liabilities. Expenses for the year relating to variable lease pay-ments not included in lease liabilities were DKK 717 million in 2023 (2022: DKK 609 million). Interests on lease debt expensed in profit (loss) were DKK 308 mil-lion in 2023 (2022: DKK 256 million). Total cash outflow for leases were DKK 1,737 million in 2023 (2022: DKK 1,447 million). We have not entered into lease liabilities which have not been commenced per 31 December 2023 and con-sequently not included in the balance sheet. For a maturity analysis of lease liabilities, we refer to note 5.5 \u2018Maturity analysis of financial liabilities\u2019.Contractual obligationsOur contractual obligations for property, plant, and equipment at 31 December 2023 mainly related to wind turbines, foundations, and cables, etc., for the construc-tion of offshore wind farms (primarily Borkum Riffgrund 3, Gode Wind 3, Greater Changhua 2b and 4, Hornsea 3, Revolution Wind, South Fork, and Sunrise Wind). The obligations in Onshore mainly related to purchases of wind turbines and solar PV modules.Useful livesBattery storage 15 yearsBuildings 20-50 yearsFixtures and fittings, tools, and equipment 3-10 yearsGas transportation systems (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\u00a7 Accounting policiesIntangible assetsRights are measured at cost less accumulated amortisation 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 identi-fiable net assets of the acquired company. The carrying amount of goodwill is allocated to the Group's cash-generating units, which are the operating segments at the acquisition 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 equipment is depreci-ated by using the straight-line method, the diminishing-balance method, or the reducing- fraction method. The diminishing-balance method and the reducing-fraction method result in decreasing depreciation over the useful life. These methods are used for some of our offshore wind farms.The residual values, useful lives, and meth-ods of depreciation of property, plant, and equipment are reviewed at the end of each financial year 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, compo-nents, sub-suppliers, and labour. Borrowing costs relating to both specific and general borrowing directly attributable to assets under construction with a lengthy construc-tion period are recognised in costs during the construction period. Costs are increased by the present value of the estimated obliga-tions for demolition and decommissioning of assets to the extent that the obligations are recognised as provisions.Subsequent costs, for example in connection with replacement of parts of an item of prop-erty, plant, and equipment, are recognised in the carrying amount of the asset in question when it is probable that future economic bene-fits 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 recog-nised in profit (loss) for the year as incurred.LeasesOur lease assets are classified alongside our owned assets of similar type under property, plant, and equipment. 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 depreciation 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 rea-sonably certain about exercising an option to extend a lease, we will include the lease payments in the option period when calculat-ing 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 components. We allocate the consider-ation in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease com-ponents in accordance with the accounting policy applicable for such items. Non-lease components comprise building services and operating costs of leased vessels, etc.Variable lease expenses are recognised in other external expenses in the period when the condition triggering those payments occurs. Interests of lease liabilities are recog-nised in financial expenses.Each lease payment is separated into repay-ment of the lease liability and payment of interests of the lease liability. Debt repay-ments are classified as cash flows from financing activities, and payment of interests are classified as cash flows from operating activities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__67": {
"value": " Intangible assets, and property, plant, and equipmentNote 3.1Fixtures and Property, plant, Intangible assets, and property, plant, and equipmentIntangible Land and Production fittings, tools, and equipment Property, plant, DKKmassetsbuildingsassetsand equipmentunder constructionand equipmentCost at 1 January 2023 5,707 10,747 179,094 3,076 52,088 245,005Exchange rate adjustments 9 (47) 159 (23) (1,551) (1,462)Additions 19 551 349 889 36,164 37,953Disposals (580) (114) (5,125) - (1,477) (6,716)Adjustment of decommissioning obligations - - (1,803) - 539 (1,264)Reclassified assets 22 16 16,430 98 (16,566) (22)Cost at 31 December 2023 5,177 11,153 189,104 4,040 69,197 273,494Depreciation and amortisation at 1 January 2023 (973) (2,767) (59,102) (1,533) - (63,402)Exchange rate adjustments - (6) (586) (2) . (594)Depreciation and amortisation (59) (614) (8,661) (459) - (9,734)Disposals (16) 41 2,710 - - 2,751Depreciation and amortisation at 31 December 2023 (1,048) (3,346) (65,639) (1,994) - (70,979)Impairment losses at 1 January 2023 (705) - (781) - (3,157) (3,938)Exchange rate adjustments 2 - 17 - 438 455Impairment losses and reversals - (30) (1,058) (4) (18,190) (19,282) 1Disposals - - - - 19 19Impairment losses at 31 December 2023 (703) (30) (1,822) (4) (20,890) (22,746)Carrying amount at 31 December 2023 3,426 7,777 121,643 2,042 48,307 179,7691 We recognised total impairment losses of DKK 26,775 million for the year. Of that amount, DKK 19,282 million are recog-nised under \u2018Property, plant, and equipment\u2019 and DKK 7,493 million under \u2018Provisions\u2019 as \u2018Onerous contracts\u2019. See note 3.2 \u2018Impairments\u2019 and note 3.10 \u2018Provisions and contingent liabili-ties\u2019 for more information. Intangible assetsIntangible assets consist of goodwill of DKK 1,847 million (2022: DKK 1,843 million), carbon emission allowances of DKK 871 million (2022 DKK 1,464 million), other rights of DKK 626 million (2022: DKK 614 million), completed development projects of DKK 61 million (2022: DKK 28 million), and development projects in progress of DKK 21 million (2022: DKK 80 million). Recognised goodwill primarily relates to Onshore Europe. Fixtures and Property, plant, Intangible assets, and property, plant, and equipmentIntangible Land and Production fittings, tools, and equipment Property, plant, DKKmassetsbuildingsassetsand equipmentunder constructionand equipmentCost 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 Lease assetsfittings, tools, and Property, plant, DKKm Land and buildings Production assetsequipmentand equipmentCarrying amount at 1 January 2023 6,409 43 1,157 7,609Exchange rate adjustments (45) 1 (32) (76)Additions 137 4 814 955Disposals (67) - - (67)Impairment (30) - - (30)Depreciation (523) (21) (372) (916)Carrying amount at 31 December 2023 5,881 27 1,567 7,475Lease assetsDKKmCarrying 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)Depreciation (516) (69) (220) (805)Carrying amount at 31 December 2022 6,409 43 1,157 7,609Contractual obligations by segmentDKKm 0-1 year 1-5 years 5-10 years 2023 2022Offshore 38,714 47,298 3 86,015 74,806Onshore 8,282 2,655 - 10,937 13,078Bioenergy & Other 1,528 746 - 2,274 178To t a l 48,524 50,699 3 99,226 88,062Overview of contracts entered into where delivery had not taken place at 31 December 2023.The obligations are measured at nominal value.LeasesWe mainly lease office buildings, service and installa-tion vessels, seabeds related to offshore wind farms, and plots of land related 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 pay-ments are included in the lease liabilities. Expenses for the year relating to variable lease pay-ments not included in lease liabilities were DKK 717 million in 2023 (2022: DKK 609 million). Interests on lease debt expensed in profit (loss) were DKK 308 mil-lion in 2023 (2022: DKK 256 million). Total cash outflow for leases were DKK 1,737 million in 2023 (2022: DKK 1,447 million). We have not entered into lease liabilities which have not been commenced per 31 December 2023 and con-sequently not included in the balance sheet. For a maturity analysis of lease liabilities, we refer to note 5.5 \u2018Maturity analysis of financial liabilities\u2019.Contractual obligationsOur contractual obligations for property, plant, and equipment at 31 December 2023 mainly related to wind turbines, foundations, and cables, etc., for the construc-tion of offshore wind farms (primarily Borkum Riffgrund 3, Gode Wind 3, Greater Changhua 2b and 4, Hornsea 3, Revolution Wind, South Fork, and Sunrise Wind). The obligations in Onshore mainly related to purchases of wind turbines and solar PV modules.Useful livesBattery storage 15 yearsBuildings 20-50 yearsFixtures and fittings, tools, and equipment 3-10 yearsGas transportation systems (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\u00a7 Accounting policiesIntangible assetsRights are measured at cost less accumulated amortisation 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 identi-fiable net assets of the acquired company. The carrying amount of goodwill is allocated to the Group's cash-generating units, which are the operating segments at the acquisition 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 equipment is depreci-ated by using the straight-line method, the diminishing-balance method, or the reducing- fraction method. The diminishing-balance method and the reducing-fraction method result in decreasing depreciation over the useful life. These methods are used for some of our offshore wind farms.The residual values, useful lives, and meth-ods of depreciation of property, plant, and equipment are reviewed at the end of each financial year 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, compo-nents, sub-suppliers, and labour. Borrowing costs relating to both specific and general borrowing directly attributable to assets under construction with a lengthy construc-tion period are recognised in costs during the construction period. Costs are increased by the present value of the estimated obliga-tions for demolition and decommissioning of assets to the extent that the obligations are recognised as provisions.Subsequent costs, for example in connection with replacement of parts of an item of prop-erty, plant, and equipment, are recognised in the carrying amount of the asset in question when it is probable that future economic bene-fits 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 recog-nised in profit (loss) for the year as incurred.LeasesOur lease assets are classified alongside our owned assets of similar type under property, plant, and equipment. 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 depreciation 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 rea-sonably certain about exercising an option to extend a lease, we will include the lease payments in the option period when calculat-ing 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 components. We allocate the consider-ation in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease com-ponents in accordance with the accounting policy applicable for such items. Non-lease components comprise building services and operating costs of leased vessels, etc.Variable lease expenses are recognised in other external expenses in the period when the condition triggering those payments occurs. Interests of lease liabilities are recog-nised in financial expenses.Each lease payment is separated into repay-ment of the lease liability and payment of interests of the lease liability. Debt repay-ments are classified as cash flows from financing activities, and payment of interests are classified as cash flows from operating activities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__71-1": {
"value": " Intangible assets, and property, plant, and equipmentNote 3.1Fixtures and Property, plant, Intangible assets, and property, plant, and equipmentIntangible Land and Production fittings, tools, and equipment Property, plant, DKKmassetsbuildingsassetsand equipmentunder constructionand equipmentCost at 1 January 2023 5,707 10,747 179,094 3,076 52,088 245,005Exchange rate adjustments 9 (47) 159 (23) (1,551) (1,462)Additions 19 551 349 889 36,164 37,953Disposals (580) (114) (5,125) - (1,477) (6,716)Adjustment of decommissioning obligations - - (1,803) - 539 (1,264)Reclassified assets 22 16 16,430 98 (16,566) (22)Cost at 31 December 2023 5,177 11,153 189,104 4,040 69,197 273,494Depreciation and amortisation at 1 January 2023 (973) (2,767) (59,102) (1,533) - (63,402)Exchange rate adjustments - (6) (586) (2) . (594)Depreciation and amortisation (59) (614) (8,661) (459) - (9,734)Disposals (16) 41 2,710 - - 2,751Depreciation and amortisation at 31 December 2023 (1,048) (3,346) (65,639) (1,994) - (70,979)Impairment losses at 1 January 2023 (705) - (781) - (3,157) (3,938)Exchange rate adjustments 2 - 17 - 438 455Impairment losses and reversals - (30) (1,058) (4) (18,190) (19,282) 1Disposals - - - - 19 19Impairment losses at 31 December 2023 (703) (30) (1,822) (4) (20,890) (22,746)Carrying amount at 31 December 2023 3,426 7,777 121,643 2,042 48,307 179,7691 We recognised total impairment losses of DKK 26,775 million for the year. Of that amount, DKK 19,282 million are recog-nised under \u2018Property, plant, and equipment\u2019 and DKK 7,493 million under \u2018Provisions\u2019 as \u2018Onerous contracts\u2019. See note 3.2 \u2018Impairments\u2019 and note 3.10 \u2018Provisions and contingent liabili-ties\u2019 for more information.Fixtures and Property, plant, Intangible assets, and property, plant, and equipmentIntangible Land and Production fittings, tools, and equipment Property, plant, DKKmassetsbuildingsassetsand equipmentunder constructionand equipmentCost 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 Lease assetsfittings, tools, and Property, plant, DKKm Land and buildings Production assetsequipmentand equipmentCarrying amount at 1 January 2023 6,409 43 1,157 7,609Exchange rate adjustments (45) 1 (32) (76)Additions 137 4 814 955Disposals (67) - - (67)Impairment (30) - - (30)Depreciation (523) (21) (372) (916)Carrying amount at 31 December 2023 5,881 27 1,567 7,475Lease assetsDKKmCarrying 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)Depreciation (516) (69) (220) (805)Carrying amount at 31 December 2022 6,409 43 1,157 7,609Contractual obligations by segmentDKKm 0-1 year 1-5 years 5-10 years 2023 2022Offshore 38,714 47,298 3 86,015 74,806Onshore 8,282 2,655 - 10,937 13,078Bioenergy & Other 1,528 746 - 2,274 178To t a l 48,524 50,699 3 99,226 88,062Overview of contracts entered into where delivery had not taken place at 31 December 2023.The obligations are measured at nominal value.LeasesWe mainly lease office buildings, service and installa-tion vessels, seabeds related to offshore wind farms, and plots of land related 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 pay-ments are included in the lease liabilities. Expenses for the year relating to variable lease pay-ments not included in lease liabilities were DKK 717 million in 2023 (2022: DKK 609 million). Interests on lease debt expensed in profit (loss) were DKK 308 mil-lion in 2023 (2022: DKK 256 million). Total cash outflow for leases were DKK 1,737 million in 2023 (2022: DKK 1,447 million). We have not entered into lease liabilities which have not been commenced per 31 December 2023 and con-sequently not included in the balance sheet. For a maturity analysis of lease liabilities, we refer to note 5.5 \u2018Maturity analysis of financial liabilities\u2019.Contractual obligationsOur contractual obligations for property, plant, and equipment at 31 December 2023 mainly related to wind turbines, foundations, and cables, etc., for the construc-tion of offshore wind farms (primarily Borkum Riffgrund 3, Gode Wind 3, Greater Changhua 2b and 4, Hornsea 3, Revolution Wind, South Fork, and Sunrise Wind). The obligations in Onshore mainly related to purchases of wind turbines and solar PV modules.Useful livesBattery storage 15 yearsBuildings 20-50 yearsFixtures and fittings, tools, and equipment 3-10 yearsGas transportation systems (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\u00a7 Accounting policiesIntangible assetsRights are measured at cost less accumulated amortisation 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 identi-fiable net assets of the acquired company. The carrying amount of goodwill is allocated to the Group's cash-generating units, which are the operating segments at the acquisition 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 equipment is depreci-ated by using the straight-line method, the diminishing-balance method, or the reducing- fraction method. The diminishing-balance method and the reducing-fraction method result in decreasing depreciation over the useful life. These methods are used for some of our offshore wind farms.The residual values, useful lives, and meth-ods of depreciation of property, plant, and equipment are reviewed at the end of each financial year 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, compo-nents, sub-suppliers, and labour. Borrowing costs relating to both specific and general borrowing directly attributable to assets under construction with a lengthy construc-tion period are recognised in costs during the construction period. Costs are increased by the present value of the estimated obliga-tions for demolition and decommissioning of assets to the extent that the obligations are recognised as provisions.Subsequent costs, for example in connection with replacement of parts of an item of prop-erty, plant, and equipment, are recognised in the carrying amount of the asset in question when it is probable that future economic bene-fits 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 recog-nised in profit (loss) for the year as incurred.LeasesOur lease assets are classified alongside our owned assets of similar type under property, plant, and equipment. 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 depreciation 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 rea-sonably certain about exercising an option to extend a lease, we will include the lease payments in the option period when calculat-ing 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 components. We allocate the consider-ation in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease com-ponents in accordance with the accounting policy applicable for such items. Non-lease components comprise building services and operating costs of leased vessels, etc.Variable lease expenses are recognised in other external expenses in the period when the condition triggering those payments occurs. Interests of lease liabilities are recog-nised in financial expenses.Each lease payment is separated into repay-ment of the lease liability and payment of interests of the lease liability. Debt repay-ments are classified as cash flows from financing activities, and payment of interests are classified as cash flows from operating activities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__83-1": {
"value": " Intangible assets, and property, plant, and equipmentNote 3.1Fixtures and Property, plant, Intangible assets, and property, plant, and equipmentIntangible Land and Production fittings, tools, and equipment Property, plant, DKKmassetsbuildingsassetsand equipmentunder constructionand equipmentCost at 1 January 2023 5,707 10,747 179,094 3,076 52,088 245,005Exchange rate adjustments 9 (47) 159 (23) (1,551) (1,462)Additions 19 551 349 889 36,164 37,953Disposals (580) (114) (5,125) - (1,477) (6,716)Adjustment of decommissioning obligations - - (1,803) - 539 (1,264)Reclassified assets 22 16 16,430 98 (16,566) (22)Cost at 31 December 2023 5,177 11,153 189,104 4,040 69,197 273,494Depreciation and amortisation at 1 January 2023 (973) (2,767) (59,102) (1,533) - (63,402)Exchange rate adjustments - (6) (586) (2) . (594)Depreciation and amortisation (59) (614) (8,661) (459) - (9,734)Disposals (16) 41 2,710 - - 2,751Depreciation and amortisation at 31 December 2023 (1,048) (3,346) (65,639) (1,994) - (70,979)Impairment losses at 1 January 2023 (705) - (781) - (3,157) (3,938)Exchange rate adjustments 2 - 17 - 438 455Impairment losses and reversals - (30) (1,058) (4) (18,190) (19,282) 1Disposals - - - - 19 19Impairment losses at 31 December 2023 (703) (30) (1,822) (4) (20,890) (22,746)Carrying amount at 31 December 2023 3,426 7,777 121,643 2,042 48,307 179,7691 We recognised total impairment losses of DKK 26,775 million for the year. Of that amount, DKK 19,282 million are recog-nised under \u2018Property, plant, and equipment\u2019 and DKK 7,493 million under \u2018Provisions\u2019 as \u2018Onerous contracts\u2019. See note 3.2 \u2018Impairments\u2019 and note 3.10 \u2018Provisions and contingent liabili-ties\u2019 for more information.Fixtures and Property, plant, Intangible assets, and property, plant, and equipmentIntangible Land and Production fittings, tools, and equipment Property, plant, DKKmassetsbuildingsassetsand equipmentunder constructionand equipmentCost 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 48,931 177,665Useful livesBattery storage 15 yearsBuildings 20-50 yearsFixtures and fittings, tools, and equipment 3-10 yearsGas transportation systems (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\u00a7 Accounting policiesIntangible assetsRights are measured at cost less accumulated amortisation 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 identi-fiable net assets of the acquired company. The carrying amount of goodwill is allocated to the Group's cash-generating units, which are the operating segments at the acquisition 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 equipment is depreci-ated by using the straight-line method, the diminishing-balance method, or the reducing- fraction method. The diminishing-balance method and the reducing-fraction method result in decreasing depreciation over the useful life. These methods are used for some of our offshore wind farms.The residual values, useful lives, and meth-ods of depreciation of property, plant, and equipment are reviewed at the end of each financial year 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, compo-nents, sub-suppliers, and labour. Borrowing costs relating to both specific and general borrowing directly attributable to assets under construction with a lengthy construc-tion period are recognised in costs during the construction period. Costs are increased by the present value of the estimated obliga-tions for demolition and decommissioning of assets to the extent that the obligations are recognised as provisions.Subsequent costs, for example in connection with replacement of parts of an item of prop-erty, plant, and equipment, are recognised in the carrying amount of the asset in question when it is probable that future economic bene-fits 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 recog-nised in profit (loss) for the year as incurred.LeasesOur lease assets are classified alongside our owned assets of similar type under property, plant, and equipment. 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 depreciation 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 rea-sonably certain about exercising an option to extend a lease, we will include the lease payments in the option period when calculat-ing 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 components. We allocate the consider-ation in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease com-ponents in accordance with the accounting policy applicable for such items. Non-lease components comprise building services and operating costs of leased vessels, etc.Variable lease expenses are recognised in other external expenses in the period when the condition triggering those payments occurs. Interests of lease liabilities are recog-nised in financial expenses.Each lease payment is separated into repay-ment of the lease liability and payment of interests of the lease liability. Debt repay-ments are classified as cash flows from financing activities, and payment of interests are classified as cash flows from operating activities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__76-1": {
"value": "Fixtures and Lease assetsfittings, tools, and Property, plant, DKKm Land and buildings Production assetsequipmentand equipmentCarrying amount at 1 January 2023 6,409 43 1,157 7,609Exchange rate adjustments (45) 1 (32) (76)Additions 137 4 814 955Disposals (67) - - (67)Impairment (30) - - (30)Depreciation (523) (21) (372) (916)Carrying amount at 31 December 2023 5,881 27 1,567 7,475Lease assetsDKKmCarrying 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)Depreciation (516) (69) (220) (805)Carrying amount at 31 December 2022 6,409 43 1,157 7,609Contractual obligations by segmentDKKm 0-1 year 1-5 years 5-10 years 2023 2022Offshore 38,714 47,298 3 86,015 74,806Onshore 8,282 2,655 - 10,937 13,078Bioenergy & Other 1,528 746 - 2,274 178To t a l 48,524 50,699 3 99,226 88,062Overview of contracts entered into where delivery had not taken place at 31 December 2023.The obligations are measured at nominal value.LeasesWe mainly lease office buildings, service and installa-tion vessels, seabeds related to offshore wind farms, and plots of land related 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 pay-ments are included in the lease liabilities. Expenses for the year relating to variable lease pay-ments not included in lease liabilities were DKK 717 million in 2023 (2022: DKK 609 million). Interests on lease debt expensed in profit (loss) were DKK 308 mil-lion in 2023 (2022: DKK 256 million). Total cash outflow for leases were DKK 1,737 million in 2023 (2022: DKK 1,447 million). We have not entered into lease liabilities which have not been commenced per 31 December 2023 and con-sequently not included in the balance sheet. For a maturity analysis of lease liabilities, we refer to note 5.5 \u2018Maturity analysis of financial liabilities\u2019.LeasesOur lease assets are classified alongside our owned assets of similar type under property, plant, and equipment. 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 depreciation 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 rea-sonably certain about exercising an option to extend a lease, we will include the lease payments in the option period when calculat-ing 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 components. We allocate the consider-ation in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease com-ponents in accordance with the accounting policy applicable for such items. Non-lease components comprise building services and operating costs of leased vessels, etc.Variable lease expenses are recognised in other external expenses in the period when the condition triggering those payments occurs. Interests of lease liabilities are recog-nised in financial expenses.Each lease payment is separated into repay-ment of the lease liability and payment of interests of the lease liability. Debt repay-ments 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__80-1": {
"value": "Contractual obligations by segmentDKKm 0-1 year 1-5 years 5-10 years 2023 2022Offshore 38,714 47,298 3 86,015 74,806Onshore 8,282 2,655 - 10,937 13,078Bioenergy & Other 1,528 746 - 2,274 178To t a l 48,524 50,699 3 99,226 88,062Overview of contracts entered into where delivery had not taken place at 31 December 2023.The obligations are measured at nominal value.Contractual obligationsOur contractual obligations for property, plant, and equipment at 31 December 2023 mainly related to wind turbines, foundations, and cables, etc., for the construc-tion of offshore wind farms (primarily Borkum Riffgrund 3, Gode Wind 3, Greater Changhua 2b and 4, Hornsea 3, Revolution Wind, South Fork, and Sunrise Wind). The obligations in Onshore mainly related to purchases of wind turbines and solar PV modules.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__79-1": {
"value": "Contractual obligations by segmentDKKm 0-1 year 1-5 years 5-10 years 2023 2022Offshore 38,714 47,298 3 86,015 74,806Onshore 8,282 2,655 - 10,937 13,078Bioenergy & Other 1,528 746 - 2,274 178To t a l 48,524 50,699 3 99,226 88,062Overview of contracts entered into where delivery had not taken place at 31 December 2023.The obligations are measured at nominal value.Contractual obligationsOur contractual obligations for property, plant, and equipment at 31 December 2023 mainly related to wind turbines, foundations, and cables, etc., for the construc-tion of offshore wind farms (primarily Borkum Riffgrund 3, Gode Wind 3, Greater Changhua 2b and 4, Hornsea 3, Revolution Wind, South Fork, and Sunrise Wind). The obligations in Onshore mainly related to purchases of wind turbines and solar PV modules.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 insur-ance 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 sig-nificantly impact \u00d8rsted's financial position, neither individually nor collectively.We have been party to actions relating to the Danish competition authorities' claim that the former Elsam A/S and Elsam Kraft A/S (\u2018Elsam\u2019), now part of \u00d8rsted, charged excessive prices in the Danish wholesale power market in the period 1 July 2003 to 31 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 their customers, and others have filed claims for damages, which are still pending. The biggest claim was filed in 2007 before the Copenhagen Maritime & Com-mercial Court, amounting to approx. DKK 4.4 billion with addition of litigation interest. The case is at the moment under preparation for the Maritime & Commercial Court.\u00d8rsted is involved in ongoing transfer pricing dis-putes. For further information, we refer to section 4.1 \u2018Approach to taxes\u2019.Change of controlSome of our activities are subject to consents, permits, and licences granted by public authorities. We may be faced with a claim for acceptance of any transfer, possibly with additional terms and conditions, if the Danish state holds less than 50 % of the share capi-tal or voting rights in \u00d8rsted A/S. Read more in note 5.1 \u2018Interest-bearing net debt and FFO\u2019.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__86": {
"value": "Intangible assetsRights are measured at cost less accumulated amortisation 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 identi-fiable net assets of the acquired company. The carrying amount of goodwill is allocated to the Group's cash-generating units, which are the operating segments at the acquisition 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 equipment is depreci-ated by using the straight-line method, the diminishing-balance method, or the reducing- fraction method. The diminishing-balance method and the reducing-fraction method result in decreasing depreciation over the useful life. These methods are used for some of our offshore wind farms.The residual values, useful lives, and meth-ods of depreciation of property, plant, and equipment are reviewed at the end of each financial year 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, compo-nents, sub-suppliers, and labour. Borrowing costs relating to both specific and general borrowing directly attributable to assets under construction with a lengthy construc-tion period are recognised in costs during the construction period. Costs are increased by the present value of the estimated obliga-tions for demolition and decommissioning of assets to the extent that the obligations are recognised as provisions.Subsequent costs, for example in connection with replacement of parts of an item of prop-erty, plant, and equipment, are recognised in the carrying amount of the asset in question when it is probable that future economic bene-fits 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 recog-nised in profit (loss) for the year as incurred.LeasesOur lease assets are classified alongside our owned assets of similar type under property, plant, and equipment. 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 depreciation 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 rea-sonably certain about exercising an option to extend a lease, we will include the lease payments in the option period when calculat-ing 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 components. We allocate the consider-ation in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease com-ponents in accordance with the accounting policy applicable for such items. Non-lease components comprise building services and operating costs of leased vessels, etc.Variable lease expenses are recognised in other external expenses in the period when the condition triggering those payments occurs. Interests of lease liabilities are recog-nised in financial expenses.Each lease payment is separated into repay-ment of the lease liability and payment of interests of the lease liability. Debt repay-ments are classified as cash flows from financing activities, and payment of interests are classified as cash flows from operating activities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__70": {
"value": "Intangible assetsRights are measured at cost less accumulated amortisation 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 identi-fiable net assets of the acquired company. The carrying amount of goodwill is allocated to the Group's cash-generating units, which are the operating segments at the acquisition 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:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__69": {
"value": "Intangible assetsRights are measured at cost less accumulated amortisation 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 identi-fiable net assets of the acquired company. The carrying amount of goodwill is allocated to the Group's cash-generating units, which are the operating segments at the acquisition 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:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__68": {
"value": "Intangible assetsRights are measured at cost less accumulated amortisation 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 identi-fiable net assets of the acquired company. The carrying amount of goodwill is allocated to the Group's cash-generating units, which are the operating segments at the acquisition 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:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__73": {
"value": "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 equipment is depreci-ated by using the straight-line method, the diminishing-balance method, or the reducing- fraction method. The diminishing-balance method and the reducing-fraction method result in decreasing depreciation over the useful life. These methods are used for some of our offshore wind farms.The residual values, useful lives, and meth-ods of depreciation of property, plant, and equipment are reviewed at the end of each financial year 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, compo-nents, sub-suppliers, and labour. Borrowing costs relating to both specific and general borrowing directly attributable to assets under construction with a lengthy construc-tion period are recognised in costs during the construction period. Costs are increased by the present value of the estimated obliga-tions for demolition and decommissioning of assets to the extent that the obligations are recognised as provisions.Subsequent costs, for example in connection with replacement of parts of an item of prop-erty, plant, and equipment, are recognised in the carrying amount of the asset in question when it is probable that future economic bene-fits 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 recog-nised in profit (loss) for the year as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__74": {
"value": "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, compo-nents, sub-suppliers, and labour. Borrowing costs relating to both specific and general borrowing directly attributable to assets under construction with a lengthy construc-tion period are recognised in costs during the construction period. Costs are increased by the present value of the estimated obliga-tions for demolition and decommissioning of assets to the extent that the obligations are recognised as provisions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__75": {
"value": "Subsequent costs, for example in connection with replacement of parts of an item of prop-erty, plant, and equipment, are recognised in the carrying amount of the asset in question when it is probable that future economic bene-fits 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 recog-nised in profit (loss) for the year as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__77": {
"value": "LeasesOur lease assets are classified alongside our owned assets of similar type under property, plant, and equipment. 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 depreciation 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 rea-sonably certain about exercising an option to extend a lease, we will include the lease payments in the option period when calculat-ing 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 components. We allocate the consider-ation in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease com-ponents in accordance with the accounting policy applicable for such items. Non-lease components comprise building services and operating costs of leased vessels, etc.Variable lease expenses are recognised in other external expenses in the period when the condition triggering those payments occurs. Interests of lease liabilities are recog-nised in financial expenses.Each lease payment is separated into repay-ment of the lease liability and payment of interests of the lease liability. Debt repay-ments 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__87": {
"value": "ImpairmentsNote 3.2Impairment losses on segment levelDKKm 2023 2022Offshore 25,526 2,529Onshore 927 -Bioenergy & Other 322 -Total impairment losses 26,775 2,529WACC levels%Base discount rate applied for the US 5.50 \u2013 7.00 %The base discount rate after tax applied for the value-in-use calcula-tion is determined per CGU.On 29 August 2023, we announced anticipated impair-ments on our US portfolio due to adverse impacts related to the supply chain, lack of favourable pro-gress in investment tax credit (ITC) guidance, and increased interest rates. Following this, we recognised impairment losses of DKK 28.4 billion in our interim financial report for the first nine months of 2023. We have updated our impairment calculations as of 31 December 2023. Management has taken the above-mentioned impacts and other related risks and inherent uncertainties into consideration when estimating the future cash flows for the value-in-use calculations of our cash-generating units (CGUs). Based on this, our impairment tests prepared in Q4 2023 have resulted in a reversal of impairment losses of DKK 1.6 billion, mainly driven by a decrease in the US long-dated interest rate from 30 September to 31 December 2023, which lowered our WACCs. Thus, we have recognised total impairment losses of DKK 26.8 billion in 2023. In 2022, we recognised impairment losses of DKK 2.5 billion related to Sunrise Wind. Ceasing development of Ocean Wind 1On 31 October, we decided to cease the development of Ocean Wind 1 in the form it was awarded by the New Jersey Board of Public Utilities. In the wake of the COVID-19 pandemic and Russia's invasion of Ukraine, Ocean Wind 1 had been faced with a variety of chal-lenges, such as higher costs of capital (US risk-free rate increasing by approx. 300 bps from the award in 2019), cost inflation, supply chain challenges, and slow permitting. As explained in our interim financial report for the first nine months of 2023, the decision to cease the devel-opment was taken after additional supplier delays further impacted the project schedule, which led to an additional significant delay to the project. In addi-tion, we had updated our view on certain assump-tions, including tax credit monetisation and the timing and likelihood of final construction permits. Finally, continued increases to long-dated US interest rates had further deteriorated the business case. We also ceased the development of Ocean Wind 2, which did not lead to an impairment as the carrying amount was insignificant. Costs related to fulfilling and cancelling contracts were recognised as \u2018Other operating expenses\u2019 when the obligation arose and to the extent these exceeded the provision for onerous contracts made as part of the impairment losses recognised in our interim report for the first nine months of 2023. See note 3.10 \u2018Provi-sions and contingent liabilities\u2019 for more information about the cancellation fees and the provisions made in relation to this. Impairment testThe circumstances and assumptions with the most significant impairment impact and high involvement of estimates and uncertainties are described in the following sections. CGUs in OffshoreThe cash-generating units (CGUs) are made up of individual offshore wind farms or seabeds, each of which generates cash flows for the segment independently of each other.Significant CGUsEurope: Baltica 2, Baltica 3, Borkum Riffgrund 1, Borkum Riffgrund 2, Borkum Riffgrund 3, Borssele 1 & 2, Gode Wind 1, Gode Wind 2, Gode Wind 3, Hornsea 1, Hornsea 2, Hornsea 3, Race Bank, Walney, and Walney Extension.The US: Block Island, Revolution Wind, Skipjack Wind (seabed), South Fork, Sunrise Wind, and Ocean Wind 1 (seabed). APAC: Greater Changhua 1 and 2a and Greater Changhua 2b and 4. CGUs in OnshoreThe CGUs are made up of individual onshore wind and solar farms, each of which generates cash flows for the segment independently of each other.Significant CGUsThe US: Amazon, Eleven Mile, Ford Ridge, Hay-stack, Helena Energy Center, Lincoln Land Wind, Lockett, Muscle Shoals, Old 300, Permian Energy Center, Sage Draw Wind, Sunflower Wind, Tahoka Wind, Western Trail, and Willow Springs Wind. Europe: Portfolio of projects.CGUs in Bioenergy & OtherThe Danish CHP plants constitute a single CGU, as overall production planning is for the entire Danish portfolio. In addition, the Danish offshore gas pipeline system is deemed to constitute an independent CGU.Significant CGUsCentral CHP plants (including goodwill) and the offshore gas pipeline system.ITC bonus credits Sensitivity impactassumed in impairment testsDKK billion40 % ITC bonus credits, CGUsImpairment Recoverable ITC bonus Probability No ITC 100 % +50 bps -50 bps DKKmlossesamountcreditsweightingbonus creditsprobabilityWAC CWAC COcean Wind 1 19,875 n.a. n.a. n.a. n.a n.a n.a n.aSunrise Wind 2,069 2,006 10 % 95 % (1.4) 0.1 (0.7) 0.7Revolution Wind 2,706 3,723 10 % 95 % (1.0) 0.1 (0.6) 0.6South Fork 554 2,993 10 % 0 % n.a n.a (0.2) 0.2Block Island 322 1,304 n.a n.a n.a n.a 0.0 0.0Offshore 25,526 10,026Onshore 927 2,667 n.a n.a n.a n.a. (0.3) 0.3Bioenergy & Other 322 n.a.To t a l 26,775 12,693 Supply chain (including revenue and OPEX)The Ocean Wind 1, Sunrise Wind, and Revolution Wind projects have been adversely impacted by supply chain bottlenecks on top of the cost inflation experi-enced in recent years. In late August, we concluded that risks remained in the suppliers' ability to deliver on their commitments and contracted schedules, in part due to worldwide vessel scarcity. These risks could create knock-on effects, requiring future remo-bilisations to finish installation as well as potentially delayed revenues, extra costs, and other business case implications. At 31 December 2023, these risks are still present, and assumptions and estimates in relation to these risks have been reassessed and taken into consideration in our impairment calculations. Further, our impairment tests are based on a probability- weighted assess-ment of the likelihood of these and other supply chain impacts. While we are taking mitigating actions to the extent possible, we continue to see risks, especially regarding vessel availability.The effect from changes in supplier-related assump-tions, including derived impacts on revenue and OPEX, has led to an impairment loss of DKK 17.8 bil-lion and relates to our US offshore projects. The main part relates to Ocean Wind 1. Furthermore, we now assume a new installation approach with a longer timeline for Revolution Wind and Sunrise Wind. Investment tax credit guidanceThe 2022 Inflation Reduction Act (IRA) reaffirmed the existing 30 % ITC for all US offshore projects. The IRA also made two additional 10 % ITC bonus credits available to projects meeting \u2018domestic con-tent\u2019 and \u2018energy community\u2019 criteria. Projects can qualify for one or both ITC bonus credits. The US treasury has provided preliminary guidance on how \u2018energy community\u2019 and \u2018domestic content\u2019 requirements will be defined and implemented by the Internal Revenue Service (IRS), and which exemptions to the requirements may be allowed.Estimation uncertainty and sensitivity analysesDue to the impairments recognised, estimation uncertainty exists on the assets impaired. The assumptions with major uncertainties include investment tax credits, interest rates, OREC levels, and the supply chain. The sensitivity analyses presented in the table show the related impact on impairment losses when a change in a given assumption increases or decreases the \u2018value-in-use\u2019 for our CGUs. The analyses are performed with all other assumptions unchanged. We have included sensitivity analyses of impairment effects if WACC levels or assumptions related to ITC bonus credits change. The high probabilities for Revolution Wind and Sunrise Wind qualifying for the additional 10 % ITC bonus credits are based on our assessment that the onshore substations are located on brownfield sites as defined by the current \u2018energy community\u2019 guidance. If WACC had increased by 50 basis points in the impairment test of e.g. Revolution Wind as of 31 December 2023, the impairment loss would have been DKK 0.6 billion higher.If we had not included the probability-weighted additional 10 % ITC bonus credits in the impairment test of e.g. Revolution Wind as of 31 December 2023, the impairment loss would have been DKK 1.0 billion higher. Impairment breakdown on balance sheetThe total impairment losses are recognised with DKK 19,282 million under \u2018Property, plant, and equipment\u2019 and DKK 7,493 million under \u2018Provisions\u2019 as \u2018Onerous contracts\u2019. In our impairment testing, we have assumed a 95 % probability of achieving an additional 10 % ITC bonus credit for Revolution Wind and Sunrise Wind due to the brownfield status of both sites under the current \u2018energy community\u2019 guidance. These assumptions are unchanged compared to our expectations as of 30 Sep-tember 2023 and 31 December 2022. However, for Ocean Wind 1, we reduced the probability of achieving an additional 10 % ITC bonus credit from 95 % at the end of 2022 to 15 % as of 30 September 2023. As at 31 December 2023, Ocean Wind 1 is terminated, and the probability of achieving ITC is no longer relevant. For the impairment testing in September, we changed our tax credit monetisation assumptions as a result of the deterioration of the business cases and our understanding of market conditions for third-party tax monetisation of US offshore wind ITCs. These changes, which were kept in December, had a negative impact on the recoverable amounts. The effect from the change in assumptions related to achieving and monetising ITCs for offshore projects is included in the impairment loss with DKK 4.7 billion.Sunrise Wind OREC priceIn 2019, Sunrise Wind signed a 25-year OREC purchase-and-sale agreement with the New York State Energy Research and Development Authority (NYSERDA), with an OREC strike price at USD 110 per MWh.In June 2023, we submitted a petition to the state of New York to increase the OREC price by 27 % to USD 140 per MWh due to significant cost and inflation increases since the agreement was entered into. This petition was denied by the state on 12 October 2023.Following the rejected petition and the outcome of the New York 3 tender in October, the state of New York commenced a new solicitation for capacity with bid deadline on 25 January 2024. Together with our partner, we decided to rebid our Sunrise Wind project at a bid price level reflecting the current component and financing costs. As a consequence of participating in the solicitation, the OREC awarded in 2019 is no longer valid, meaning that we will have a merchant project if we do not get an award. In our impairment test for Q4 2023, we have assumed a 75 % probability of achieving an award, whereas we assumed a 50 % probability of an award in the impairment test prepared in Q3 2023. The higher applied probability weighting is based on the evaluation criteria of the request for proposal (RFP), the size of the solicitation, a competitor analysis, and the price level we submitted.If we get an award, the impairment loss will be reduced by approx. DKK 1.8 billion. If we do not get an award, the impairment loss will be approx. DKK 5.5 billion higher. These sensitivity analyses are performed with \u00a7 Accounting policiesFor the purpose of assessing impairment losses, \u2018Intangible assets\u2019, and \u2018Property, plant, and equip-ment\u2019 are grouped at the level for which there are separately identifiable cash flows (cash-generating units (CGUs)). CGUs are assessed for impairment whenever events or circumstances indicate that the carrying amount of an asset or CGU may not be recoverable. If any indication of impairment exists, an estimate of the asset's or CGU's recoverable amount is made. 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. Value-in-use calcu-lations are based on management's expectations to future cash flows from financial forecasts and business plans and include a number of assump-tions and estimates. Fair value less costs of dis-posal is used for seabeds and is based on a multiple analysis and discounted cash flow models, if a business case is available. Estimating expected cash flows involves a number of assumptions and estimates. In the US, key esti-mates and assumptions for the forecast periods are CAPEX (including knock-on effects from supplier delays, etc.), inflation, terms of conditions in new power purchase agreements, possible renegotia-tions of existing ORECs (which do not have inflation indexation), eligibility for bonus ITCs, and tax equity arrangements or alternative ways of monetising the ITCs. All these key estimates and assumptions are determined specifically for each 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. 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's recoverable amount. Reversal of an impairment loss is recognised as income in the income statement net of deprecia-tion if no impairment loss had been recognised for the CGU. all other assumptions unchanged. The outcome of the solicitation is expected in March. Increasing interest ratesThe US long-dated interest rate has increased signifi-cantly during the last couple of years and took another increase of approx. 75 bps from 30 June to 30 Septem-ber 2023, after which it decreased approx. 50 bps from 30 September to 31 December 2023. The effect from the increase and subsequent decrease in the interest rate was asymmetrical, as we terminated the Ocean Wind 1 project on 31 October 2023. The net effect of the change in interest rate assumptions was an impairment of DKK 4.4 billion after reversing losses of DKK 1.9 billion compared to the recognised impair-ment loss in our interim financial report for the first nine months of 2023. These impairment losses relate to our US offshore and onshore projects.Seabed value of Ocean Wind 1 and Skipjack WindWhen estimating the recoverable amount of the sea-beds related to Ocean Wind 1 and Skipjack Wind, we have used the approach \u2018fair value less costs of dis-posal\u2019 (FVLCD) to determine if the carrying amounts exceed the recoverable amounts.We have used multiple analysis and discounted cash flow models where a business case is available to estimate the recoverable amount of the seabeds. These valuations are subject to significant uncertain-ties. There are limited transactions for seabeds in the market and limited auctions reflecting what a third party could obtain as a PPA (OREC) price in a re-bid or new tender under the current component and financ-ing costs. Our assessments include comparisons with current merchant prices, such as the winning prices in the New York 3 round, multiples from the 2022 NY Bight Bureau of Ocean Energy Management (BOEM) lease auction, and other relevant lease sales in the US, such as in North Carolina and California. The fair value measurements are categorised as level 3 of the fair value hierarchy. Potential consequences of further adverse developmentIn addition to the sensitivities described, further adverse developments may lead us to cease develop-ment of or reconfigure projects currently under devel-opment. Besides impairing the capitalised value of these projects, ceasing to develop projects could lead to compensation to suppliers or other stakeholders for cancelling contracts. Costs related to cancel-ling contracts will be recognised as \u2018Other operating expenses\u2019 in our income statement (part of EBITDA) when the obligation arises, and to the extent these exceed already recognised onerous contracts.Impairment losses relating to intangible assetsWe have not recognised any material impairment losses to goodwill or other intangible assets in 2023. Goodwill primarily relates to Onshore Europe. Key accounting estimateKey assumptions in impairment testsValue-in-use calculations are based on manage-ment's expectations to future cash flows from financial budgets and forecasts and include a number of assumptions and estimates. These assumptions include construction sched-ules, estimates of future market conditions, CAPEX, market prices of energy and commodi-ties, 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 avail-able 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 in Europe, an assump-tion 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 Europe. While there are inherent uncertainties in the assumptions, the assumptions reflect man-agement's best estimate over the lives of the Group's CGUs.",
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"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__89": {
"value": "For the purpose of assessing impairment losses, \u2018Intangible assets\u2019, and \u2018Property, plant, and equip-ment\u2019 are grouped at the level for which there are separately identifiable cash flows (cash-generating units (CGUs)). CGUs are assessed for impairment whenever events or circumstances indicate that the carrying amount of an asset or CGU may not be recoverable. If any indication of impairment exists, an estimate of the asset's or CGU's recoverable amount is made. 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. Value-in-use calcu-lations are based on management's expectations to future cash flows from financial forecasts and business plans and include a number of assump-tions and estimates. Fair value less costs of dis-posal is used for seabeds and is based on a multiple analysis and discounted cash flow models, if a business case is available. Estimating expected cash flows involves a number of assumptions and estimates. In the US, key esti-mates and assumptions for the forecast periods are CAPEX (including knock-on effects from supplier delays, etc.), inflation, terms of conditions in new power purchase agreements, possible renegotia-tions of existing ORECs (which do not have inflation indexation), eligibility for bonus ITCs, and tax equity arrangements or alternative ways of monetising the ITCs. All these key estimates and assumptions are determined specifically for each 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. 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's recoverable amount. Reversal of an impairment loss is recognised as income in the income statement net of deprecia-tion if no impairment loss had been recognised for the CGU.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__88": {
"value": "For the purpose of assessing impairment losses, \u2018Intangible assets\u2019, and \u2018Property, plant, and equip-ment\u2019 are grouped at the level for which there are separately identifiable cash flows (cash-generating units (CGUs)). CGUs are assessed for impairment whenever events or circumstances indicate that the carrying amount of an asset or CGU may not be recoverable. If any indication of impairment exists, an estimate of the asset's or CGU's recoverable amount is made. 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. Value-in-use calcu-lations are based on management's expectations to future cash flows from financial forecasts and business plans and include a number of assump-tions and estimates. Fair value less costs of dis-posal is used for seabeds and is based on a multiple analysis and discounted cash flow models, if a business case is available. Estimating expected cash flows involves a number of assumptions and estimates. In the US, key esti-mates and assumptions for the forecast periods are CAPEX (including knock-on effects from supplier delays, etc.), inflation, terms of conditions in new power purchase agreements, possible renegotia-tions of existing ORECs (which do not have inflation indexation), eligibility for bonus ITCs, and tax equity arrangements or alternative ways of monetising the ITCs. All these key estimates and assumptions are determined specifically for each 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. 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's recoverable amount. Reversal of an impairment loss is recognised as income in the income statement net of deprecia-tion if no impairment loss had been recognised for the CGU.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__90": {
"value": "Acquisition of enterprisesNote 3.3Cash flows used for acquisitionsDKKm 2023 2022Fair value at time of acquisition:Other intangible assets than goodwill - 167Property, plant, and equipment - 2,342Joint ventures - 339Contract assets and liabilities, net - (76)Trade receivables - 135Other receivables - 73Receivables from associates and joint ventures - 174Cash - 432Interest-bearing debt, excl. lease liabilities - (437)Provisions - (10)Derivatives - -Deferred tax - (525)Other liabilities - (234)Net assets acquired - 2,380Goodwill - 1,718Purchase price - 4,098Cash, available and acquired - (432)Contingent consideration - -Accrued purchase price - (260)Cash flow used for acquisition of enterprises - 3,406Purchase price - 4,091Adjustments for cash - (432)Adjustments for interest-bearing debt - 437Adjustments for other debt and net working capital items - (65)Adjustments for cash, debt, and net working capital items in JVs - 1,118Enterprise value - 5,149We had no acquisition of enterprises during 2023. On 19 September 2022, we acquired Ostwind, a German and French onshore wind platform. The acqui-sition of Ostwind constituted \u00d8rsted's entry into the sizeable and growing German and French onshore markets and substantially expanded \u00d8rsted's onshore footprint in Europe. During 2023, the opening balances for Ostwind have been finalised without any adjustments to the provi-sional opening balances. \u00a7 Accounting policiesAcquisition of enterprises is recognised using the acquisition method. Under this method, assets and liabilities as well as contingent lia-bilities 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 determined 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 liabilities are valued using the approach we find most rele-vant 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 con-solidated 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 the opening balance. Post- acquisition, this fair value is recognised as an adjustment to revenue over the duration of the contract, based on the fair value calculation at the time of the acquisition.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__92": {
"value": "Acquisition of enterprises is recognised using the acquisition method. Under this method, assets and liabilities as well as contingent lia-bilities 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 determined 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 liabilities are valued using the approach we find most rele-vant 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 con-solidated 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 the opening balance. Post- acquisition, this fair value is recognised as an adjustment to revenue over the duration of the contract, based on the fair value calculation at the time of the acquisition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__91": {
"value": "Acquisition of enterprises is recognised using the acquisition method. Under this method, assets and liabilities as well as contingent lia-bilities 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 determined 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 liabilities are valued using the approach we find most rele-vant 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 con-solidated 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 the opening balance. Post- acquisition, this fair value is recognised as an adjustment to revenue over the duration of the contract, based on the fair value calculation at the time of the acquisition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__93": {
"value": "InventoriesNote 3.4Inventories DKKm 2023 2022Offshore transmission assets 3,944 5,119Biomass 928 778Coal 566 1,169Gas 2,167 4,557Oil 339 354Green certificates 2,371 2,053Carbon emission allowances (purchased) 213 49Other 11 24Total inventories 10,539 14,103Inventories recognised as an expense in \u2018Cost of sales\u2019 during the year 9,626 15,427Inventories measured at fair value are disclosed in note 6.6 \u2018Fair value measurement\u2019.\u2018Offshore transmission assets\u2019 relates to the Hornsea 3 transmission asset. The remaining 50 % of the Hornsea 2 transmission asset was divested in 2023.\u2018Gas\u2019 primarily relates to our gas trade activities. \u2018Green certificates\u2019 are primarily renewable obliga-tion certificates (ROCs), which are issued to renewable energy power generators in the UK. \u00a7 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 costs 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 month's purchase price, including transport costs. Purchased carbon emission allowances are measured at market value. Green certificates, which we earn by generat-ing 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, deter-mined on a first-in, first-out basis (e.g. for coal and biomass) or by net realisable 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__95-1": {
"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 costs 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 month's purchase price, including transport costs. Purchased carbon emission allowances are measured at market value. Green certificates, which we earn by generat-ing 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, deter-mined on a first-in, first-out basis (e.g. for coal and biomass) or by net realisable 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.Market value adjustments of physical and financial contracts relating to energy that are entered into with the purpose of generating gains from short-term price changes are recognised as revenue.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__94": {
"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 costs 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 month's purchase price, including transport costs. Purchased carbon emission allowances are measured at market value. Green certificates, which we earn by generat-ing 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, deter-mined on a first-in, first-out basis (e.g. for coal and biomass) or by net realisable 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__100": {
"value": "Trade receivablesNote 3.6Trade receivables DKKm 2023 2022Trade receivables, not due 10,480 11,025Trade receivables, 1-30 days overdue 291 892Trade receivables, more than 30 days overdue 358 835Trade receivables, write-downs (22) (51)Total trade receivables 11,107 12,701We continuously perform credit ratings of our cus-tomers. For customers with a general credit risk, a write-down of 0-1 % is carried out on initial recognition. In 2023, we have written-down a loan given to sup-port US suppliers in the amount of DKK 571 million, which we do not expect to recover after the termina-tion of Ocean Wind 1 and 2. Except for this, we have not made any write-downs of receivables in 2023 or 2022. Reversal of write-downs was DKK 29 million.\u00a7 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 receiv-able 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:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__98-1": {
"value": "Trade receivablesNote 3.6Trade receivables DKKm 2023 2022Trade receivables, not due 10,480 11,025Trade receivables, 1-30 days overdue 291 892Trade receivables, more than 30 days overdue 358 835Trade receivables, write-downs (22) (51)Total trade receivables 11,107 12,701We continuously perform credit ratings of our cus-tomers. For customers with a general credit risk, a write-down of 0-1 % is carried out on initial recognition. In 2023, we have written-down a loan given to sup-port US suppliers in the amount of DKK 571 million, which we do not expect to recover after the termina-tion of Ocean Wind 1 and 2. Except for this, we have not made any write-downs of receivables in 2023 or 2022. Reversal of write-downs was DKK 29 million.\u00a7 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 receiv-able 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 2023 2022Receivables from the divestment of assets and enterprises 1,472 7,644Receivables from the divestment of equity investments to non-controlling interests 735 713Collateral provided 14,773 5,888Cash, not available for use 481 2,471VAT and other indirect tax receivables 1,640 1,392Prepayments 1,265 870Deposits 308 624Other 2,990 3,930Total other receivables 13,664 23,532Of which, working capital 6,739 9,896Of which, other capital employed 1,847 7,876Of which, interest-bearing net debt 5,078 5,7601 The collateral provided by the Group is receivables from banks in connection with hedging activities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__99": {
"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 receiv-able 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__101-1": {
"value": "Supply chain financeNote 3.72023 2022Of which is paid Of which is paid Supply chain finance \u2013 liabilities paid by supplier finance banksRecognised in by supplier Recognised in by supplier DKKmbalance sheetfinance banksbalance sheetfinance banksTrade payables 14,915 1,571 20,641 482 We have entered into supply chain finance agreements with a limited number of suppliers. This provides the supplier with the possibility of requesting the partici-pating bank to pay the invoice before our due date.We expect that more of our suppliers will make use of supply chain finance in the future.\u2018Trade payables\u2019, to which supplier financing is offered, retain their classification in our balance sheet.Liabilities that are part of supply chain finance are due 120-180 days after invoice date. Comparable liabilities that are not part of supply chain finance are due up to 90 days after invoice date.Other payablesDKKmM&A related liabilities 2,753 4,203Payables related to the divestment of assets 22,900 2,904Accrued interest 3,097 2,358Collateral received 3287 1,184Salary-related items payable 844 671VAT and other indirect taxes payable 535 593Other deferred income 104 345Other 1,978 2,623Total other payables 12,498 14,881Of which, working capital 3,306 3,384Of which, other capital employed 5,854 6,574Of which, interest-bearing net debt 3,338 4,9232 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 the hedging of derivatives.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__106": {
"value": " Tax equity liabilitiesNote 3.9Tax equity liabilitiesDKKm 2023 2022Balance at 1 January 16,393 14,564Contribution received from tax equity partners 2,942 1,945Additions from acquisitions - 643Tax attributes and PTCs/ITCs recognised in other operating income (2,531) (2,521)Cash paid to tax equity partners (219) (301)Tax equity partners' contractual return 965 1,134Exchange rate adjustments (543) 929Balance at 31 December 17,007 16,393Of which, working capital 15,811 15,157Of which, interest-bearing debt 1,196 1,236In the US, we have fifteen operational wind and solar farms with tax equity partners. During 2023, we com-missioned the onshore wind farm Sunflower, and we received a tax equity contribution from our partner for this project. We also received a tax equity contri-bution related to our offshore wind farm South Fork, which is still under construction. 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 gener-ally does not have an operational role in the project. The partner receives a contractually agreed return on the contribution. In order to \u2018repay\u2019 the initial contri-bution and the return, a disproportionate share of the production tax credits (PTCs) or the investment tax credits (ITCs) and other tax attributes (accelerated tax depreciation and other taxable results) are allocated to the partner during the first part of the project's lifetime. The partner also receives some cash pay-ment-based percentages specified in the partnership agreements. Once the partner receives the agreed return, the agreement flips, and the partner is typi-cally entitled to a minor part of the cash distributions from the project, unless we repurchase this right from them, which is highly likely.\u00a7 Accounting policiesDue to the operational and financial nature of the tax equity partnerships, we normally have the power to affect relevant activites and make deci-sions for the projects as the managing partner in the agreements. Therefore, we normally fully con-solidate companies that have tax equity partners.The tax equity contribution generally has the char-acteristics of a liability as the initial contribution is repaid, including an agreed return, and the partner does not share in the risks of the project in the same way as a shareholder. As such, the contribution is accounted for as a lia-bility and measured at amortised cost. The liability is based on the expected method of repayment and is divided into: \u00b7 a net working capital element to be repaid through PTCs/ITCs and other tax attributes \u00b7 an interest-bearing debt element expected to be repaid through cash distributions.The partner's agreed return is expensed as a finan-cial expense and is recognised as an increase of the tax equity liability. PTCs, ITCs and other tax attributes transferred to the tax equity partner are recognised as other operating income. PTCs are recognised in the periods earned, while ITCs and other tax attributes are recognised on a straight-line basis over the estimated contractual length of the partnership. In addition to the above, we recognise a liability for the expected purchase price for the partner's post-flip rights to cash distributions. This liabil-ity 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's post-flip rights, and they are part of the financial costs of the arrangement. Key accounting judgementRecognition of tax equity partnerships On formation of a tax equity partnership, we assess the appropriate recognition of the partner's contri-bution as well as the method of recognition for the elements used to repay the partner, such as PTCs, ITCs, and tax attributes. When assessing the recognition of the partner's contribution, we look at: \u00b7 the expected flows of PTCs/ITCs, tax attributes, and cash payments to the partner \u00b7 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 contribution as working capital or interest-bearing debt are affected by our expectation to the size, method, and timing of repayments.Government support in the US In the US, PTCs, ITCs, and other tax attributes are used to incentivise investment in renewable energy assets \u2013 similar to subsidies in other countries.",
"dimensions": {
"concept": "ORS:DisclosureOfTaxEquityLiabilities",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__107": {
"value": "Due to the operational and financial nature of the tax equity partnerships, we normally have the power to affect relevant activites and make deci-sions for the projects as the managing partner in the agreements. Therefore, we normally fully con-solidate companies that have tax equity partners.The tax equity contribution generally has the char-acteristics of a liability as the initial contribution is repaid, including an agreed return, and the partner does not share in the risks of the project in the same way as a shareholder. As such, the contribution is accounted for as a lia-bility and measured at amortised cost. The liability is based on the expected method of repayment and is divided into: \u00b7 a net working capital element to be repaid through PTCs/ITCs and other tax attributes \u00b7 an interest-bearing debt element expected to be repaid through cash distributions.The partner's agreed return is expensed as a finan-cial expense and is recognised as an increase of the tax equity liability. PTCs, ITCs and other tax attributes transferred to the tax equity partner are recognised as other operating income. PTCs are recognised in the periods earned, while ITCs and other tax attributes are recognised on a straight-line basis over the estimated contractual length of the partnership. In addition to the above, we recognise a liability for the expected purchase price for the partner's post-flip rights to cash distributions. This liabil-ity 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's post-flip rights, and they are part of the financial costs of the arrangement.",
"dimensions": {
"concept": "ORS:DescriptionOfAccountingPolicyForTaxEquityLiabilities",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__108": {
"value": " Provisions and contingent liabilitiesNote 3.102023 2022Decom- Decom- ProvisionsmissioningOnerous OthermissioningOnerous OtherDKKmobligationscontractsprovisions To ta lobligationscontractsprovisions To ta lProvisions at 1 January 14,076 280 5,350 19,706 8,851 866 6,171 15,888Exchange rate adjustments 62 (675) 11 (602) (203) (5) (41) (249)Used during the year (30) (4,206) (824) (5,060) - (304) (1,078) (1,382)Provisions reversed during the year - - (1,447) (1,447) - (300) (1,359) (1,659)Provisions made during the year 526 20,246 1,150 21,922 832 1 1,662 2,495Disposals (349) - (12) (361) (376) - - (376)Additions on acquisition of enterprises - - - - 33 - - 33Divestment of enterprises - - - - - - (5) (5)Change in estimates (1,790) - - (1,790) 4,087 - - 4,087Transferred to or from assets and liabilities classified as held for sale - - - - 414 - - 414Interest element of provisions 482 9 4 495 438 22 - 460Total provisions at 31 December 12,977 15,654 4,232 32,863 14,076 280 5,350 19,706Falling due as follows:In 0-1 year 250 15,007 698 15,955 217 31 337 585In 1-5 years 1,499 536 3,350 5,385 1,798 154 4,632 6,584After 5 years 11,228 111 184 11,523 12,061 95 381 12,537Decommissioning obligations by segmentDKKm 0-5 years 5-10 years 10-20 years After 20 years 2023 2022Offshore 1,160 2,544 2,833 2,303 8,840 10,233Onshore - - 42 2,020 2,062 1,769Bioenergy & Other 589 260 204 1,022 2,075 2,074To t a l 1,749 2,804 3,079 5,345 12,977 14,076Decommissioning obligationsDecommissioning obligations comprise estimated expenses relating to decommissioning and disposal of our offshore wind, onshore wind, and solar farms, the restoration of seabeds, the decommissioning of our CHP plants, the Nybro gas plant, and our oil and gas pipes.We are obliged to decommission our wind and solar farms and restore the surroundings. When we construct offshore wind farms in cooperation with partners, they are liable for their share of the decom-missioning costs. Therefore, we have only included the decommissioning obligations associated with our ownership interest in the offshore wind farms.Other provisionsOther provisions comprise primarily: \u00b7 offshore partnership provisions, including warranty obligations \u00b7 obligations in relation to the divestment of our oil and gas business in 2017 \u00b7 obligations in respect of our own carbon emissions\u00b7 other contractual obligations.Onerous contractsOnerous contracts primarily relate to ceasing the development of Ocean Wind 1 where we have a provi-sion of DKK 15 billion at the end of 2023. The provision relates to cancellation fees on contracts and has been recognised in two steps. First, as an onerous contract provision as part of the impairment of Ocean Wind 1 in the interim financial report for the first nine months of 2023 (CAPEX pro-vision), net of investments incurred on the project up until it was terminated on 1 November. Secondly, a further provision was recognised at year-end (\u2018Other operating expenses\u2019 provision) to cover cancellation fees not covered by the provision on 30 September 2023.As a result, a total of DKK 9.6 billion was recognised in \u2018Other operating expenses\u2019, with the remaining amount being recognised in \u2018Impairment losses on intangible assets, and property, plant and equipment\u2019. \u2018Used during the year\u2019 primarily relates to CAPEX spent on construction of Ocean Wind 1 until the termination of the project and other costs associated with terminating the project. \u2018Used during the year\u2019 also relates to CAPEX spent on the construction of Sunrise Wind.When measuring the provision for \u2018Onerous contracts\u2019 related to the cancellation fees, we have assessed the contracts related to the Ocean Wind 1 project. This assessment has included an evaluation of the contractual terms, including whether the contracts will be terminated for cause or convenience, and the expected costs of fulfilling or cancelling the contracts. The most significant contracts relate to the construc-tion and installation of wind turbine generators, export cable systems, fabrication and construction of pipes and foundations, offshore and onshore substations, and other contractual agreements for transportation, mobilisation, and installation of components. The assessment also includes an evaluation of the possibilities of reusing or selling certain project devel-opment assets and reselling the seabed lease to a third party. We expect to reuse the export cables for another offshore wind farm project, which is reflected in the provision. The measurement of the total provision is impacted by significant estimates and judgements and depends on negotiations with subcontractors and contractual partners. As of 31 December 2023, we have only agreed on settlement of a small portion of the contracts' value. While the recognised provision is management's best estimate, the outcome could deviate materially. \u00a7 Accounting policiesProvisions are recognised when the following criteria are fulfilled: \u00b7 We have a legal or constructive obligation as a result of an earlier event. \u00b7 The settlement of the obligation is expected to result in an outflow of resources. \u00b7 The obligation can be measured reliably. Decommissioning obligations are measured at 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 recognised 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 statement 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 recog-nised when our actual emissions exceed our hold-ing of carbon emission allowances. 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 provisions' estimates, are updated quarterly based on our expectations. Estimates of provisions are based on our expectations of, for example:\u00b7 timing and scope of obligation \u00b7 future cost level \u00b7 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 contracts. It is calculated as the sum of real return (gross domestic product growth rate), inflation, and infla-tion premium for other risks. Separate structural risk-free interest rates are calculated for Europe, the UK, the US, and Taiwan. The outcome of our contractual obligations and claims may depend on future events, which are uncertain by nature.Key assumptions in estimating cancellation feesMeasuring the provision for \u2018Onerous contracts\u2019 related to cancellation fees for Ocean Wind 1 involves a number of assumptions and significant estimates and judgements. On contract level, we have assessed the contractual terms and obliga-tions, including the expexted costs of fulfilling or cancelling the contracts. The assessment also includes an evaluation of the possibilities of reus-ing or selling certain project development assets and reselling of the seabed lease to a third party. To a high degree, the estimation of the total provi-sion depends on negotiations with subcontractors and contractual partners, which impact the settle-ment of the individual contracts. The measuring and estimation of the total provision for \u2018Onerous contracts\u2019 is based on management's expectations and best estimate of total costs. 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 insur-ance 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 sig-nificantly impact \u00d8rsted's financial position, neither individually nor collectively.We have been party to actions relating to the Danish competition authorities' claim that the former Elsam A/S and Elsam Kraft A/S (\u2018Elsam\u2019), now part of \u00d8rsted, charged excessive prices in the Danish wholesale power market in the period 1 July 2003 to 31 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 their customers, and others have filed claims for damages, which are still pending. The biggest claim was filed in 2007 before the Copenhagen Maritime & Com-mercial Court, amounting to approx. DKK 4.4 billion with addition of litigation interest. The case is at the moment under preparation for the Maritime & Commercial Court.\u00d8rsted is involved in ongoing transfer pricing dis-putes. For further information, we refer to section 4.1 \u2018Approach to taxes\u2019.Change of controlSome of our activities are subject to consents, permits, and licences granted by public authorities. We may be faced with a claim for acceptance of any transfer, possibly with additional terms and conditions, if the Danish state holds less than 50 % of the share capi-tal or voting rights in \u00d8rsted A/S. Read more in note 5.1 \u2018Interest-bearing net debt and FFO\u2019.",
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"s9_notes__8__109": {
"value": "2023 2022Decom- Decom- ProvisionsmissioningOnerous OthermissioningOnerous OtherDKKmobligationscontractsprovisions To ta lobligationscontractsprovisions To ta lProvisions at 1 January 14,076 280 5,350 19,706 8,851 866 6,171 15,888Exchange rate adjustments 62 (675) 11 (602) (203) (5) (41) (249)Used during the year (30) (4,206) (824) (5,060) - (304) (1,078) (1,382)Provisions reversed during the year - - (1,447) (1,447) - (300) (1,359) (1,659)Provisions made during the year 526 20,246 1,150 21,922 832 1 1,662 2,495Disposals (349) - (12) (361) (376) - - (376)Additions on acquisition of enterprises - - - - 33 - - 33Divestment of enterprises - - - - - - (5) (5)Change in estimates (1,790) - - (1,790) 4,087 - - 4,087Transferred to or from assets and liabilities classified as held for sale - - - - 414 - - 414Interest element of provisions 482 9 4 495 438 22 - 460Total provisions at 31 December 12,977 15,654 4,232 32,863 14,076 280 5,350 19,706Falling due as follows:In 0-1 year 250 15,007 698 15,955 217 31 337 585In 1-5 years 1,499 536 3,350 5,385 1,798 154 4,632 6,584After 5 years 11,228 111 184 11,523 12,061 95 381 12,537Decommissioning obligations by segmentDKKm 0-5 years 5-10 years 10-20 years After 20 years 2023 2022Offshore 1,160 2,544 2,833 2,303 8,840 10,233Onshore - - 42 2,020 2,062 1,769Bioenergy & Other 589 260 204 1,022 2,075 2,074To t a l 1,749 2,804 3,079 5,345 12,977 14,076Decommissioning obligationsDecommissioning obligations comprise estimated expenses relating to decommissioning and disposal of our offshore wind, onshore wind, and solar farms, the restoration of seabeds, the decommissioning of our CHP plants, the Nybro gas plant, and our oil and gas pipes.We are obliged to decommission our wind and solar farms and restore the surroundings. When we construct offshore wind farms in cooperation with partners, they are liable for their share of the decom-missioning costs. Therefore, we have only included the decommissioning obligations associated with our ownership interest in the offshore wind farms.Other provisionsOther provisions comprise primarily: \u00b7 offshore partnership provisions, including warranty obligations \u00b7 obligations in relation to the divestment of our oil and gas business in 2017 \u00b7 obligations in respect of our own carbon emissions\u00b7 other contractual obligations.Onerous contractsOnerous contracts primarily relate to ceasing the development of Ocean Wind 1 where we have a provi-sion of DKK 15 billion at the end of 2023. The provision relates to cancellation fees on contracts and has been recognised in two steps. First, as an onerous contract provision as part of the impairment of Ocean Wind 1 in the interim financial report for the first nine months of 2023 (CAPEX pro-vision), net of investments incurred on the project up until it was terminated on 1 November. Secondly, a further provision was recognised at year-end (\u2018Other operating expenses\u2019 provision) to cover cancellation fees not covered by the provision on 30 September 2023.As a result, a total of DKK 9.6 billion was recognised in \u2018Other operating expenses\u2019, with the remaining amount being recognised in \u2018Impairment losses on intangible assets, and property, plant and equipment\u2019. \u2018Used during the year\u2019 primarily relates to CAPEX spent on construction of Ocean Wind 1 until the termination of the project and other costs associated with terminating the project. \u2018Used during the year\u2019 also relates to CAPEX spent on the construction of Sunrise Wind.When measuring the provision for \u2018Onerous contracts\u2019 related to the cancellation fees, we have assessed the contracts related to the Ocean Wind 1 project. This assessment has included an evaluation of the contractual terms, including whether the contracts will be terminated for cause or convenience, and the expected costs of fulfilling or cancelling the contracts. The most significant contracts relate to the construc-tion and installation of wind turbine generators, export cable systems, fabrication and construction of pipes and foundations, offshore and onshore substations, and other contractual agreements for transportation, mobilisation, and installation of components. The assessment also includes an evaluation of the possibilities of reusing or selling certain project devel-opment assets and reselling the seabed lease to a third party. We expect to reuse the export cables for another offshore wind farm project, which is reflected in the provision. The measurement of the total provision is impacted by significant estimates and judgements and depends on negotiations with subcontractors and contractual partners. As of 31 December 2023, we have only agreed on settlement of a small portion of the contracts' value. While the recognised provision is management's best estimate, the outcome could deviate materially. \u00a7 Accounting policiesProvisions are recognised when the following criteria are fulfilled: \u00b7 We have a legal or constructive obligation as a result of an earlier event. \u00b7 The settlement of the obligation is expected to result in an outflow of resources. \u00b7 The obligation can be measured reliably. Decommissioning obligations are measured at 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 recognised 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 statement 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 recog-nised when our actual emissions exceed our hold-ing of carbon emission allowances. 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 provisions' estimates, are updated quarterly based on our expectations. Estimates of provisions are based on our expectations of, for example:\u00b7 timing and scope of obligation \u00b7 future cost level \u00b7 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 contracts. It is calculated as the sum of real return (gross domestic product growth rate), inflation, and infla-tion premium for other risks. Separate structural risk-free interest rates are calculated for Europe, the UK, the US, and Taiwan. The outcome of our contractual obligations and claims may depend on future events, which are uncertain by nature.Key assumptions in estimating cancellation feesMeasuring the provision for \u2018Onerous contracts\u2019 related to cancellation fees for Ocean Wind 1 involves a number of assumptions and significant estimates and judgements. On contract level, we have assessed the contractual terms and obliga-tions, including the expexted costs of fulfilling or cancelling the contracts. The assessment also includes an evaluation of the possibilities of reus-ing or selling certain project development assets and reselling of the seabed lease to a third party. To a high degree, the estimation of the total provi-sion depends on negotiations with subcontractors and contractual partners, which impact the settle-ment of the individual contracts. The measuring and estimation of the total provision for \u2018Onerous contracts\u2019 is based on management's expectations and best estimate of total costs",
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"s9_notes__8__111": {
"value": "Provisions are recognised when the following criteria are fulfilled: \u00b7 We have a legal or constructive obligation as a result of an earlier event. \u00b7 The settlement of the obligation is expected to result in an outflow of resources. \u00b7 The obligation can be measured reliably. Decommissioning obligations are measured at 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 recognised 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 statement 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 recog-nised when our actual emissions exceed our hold-ing of carbon emission allowances.",
"dimensions": {
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},
"s9_notes__8__110": {
"value": "Provisions are recognised when the following criteria are fulfilled: \u00b7 We have a legal or constructive obligation as a result of an earlier event. \u00b7 The settlement of the obligation is expected to result in an outflow of resources. \u00b7 The obligation can be measured reliably. Decommissioning obligations are measured at 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 recognised 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 statement 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 recog-nised when our actual emissions exceed our hold-ing of carbon emission allowances.",
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}
},
"s9_notes__8__113": {
"value": "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 insur-ance 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 sig-nificantly impact \u00d8rsted's financial position, neither individually nor collectively.We have been party to actions relating to the Danish competition authorities' claim that the former Elsam A/S and Elsam Kraft A/S (\u2018Elsam\u2019), now part of \u00d8rsted, charged excessive prices in the Danish wholesale power market in the period 1 July 2003 to 31 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 their customers, and others have filed claims for damages, which are still pending. The biggest claim was filed in 2007 before the Copenhagen Maritime & Com-mercial Court, amounting to approx. DKK 4.4 billion with addition of litigation interest. The case is at the moment under preparation for the Maritime & Commercial Court.\u00d8rsted is involved in ongoing transfer pricing dis-putes. For further information, we refer to section 4.1 \u2018Approach to taxes\u2019.Change of controlSome of our activities are subject to consents, permits, and licences granted by public authorities. We may be faced with a claim for acceptance of any transfer, possibly with additional terms and conditions, if the Danish state holds less than 50 % of the share capi-tal or voting rights in \u00d8rsted A/S. Read more in note 5.1 \u2018Interest-bearing net debt and FFO\u2019.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__115": {
"value": "Transactions with non-controlling interests are accounted for as transactions with the shareholder base. Gains and losses on the divestment of equity 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 interests. Any difference between the carrying amount and the acquisition or selling price is recognised in equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__114": {
"value": "Non-controlling interestsNote 3.11Gunfleet Sands Walney (UK) Offshore Ocean Wind Holding Ltd. GroupWindfarms Ltd.JV HoldCo LLCNon-controlling interests DKKm2023 2022 2023 2022 2023 2022Statement of comprehensive incomeRevenue 564 518 1,462 1,348 - -EBITDA 318 317 775 608 - 2Profit (loss) for the year 65 70 215 76 - (21)Total comprehensive income 93 4 298 (113) - 2Profit (loss) for the year attributable to non-controlling interests 32 35 108 38 - (5)Balance sheetNon-current assets 1,378 1,582 3,778 4,424 - 8,234Current assets 205 171 338 364 - 444Non-current liabilities 538 607 1,072 1,352 - 310Current liabilities 135 58 235 290 - 908Carrying amount of non-controlling interests 454 543 1,402 1,570 - 1,843Statement of cash flowsCash flows from operating activities 360 246 597 544 - 93Cash flows from investing activities (61) - (8) (29) - (5,710)Cash flows from financing activities (275) (261) (647) (413) - 5,838\u2013 of which, dividends paid to non-controlling interests (135) (128) (278) (166) - -Transactions with non-controlling interestsDKKm 2023 2022Transactions with non-controlling interestsDividends paid to non-controlling interests (413) (294)Acquisition of non-controlling interests (7,032) -Divestment of equity investments to non-controlling interests (153) 3Other capital transactions with non-controlling interests 537 1,461Total transactions, cf. statement of cash flows (7,061) 1,170Divestment of equity investments to non-controlling interestsChanges in receivables relating to the acquisition and divestment of non-controlling interests (7,185) 3Cash selling price, total (7,185) 3In 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.Subsidiaries with significant Non-controlling Registered non-controlling interests 1interestofficeGunfleet Sands Holding Ltd 49.9 % London, UKWalney (UK) Offshore Windfarms Ltd 49.9 % London, UK1 Entities are fully consolidated. In 2023, we acquired the remaining 25 % equity stake in Ocean Wind JV HoldCo LLC. The acquisition provided \u00d8rsted with 100 % owner-ship of Ocean Wind JV HoldCo LLC. Hence, financial information is only provided for 2022. In 2023, we also acquired the remaining 50 % equity stakes in Bay State Wind LLC and BSW Projectco LLC (Lease Area 500), respectively. Subsidiaries with immaterial non-controlling interests.\u00a7 Accounting policiesTransactions with non-controlling interests are accounted for as transactions with the shareholder base. Gains and losses on the divestment of equity 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 interests. Any difference between the carrying amount and the acquisition or selling price is recognised in equity.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__285": {
"value": "Denmark",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__284": {
"value": "Denmark",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__116-1": {
"value": "Approach to taxesNote 4.1At \u00d8rsted, we want to provide user-friendly and trans-parent 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' Sustainable Development Goals (SDGs). Taxes are a key contribu-tion to the SDGs, in particular target 16.6 on the devel-opment 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/tax-policy.Transparency and sustainabilityWe continue to report with inspiration from the GRI (Global Reporting Initiative) 207: Tax standard when presenting our approach to and reporting of tax. The purpose of our transparency initiatives is to create certainty around our tax positions for our stakehold-ers, such as investors and the local communities where we pay our taxes, and where we operate.In line with our tax policy, we engage constructively in national and international dialogue with govern-ments, business groups, and civil society to support the development of effective tax systems, legisla-tion, and administration. We believe that by providing relevant and constructive input, we can contribute to an informed discussion around taxes and tax policy. The purpose of our engagement is to promote the development of tax regimes that support the green transformation.During 2023, we have submitted two responses to public consultations by the OECD on Pillar 2 as well as offered our perspectives in a panel debate arranged by OECD on simplification of the Pillar 2 rules. Fur-ther, we have provided our responses on several public consultations in the US pertaining to the implemen-tation of and guidance to the Inflation Reduction Act. To promote responsible tax practices, we are engag-ing with CSR Europe on developing a European index for responsible tax practices. Further, we participated in several panel debates, including at the Danish peo-ple's meeting, \u2018Folkem\u00f8det\u2019, in Denmark, with a view to promoting responsible tax practices.In connection with the national implementation of the European revenue cap, we have engaged in discus-sions with the governments in Denmark, Germany, and the Netherlands, offering our industry insights on the workings of the power markets as well as hedging profiles of large integrated energy companies. Similarly, we have participated in discussions with the UK government in respect of the adoption and implementation of the UK Electricity Generator Levy, referred to as windfall taxes. Due to declining power prices, the windfall tax regimes have not impacted us significantly.By engaging with civil society and gathering input on, for example, how we share information, we believe we can contribute to increasing the public's confidence in the corporate tax system. As a testament to our progressive and transparent approach to tax we have, besides being Fair Tax Mark accreditated for the second year running, achieved an overall tax compliance risk management rating of \u2018low\u2019 by HM Revenue & Customs (the UK) in the Business Risk Review (BRR+).Pillar 2 In December 2021, OECD released the Pillar 2 model rules to reform international corporate taxation. The key purpose of these rules is to ensure that large multinational groups (defined by having a global revenue exceeding EUR 750 million) are subject to a minimum effective tax rate of 15 %. The rules will have to be implemented in national legislation in all individual countries that decide to adopt them. Many countries, including Denmark where the ulti-mate parent company of the \u00d8rsted Group is head-quartered, have already implemented the rules. UN SDG (no. 16)We are transparent about our approach to tax. We actively participate in the development of effective, accounta-ble, 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 gen-erations by creating and cascading new norms of corporate leadership that can build a better world.ISRS 4400 AUP on application of GRI 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/AUP) from our auditors on our application of GRI 207: Tax.The Fair Tax Mark accreditation scheme seeks to encourage and recognise busi-nesses that pay the right amount of cor-poration tax at the right time and in the right place. We seek to pay tax respon-sibly and transparently and are proud to have qualified for the Fair Tax Mark in 2022 and again in 2023.Based on initial analysis of our 2023 figures and 2024 forecast, we expect to benefit from the temporary safe harbour rules in all of the jurisdictions where we operate.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 management lies with the CFO and is overseen by the Audit & Risk Committee. The day-to-day tax man-agement is handled by a centralised global tax team. Our tax function is involved in the planning, imple-mentation, and documentation of all significant busi-ness decisions and processes to ensure a coordinated assessment of all tax compliance and risks. The tax function also regularly monitors and updates tax risks and related controls. Complying with tax rules can be complex, as the interpretation of legislation and case law may not always be clear cut and may change over time, giving rise to tax risks. We have implemented a governance framework, which ensures appropriate processes and organisational structures to identify, assess, monitor, and manage tax risks at different levels of the Group. We manage our tax risks by preventing unnecessary disputes, which we strive to achieve through strong technical positions, thorough documentation and explanations of our positions, robust compliance pro-cedures, and by engaging in up-front dialogues with tax authorities.We define a tax risk as any consequence relating to the application of our tax policy, day-to-day opera-tions, compliance, or external reporting that impacts the business in the form of cash liabilities, financial reporting misstatements, or reputational damage. We continuously update our tax control framework to ensure that we are aligned with business objectives and stakeholder expectations. We have a standardised review process in place, and our controls are continuously reviewed, assessed, and, where applicable, substituted by automated processes. Tax decisions in relation to matters which are subject to approval by the Group Executive Team 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 jurisdictions 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 controversies described in this section, we have made tax-related provisions in accordance with IAS 12, IAS 37, and relevant interpre-tation, such as IFRIC 23. The provisions have been cal-culated based on differences in tax rates and statistical risks of suffering economic or legal double taxation.Tax planning and use of tax incentivesWe only use business structures that are driven by commercial considerations and aligned with our business activities. We do not use so-called secrecy jurisdictions or tax havens to avoid taxes. If we estab-lish an entity in a low or nil-rate jurisdiction, it will be for substantive and commercial reasons. This is the case with our Isle of Man entity, which holds a licence to develop and build a local offshore wind farm providing renewable energy to the Isle of Man, and with our Singapore entity, which provides technical and administrative services to wind farm projects. To remain competitive, we make use of incentives and tax relief implemented by governments where we have commercial substance, and our business activi-ties are the intended beneficiaries of such incentives and relief. The tax function uses risk and opportunities analyses to provide strong business case assessment and forecast tax data. We therefore include the expected outcome of such opportunities in our long-term planning and decisions, and we seek to get certainty on the available incentives and tax reliefs in our planning activities.Tax controversiesDuring 2023, the Danish Tax Agency has opened fur-ther enquiries on development services in relation to non-Danish wind farms.To date, \u00d8rsted Wind Power A/S has received final administrative decisions from the Danish Tax Agency in relation to the development of the offshore wind farms Hornsea 1, Walney Extension, Race Bank, and Borssele 1 & 2. We have also received an information request in relation to the offshore wind farm Hornsea 2. In all its decisions, the Danish Tax Agency claims that \u00d8rsted Wind Power A/S has not acted at arm's length terms when charging fees for technical devel-opment services provided to the project companies. The Danish Tax Agency claims that the full value of expected, future cash flows related to the offshore wind farms should be taxed in Denmark.Up until 31 December 2023, the Danish Tax Agency has increased \u00d8rsted Wind Power A/S's tax payments to Denmark with DKK 8.9 billion for the income years 2015-2017. The amount, which is excluding any inter-est, is detailed per wind farm in the table below.The table illustrates the tax payable to Denmark per wind farm, should the Danish Tax Agency's posi-tion prevail, and the expected corresponding adjust-ments. The Danish tax would be payable upfront, plus interests since the original decisions, and the corresponding adjustments would crystalise over the remaining lifetime of the wind farms.As described in our key accounting estimates on page 189, we have made provisions for uncertain tax posi-tions according to IFRIC 23. In relation to these trans-fer pricing disputes, we have used a weighted average of several different scenarios, where the base case is that we will win the cases, but a number of scenarios include different adjustments resulting in increased tax payable to Denmark. The scenarios with addi-tional tax payable to Denmark assumes correspond-ing adjustments.Decisions made by the Danish Tax AgencyWalney DKKmExtension Hornsea 1 Race Bank Borssele 1 & 2 Tot a lPotential additional Danish tax payment excluding any interest 2,949 2,337 2,488 1,088 8,862Tax value of potential corresponding adjustment 2,651 2,294 2,236 1,180 8,361Likely timing of settlement of potential tax in Denmark, if the Danish Tax Agency prevails 1st half of 2025 1st half of 2025 TBD 1TBD 11 Timing of settlement is likely to follow the same process and timeline as for Walney Extension and Hornsea 1.Tax controversies timelineTax controversies related to the development services provided from Danish entities to our projects outside of Denmark take multiple years to settle. The dispute con-cerning Hornsea 1 and Walney Extension has currently been ongoing for more than eight years from initiation of an advanced pricing agreement, which failed when the Danish Tax Agency chose to terminate negotiations with the British tax authorites (HM Revenue & Customs) and instead intiated an audit. The next step is for the cases to be settled in arbitration, which we expect to happen in the latter half of 2024. Above, we have sum-marised the timeline for Hornsea 1 and Walney Exten-sion. Also, we have included a status of the other pro-jects where a transfer pricing audit has started.Race BankWe have appealed the administrative decision to the Danish Tax Tribunal. We continue to consider our further options, including an elaborated appeal to the Danish Tax Tribunal, a direct appeal to the court system, or a request for a MAP under the double tax agreement between Denmark and the UK.Borssele 1 & 2We have appealed the administrative decision to the Danish Tax Tribunal. We continue to consider our further options, including an elaborated appeal to the Danish Tax Tribunal, a direct appeal to the court system, or a request for a MAP under the double tax agreement between Denmark, the Netherlands, and the EU Arbitration Convention.Hornsea 2 The Danish Tax Agency issued an information request in October 2023. Discussions are on-going. In Denmark, the deadline for issuing a draft administrative decision is on 1 May 2024.Closed auditsThe Danish Tax Agency has closed the audits of Burbo Bank Extension and Borkum Riffgrund 2 without adjustments.Tax on profit (loss) for the yearNote 4.22023 2022Effective 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 4,186 22 (3,874) 22Adjustments of calculated tax in foreign subsidiaries in relation to 22 % 825 4 348 (2)Tax effect of:Non-taxable income and non-deductible costs, net 1,519 8 2,243 (13)Unrecognised tax assets (8,084) (43) (651) 4Tax equity contributions 874 5 (354) 2Movements in uncertain tax positions (251) (1) 10 -Changes in tax rates (21) - 29 -Adjustment of tax concerning previous years (204) (1) (364) 2Effective tax for the year (1,156) (6) (2,613) 15Income tax Tax on profit (loss) was DKK 1,156 million in 2023 against DKK 2,613 million in 2022. The effective tax rate was -6 % in 2023 against 15 % in 2022.The effective tax rate was primarily affected by the largely tax-exempt divestments of the offshore wind farms Gode Wind 3 and London Array, the non- recognition of deferred tax assets in connection with the termination of the Ocean Wind 1 project, and the recognition of deferred tax liabilities in connection with capitalisation of project costs in the US where we have entered into tax equity agreements on the following projects: Sunflower Wind Sparta Solar Old 300And from the final build-up recognition of deferred tax liabilities on: South Fork WindSee more regarding tax equity partnerships in notes 3.9 \u2018Tax equity liabilities\u2019 and 4.3 \u2018Deferred tax\u2019.Further, the deferred tax liability previously recognised on Ocean Wind 1 has been reversed in connection with the ceasing of that project.The adjustment of tax concerning previous years primarily relates to tax in France regarding our Ostwind activities.The effective tax rate in 2022 was primarily affected by the largely tax-exempt divestments of the offshore wind farms Hornsea 2 and Borkum Riffgrund 3 and the recognition of a deferred tax liability in connec-tion with tax equity partnerships in the US related to Helena Energy Center, Old 300, the North-East cluster, and Ocean Wind 1.\u00a7 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 relat-ing to other items is recognised in other com-prehensive income.Our uncertain tax positions are measured by using either of the following two methods, depending on which method we expect to bet-ter predict the resolution of the uncertainty:\u00b7 The most-likely-outcome method is applied in cases where there are only two possible outcomes.\u00b7 The weighted-average method is used in cases where there are more than two possible outcomes. Our uncertain tax positions are recognised under \u2018Income tax\u2019 or \u2018Deferred tax\u2019, depending on how the realisation of the tax position will affect the financial statement.We have adopted the narrow-scope amend-ments to IAS 12, \u2018Income taxes\u2019, which provide temporary relief from accounting for deferred taxes arising from the implementation of the Pillar 2 model rules.Income taxDKKm 2023 2022Tax on profit (loss) for the year (1,156) (2,613)Tax on other comprehensive income (4,566) (236)Tax on hybrid capital related to equity 2 13Total tax for the year (5,720) (2,836)Tax on profit (loss) for the year can be broken down as follows:Current tax (2,876) (2,906)Deferred tax 1,207 868Changes in tax rates (21) 29Uncertain tax positions (251) 10Tax on hybrid capital 115 104Tax equity 874 (354)Adjustment of tax concerning previous years (204) (364)Tax on profit (loss) for the year (1,156) (2,613)Tax on other comprehensive income can be broken down as follows:Current tax (1,262) 60Deferred tax (3,304) (296)Tax on other comprehensive income (4,566) (236)Tax on profit (loss) for the year and other comprehensive income In 2023, total tax for the year was DKK 5,720 million, consisting of tax on profit (loss) for the year, tax on other comprehensive income, and tax on hybrid capi-tal related to equity.Current tax Current tax is the tax incurred by \u00d8rsted on profit for the year. This differs from taxes paid because of pay-ments or refunds regarding prior years and residual payments for the current year. Because of the high level of investments and the sub-sequent deferrals of payable tax as a consequence of accelerated tax depreciation, our current tax is gener-ally lower than the statutory corporate tax rates dur-ing construction and the initial years after first power from a wind farm.Pillar 2 We are assessing our exposure to the Pillar 2 legislation. Our initial assessment indicates the average effective tax rate based on the accounting profit being minimum 15 % and within the safe harbour rules exemption. Key accounting estimateEstimates regarding recognition of income taxesWe are subject to income taxes in all the coun-tries 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.While conducting business around the world, tax and transfer pricing disputes with tax authorities may occur 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 meth-ods prescribed in IFRIC 23 \u2018Uncertainty over Income Tax Treatments\u2019 when making provi-sions for uncertain tax positions, and the provi-sions 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 settle-ments 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 obtained 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 is included as part of \u2018Other receivables\u2019.Our tax footprintNote 4.4Our 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 our offshore wind farms are being commissioned and generating positive taxable income, resulting currently in paid taxes in more countries. We are also continuously investing in the US. We do, however, not expect to pay material corporate taxes in the US in the near future due to the commercial structures in the US and the significant amount of tax assets not recognised in connection with the termina-tion of the Ocean Wind 1 project. The funding in the US is carried out applying the US tax equity set-up, which effectively means that tax attributes are trans-ferred to the tax equity partner as repayment and return on investment. See more regarding tax equity partnerships in note 3.9 \u2018Tax equity liabilities\u2019.\u2192 As our business matures, we start to incur corporate taxes in the countries where we operate. Taxes in Denmark of DKK 1 billion regarding the current year was paid on 1 February 2024.A wind farm life cycleWe operate in several countries (see our global foot-print in the \u2018Management's review\u2019). 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 invest-ment decision is made, and the construction phase commences, which includes construction of the wind farm. During both phases, product, people, and prop-erty 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 gener-ated. In many cases, the effect of tax incentives results in a deferral of taxable income compared to profit before tax for accounting purposes. Conversely, once the deferral ends, the taxable income related to the wind farm will exceed the accounting profit. For this reason, the applicable corporate tax rate and the cash tax paid will always differ, but accumulated over the lifetime of the wind farm, they will be very simi-lar.Also, in some of the jurisdictions where we operate, there are mandatory or voluntary tax groupings. This means that we will only pay tax on the consolidated result of all our activities in that country. As a result, con-tinued significant investments in such a country may fur-ther defer the time when we pay 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 generated by our operations, but do not constitute a tax liability for \u00d8rsted. \u00d8rsted generates the commercial activ-ity that gives rise to the taxes and then collects and administers them on behalf of the tax authorities in the countries where we operate.Country-by-country reportingTo increase transparency, we present key figures on tax jurisdiction levels on the following pages. Our country-by-country reporting content widely follows the GRI 207: Tax standard. To ensure internal coher-ence throughout the annual report, corporate income tax is calculated based on IFRS accounting stand-ards instead of GRI methodology. The tax incentives provided on green investments defer our tax pay-ments, resulting in a difference between profit (loss) in the financial statements and taxable income during the life cycle of a wind farm. This is applicable in most of the countries where we operate.Total global taxes paid in 2023Profit taxesThese include taxes on company profits that are borne (such as corporate income tax or withholding taxes ultimately borne by the group on a consolidated level) and collected (such as withholding 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, windfall taxes, and insurance premium tax. Net VAT in countries in a net refund posi-tion is excluded in the total tax contri-bution, as it is considered a repayment of tax already 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.Country-by-country Number of Revenue from intra-Property, plant, and key figures, 2023employeesTotal employeeRevenue from group transactions with equipment, and Balance of intra-Corporate income tax DKKmFTEs remuneration1third-party sales other tax jurisdictionsinventorycompany debtpaid on a cash basisDenmark 4,354 4,094 62,884 6,361 15,898 65,249 59The UK 1,311 1,106 10,169 16,784 48,072 56,535 1,466Poland 776 321 47 625 2,297 - 29Malaysia 769 221 11 528 11 - 34The US 746 1,051 2,027 139 69,139 31,678 23Germany 385 308 1,721 1,827 15,953 17,371 428Taiwan 193 139 1,042 36 28,755 23,218 134The Netherlands 114 86 32 1,035 4,335 4,616 331Ireland 105 93 659 39 4,219 1,023 11France 70 33 209 - 895 - 190Singapore 22 27 40 81 4 - 4Korea 21 33 - 31 - 154 3Japan 19 30 - 21 - 77 2Sweden 11 7 413 3 716 14 2Spain 9 6 1 - 14 94 1Vietnam - 5 - 2 - 9 -Belgium - 10 - - - - -Norway - 1 - 2 - - -Australia - - - - - - -To t a l 8,905 7,571 79,255 27,514 190,308 200,038 2,717Current tax explanation Calculated local Non-taxable income Current tax on hybrid on country level, 2023Profit (loss) corporate tax on profit and non-deductible Unrecognised capital and other DKKmbefore tax(loss) before taxcosts, nettax assets Deferred taxadjustments Current taxDenmark 7,785 (1,648) 253 - 1,743 (115) 233The UK 10,758 (2,521) 1,058 (123) (587) - (2,173)Poland 97 (28) - (1) 1 - (28)Malaysia 177 (42) - - - - (42)The US (37,530) 9,382 73 (7,947) (1,508) - -Germany 1,165 (349) 30 79 (93) - (333)Taiwan (997) 276 19 - (594) - (299)The Netherlands 395 (99) - - (48) - (147)Ireland (495) (26) 86 - (101) - (41)France 79 (20) - - (14) - (34)Singapore 30 (5) - - - - (5)Korea (191) 18 - (20) - - (2)Japan (35) 16 - (21) - - (5)Sweden (112) 23 - (17) (6) - -Spain (73) 16 - (16) - - -Vietnam (6) 1 - (1) - - -Belgium (12) 3 - (3) - - -Norway (54) 12 - (12) - - -Australia (7) 2 - (2) - - -To t a l (19,026) 5,011 1,519 (8,084) (1,207) (115) (2,876)Country-by-country key figures The table shows the 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 in Denmark, and that our operations in the coming years 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.The windfall taxes that came into effect in December 2022 have resulted in additional tax payments of DKK 3.3 million.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 impacted by effects from hedges. Also, the table shows the effect from the impairment of our Ocean Wind 1 project in the US. As we do not fulfil the recognition requirements in IAS 12, the deferred tax asset associated with the impairment is not recognised. If our tax postion changes in the US, we may recognise the tax asset in future years.See more in the section \u2018Accounting policies\u2019 in note 4.3 \u2018Deferred tax\u2019.1 Including employee costs transferred to assets.",
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"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 relat-ing to other items is recognised in other com-prehensive income.Our uncertain tax positions are measured by using either of the following two methods, depending on which method we expect to bet-ter predict the resolution of the uncertainty:\u00b7 The most-likely-outcome method is applied in cases where there are only two possible outcomes.\u00b7 The weighted-average method is used in cases where there are more than two possible outcomes. Our uncertain tax positions are recognised under \u2018Income tax\u2019 or \u2018Deferred tax\u2019, depending on how the realisation of the tax position will affect the financial statement.We have adopted the narrow-scope amend-ments to IAS 12, \u2018Income taxes\u2019, which provide temporary relief from accounting for deferred taxes arising from the implementation of the Pillar 2 model rules.",
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"value": "Deferred taxNote 4.3BioenergyOther activities/ Net deferred tax for 2023 primarily consist of Offshore Onshore& Othereliminations AssetsRecognition of tax loss carryforwardsFinancial instrumentsLiabilitiesTax equity structuresAccelerated tax depreciation compared to accounting depreciationAcquistionsDeferred tax 2023BioenergyOther activities/ Deferred tax DKKm Offshore Onshore& Othereliminations at 31 DecemberDeferred tax, assets 10,038 64 41 (1,951) 8,192Deferred tax, liabilities 1,748 3,760 148 (2,217) 3,439Unrecognised tax assets 9,691 109 33 40 9,873Deferred tax 2022DKKmDeferred tax, assets 14,554 61 1,457 (2,353) 13,719Deferred tax, liabilities 3,471 3,915 2,496 (2,468) 7,414Unrecognised tax assets 895 83 100 - 1,078The 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. These primarily relate to losses in connection with the termination of the Ocean Wind 1 project. 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 2023. \u2018Other activities/eliminations\u2019 primarily consist of eliminations between segments.Significant movements in deferred tax assets and liabilities Assets\u2191 Tax loss carryforwards due to the accelerated depreciation for tax purposes. Difference between tax and accounting treatment of financial instruments. \u2193 Adjustments to previous year's tax returns in Denmark. Utilisation of tax loss carryforwards in Denmark and the UK and surrender of consortium relief in the UK. Deferred tax transferred to current tax in Denmark because of the net gains on hedges. De-recognition of tax loss carry- forwards.Liabilities\u2191 Recognition of tax liabilities in con-nection with tax equity partnerships related to Old 300, Sparta Solar, and Sunflower and the termination of Ocean Wind 1 in our US portfolio.\u2193 Adjustment related to Haystack and Muscle Shoals due to impairments for accounting purposes. Divestment of London Array and Gode Wind 3.Development in deferred tax assets and liabilities, 2023Deferred tax balances Deferred tax balances DKKmat 1 January, net Movementsat 31 December, net Assets LiabilitiesIntangible assets (38) (150) (188) 18 206Property, plant, and equipment (6,134) 4,485 (1,649) 4,709 6,358Other non-current assets 16 (318) (302) 5 307Current assets - (1) (1) 1 2Decommissioning obligations 2,101 105 2,206 2,212 6Other non-current liabilities 415 (34) 381 625 244Current liabilities 3,373 (3,742) (369) 3 372Tax loss carryforwards 6,572 (1,897) 4,675 4,675 -Offset (4,056) (4,056)To t a l 6,305 (1,552) 4,753 8,192 3,439Development in deferred tax assets and liabilities, 2022DKKmIntangible 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 t a l 7,665 (1,360) 6,305 13,719 7,414For 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 before it incurs.\u00a7 Accounting policiesDeferred tax is recognised in respect of all tempo-rary differences arising between the tax bases of assets and liabilities and their carrying amounts. Deferred tax is not recognised in respect of tempo-rary differences relating to: \u00b7 the acquisition of joint operations, including licence interests\u00b7 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 costs 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 expected to be used. Intra-group gains and losses are elimi-nated 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 in 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 convincing evidence is based on our long-term forecast model approved by the Board of Directors.Adjustments to unrecognised tax assets are recognised in profit (loss) or other comprehensive 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 becomes current tax. Changes in deferred tax because 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 a tax expense in the income statement when the tax equity partnership 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 partner-ship 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 effective, and we start to or have capitalised the corresponding assets. The deferred tax liability from existing tax equity partnerships will gradually be reduced based on accounting depreciation after the flip date. See more regarding tax equity partnerships in note 3.9 \u2018Tax equity liabilities\u2019.",
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"s9_notes__8__120": {
"value": "Deferred tax is recognised in respect of all tempo-rary differences arising between the tax bases of assets and liabilities and their carrying amounts. Deferred tax is not recognised in respect of tempo-rary differences relating to: \u00b7 the acquisition of joint operations, including licence interests\u00b7 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 costs 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 expected to be used. Intra-group gains and losses are elimi-nated 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 in 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 convincing evidence is based on our long-term forecast model approved by the Board of Directors.Adjustments to unrecognised tax assets are recognised in profit (loss) or other comprehensive 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 becomes current tax. Changes in deferred tax because 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 a tax expense in the income statement when the tax equity partnership 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 partner-ship 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 effective, and we start to or have capitalised the corresponding assets. The deferred tax liability from existing tax equity partnerships will gradually be reduced based on accounting depreciation after the flip date. See more regarding tax equity partnerships in note 3.9 \u2018Tax equity liabilities\u2019.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notes__8__123-1": {
"value": "Capital structureNote 5An appropriate capital structure is important to ensure we have the ability to raise new debt with attractive terms. The costs related to terminating our Ocean Wind 1 project as well as lower forward power prices, further supply chain delays and costs to mitigate this, increasing capital expenditures (per MW) and OPEX due to cost inflation and supply chain bottlenecks have negatively impacted our credit metric (FFO/adjusted net debt) projections in 2023. Therefore, we have taken and will continue to take measures to ensure a robust balance sheet supporting long-term growth and capital structure resilience towards 2030.In February 2023, we issued three green bonds with a total nominal value of EUR 2,000 million (DKK 14,885 million). In June 2023, we issued a EUR 100 million (DKK 745 million) blue bond. The net proceeds from the issuance will be allocated to invest-ments in offshore biodiversity.Capital structure To ensure we have the financial strength to operate in the international energy and capital markets and secure financing on attractive terms, we target a solid investment grade rating with all three major rating agencies. This includes an FFO/adjusted interest-bearing net debt credit metric above 30 %.Financing policyThe aim of our financing policy is to minimise liquidity and refinancing risks while minimising financing costs and matching the currency com-position of our debt with our revenue. We obtain funding in different markets and with different maturities. Our debt is primarily con-solidated in the parent company where cash resources are made available to the Group com-panies via an internal bank.Cash management and liquidity reserveA group-wide cash management set-up ensures optimal allocation of cash in relation to our day-to-day operations and investment programme. We target a liquidity reserve that ensures ade-quate coverage of our use of liquidity on a rolling 12 month forward-looking basis to limit the com-pany's sensitivity to unforeseen developments, including unrest in the financial markets.Liquidity reserveNote 5.4Liquidity reserveLiquidity reserve at 31 December 2023 amounted to DKK 90.7 billion (31 December 2022: DKK 97.8 billion). The change in liquidity reserve is due to a decrease in cash and undrawn credit facilities of DKK 6,033 million and DKK 6,174 million, respectively. Partly countered by an increase in available securities of DKK 5,088 million.Collateral and margin postingsWhen we trade in derivatives to execute our hedging strategy, we have two alternatives:\u00b7 Trading where the market value is settled on an ongoing basis through receipt or placement of collateral.\u00b7 Trading where we accept the credit risk that will occur if we gain on the transaction.We are trading under both types of agreements to increase the number of counterparties with whom we are engaging to achieve the most optimal price.To mitigate and limit the potential negative impact on our cash position from temporary fluctuations in market prices, we actively manage the volume of trades between trading with and without collateral arrangements.As of 31 December 2023, 12 % (2022: 31 %) of our power and gas trades and 88 % (2022: 86 %) 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 and bank guarantees, where possible. At the end of December 2023, we had covered EUR 0.5 billion in collateral for initial margins and variation margins on energy hedges through a parent company guarantee.Our collateral and margin payments related to trad-ing with derivatives and collateral related to insurance liabilities and escrow accounts have decreased from DKK 17.3 billion at 31 December 2022 to DKK 7.9 billion at 31 December 2023. The decrease was primarily driven by the large decrease in power and gas prices. During the year, collateral payments related to vari-ation and initial margins decreased by DKK 2.5 billion and DKK 7.1 billion, respectively, and amounted to DKK 3.9 billion at 31 December 2023. Initial margin and variation margin relate to energy hedges, and the credit support annex (CSA) relates to currency, inflation, and interest rate hedges. Other collateral mainly relates to insurance liabilities and escrow accounts. Further securities can be placed as collateral in repo transactions as part of our cash management.Cash and cash equivalents, securitiesDKKm 2023 2022Cash, cf. balance sheet 10,145 16,178Bank overdrafts that are part of the ongoing cash management (1) (3)Total cash and cash equivalents at 31 December, cf. statement of cash flows 10,144 16,175Cash can be specified as follows:Cash cf. balance sheet 10,145 16,178Cash, not available for use 481 2,471Securities can be specified as follows:Securities, available 29,515 24,428Securities, not available for use 387 769Total securities at 31 December 29,902 25,197The table shows our cash and securities divided into available and not available for use.Overview of securitiesDKKm Fixed rate Floating rate 2023 Fixed rate Floating rate 2022Maturities0-2 years 3,064 12,032 15,096 37 12,278 12,3152-5 years 371 8,287 8,658 961 6,025 6,986After 5 years 2,583 3,565 6,148 1,666 4,230 5,896Total carrying amount 6,018 23,884 29,902 2,664 22,533 25,197The 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 liquidity 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.\u2018Securities not available for use\u2019 comprise securities pledged as collateral for: \u00b7 insurance-related provisions: DKK 387 million at 31 December 2023 (2022: DKK 381 million)\u00b7 trading in financial instruments: DKK 0 million at 31 December 2023 (2022: DKK 388 million).At 31 December 2023, we had received cash collateral in the amount of DKK 286 million (2022: DKK 1,194 million) concerning the positive market value of derivatives.\u2018Cash not available for use\u2019 comprises: \u00b7 collateral for power purchase agreements and trading with financial instruments: DKK 421 million (2022: DKK 366 million)\u00b7 collateral for insurance-related provisions: DKK 41 million (2022: DKK 38 million)\u00b7 payables for the purchase of gas that has not yet been settled, placed on a restricted account: DKK 0 million (2022: DKK 2,029 million)\u00b7 collateral for other transactions: DKK 19 million (2022: DKK 38 million).\u00a7 Accounting policiesSecurities comprise bonds that are monitored, measured, and reported at market value on an ongoing basis in conformity with the Group's investment policy. Changes in market value are recognised in profit (loss) for the year as financial income and expenses. Purchase and sale of securities are recognised at the settle-ment 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 recog-nised as a liability, and the difference between the selling price and the purchase price is rec-ognised in profit (loss) for the year over the term as interest. The return on the securities is recog-nised in profit (loss) for the year.Maturity analysis of financial liabilitiesNote 5.5Maturity analysis of financial liabilities 2023DKKm 2024 2025 2026-2027 After 2027 2023Bank loans and issued bonds: Notional amount 408 - 13,388 66,165 79,961 Interest payments 2,485 2,480 4,762 15,380 25,107Trade payables 14,915 - - - 14,915Lease liabilities 1,009 844 1,552 8,634 12,039Tax equity debt 153 213 443 681 1,490Other non-derivative payables 4,090 1,730 808 11,390 18,018Derivatives 7,611 3,445 4,015 7,404 22,475Total payment obligations 30,671 8,712 24,968 109,654 174,005Maturity analysis of financial liabilities 2022DKKm 2023 2024 2025-2026 After 2026 2022Bank loans and issued bonds: Notional amount 3,087 53 1,487 59,077 63,704 Interest payments 1,883 1,880 3,741 14,721 22,225Trade payables 20,641 - - - 20,641Lease liabilities 817 664 1,288 9,182 11,951Tax equity debt 150 158 343 845 1,496Other non-derivative payables 8,019 1,543 489 12,810 22,861Derivatives 32,636 13,442 6,059 11,288 63,425Total payment obligations 67,233 17,740 13,407 107,923 206,303The Group's 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 payments. 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 2023, we had issued hybrid capital with a notional amount totalling DKK 19,310 million due after 2027.",
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"s9_notes__8__122": {
"value": "Capital structureNote 5An appropriate capital structure is important to ensure we have the ability to raise new debt with attractive terms. The costs related to terminating our Ocean Wind 1 project as well as lower forward power prices, further supply chain delays and costs to mitigate this, increasing capital expenditures (per MW) and OPEX due to cost inflation and supply chain bottlenecks have negatively impacted our credit metric (FFO/adjusted net debt) projections in 2023. Therefore, we have taken and will continue to take measures to ensure a robust balance sheet supporting long-term growth and capital structure resilience towards 2030.In February 2023, we issued three green bonds with a total nominal value of EUR 2,000 million (DKK 14,885 million). In June 2023, we issued a EUR 100 million (DKK 745 million) blue bond. The net proceeds from the issuance will be allocated to invest-ments in offshore biodiversity.Capital structure To ensure we have the financial strength to operate in the international energy and capital markets and secure financing on attractive terms, we target a solid investment grade rating with all three major rating agencies. This includes an FFO/adjusted interest-bearing net debt credit metric above 30 %.Financing policyThe aim of our financing policy is to minimise liquidity and refinancing risks while minimising financing costs and matching the currency com-position of our debt with our revenue. We obtain funding in different markets and with different maturities. Our debt is primarily con-solidated in the parent company where cash resources are made available to the Group com-panies via an internal bank.Cash management and liquidity reserveA group-wide cash management set-up ensures optimal allocation of cash in relation to our day-to-day operations and investment programme. We target a liquidity reserve that ensures ade-quate coverage of our use of liquidity on a rolling 12 month forward-looking basis to limit the com-pany's sensitivity to unforeseen developments, including unrest in the financial markets.",
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"s9_notes__8__124": {
"value": "Interest-bearing net debt and FFONote 5.1Interest-bearing debt and interest-bearing assetsDKKm 2023 2022Interest-bearing debt:Bank debt 9,031 8,913Bond debt 70,589 54,368Total bond and bank debt 79,620 63,281Tax equity liability (see note 3.9) 1,196 1,236Lease liability 8,426 8,266Other interest-bearing debt:Debt in connection with divestments 2,900 2,904Debt from receiving collateral under credit support annexes 286 1,196Other interest-bearing debt 153 824Total interest-bearing debt 92,581 77,707Interest-bearing assets:Securities 29,902 25,197Cash 10,145 16,178Receivables from associates and joint ventures 77 -Cash, not available for use 481 2,471Other interest-bearing receivables:Receivables from placing collateral under credit support annexes 3,854 2,449Receivables in connection with divestments 735 713Other receivables 8 128Total interest-bearing assets 45,202 47,136Total interest-bearing net debt at 31 December 47,379 30,57150 % of hybrid capital 9,552 9,897Other interest-bearing debt, add back (3,339) (4,924)Other interest-bearing receivables, add back 4,597 3,290Cash and securities not available for distribution, excluding repo loans 867 3,241Total adjusted interest-bearing net debt 59,056 42,075Funds from operations (FFO)DKKm 2023 2022EBITDA 18,717 32,057Change in provisions and other adjustments 8,742 (2,213)Change in derivatives 4,274 (8,687)Variation margin (add back) (7,086) 10,332Reversal of gain (loss) on divestment of assets (5,745) (10,885)Income tax paid (2,717) (1,263)Interest and similar items, received/paid 1,385 (563)Reversal of interest expenses transferred to assets (453) (586)50 % of coupon payments on hybrid capital (273) (264)Dividends received and capital reductions 19 23Funds from operations (FFO) 16,863 17,951Funds from operations (FFO)/adjusted interest-bearing net debt% 2024 2023 2022Funds from operations (FFO) 16,863 17,951Total adjusted interest-bearing net debt 59,056 42,075Funds from operations (FFO)/adjusted interest-bearing net debt 28.6 % 42.7 %Target Above 30 % ~25.0 % ~25.0 %FFO/adjusted interest-bearing net debt was 28.6 % compared with 42.7 % in 2022. The decrease in \u2018FFO/adjusted interest-bearing net debt\u2019 is mainly due to an increase in adjusted interest-bearing net debt of DKK 17.0 billion.\u2018Interest-bearing net debt\u2019 totalled DKK 47,379 million compared with DKK 30,571 million in 2022.Interest-bearing net debtInterest-bearing net debt totalled DKK 47,379 million at the end of 2023, an increase of DKK 16,808 million relative to 2022. The increase in interest- bearing net debt consists of an increase in interest-bearing debt of DKK 14,874 million and a decrease in interest- bearing assets of DKK 1,934 million.In February, we issued three new green senior bonds in the amount of EUR 2,000 million (DKK 14,885 million):\u00b7 EUR 700 million (DKK 5,210 million), 3.625 % interest, maturing in March 2026\u00b7 EUR 600 million (DKK 4,465 million), 3.750 % interest, maturing in March 2030\u00b7 EUR 700 million (DKK 5,210 million), 4.125 % interest, maturing in March 2035.In June, we also issued a EUR 100 million (DKK 745 million) blue senior bond with maturity in June 2028 and a fixed interest rate of 3.625 %. The net proceeds from the issuance will be allocated to investments in offshore biodiversity.RatingWe have a corporate credit rating of BBB+/Baa1/BBB+ from Standard & Poor's, Moody's, and Fitch.Following our announcement regarding impairment of our US portfolio on 29 August 2023, Moody's changed their outlook from stable to negative in September 2023, and Standard & Poor's and Fitch followed in November 2023. If our ratings should be downgraded by one notch to BBB/Baa2/BBB following clarification by the rating agencies, it will not impact \u00d8rsted's business activities.\u2018FFO/adjusted interest-bearing net debt\u2019 was 28.6 % in 2023.Market value of bond and bank debtThe market value of our bond and bank debt amounted to DKK 68,671 million and DKK 8,711 million, respectively, at 31 December 2023 (2022: DKK 53,358 million and DKK 8,483 million, respec-tively). The market value of issued bonds has been determined as the market value at 31 December (level 1 \u2013 quoted prices).The market value of bank loans has been deter-mined as the present value of expected future instal-ments and interest payments using the Group's current interest rate on loans as the discount rate (level 2 \u2013 observable inputs).Due to the level of interest rates being lower at the time of issuance, the market value of our bond and bank debt is below the carrying amount.Loan arrangements and credit facilitiesAt 31 December 2023, we had bank loan obligations totalling DKK 5,030 million (2022: DKK 5,880 million) to the European Investment Bank and Nordic Invest-ment Bank. The loans offered by these multilateral financial institutions cofund specific energy projects with maturities exceeding those normally available in the commercial banking market. Furthermore, we had non-cancellable credit facilities and undrawn loan agreements of DKK 51,159 mil-lion at 31 December 2023 (2022: DKK 57,179 million) with a number of Scandinavian, international, and Taiwanese banks. See note 5.4 \u2018Liquidity reserve\u2019 for further details.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 shareholders other than a group con-sisting of the Danish state and Danish power dis-tribution 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 terms or conditions.Changes in interest-bearing debtDKKm 2023 2022Interest-bearing debt at 1 January 77,707 60,358Cash transactions:Proceeds from raising loans 17,584 37,090Instalments on loans (1,580) (21,482)Instalments on leases (712) (582)Change in other interest-bearing debt and tax equity liability (1,625) 1,291Non-cash transactions:Raising lease debt, etc. 872 1,316Bank loans acquired in a business combination - 437Foreign exchange adjustments, amortisation, etc. 335 (721)Interest-bearing debt at 31 December 92,581 77,707Senior bonds issued at Outstanding amount 31 December 2023Type of Million, currencyfinancingCoupon (%) Time of issue Maturing Quoted inCurrency DKK EUR Green 600 4,473 2.250 June 2022 June 2028 LuxembourgEUR Green 750 5,591 1.500 Nov. 2017 Nov. 2029 LondonEUR Green 900 6,709 3.250 Sep. 2022 Sep. 2031 LuxembourgEUR Green 750 5,591 2.875 June 2022 June 2033 LuxembourgEUR Green 700 5,218 3.625 Feb. 2023 March 2026 LuxembourgEUR Blue 100 745 3.625 June 2023 June 2028 LuxembourgEUR Green 600 4,473 3.750 Feb. 2023 March 2030 LuxembourgEUR Green 700 5,218 4.125 Feb. 2023 March 2035 LuxembourgGBP Green 350 3,011 2.125 May 2019 May 2027 LuxembourgGBP - 750 6,452 4.875 Jan. 2012 Jan. 2032 LondonGBP Green 300 2,581 2.500 May 2019 May 2033 LuxembourgGBP Green 250 12,151 CPI+0.375 May 2019 May 2034 LuxembourgGBP Green 375 3,226 5.125 Sep. 2022 Sep. 2034 LuxembourgGBP - 500 4,301 5.750 Apr. 2010 Apr. 2040 LondonGBP Green 575 4,947 5.375 Sep. 2022 Sep. 2042 LuxembourgNTD Green 4,000 880 0.920 Nov. 2019 Nov. 2026 TaipeiNTD Green 4,000 880 0.600 Nov. 2020 Nov. 2027 TaipeiNTD Green 3,000 660 0.700 Nov. 2020 Nov. 2030 TaipeiNTD Green 8,000 1,759 1.500 Nov. 2019 Nov. 2034 TaipeiNTD Green 8,000 1,759 0.980 Nov. 2020 Nov. 2040 Taipei1 Issued principal is indexed to an outstanding amount of GBP 309 million corresponding to DKK 2,654 million at 31 December 2023. In addition to senior bonds, we have issued a number of hybrid bonds, see note 5.3 \u2018Hybrid capital\u2019.\u00a7 Accounting policiesBond debt, bank debt, and other payables are recognised at inception at market value (typically proceeds received) net of transac-tion 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 recognised in profit (loss) for the year as interest expenses over the term of the loan, using the effective interest rate method.Financial liabilities are classified as current, unless the Group has an unconditional right to defer settlement of the liability to at least one year after the balance sheet date",
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"s9_notes__8__126-1": {
"value": "Interest-bearing debt and interest-bearing assetsDKKm 2023 2022Interest-bearing debt:Bank debt 9,031 8,913Bond debt 70,589 54,368Total bond and bank debt 79,620 63,281Tax equity liability (see note 3.9) 1,196 1,236Lease liability 8,426 8,266Other interest-bearing debt:Debt in connection with divestments 2,900 2,904Debt from receiving collateral under credit support annexes 286 1,196Other interest-bearing debt 153 824Total interest-bearing debt 92,581 77,707Interest-bearing assets:Securities 29,902 25,197Cash 10,145 16,178Receivables from associates and joint ventures 77 -Cash, not available for use 481 2,471Other interest-bearing receivables:Receivables from placing collateral under credit support annexes 3,854 2,449Receivables in connection with divestments 735 713Other receivables 8 128Total interest-bearing assets 45,202 47,136Total interest-bearing net debt at 31 December 47,379 30,57150 % of hybrid capital 9,552 9,897Other interest-bearing debt, add back (3,339) (4,924)Other interest-bearing receivables, add back 4,597 3,290Cash and securities not available for distribution, excluding repo loans 867 3,241Total adjusted interest-bearing net debt 59,056 42,075Hybrid capitalNote 5.3Hybrid bonds Green due in 3017 Green due in 3019 Green due in 3021 Green due in 3022 Green due in 3021Type Subordinated Subordinated Subordinated Subordinated SubordinatedCarrying amount DKK 3,668 million DKK 4,416 million DKK 3,697 million DKK 3,692 million DKK 3,630 millionFinancial classification Equity Equity Equity Equity EquityNotional amount EUR 500 million (DKK 3,727 million) EUR 600 million (DKK 4,473 million) EUR 500 milllion (DKK 3,727 million) EUR 500 milllion (DKK 3,727 million) GBP 425 million (DKK 3,656 million)Issued November 2017 December 2019 February 2021 December 2022 February 2021Maturing November 3017 December 3019 February 3021 December 3022 February 3021Quoted in Luxembourg Luxembourg Luxembourg Luxembourg LuxembourgFirst redemption at par 24 November 2024 9 December 2027 18 February 2031 8 December 2028 18 February 2033Coupon for the first Seven years fixed at 2.25 0 % p.a. Eight years fixed at 1.75 0 % p.a. Ten years fixed at 1.50 0 % p.a. Six years fixed at 5.250 % p.a. 12 years fixed at 2.500 % p.a.Coupon in subsequent period is adjusted every +1.899 % points from 2024, +2.149 % points +1.952 % points from 2027, +2.020 % points +1.860 % points from 2031 and +2.610 % points +2.619 % points from 2028, +2.869 % points Adjusted every five years with the five-year five years with the five-year euro swapfrom 2029, and +2.899 % points from 2044from 2032, and +2.952 % points from 2047from 2051from 2033, and +3.619 % points from 2048benchmark gilt +2.136 % points from 2033 and +2.886 % points from 2053Deferral of interest payment Optional Optional Optional Optional OptionalWe have issued hybrid capital which is subordinate 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 2,100 million and GBP 425 million, respectively, equivalent to DKK 19,310 million (2022: EUR 2,194 million and GBP 425 million, respectively, equivalent to DKK 19,877 million). For all our hybrid bonds, we have the right to defer coupon payments and ultimately decide not to pay them at maturity. Deferred coupon payments become payable, however, if we decide to pay divi-dends 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 coupon payments are recognised in equity.\u00a7 Accounting policiesHybrid capital comprises issued bonds that qualify for treat-ment 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 differ-ence 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 nominal value in 1,000 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.Liquidity reserveNote 5.4Liquidity reserveLiquidity reserve at 31 December 2023 amounted to DKK 90.7 billion (31 December 2022: DKK 97.8 billion). The change in liquidity reserve is due to a decrease in cash and undrawn credit facilities of DKK 6,033 million and DKK 6,174 million, respectively. Partly countered by an increase in available securities of DKK 5,088 million.Collateral and margin postingsWhen we trade in derivatives to execute our hedging strategy, we have two alternatives:\u00b7 Trading where the market value is settled on an ongoing basis through receipt or placement of collateral.\u00b7 Trading where we accept the credit risk that will occur if we gain on the transaction.We are trading under both types of agreements to increase the number of counterparties with whom we are engaging to achieve the most optimal price.To mitigate and limit the potential negative impact on our cash position from temporary fluctuations in market prices, we actively manage the volume of trades between trading with and without collateral arrangements.As of 31 December 2023, 12 % (2022: 31 %) of our power and gas trades and 88 % (2022: 86 %) 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 and bank guarantees, where possible. At the end of December 2023, we had covered EUR 0.5 billion in collateral for initial margins and variation margins on energy hedges through a parent company guarantee.Our collateral and margin payments related to trad-ing with derivatives and collateral related to insurance liabilities and escrow accounts have decreased from DKK 17.3 billion at 31 December 2022 to DKK 7.9 billion at 31 December 2023. The decrease was primarily driven by the large decrease in power and gas prices. During the year, collateral payments related to vari-ation and initial margins decreased by DKK 2.5 billion and DKK 7.1 billion, respectively, and amounted to DKK 3.9 billion at 31 December 2023. Initial margin and variation margin relate to energy hedges, and the credit support annex (CSA) relates to currency, inflation, and interest rate hedges. Other collateral mainly relates to insurance liabilities and escrow accounts. Further securities can be placed as collateral in repo transactions as part of our cash management.Cash and cash equivalents, securitiesDKKm 2023 2022Cash, cf. balance sheet 10,145 16,178Bank overdrafts that are part of the ongoing cash management (1) (3)Total cash and cash equivalents at 31 December, cf. statement of cash flows 10,144 16,175Cash can be specified as follows:Cash cf. balance sheet 10,145 16,178Cash, not available for use 481 2,471Securities can be specified as follows:Securities, available 29,515 24,428Securities, not available for use 387 769Total securities at 31 December 29,902 25,197The table shows our cash and securities divided into available and not available for use.Overview of securitiesDKKm Fixed rate Floating rate 2023 Fixed rate Floating rate 2022Maturities0-2 years 3,064 12,032 15,096 37 12,278 12,3152-5 years 371 8,287 8,658 961 6,025 6,986After 5 years 2,583 3,565 6,148 1,666 4,230 5,896Total carrying amount 6,018 23,884 29,902 2,664 22,533 25,197The 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 liquidity 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.\u2018Securities not available for use\u2019 comprise securities pledged as collateral for: \u00b7 insurance-related provisions: DKK 387 million at 31 December 2023 (2022: DKK 381 million)\u00b7 trading in financial instruments: DKK 0 million at 31 December 2023 (2022: DKK 388 million).At 31 December 2023, we had received cash collateral in the amount of DKK 286 million (2022: DKK 1,194 million) concerning the positive market value of derivatives.\u2018Cash not available for use\u2019 comprises: \u00b7 collateral for power purchase agreements and trading with financial instruments: DKK 421 million (2022: DKK 366 million)\u00b7 collateral for insurance-related provisions: DKK 41 million (2022: DKK 38 million)\u00b7 payables for the purchase of gas that has not yet been settled, placed on a restricted account: DKK 0 million (2022: DKK 2,029 million)\u00b7 collateral for other transactions: DKK 19 million (2022: DKK 38 million).\u00a7 Accounting policiesSecurities comprise bonds that are monitored, measured, and reported at market value on an ongoing basis in conformity with the Group's investment policy. Changes in market value are recognised in profit (loss) for the year as financial income and expenses. Purchase and sale of securities are recognised at the settle-ment 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 recog-nised as a liability, and the difference between the selling price and the purchase price is rec-ognised in profit (loss) for the year over the term as interest. The return on the securities is recog-nised in profit (loss) for the year.Fair value measurementNote 6.6Fair value hierarchy of financial instrumentsObservable Non-observable Observable Non-observable DKKmQuoted prices input input Quoted prices input input Assets(level 1)(level 2)(level 3) 2023(level 1)(level 2)(level 3) 2022Gas inventory 1,513 - - 1,513 3,442 - - 3,442Total inventory 1,513 - - 1,513 3,442 - - 3,442Bonds - 29,902 - 29,902 - 25,197 - 25,197Total securities - 29,902 - 29,902 - 25,197 - 25,197Energy derivatives 4,484 5,701 559 10,744 14,474 7,241 563 22,278Currency derivatives - 749 - 749 - 1,378 - 1,378Interest and inflation derivatives - 336 - 336 - 1,581 - 1,581Total derivative assets 4,484 6,786 559 11,829 14,474 10,200 563 25,237LiabilitiesEnergy derivatives 5,149 4,424 8,087 17,660 12,871 24,592 15,250 52,713Currency derivatives - 489 - 489 - 1,773 - 1,773Interest and inflation derivatives - 4,063 - 4,063 - 3,073 - 3,073Total derivative liabilities 5,149 8,976 8,087 22,212 12,871 29,438 15,250 57,559All assets and liabilities measured at market value are measured on a recurring basis.We 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 the German power prices.Valuation principles and processIn order to minimise the use of subjective estimates or modifications of parameters and calculation models, it is our policy to determine fair value 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. We use external price providers to ensure a high qual-ity in our price curves. Where prices are not available, we model the prices based on our prior experience and best estimates. Where relevant and possible, we validate our price curves against third-party data.Fair value hierarchy Market values based on quoted prices comprise quoted securities and derivatives that are traded in active markets. The market values 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 valuation models with observable inputs are used to measure fair value. Market values based on non-observable inputs mainly comprise long-term power purchase agreements (CPPAs) that lock the power price of the expected power generation over a period of up to 10-20 years. Due to the long duration of these CPPAs, power prices are not observable for a large part of the duration. The most significant non-observable inputs are based on US power prices (mainly ERCOT) and German power prices.Estimating as-produced power pricesSince our CPPAs are normally settled on the actual production, and the power prices available in the mar-ket are based on a constant production (flat profile), we take into account that our expected production is not constant, and thus our CPPAs will not be settled against a flat profile price (see description of volume risk in note 6.2). For the majority of our markets, the flat profile power price can be observed for a maximum of four to six years in the market, after which an active market no longer exists.Derivatives valued on the basis of unobservable inputDKKm 2023 2022Market value at 1 January (14,687) (7,448)Value adjustments through profit or loss (31) (322)Value adjustments through other comprehensive income 3,766 (6,476)Sales/redemptions 1,366 1,190Purchases/issues 750 (497)Transferred from quoted prices and observable input - (1,773)Transferred to quoted prices and observable input 1, 308 639Market value at 31 December (7,528) (14,687)Unobservable input per commodity priceDKKmUS ERCOT power prices (5,261) (5,580)German power prices (1,484) (5,642)US MISO power prices (737) (1,263)Other power prices (37) (2,132)Gas prices (9) (70)To t a l (7,528) (14,687)The main unobservable inputs are US power prices and German power prices.Power price (DKK/MWh) Sensitivity (DKKm)Overview of significant unobservable inputs and WeightedMonthlyMonthlysensitivitiesaverageminimummaximum +25 % -25 %Intermittency-adjusted power priceUS ERCOT (2024-2033) 297 81 971 (3,303) 3,634Germany (2025-2035) 440 332 654 (1,256) 1,256US MISO (2024-2033) 302 149 422 (530) 520US SPP (2024-2035) 189 128 358 (436) 583Ireland (2024-2042) 524 389 808 (69) 69The 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 2023. If intermittency-adjusted power prices in Germany as of 31 December 2023 increased/decreased by 25 %, the market value would decrease/increase by DKK 1,256 million.Valuation techniques and significant unobservable inputs We use a discounted cash flow model for the valua-tion of power derivatives.The US power purchase agreements give exposure to the long-term US power prices, mainly in the ERCOT, SPP, and MISO regions. The power price is observable for the first four to six years. For the following four to six years, the power price is estimated based on observable inputs (gas prices and heat rates). For the subsequent period, the power price is non- observable and estimated by extrapolating the power price towards the U.S. Energy Information Administration's long-term power price forecast, assuming similar sea-sonality as in previous periods. As only a minor part of the contract period is within the period when power prices are non-observable, we classify the contracts as based on observable input.In Germany and other countries where we have long-term PPA contracts, the power price is observable for up to five years. When power prices are no longer observable in the market, we have estimated the power price by extrapolating the last year with an observable power price, taking expected inflation and seasonality into account.Acquired CPPAsThe initial negative fair value from long-term CPPAs acquired in a business combination is recognised as revenue in profit or loss in the future period to which the market value relates. This effectively increases or decreases the revenue from the contract price to the forward price at the closing date. In 2023, we have recognised an income of DKK 197 million (2022: DKK 228 million) related to the initial fair value from CPPAs. The total amount of initial fair value as of 31 December 2023 amounts to a loss of DKK 1,243 million (2022: loss of DKK 1,497 million), which will be recognised as revenue in a future period.\u00a7 Accounting policiesWhen the fair value at \u2018initiation recognition\u2019 differs from the transaction price, and the fair value is not purely based on observable prices, the difference between the fair value at initial recognition and the transaction price is deferred and recognised over the lifetime of the PPACategories of financial instrumentsNote 6.8Categories of financial instrumentsDKKm 2023 2022Energy, currency, and interest derivatives 7,251 17,775Securities 29,902 25,197Financial assets measured at fair value via the income statement 37,153 42,972Energy derivatives 3,783 6,709Currency derivatives 795 275Interest and inflation derivatives - 478Derivatives (assets) used as hedging instruments 4,578 7,462Trade receivables 11,107 12,701Other accounts receivable 7,200 9,459Cash 10,626 18,649Financial assets measured at amortised cost 28,933 40,809Energy, currency, and interest derivatives 3,712 12,551Financial liabilities measured at fair value via the income statement 3,712 12,551Energy derivatives 14,661 41,237Currency derivatives 481 697Interest and inflation derivatives 3,358 3,073Derivatives (liabilities) used as hedging instruments 18,500 45,007Bank loans and issued bonds 79,620 63,281Trade payables 14,915 20,641Other accounts payable 8,591 11,310Financial liabilities measured at amortised cost 103,126 95,232The 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 adjustment of the instrument should be recognised in the profit (loss) for the year or as part of the hedging reserve in equity. The fair value of financial instruments measured at amortised cost is identical to the carrying amount with the exception of bank loans and issued bonds where the market value is stated in note 5.1 \u2018Interest -bearing net debt and FFO\u2019.Sensitivity analysis of financial instrumentsNote 6.931 December 2023 31 December 2022 Sensitivity analysis of financial instruments Price Effect on profit Effect on equity Effect on profit Effect on equity DKKm change(loss) before taxbefore tax(loss) before taxbefore taxPower 25 % (277) (8,119) (1,791) (14,382)-25 % 562 8,263 1,794 14,402Gas 25 % (588) (127) (764) 177-25 % 588 127 764 (177)Oil 25 % (360) 260 (533) 277-25 % 360 (158) 608 (6)GBP 10 % 817 (2,965) (2,430) (4,727)-10 % (817) 2,965 2,430 4,727USD 10 % (2,070) (662) (947) (853)-10 % 2,070 662 947 853NTD 10 % (386) (9) (743) --10 % 386 9 743 -EUR 1 % (212) (15) (899) (125)-1 % 212 15 899 125Inflation 1 % point - (2,059) - (2,162)Interest 1 % point 620 920 (332) 1,224The sensitivity analysis in the table shows the effect of market value changes, assuming a relative price change at 31 December. The effect on profit (loss) before tax comprises finan-cial instruments that remained open at the balance sheet date, and which have an effect on profit (loss) in the current financial year. Effect on equity before tax comprises financial instru-ments 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 impact of our financial instruments. If the hedged exposure had been included in the sensi-tivity analysis, the effect of a price change would have been reduced or offset entirely.Net investments and associated hedging of net invest-ments in foreign subsidiaries are not included in the table, as the effects of the sum of the investments and the hedging are considered to be neutral to changes in currencies. A 10 % increase in the currencies hedged in connec-tion with net investments would reduce equity by DKK 5,718 million (2022: DKK 6,257 million).",
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"s9_notes__8__127-1": {
"value": "Bond debt, bank debt, and other payables are recognised at inception at market value (typically proceeds received) net of transac-tion 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 recognised in profit (loss) for the year as interest expenses over the term of the loan, using the effective interest rate method.Financial liabilities are classified as current, unless the Group has an unconditional right to defer settlement of the liability to at least one year after the balance sheet dateHybrid capital comprises issued bonds that qualify for treat-ment 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 differ-ence 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 nominal value in 1,000 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 ongoing basis in conformity with the Group's investment policy. Changes in market value are recognised in profit (loss) for the year as financial income and expenses. Purchase and sale of securities are recognised at the settle-ment 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 recog-nised as a liability, and the difference between the selling price and the purchase price is rec-ognised in profit (loss) for the year over the term as interest. The return on the securities is recog-nised in profit (loss) for the year.When the fair value at \u2018initiation recognition\u2019 differs from the transaction price, and the fair value is not purely based on observable prices, the difference between the fair value at initial recognition and the transaction price is deferred and recognised over the lifetime of the PPA",
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"s9_notes__8__125": {
"value": "Bond debt, bank debt, and other payables are recognised at inception at market value (typically proceeds received) net of transac-tion 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 recognised in profit (loss) for the year as interest expenses over the term of the loan, using the effective interest rate method.Financial liabilities are classified as current, unless the Group has an unconditional right to defer settlement of the liability to at least one year after the balance sheet date",
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"s9_notes__8__130": {
"value": "Share capital \u00d8rsted's share capital is DKK 4,203,810,800 (2022: 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.",
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"s9_notes__8__131": {
"value": "Treasury sharesTo secure our share programme, we have acquired treasury shares in accordance with the authorisation approved by the general meeting. The total portfolio of treasury shares consists of 150,784 shares at 31 December 2023 (2022: 154,344), corresponding to less than 0.1 % of the share capital.",
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"s9_notes__8__132": {
"value": "Dividends The Board of Directors recommends that dividends of DKK 0 million (2022: DKK 5,675 million) be paid for the financial year, corresponding to DKK 0 per share (2022: DKK 13.50 per share).",
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"value": "0",
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"value": "5675000000",
"decimals": -6,
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"s9_notes__8__134": {
"value": "0",
"decimals": 0,
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"s9_notes__9__134": {
"value": "13.5",
"decimals": 2,
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"s9_notes__8__128": {
"value": "EquityNote 5.2Earnings per shareDKKm 2023 2022Profit (loss) for the year (20,182) 14,996Interest and costs, hybrid capital owners of \u00d8rsted A/S (553) (577)Non-controlling interests (324) 130\u00d8rsted's share of profit (loss) for the year (21,059) 14,549(\u2019000)Average number of outstanding shares 420,227 420,209Dilutive effect of share programme 280 233Average number of outstanding shares, diluted 420,507 420,442(DKK)Earnings per share (50.1)34.6Diluted earnings per share(50.1)34.6Share capital \u00d8rsted's share capital is DKK 4,203,810,800 (2022: 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 the general meeting. The total portfolio of treasury shares consists of 150,784 shares at 31 December 2023 (2022: 154,344), corresponding to less than 0.1 % of the share capital.Dividends The Board of Directors recommends that dividends of DKK 0 million (2022: DKK 5,675 million) be paid for the financial year, corresponding to DKK 0 per share (2022: DKK 13.50 per share). Owners in \u00d8rstedThe Danish state is the principal shareholder with an ownership interest of 50.1 %. In addition, Andel have an ownership interest above 5 %. See note 16 \u2018Owner-ship information\u2019 in the parent company's financial statements.Hedging reserve 1Reserves 2023Foreign currency Hedging of net Hedging of Hedging of Hedging of Hedging of To t a l DKKmtranslation reserveinvestmentsrevenuedivestmentsinterest production assetsreservesReserves at 1 January (725) (1,178) (26,694) - 2,130 - (26,467)Exchange rate adjustments 531 - - - - - 531Value adjustments of hedging - (328) 24,950 (41) 108 - 24,689Value adjustments transferred to:Revenue - - (2,437) - - - (2,437)Other operating income \u2013 gain on divestment of assets (80) 21 - (44) - - (103)Other operating expenses - - 512 - - - 512Financial income and expenses - (236) 134 - (2,308) - (2,410)Tax:Tax on hedging and currency adjustments (110) 120 (5,080) 20 484 - (4,566)Movement for the year 341 (423) 18,079 (65) (1,716) - 16,216Total reserves including tax at 31 December (384) (1,601) (8,615) (65) 414 - (10,251)Total reserves excluding tax at 31 December (1,093) (2,053) (9,827) (85) 530 - (12,528)Reserves 2022DKKmReserves 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 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)Foreign currency translation reserve The foreign currency translation reserve comprises:\u00b7 exchange rate adjustments arising on translation of the financial statements of foreign entities with a currency that is not the Group's presentation currency\u00b7 exchange rate adjustments relating to loans that form part of our net investment in such entities \u00b7 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 where the gain (loss) is recognised.Hedging of revenueHedging of revenue includes hedging of energy, currency, and inflation risks associated with revenue.Share premium reserveRetained earnings include the share premium reserve of DKK 21,279 million (2022: 21,279 million), representing the excess of the amount of subscribed-for share capital over the nominal value of these shares in connection with capital injections.1 Costs of hedging related to basis spread on currency swaps and option premiums included in the hedging reserve amount to DKK 6 million (2022: 10 million).",
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"value": "Earnings per shareDKKm 2023 2022Profit (loss) for the year (20,182) 14,996Interest and costs, hybrid capital owners of \u00d8rsted A/S (553) (577)Non-controlling interests (324) 130\u00d8rsted's share of profit (loss) for the year (21,059) 14,549(\u2019000)Average number of outstanding shares 420,227 420,209Dilutive effect of share programme 280 233Average number of outstanding shares, diluted 420,507 420,442(DKK)Earnings per share (50.1)34.6Diluted earnings per share(50.1)34.6",
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"s9_notes__8__135": {
"value": "Hedging reserve 1Reserves 2023Foreign currency Hedging of net Hedging of Hedging of Hedging of Hedging of To t a l DKKmtranslation reserveinvestmentsrevenuedivestmentsinterest production assetsreservesReserves at 1 January (725) (1,178) (26,694) - 2,130 - (26,467)Exchange rate adjustments 531 - - - - - 531Value adjustments of hedging - (328) 24,950 (41) 108 - 24,689Value adjustments transferred to:Revenue - - (2,437) - - - (2,437)Other operating income \u2013 gain on divestment of assets (80) 21 - (44) - - (103)Other operating expenses - - 512 - - - 512Financial income and expenses - (236) 134 - (2,308) - (2,410)Tax:Tax on hedging and currency adjustments (110) 120 (5,080) 20 484 - (4,566)Movement for the year 341 (423) 18,079 (65) (1,716) - 16,216Total reserves including tax at 31 December (384) (1,601) (8,615) (65) 414 - (10,251)Total reserves excluding tax at 31 December (1,093) (2,053) (9,827) (85) 530 - (12,528)Reserves 2022DKKmReserves 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 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)Foreign currency translation reserve The foreign currency translation reserve comprises:\u00b7 exchange rate adjustments arising on translation of the financial statements of foreign entities with a currency that is not the Group's presentation currency\u00b7 exchange rate adjustments relating to loans that form part of our net investment in such entities \u00b7 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 where the gain (loss) is recognised.Hedging of revenueHedging of revenue includes hedging of energy, currency, and inflation risks associated with revenue.Share premium reserveRetained earnings include the share premium reserve of DKK 21,279 million (2022: 21,279 million), representing the excess of the amount of subscribed-for share capital over the nominal value of these shares in connection with capital injections.1 Costs of hedging related to basis spread on currency swaps and option premiums included in the hedging reserve amount to DKK 6 million (2022: 10 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__140": {
"value": "Hybrid capitalNote 5.3Hybrid bonds Green due in 3017 Green due in 3019 Green due in 3021 Green due in 3022 Green due in 3021Type Subordinated Subordinated Subordinated Subordinated SubordinatedCarrying amount DKK 3,668 million DKK 4,416 million DKK 3,697 million DKK 3,692 million DKK 3,630 millionFinancial classification Equity Equity Equity Equity EquityNotional amount EUR 500 million (DKK 3,727 million) EUR 600 million (DKK 4,473 million) EUR 500 milllion (DKK 3,727 million) EUR 500 milllion (DKK 3,727 million) GBP 425 million (DKK 3,656 million)Issued November 2017 December 2019 February 2021 December 2022 February 2021Maturing November 3017 December 3019 February 3021 December 3022 February 3021Quoted in Luxembourg Luxembourg Luxembourg Luxembourg LuxembourgFirst redemption at par 24 November 2024 9 December 2027 18 February 2031 8 December 2028 18 February 2033Coupon for the first Seven years fixed at 2.25 0 % p.a. Eight years fixed at 1.75 0 % p.a. Ten years fixed at 1.50 0 % p.a. Six years fixed at 5.250 % p.a. 12 years fixed at 2.500 % p.a.Coupon in subsequent period is adjusted every +1.899 % points from 2024, +2.149 % points +1.952 % points from 2027, +2.020 % points +1.860 % points from 2031 and +2.610 % points +2.619 % points from 2028, +2.869 % points Adjusted every five years with the five-year five years with the five-year euro swapfrom 2029, and +2.899 % points from 2044from 2032, and +2.952 % points from 2047from 2051from 2033, and +3.619 % points from 2048benchmark gilt +2.136 % points from 2033 and +2.886 % points from 2053Deferral of interest payment Optional Optional Optional Optional OptionalWe have issued hybrid capital which is subordinate 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 2,100 million and GBP 425 million, respectively, equivalent to DKK 19,310 million (2022: EUR 2,194 million and GBP 425 million, respectively, equivalent to DKK 19,877 million). For all our hybrid bonds, we have the right to defer coupon payments and ultimately decide not to pay them at maturity. Deferred coupon payments become payable, however, if we decide to pay divi-dends 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 coupon payments are recognised in equity.\u00a7 Accounting policiesHybrid capital comprises issued bonds that qualify for treat-ment 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 differ-ence 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 nominal value in 1,000 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__141": {
"value": "Hybrid capital comprises issued bonds that qualify for treat-ment 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 differ-ence 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 nominal value in 1,000 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__144-1": {
"value": "Collateral and margin postingsWhen we trade in derivatives to execute our hedging strategy, we have two alternatives:\u00b7 Trading where the market value is settled on an ongoing basis through receipt or placement of collateral.\u00b7 Trading where we accept the credit risk that will occur if we gain on the transaction.We are trading under both types of agreements to increase the number of counterparties with whom we are engaging to achieve the most optimal price.To mitigate and limit the potential negative impact on our cash position from temporary fluctuations in market prices, we actively manage the volume of trades between trading with and without collateral arrangements.As of 31 December 2023, 12 % (2022: 31 %) of our power and gas trades and 88 % (2022: 86 %) 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 and bank guarantees, where possible. At the end of December 2023, we had covered EUR 0.5 billion in collateral for initial margins and variation margins on energy hedges through a parent company guarantee.Our collateral and margin payments related to trad-ing with derivatives and collateral related to insurance liabilities and escrow accounts have decreased from DKK 17.3 billion at 31 December 2022 to DKK 7.9 billion at 31 December 2023. The decrease was primarily driven by the large decrease in power and gas prices. During the year, collateral payments related to vari-ation and initial margins decreased by DKK 2.5 billion and DKK 7.1 billion, respectively, and amounted to DKK 3.9 billion at 31 December 2023. Initial margin and variation margin relate to energy hedges, and the credit support annex (CSA) relates to currency, inflation, and interest rate hedges. Other collateral mainly relates to insurance liabilities and escrow accounts. Further securities can be placed as collateral in repo transactions as part of our cash management.\u2018Securities not available for use\u2019 comprise securities pledged as collateral for: \u00b7 insurance-related provisions: DKK 387 million at 31 December 2023 (2022: DKK 381 million)\u00b7 trading in financial instruments: DKK 0 million at 31 December 2023 (2022: DKK 388 million).At 31 December 2023, we had received cash collateral in the amount of DKK 286 million (2022: DKK 1,194 million) concerning the positive market value of derivatives.\u2018Cash not available for use\u2019 comprises: \u00b7 collateral for power purchase agreements and trading with financial instruments: DKK 421 million (2022: DKK 366 million)\u00b7 collateral for insurance-related provisions: DKK 41 million (2022: DKK 38 million)\u00b7 payables for the purchase of gas that has not yet been settled, placed on a restricted account: DKK 0 million (2022: DKK 2,029 million)\u00b7 collateral for other transactions: DKK 19 million (2022: DKK 38 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__142-1": {
"value": "Liquidity reserveNote 5.4Liquidity reserveLiquidity reserve at 31 December 2023 amounted to DKK 90.7 billion (31 December 2022: DKK 97.8 billion). The change in liquidity reserve is due to a decrease in cash and undrawn credit facilities of DKK 6,033 million and DKK 6,174 million, respectively. Partly countered by an increase in available securities of DKK 5,088 million.Collateral and margin postingsWhen we trade in derivatives to execute our hedging strategy, we have two alternatives:\u00b7 Trading where the market value is settled on an ongoing basis through receipt or placement of collateral.\u00b7 Trading where we accept the credit risk that will occur if we gain on the transaction.We are trading under both types of agreements to increase the number of counterparties with whom we are engaging to achieve the most optimal price.To mitigate and limit the potential negative impact on our cash position from temporary fluctuations in market prices, we actively manage the volume of trades between trading with and without collateral arrangements.As of 31 December 2023, 12 % (2022: 31 %) of our power and gas trades and 88 % (2022: 86 %) 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 and bank guarantees, where possible. At the end of December 2023, we had covered EUR 0.5 billion in collateral for initial margins and variation margins on energy hedges through a parent company guarantee.Our collateral and margin payments related to trad-ing with derivatives and collateral related to insurance liabilities and escrow accounts have decreased from DKK 17.3 billion at 31 December 2022 to DKK 7.9 billion at 31 December 2023. The decrease was primarily driven by the large decrease in power and gas prices. During the year, collateral payments related to vari-ation and initial margins decreased by DKK 2.5 billion and DKK 7.1 billion, respectively, and amounted to DKK 3.9 billion at 31 December 2023. Initial margin and variation margin relate to energy hedges, and the credit support annex (CSA) relates to currency, inflation, and interest rate hedges. Other collateral mainly relates to insurance liabilities and escrow accounts. Further securities can be placed as collateral in repo transactions as part of our cash management.Cash and cash equivalents, securitiesDKKm 2023 2022Cash, cf. balance sheet 10,145 16,178Bank overdrafts that are part of the ongoing cash management (1) (3)Total cash and cash equivalents at 31 December, cf. statement of cash flows 10,144 16,175Cash can be specified as follows:Cash cf. balance sheet 10,145 16,178Cash, not available for use 481 2,471Securities can be specified as follows:Securities, available 29,515 24,428Securities, not available for use 387 769Total securities at 31 December 29,902 25,197The table shows our cash and securities divided into available and not available for use.Overview of securitiesDKKm Fixed rate Floating rate 2023 Fixed rate Floating rate 2022Maturities0-2 years 3,064 12,032 15,096 37 12,278 12,3152-5 years 371 8,287 8,658 961 6,025 6,986After 5 years 2,583 3,565 6,148 1,666 4,230 5,896Total carrying amount 6,018 23,884 29,902 2,664 22,533 25,197The 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 liquidity 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.\u2018Securities not available for use\u2019 comprise securities pledged as collateral for: \u00b7 insurance-related provisions: DKK 387 million at 31 December 2023 (2022: DKK 381 million)\u00b7 trading in financial instruments: DKK 0 million at 31 December 2023 (2022: DKK 388 million).At 31 December 2023, we had received cash collateral in the amount of DKK 286 million (2022: DKK 1,194 million) concerning the positive market value of derivatives.\u2018Cash not available for use\u2019 comprises: \u00b7 collateral for power purchase agreements and trading with financial instruments: DKK 421 million (2022: DKK 366 million)\u00b7 collateral for insurance-related provisions: DKK 41 million (2022: DKK 38 million)\u00b7 payables for the purchase of gas that has not yet been settled, placed on a restricted account: DKK 0 million (2022: DKK 2,029 million)\u00b7 collateral for other transactions: DKK 19 million (2022: DKK 38 million).\u00a7 Accounting policiesSecurities comprise bonds that are monitored, measured, and reported at market value on an ongoing basis in conformity with the Group's investment policy. Changes in market value are recognised in profit (loss) for the year as financial income and expenses. Purchase and sale of securities are recognised at the settle-ment 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 recog-nised as a liability, and the difference between the selling price and the purchase price is rec-ognised in profit (loss) for the year over the term as interest. The return on the securities is recog-nised in profit (loss) for the year.2023 2022Contracts accounted for at fair value through profit or loss (EBITDA)ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueEnergy Oil swaps and options (buy position) 166 (492) 507 (803)Power swaps (buy position) 245 2,126 3,264 3,872Power options (sell position) 2,279 (67) 7,821 (1,894)Gas swaps and options (sell position) 1,528 2,395 3,416 2,920Other (sell position) 175 - 69 -2023 2022Contracts accounted for at fair value through profit or loss (financial items) ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueInterest rate swaps (pay fixed/receive variable) 21,806 (369) 8,902 1,103Interest rate swaps are used to adjust the maturity of our bond portfolio. The year 2023 includes ineeffective USD interest rate swaps with a contractual principal amount of DKK 12,148 million.2023 2022Contracts accounted for at fair value through profit or loss (financial items)ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueCurrencyForward exchange contracts 24,504 (54) 30,549 27The table shows cash management positions which are not hedge accounted. The positions consist of EUR and, to a lesser extent, GBP and USDEnergy trading portfolioNote 6.72023 2022 Overview of the Group's energy trading portfolio 1Contractual Unrealised Contractual UnrealisedDKKm principal amountgain/(loss) principal amount gain/(loss)Power swaps (sell position) 3,305 (492) 4,683 (7,854)Power options (buy position) 5,906 1,406 3,060 8,680Gas swaps and options (sell position) 2,138 (312) 3,601 (774)Oil swaps and options (buy position) 156 (137) 498 (204)Other (sell position) 175 13 74 (50)Trading mandates 2VaR limit in 2023: Stress limit in 2023: DKK 100 millionDKK 400 million Maximum open positions in trading portfolioVaR indicates the largest loss in one trading day Stress indicates the largest daily loss we risk \u00b7 Max. 6 TWh of powerat a probability of 95 %. VaR is based on data sustaining with the given portfolio. Stress is \u00b7 Max. 9.5 TWh of gasfor the past 45 trading days, with the heaviest based on data from 1 January 2006 to the \u00b7 Max. 1 million boe of oilweighting being assigned to the most recent present day.\u00b7 Max. 1.5 million tonnes of carbon emissionstrading days.\u00b7 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 and included with the settled margin.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 2022-2023. VaR reached DKK 280 million on 9 March 2022, causing a passive breach of the Board of Directors' mandate of DKK 100 million due to the Russian invasion of Ukraine and the large reduction in gas sup-plies to Europe, causing the European energy prices to spike. In 2022, there were further passive breaches in August due to Russian gas sup-ply 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: \u00b7 optimise hedging execution\u00b7 contribute to increased market insight\u00b7 profit from short-term fluctuations in energy prices.The energy trading portfolio receives the exposure from our assets and takes that exposure into the external market in the most efficient way possible, given the mandates shown to the left. The overview of the Group's energy trading portfolio to the left is the net of the internal exposures received from the assets and the external trades in line with internal risk management.The trading portfolio primarily consists of positions in power and gas.The trading portfolio constitutes a smaller part of our total portfolio of derivatives, and the associated risk is limited.\u00a7 Accounting policiesMarket value adjustments of physical and financial contracts relating to energy that are entered into with the purpose of generating gains from short-term price changes are recognised as revenue.Categories of financial instrumentsNote 6.8Categories of financial instrumentsDKKm 2023 2022Energy, currency, and interest derivatives 7,251 17,775Securities 29,902 25,197Financial assets measured at fair value via the income statement 37,153 42,972Energy derivatives 3,783 6,709Currency derivatives 795 275Interest and inflation derivatives - 478Derivatives (assets) used as hedging instruments 4,578 7,462Trade receivables 11,107 12,701Other accounts receivable 7,200 9,459Cash 10,626 18,649Financial assets measured at amortised cost 28,933 40,809Energy, currency, and interest derivatives 3,712 12,551Financial liabilities measured at fair value via the income statement 3,712 12,551Energy derivatives 14,661 41,237Currency derivatives 481 697Interest and inflation derivatives 3,358 3,073Derivatives (liabilities) used as hedging instruments 18,500 45,007Bank loans and issued bonds 79,620 63,281Trade payables 14,915 20,641Other accounts payable 8,591 11,310Financial liabilities measured at amortised cost 103,126 95,232The 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 adjustment of the instrument should be recognised in the profit (loss) for the year or as part of the hedging reserve in equity. The fair value of financial instruments measured at amortised cost is identical to the carrying amount with the exception of bank loans and issued bonds where the market value is stated in note 5.1 \u2018Interest -bearing net debt and FFO\u2019.Sensitivity analysis of financial instrumentsNote 6.931 December 2023 31 December 2022 Sensitivity analysis of financial instruments Price Effect on profit Effect on equity Effect on profit Effect on equity DKKm change(loss) before taxbefore tax(loss) before taxbefore taxPower 25 % (277) (8,119) (1,791) (14,382)-25 % 562 8,263 1,794 14,402Gas 25 % (588) (127) (764) 177-25 % 588 127 764 (177)Oil 25 % (360) 260 (533) 277-25 % 360 (158) 608 (6)GBP 10 % 817 (2,965) (2,430) (4,727)-10 % (817) 2,965 2,430 4,727USD 10 % (2,070) (662) (947) (853)-10 % 2,070 662 947 853NTD 10 % (386) (9) (743) --10 % 386 9 743 -EUR 1 % (212) (15) (899) (125)-1 % 212 15 899 125Inflation 1 % point - (2,059) - (2,162)Interest 1 % point 620 920 (332) 1,224The sensitivity analysis in the table shows the effect of market value changes, assuming a relative price change at 31 December. The effect on profit (loss) before tax comprises finan-cial instruments that remained open at the balance sheet date, and which have an effect on profit (loss) in the current financial year. Effect on equity before tax comprises financial instru-ments 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 impact of our financial instruments. If the hedged exposure had been included in the sensi-tivity analysis, the effect of a price change would have been reduced or offset entirely.Net investments and associated hedging of net invest-ments in foreign subsidiaries are not included in the table, as the effects of the sum of the investments and the hedging are considered to be neutral to changes in currencies. A 10 % increase in the currencies hedged in connec-tion with net investments would reduce equity by DKK 5,718 million (2022: DKK 6,257 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__152": {
"value": "Securities comprise bonds that are monitored, measured, and reported at market value on an ongoing basis in conformity with the Group's investment policy. Changes in market value are recognised in profit (loss) for the year as financial income and expenses. Purchase and sale of securities are recognised at the settle-ment 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 recog-nised as a liability, and the difference between the selling price and the purchase price is rec-ognised in profit (loss) for the year over the term as interest. The return on the securities is recog-nised in profit (loss) for the year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__143-1": {
"value": "Securities comprise bonds that are monitored, measured, and reported at market value on an ongoing basis in conformity with the Group's investment policy. Changes in market value are recognised in profit (loss) for the year as financial income and expenses. Purchase and sale of securities are recognised at the settle-ment 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 recog-nised as a liability, and the difference between the selling price and the purchase price is rec-ognised in profit (loss) for the year over the term as interest. The return on the securities is recog-nised in profit (loss) for the year.Market value adjustments of physical and financial contracts relating to energy that are entered into with the purpose of generating gains from short-term price changes are recognised as revenue.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__151": {
"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 recog-nised as a liability, and the difference between the selling price and the purchase price is rec-ognised in profit (loss) for the year over the term as interest. The return on the securities is recog-nised in profit (loss) for the year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__146-1": {
"value": "Cash and cash equivalents, securitiesDKKm 2023 2022Cash, cf. balance sheet 10,145 16,178Bank overdrafts that are part of the ongoing cash management (1) (3)Total cash and cash equivalents at 31 December, cf. statement of cash flows 10,144 16,175Cash can be specified as follows:Cash cf. balance sheet 10,145 16,178Cash, not available for use 481 2,471Securities can be specified as follows:Securities, available 29,515 24,428Securities, not available for use 387 769Total securities at 31 December 29,902 25,197The table shows our cash and securities divided into available and not available for use.At 31 December 2023, we had received cash collateral in the amount of DKK 286 million (2022: DKK 1,194 million) concerning the positive market value of derivatives.\u2018Cash not available for use\u2019 comprises: \u00b7 collateral for power purchase agreements and trading with financial instruments: DKK 421 million (2022: DKK 366 million)\u00b7 collateral for insurance-related provisions: DKK 41 million (2022: DKK 38 million)\u00b7 payables for the purchase of gas that has not yet been settled, placed on a restricted account: DKK 0 million (2022: DKK 2,029 million)\u00b7 collateral for other transactions: DKK 19 million (2022: DKK 38 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__145-1": {
"value": "Cash and cash equivalents, securitiesDKKm 2023 2022Cash, cf. balance sheet 10,145 16,178Bank overdrafts that are part of the ongoing cash management (1) (3)Total cash and cash equivalents at 31 December, cf. statement of cash flows 10,144 16,175Cash can be specified as follows:Cash cf. balance sheet 10,145 16,178Cash, not available for use 481 2,471Securities can be specified as follows:Securities, available 29,515 24,428Securities, not available for use 387 769Total securities at 31 December 29,902 25,197The table shows our cash and securities divided into available and not available for use.Cash, cash equivalents, and securitiesSecurities are a key element in our liquidity 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.\u2018Securities not available for use\u2019 comprise securities pledged as collateral for: \u00b7 insurance-related provisions: DKK 387 million at 31 December 2023 (2022: DKK 381 million)\u00b7 trading in financial instruments: DKK 0 million at 31 December 2023 (2022: DKK 388 million).At 31 December 2023, we had received cash collateral in the amount of DKK 286 million (2022: DKK 1,194 million) concerning the positive market value of derivatives.\u2018Cash not available for use\u2019 comprises: \u00b7 collateral for power purchase agreements and trading with financial instruments: DKK 421 million (2022: DKK 366 million)\u00b7 collateral for insurance-related provisions: DKK 41 million (2022: DKK 38 million)\u00b7 payables for the purchase of gas that has not yet been settled, placed on a restricted account: DKK 0 million (2022: DKK 2,029 million)\u00b7 collateral for other transactions: DKK 19 million (2022: DKK 38 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__148-1": {
"value": "Overview of securitiesDKKm Fixed rate Floating rate 2023 Fixed rate Floating rate 2022Maturities0-2 years 3,064 12,032 15,096 37 12,278 12,3152-5 years 371 8,287 8,658 961 6,025 6,986After 5 years 2,583 3,565 6,148 1,666 4,230 5,896Total carrying amount 6,018 23,884 29,902 2,664 22,533 25,197The 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 liquidity 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.\u2018Securities not available for use\u2019 comprise securities pledged as collateral for: \u00b7 insurance-related provisions: DKK 387 million at 31 December 2023 (2022: DKK 381 million)\u00b7 trading in financial instruments: DKK 0 million at 31 December 2023 (2022: DKK 388 million).Securities comprise bonds that are monitored, measured, and reported at market value on an ongoing basis in conformity with the Group's investment policy. Changes in market value are recognised in profit (loss) for the year as financial income and expenses. Purchase and sale of securities are recognised at the settle-ment 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 recog-nised as a liability, and the difference between the selling price and the purchase price is rec-ognised in profit (loss) for the year over the term as interest. The return on the securities is recog-nised in profit (loss) for the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__164": {
"value": "Financial income and expensesNote 5.6Net financial income and expenses 1DKKm 2023 2022Interest expenses, net (1,764) (1,895)Interest expenses, leasing (308) (256)Interest element of provisions, etc. (662) (613)Tax equity partner's contractual return (965) (1,134)Value adjustments of derivatives, net 1,850 1,593Capital gains/losses on securities at market value, net 489 (1,556)Exchange rate adjustments, net (140) 1,343Other financial income and expenses 57 (18)Net financial income and expenses (1,443) (2,536)Financial income and expenses 2DKKm 2023 2022Interest income from cash, etc. 926 211Interest income from securities at market value 716 157Capital gains on securities at market value 489 34Foreign exchange gains 4,674 8,226Value adjustments of derivatives 5,548 6,885Other financial income 26 1Total financial income 12,379 15,514Interest expenses relating to loans and borrowings, etc. (4,167) (2,848)Interest expenses transferred to assets 453 585Interest expenses, leasing (308) (256)Interest element of provisions (257) (513)Tax equity partner's contractual returns (965) (1,134)Capital losses on securities at market value - (1,596)Foreign exchange losses (5,042) (7,323)Value adjustments of derivatives (3,470) (4,800)Other financial expenses (66) (165)Total financial expenses (13,822) (18,050)Net financial income and expenses (1,443) (2,536)1 The table shows net financial income and expenses, corresponding to our internal reporting. \u2018Value adjustments of derivatives, net\u2019 and \u2018Capital gains/losses on securities at market value, net\u2019 were both impacted by the signifi-cant increase in interest rates in 2022 as we use interest rate swaps to adjust the maturity of our bond portfolio and thereby reduce the interest rate risk of our bond portfolio. In 2023, \u2018Value adjust-ments of derivatives, net\u2019 is affected by a gain of DKK 2,399 million due to hedge ineffectiveness, mainly driven by less funding needed in the US after the termination of Ocean Wind 1. \u2018Exchange rate adjustments, net\u2019 are mainly affected by inter-com-pany balances between entities with different functional currencies and do not impact the statement of cash flows or interest-bearing net debt. Negative \u2018Exchange rate adjustments, net\u2019 in 2023 were mostly driven by the increase in GBP/DKK exchange rate. The GBP/DKK rate decreased significantly in 2022, which led to positive exchange rate adjustments for that period.2 Exchange rate adjustments of currency hedging are recognised in revenue and cost of sales with a loss of DKK 451 million (2022: a loss of DKK 349 million). Borrowing costs transferred to property, plant, and equipment under construction are calculated as the weighted average effective interest rate for general borrowing. This amounted to 3.4 % in 2023 (2022: 3.1 %).\u00a7 Accounting policiesMarket value adjustments of interest rate and currency derivatives that have not been entered into for hedging purposes are pre-sented as financial income or expenses.The accounting policy for the tax equity part-ner's contractual return is described in note 3.9 \u2018Tax equity liabilities\u2019.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__162": {
"value": "Financial income and expensesNote 5.6Net financial income and expenses 1DKKm 2023 2022Interest expenses, net (1,764) (1,895)Interest expenses, leasing (308) (256)Interest element of provisions, etc. (662) (613)Tax equity partner's contractual return (965) (1,134)Value adjustments of derivatives, net 1,850 1,593Capital gains/losses on securities at market value, net 489 (1,556)Exchange rate adjustments, net (140) 1,343Other financial income and expenses 57 (18)Net financial income and expenses (1,443) (2,536)Financial income and expenses 2DKKm 2023 2022Interest income from cash, etc. 926 211Interest income from securities at market value 716 157Capital gains on securities at market value 489 34Foreign exchange gains 4,674 8,226Value adjustments of derivatives 5,548 6,885Other financial income 26 1Total financial income 12,379 15,514Interest expenses relating to loans and borrowings, etc. (4,167) (2,848)Interest expenses transferred to assets 453 585Interest expenses, leasing (308) (256)Interest element of provisions (257) (513)Tax equity partner's contractual returns (965) (1,134)Capital losses on securities at market value - (1,596)Foreign exchange losses (5,042) (7,323)Value adjustments of derivatives (3,470) (4,800)Other financial expenses (66) (165)Total financial expenses (13,822) (18,050)Net financial income and expenses (1,443) (2,536)1 The table shows net financial income and expenses, corresponding to our internal reporting. \u2018Value adjustments of derivatives, net\u2019 and \u2018Capital gains/losses on securities at market value, net\u2019 were both impacted by the signifi-cant increase in interest rates in 2022 as we use interest rate swaps to adjust the maturity of our bond portfolio and thereby reduce the interest rate risk of our bond portfolio. In 2023, \u2018Value adjust-ments of derivatives, net\u2019 is affected by a gain of DKK 2,399 million due to hedge ineffectiveness, mainly driven by less funding needed in the US after the termination of Ocean Wind 1. \u2018Exchange rate adjustments, net\u2019 are mainly affected by inter-com-pany balances between entities with different functional currencies and do not impact the statement of cash flows or interest-bearing net debt. Negative \u2018Exchange rate adjustments, net\u2019 in 2023 were mostly driven by the increase in GBP/DKK exchange rate. The GBP/DKK rate decreased significantly in 2022, which led to positive exchange rate adjustments for that period.2 Exchange rate adjustments of currency hedging are recognised in revenue and cost of sales with a loss of DKK 451 million (2022: a loss of DKK 349 million). Borrowing costs transferred to property, plant, and equipment under construction are calculated as the weighted average effective interest rate for general borrowing. This amounted to 3.4 % in 2023 (2022: 3.1 %).\u00a7 Accounting policiesMarket value adjustments of interest rate and currency derivatives that have not been entered into for hedging purposes are pre-sented as financial income or expenses.The accounting policy for the tax equity part-ner's contractual return is described in note 3.9 \u2018Tax equity liabilities\u2019.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__161": {
"value": "Financial income and expensesNote 5.6Net financial income and expenses 1DKKm 2023 2022Interest expenses, net (1,764) (1,895)Interest expenses, leasing (308) (256)Interest element of provisions, etc. (662) (613)Tax equity partner's contractual return (965) (1,134)Value adjustments of derivatives, net 1,850 1,593Capital gains/losses on securities at market value, net 489 (1,556)Exchange rate adjustments, net (140) 1,343Other financial income and expenses 57 (18)Net financial income and expenses (1,443) (2,536)Financial income and expenses 2DKKm 2023 2022Interest income from cash, etc. 926 211Interest income from securities at market value 716 157Capital gains on securities at market value 489 34Foreign exchange gains 4,674 8,226Value adjustments of derivatives 5,548 6,885Other financial income 26 1Total financial income 12,379 15,514Interest expenses relating to loans and borrowings, etc. (4,167) (2,848)Interest expenses transferred to assets 453 585Interest expenses, leasing (308) (256)Interest element of provisions (257) (513)Tax equity partner's contractual returns (965) (1,134)Capital losses on securities at market value - (1,596)Foreign exchange losses (5,042) (7,323)Value adjustments of derivatives (3,470) (4,800)Other financial expenses (66) (165)Total financial expenses (13,822) (18,050)Net financial income and expenses (1,443) (2,536)1 The table shows net financial income and expenses, corresponding to our internal reporting. \u2018Value adjustments of derivatives, net\u2019 and \u2018Capital gains/losses on securities at market value, net\u2019 were both impacted by the signifi-cant increase in interest rates in 2022 as we use interest rate swaps to adjust the maturity of our bond portfolio and thereby reduce the interest rate risk of our bond portfolio. In 2023, \u2018Value adjust-ments of derivatives, net\u2019 is affected by a gain of DKK 2,399 million due to hedge ineffectiveness, mainly driven by less funding needed in the US after the termination of Ocean Wind 1. \u2018Exchange rate adjustments, net\u2019 are mainly affected by inter-com-pany balances between entities with different functional currencies and do not impact the statement of cash flows or interest-bearing net debt. Negative \u2018Exchange rate adjustments, net\u2019 in 2023 were mostly driven by the increase in GBP/DKK exchange rate. The GBP/DKK rate decreased significantly in 2022, which led to positive exchange rate adjustments for that period.2 Exchange rate adjustments of currency hedging are recognised in revenue and cost of sales with a loss of DKK 451 million (2022: a loss of DKK 349 million). Borrowing costs transferred to property, plant, and equipment under construction are calculated as the weighted average effective interest rate for general borrowing. This amounted to 3.4 % in 2023 (2022: 3.1 %).\u00a7 Accounting policiesMarket value adjustments of interest rate and currency derivatives that have not been entered into for hedging purposes are pre-sented as financial income or expenses.The accounting policy for the tax equity part-ner's contractual return is described in note 3.9 \u2018Tax equity liabilities\u2019.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__160": {
"value": "Financial income and expensesNote 5.6Net financial income and expenses 1DKKm 2023 2022Interest expenses, net (1,764) (1,895)Interest expenses, leasing (308) (256)Interest element of provisions, etc. (662) (613)Tax equity partner's contractual return (965) (1,134)Value adjustments of derivatives, net 1,850 1,593Capital gains/losses on securities at market value, net 489 (1,556)Exchange rate adjustments, net (140) 1,343Other financial income and expenses 57 (18)Net financial income and expenses (1,443) (2,536)Financial income and expenses 2DKKm 2023 2022Interest income from cash, etc. 926 211Interest income from securities at market value 716 157Capital gains on securities at market value 489 34Foreign exchange gains 4,674 8,226Value adjustments of derivatives 5,548 6,885Other financial income 26 1Total financial income 12,379 15,514Interest expenses relating to loans and borrowings, etc. (4,167) (2,848)Interest expenses transferred to assets 453 585Interest expenses, leasing (308) (256)Interest element of provisions (257) (513)Tax equity partner's contractual returns (965) (1,134)Capital losses on securities at market value - (1,596)Foreign exchange losses (5,042) (7,323)Value adjustments of derivatives (3,470) (4,800)Other financial expenses (66) (165)Total financial expenses (13,822) (18,050)Net financial income and expenses (1,443) (2,536)1 The table shows net financial income and expenses, corresponding to our internal reporting. \u2018Value adjustments of derivatives, net\u2019 and \u2018Capital gains/losses on securities at market value, net\u2019 were both impacted by the signifi-cant increase in interest rates in 2022 as we use interest rate swaps to adjust the maturity of our bond portfolio and thereby reduce the interest rate risk of our bond portfolio. In 2023, \u2018Value adjust-ments of derivatives, net\u2019 is affected by a gain of DKK 2,399 million due to hedge ineffectiveness, mainly driven by less funding needed in the US after the termination of Ocean Wind 1. \u2018Exchange rate adjustments, net\u2019 are mainly affected by inter-com-pany balances between entities with different functional currencies and do not impact the statement of cash flows or interest-bearing net debt. Negative \u2018Exchange rate adjustments, net\u2019 in 2023 were mostly driven by the increase in GBP/DKK exchange rate. The GBP/DKK rate decreased significantly in 2022, which led to positive exchange rate adjustments for that period.2 Exchange rate adjustments of currency hedging are recognised in revenue and cost of sales with a loss of DKK 451 million (2022: a loss of DKK 349 million). Borrowing costs transferred to property, plant, and equipment under construction are calculated as the weighted average effective interest rate for general borrowing. This amounted to 3.4 % in 2023 (2022: 3.1 %).\u00a7 Accounting policiesMarket value adjustments of interest rate and currency derivatives that have not been entered into for hedging purposes are pre-sented as financial income or expenses.The accounting policy for the tax equity part-ner's contractual return is described in note 3.9 \u2018Tax equity liabilities\u2019.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__158": {
"value": "Financial income and expensesNote 5.6Net financial income and expenses 1DKKm 2023 2022Interest expenses, net (1,764) (1,895)Interest expenses, leasing (308) (256)Interest element of provisions, etc. (662) (613)Tax equity partner's contractual return (965) (1,134)Value adjustments of derivatives, net 1,850 1,593Capital gains/losses on securities at market value, net 489 (1,556)Exchange rate adjustments, net (140) 1,343Other financial income and expenses 57 (18)Net financial income and expenses (1,443) (2,536)Financial income and expenses 2DKKm 2023 2022Interest income from cash, etc. 926 211Interest income from securities at market value 716 157Capital gains on securities at market value 489 34Foreign exchange gains 4,674 8,226Value adjustments of derivatives 5,548 6,885Other financial income 26 1Total financial income 12,379 15,514Interest expenses relating to loans and borrowings, etc. (4,167) (2,848)Interest expenses transferred to assets 453 585Interest expenses, leasing (308) (256)Interest element of provisions (257) (513)Tax equity partner's contractual returns (965) (1,134)Capital losses on securities at market value - (1,596)Foreign exchange losses (5,042) (7,323)Value adjustments of derivatives (3,470) (4,800)Other financial expenses (66) (165)Total financial expenses (13,822) (18,050)Net financial income and expenses (1,443) (2,536)1 The table shows net financial income and expenses, corresponding to our internal reporting. \u2018Value adjustments of derivatives, net\u2019 and \u2018Capital gains/losses on securities at market value, net\u2019 were both impacted by the signifi-cant increase in interest rates in 2022 as we use interest rate swaps to adjust the maturity of our bond portfolio and thereby reduce the interest rate risk of our bond portfolio. In 2023, \u2018Value adjust-ments of derivatives, net\u2019 is affected by a gain of DKK 2,399 million due to hedge ineffectiveness, mainly driven by less funding needed in the US after the termination of Ocean Wind 1. \u2018Exchange rate adjustments, net\u2019 are mainly affected by inter-com-pany balances between entities with different functional currencies and do not impact the statement of cash flows or interest-bearing net debt. Negative \u2018Exchange rate adjustments, net\u2019 in 2023 were mostly driven by the increase in GBP/DKK exchange rate. The GBP/DKK rate decreased significantly in 2022, which led to positive exchange rate adjustments for that period.2 Exchange rate adjustments of currency hedging are recognised in revenue and cost of sales with a loss of DKK 451 million (2022: a loss of DKK 349 million). Borrowing costs transferred to property, plant, and equipment under construction are calculated as the weighted average effective interest rate for general borrowing. This amounted to 3.4 % in 2023 (2022: 3.1 %).\u00a7 Accounting policiesMarket value adjustments of interest rate and currency derivatives that have not been entered into for hedging purposes are pre-sented as financial income or expenses.The accounting policy for the tax equity part-ner's contractual return is described in note 3.9 \u2018Tax equity liabilities\u2019.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__157": {
"value": "Financial income and expensesNote 5.6Net financial income and expenses 1DKKm 2023 2022Interest expenses, net (1,764) (1,895)Interest expenses, leasing (308) (256)Interest element of provisions, etc. (662) (613)Tax equity partner's contractual return (965) (1,134)Value adjustments of derivatives, net 1,850 1,593Capital gains/losses on securities at market value, net 489 (1,556)Exchange rate adjustments, net (140) 1,343Other financial income and expenses 57 (18)Net financial income and expenses (1,443) (2,536)Financial income and expenses 2DKKm 2023 2022Interest income from cash, etc. 926 211Interest income from securities at market value 716 157Capital gains on securities at market value 489 34Foreign exchange gains 4,674 8,226Value adjustments of derivatives 5,548 6,885Other financial income 26 1Total financial income 12,379 15,514Interest expenses relating to loans and borrowings, etc. (4,167) (2,848)Interest expenses transferred to assets 453 585Interest expenses, leasing (308) (256)Interest element of provisions (257) (513)Tax equity partner's contractual returns (965) (1,134)Capital losses on securities at market value - (1,596)Foreign exchange losses (5,042) (7,323)Value adjustments of derivatives (3,470) (4,800)Other financial expenses (66) (165)Total financial expenses (13,822) (18,050)Net financial income and expenses (1,443) (2,536)1 The table shows net financial income and expenses, corresponding to our internal reporting. \u2018Value adjustments of derivatives, net\u2019 and \u2018Capital gains/losses on securities at market value, net\u2019 were both impacted by the signifi-cant increase in interest rates in 2022 as we use interest rate swaps to adjust the maturity of our bond portfolio and thereby reduce the interest rate risk of our bond portfolio. In 2023, \u2018Value adjust-ments of derivatives, net\u2019 is affected by a gain of DKK 2,399 million due to hedge ineffectiveness, mainly driven by less funding needed in the US after the termination of Ocean Wind 1. \u2018Exchange rate adjustments, net\u2019 are mainly affected by inter-com-pany balances between entities with different functional currencies and do not impact the statement of cash flows or interest-bearing net debt. Negative \u2018Exchange rate adjustments, net\u2019 in 2023 were mostly driven by the increase in GBP/DKK exchange rate. The GBP/DKK rate decreased significantly in 2022, which led to positive exchange rate adjustments for that period.2 Exchange rate adjustments of currency hedging are recognised in revenue and cost of sales with a loss of DKK 451 million (2022: a loss of DKK 349 million). Borrowing costs transferred to property, plant, and equipment under construction are calculated as the weighted average effective interest rate for general borrowing. This amounted to 3.4 % in 2023 (2022: 3.1 %).\u00a7 Accounting policiesMarket value adjustments of interest rate and currency derivatives that have not been entered into for hedging purposes are pre-sented as financial income or expenses.The accounting policy for the tax equity part-ner's contractual return is described in note 3.9 \u2018Tax equity liabilities\u2019.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__156": {
"value": "Financial income and expensesNote 5.6Net financial income and expenses 1DKKm 2023 2022Interest expenses, net (1,764) (1,895)Interest expenses, leasing (308) (256)Interest element of provisions, etc. (662) (613)Tax equity partner's contractual return (965) (1,134)Value adjustments of derivatives, net 1,850 1,593Capital gains/losses on securities at market value, net 489 (1,556)Exchange rate adjustments, net (140) 1,343Other financial income and expenses 57 (18)Net financial income and expenses (1,443) (2,536)Financial income and expenses 2DKKm 2023 2022Interest income from cash, etc. 926 211Interest income from securities at market value 716 157Capital gains on securities at market value 489 34Foreign exchange gains 4,674 8,226Value adjustments of derivatives 5,548 6,885Other financial income 26 1Total financial income 12,379 15,514Interest expenses relating to loans and borrowings, etc. (4,167) (2,848)Interest expenses transferred to assets 453 585Interest expenses, leasing (308) (256)Interest element of provisions (257) (513)Tax equity partner's contractual returns (965) (1,134)Capital losses on securities at market value - (1,596)Foreign exchange losses (5,042) (7,323)Value adjustments of derivatives (3,470) (4,800)Other financial expenses (66) (165)Total financial expenses (13,822) (18,050)Net financial income and expenses (1,443) (2,536)1 The table shows net financial income and expenses, corresponding to our internal reporting. \u2018Value adjustments of derivatives, net\u2019 and \u2018Capital gains/losses on securities at market value, net\u2019 were both impacted by the signifi-cant increase in interest rates in 2022 as we use interest rate swaps to adjust the maturity of our bond portfolio and thereby reduce the interest rate risk of our bond portfolio. In 2023, \u2018Value adjust-ments of derivatives, net\u2019 is affected by a gain of DKK 2,399 million due to hedge ineffectiveness, mainly driven by less funding needed in the US after the termination of Ocean Wind 1. \u2018Exchange rate adjustments, net\u2019 are mainly affected by inter-com-pany balances between entities with different functional currencies and do not impact the statement of cash flows or interest-bearing net debt. Negative \u2018Exchange rate adjustments, net\u2019 in 2023 were mostly driven by the increase in GBP/DKK exchange rate. The GBP/DKK rate decreased significantly in 2022, which led to positive exchange rate adjustments for that period.2 Exchange rate adjustments of currency hedging are recognised in revenue and cost of sales with a loss of DKK 451 million (2022: a loss of DKK 349 million). Borrowing costs transferred to property, plant, and equipment under construction are calculated as the weighted average effective interest rate for general borrowing. This amounted to 3.4 % in 2023 (2022: 3.1 %).\u00a7 Accounting policiesMarket value adjustments of interest rate and currency derivatives that have not been entered into for hedging purposes are pre-sented as financial income or expenses.The accounting policy for the tax equity part-ner's contractual return is described in note 3.9 \u2018Tax equity liabilities\u2019.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__163": {
"value": "Market value adjustments of interest rate and currency derivatives that have not been entered into for hedging purposes are pre-sented as financial income or expenses.The accounting policy for the tax equity part-ner's contractual return is described in note 3.9 \u2018Tax equity liabilities\u2019.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__159": {
"value": "Market value adjustments of interest rate and currency derivatives that have not been entered into for hedging purposes are pre-sented as financial income or expenses.The accounting policy for the tax equity part-ner's contractual return is described in note 3.9 \u2018Tax equity liabilities\u2019.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notes__8__165-1": {
"value": "Risk managementNote 6We are exposed to financial risks in the form of mar-ket, credit, and liquidity risks as part of our business, hedging, and trading activities. Through our risk management, we monitor and proactively manage the risks according to our risk appetite. In this note, we describe the origination, governance, and management of market and credit risks. The man-agement of liquidity risk can be found in note 5.Our financial market risks relate to energy prices, com-modity prices related to CAPEX, currency exchange rates, interest rates, and inflation. Although not a finan-cial risk, changes to our expected volumes produced or sold can increase or decrease the impact of these risks. The composition of the expected revenue from our off-shore and onshore assets for 2024-2030 (shown to the right) illustrates the relative size of the risks.Furthermore, our cash flows denominated in foreign currencies are exposed to changes in the value of foreign currencies against Danish kroner.Risk frameworkNote 6.1The overall objective of our financial risk manage-ment is to:\u00b7 increase the predictability of our short-term income and construction costs\u00b7 protect our current and future investment capacity by stabilising key rating metrics like FFO/NIBD\u00b7 protect the long-term real value of the shareholders' investment in \u00d8rsted.The governance for managing market, credit, and liquidity risks are based on the three lines of defence model:\u00b7 The first line of defence is responsible for all risks we take on through our business, hedging, and trading activities. \u00b7 The second line of defence is Risk Management, which oversees the activities of the first line, challenges, monitors, and reports risk exposures, and mandate compliance. \u00b7 The third line of defence is Internal Audit.The mandates for first line are established during the business planning processes and evaluated according to our risk appetite. An example is deciding on the target hedge level for price exposures from intermittent power production as described in note 6.2 \u2018Energy price risks\u2018. In our financial risk management processes, finan-cial risks are quantified and assessed against our risk appetite \u2013 alongside decisions on suitable risk mitigation measures. Our biggest business risks and associated risk mitigation measures are presented in the \u2018Risk and risk management\u2019 section in the \u2018Management's review\u2019. The Board of Directors overseas our risk manage-ment through the Audit & Risk Committee and approves associated frameworks, mandates, and limits per risk factor. See the \u2018Corporate governance\u2019 section in the \u2018Management's review\u2019 for governance around our committees.We govern the accounting treatment and effec-tiveness of hedges by applying hedge accounting on energy, commodity, currency, interest rate, and inflation hedging. \u00a7 Accounting policiesHedge accountingWe apply hedge accounting to our energy, com-modity, currency, interest, and inflation hedges. Almost all of the hedging instruments we use fully match the market risk of the exposure we hedge. The UK power exposure, for example, is hedged using UK power swaps or futures. Thus, the main source of ineffectiveness is related to the volume and timing of the actual production versus the settlement of the hedge. This difference in timing is referred to as volume risk and is described in more detail on the next page.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 effectively hedges the desired risk. When we conclude a hedging transaction, and each time we present financial statements thereafter, we assess the correlation between the hedged exposure and the hedging instrument. The effective change in market value of the hedging instrument is recognised as a hedge of future cash flows in other comprehensive income in the hedging reserve. 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. Ineffective hedges related to energy and com-modity exposures are recognised in other operating expenses. Ineffectiveness related to other hedges are recognised in financial income or expenses.On realisation of the hedged cash flow, the result-ing 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.For currency swaps, the basis spread is accounted for according to the cost of the hedging model. Key accounting estimateValuation of long-term power purchase agreementsWhen we measure our power purchase agree-ments at fair value, we use estimates of non- observable prices, such as:\u00b7 production forecasts\u00b7 forecasted long-term power prices and exchange rates\u00b7 forecasted inflation expectations.Hedge accountingHedge effectiveness is measured using forecasted production as well as estimates regarding energy prices, intermittency, interest, currency, and infla-tion. For periods where we are close to fully hedged, volume overhedging is possible if the forecasted production does not materialise, 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 against quoted prices in active markets due to the long duration of the contracts. We therefore use elements of judgement when measuring 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 bench-mark services.Hedge accountingJudgements are used to consider whether fore-casted transactions are highly probable expo-sures as hedged items in a hedge relationship, e.g. expected production from wind farms, and judge-ment is applied as to whether the hedge instru-ments applied in the hedge relationships identified are effective.Energy price risksNote 6.2Our main energy price risk stems from our intermit-tent power production from wind and solar PV assets. By nature, this is exposed to volume uncertainty, primarily driven by weather, price uncertainty, and the often negative correlation between the two. We are also exposed to other energy prices through our CHP plants and gas business.Intermittent Offshore and Onshore power productionAround 20 % of revenue from our power production in Offshore and Onshore in 2024-2026 is exposed to power prices.A large part of our income in Onshore comes from PTCs or ITCs related to power generation or investments in the US (see note 3.9 \u2018Tax equity liabilities\u2019). The tax credits are not exposed to a price risk. However, there is a price risk associated with the power produced, which we mainly reduce by entering into CPPAs. The current CPPAs cover approx. 73 % of the expected generation for the period 2024-2026. In general, the CPPAs are structured with a minimum price per MWh and a mechanism where we retain most of the upside from high power prices. To mitigate our residual exposure to power price risks, we mainly use fixed-volume hedges. As both the value, volume produced, and the actual hourly production profile delivered by our assets differ from the fixed-volume hedges we use, we account for this in our hedging policy and strategies. The correlation between volumes produced and power prices is often negative, which is referred to as volume risk. A dynamic hedging approach is used to hedge up to 70 % of the residual power price exposure within a two-year horizon. This hedging level significantly reduces the risk of being overhedged while providing an adequate risk reduction. We may hedge beyond the two-year horizon if the price level is commercially attractive.Power generation at our CHP plantsOur combined heat and power (CHP) plants consist of biomass- and fossil-fuelled plants in Denmark. The profitability of power generation is determined by the difference between the selling price of power and the purchase price of fuel and, for other fuels than bio-mass, carbon emission allowances. If the spreads are attractive, we provide condensing power generation in addition to CHP generation. The total net risk asso-ciated with power from CHP generation for the period 2024-2026 is DKK 5.9 billion after hedging, covering both heat-bound and condensing base generation. We are not exposed to price risks related to heat generation.Gas salesThe price risk associated with sale of gas stems from differences in the sale and purchase prices. To the extent we purchase gas at a fixed price, we aim to use hedges to swap the purchase into a variable price. When we both have a variable purchase and sales price, our margin becomes fixed. The main risk after hedging is related to contracts where the purchase price is fixed, but where the volumes delivered to us depend on our suppliers' actual production.Risk after hedgingOur energy exposure after hedging for the years 2024-2026 can be summarised as shown in the table.Effect of price changeRisk after hedgingDKKbn+10 % -10 %Power: 14.2 sell position +1.4 -1.4Spread (power): 5.9 +0.6 -0.6A 10 % increase in the power price will result in a gain of DKK 1.4 billion over the period 2024-2026, all else remaining unchanged. Gas and oil activities have a limited risk after hedging of DKK 0.0 billion for the period 2024-2026. \u00a7 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 accounting 2023Contractual Recognised in DKKmprincipal amount2024 2025 After 2025 Asset Liability comprehensive incomeEBITDA impactPower swaps and futures (sell position) 12,923 4,905 3,688 4,330 3,611 (14,348) (5,112) 762 (1,041) (4.833)Power options (buy position) 171 - 171 - - - (72) (71) (1) -Gas swaps and options (sell position) 1,165 456 648 61 172 (314) (896) (761) (62) (73)Oil futures (buy position) 8 8 - - - - (1) (1) - -Energy price cash flow hedge accounting 2022DKKm 2023 2024 After 2024 2023 2024 After 2024EBITDA impactPower swaps and futures (sell position) 32,300 8,480 7,856 15,964 6,291 (39,641) (27,779) (8,435) (6,649) (12,695)Power options (buy position) 1,071 - 922 149 22 - (91) - (88) (3)Gas swaps and options (sell position) 1,171 312 387 472 396 (1,596) (1,915) (672) (907) (336)Carbon emission allowances (sell pos.) 46 46 - - - - (35) (35) - -Oil futures (buy position) 15 9 6 - - - 2 1 1 -In 2023, we recognised ineffective hedges in the amount of DKK -512 million (2022: DKK -4,475 million) in other operating expenses, of which volume-related ineffectiveness related to Offshore amounted to DKK -418 million (2022: DKK -3,771 million), inflation- indexed related ineffectiveness amounted to DKK +105 million (2022: DKK -658 million), and other ineffectiveness amounted to DKK -199 million (2022: DKK -46 million).2023 2022Contracts accounted for at fair value through profit or loss (EBITDA)ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueEnergy Oil swaps and options (buy position) 166 (492) 507 (803)Power swaps (buy position) 245 2,126 3,264 3,872Power options (sell position) 2,279 (67) 7,821 (1,894)Gas swaps and options (sell position) 1,528 2,395 3,416 2,920Other (sell position) 175 - 69 -Inflation and interest rate risksNote 6.3Approximately 80 % of our revenue from offshore and onshore assets for the period 2024-2030 stems from either fixed nominal or inflation-indexed con-tracts. The long duration of these cash flows exposes us towards changes in interest rates and inflation, particularly for assets where the fixed nominal price received is constant regardless of interest rate, infla-tion, or merchant price level. We have seen this first-hand during 2023 when in-creases from both interest rates and inflation affected our portfolio, particularly our fixed nominal assets in the US through rising interest rates, affecting the cost of capital and inflation through higher CAPEX and dilution of the value of our ORECs (PPAs).Our risk framework builds on the important central assumption that shareholders prefer exposure to inflation-indexed cash flows over nominal cash flows, as this protects the real value of their investment. We apply an asset and liability management frame-work for handling interest rate and inflation risk. The objective is to manage the shareholders' real value by ensuring that fixed rate debt is matched with fixed nominal cash flows. Inflation riskWe actively incentivise assets with inflation-indexed revenue streams in business decisions to mitigate our cost-inflation risk. Our cost inflation mainly stems from OPEX, COGS, DEVEX, and CAPEX, which to a large extent increase with inflation. In addition, CAPEX is exposed to the price development in a number of commodities, most significantly steel. When the com-modity adjustment mechanisms in our CAPEX con-tracts are based on financially tradeable indices, we aim to hedge the risk. Operational costs are assessed together with the inflation-indexed revenue to reduce the net risk. Interest rate riskWe actively match our debt with our assets per cur-rency and modified duration. Modified duration of both assets and debt is the change in value in response to a 1 percentage point change in interest rates. As a rule of thumb, modified duration is matched within \u00b12 per-centage points. For example, the fixed nominal cash flows from our Taiwanese projects with an average of 8.4 % in modified duration are matched with fixed-rate NTD debt with roughly 9.0 % modified duration. For assets in operation and under construction, 95 % of the lifetime present value of fixed nominal cash flow, excluding CAPEX, is matched with corresponding fixed-rate senior and hybrid debt. Part of this matching has been done by entering into inflation swaps on our inflation-indexed CfD and ROC revenue in the UK to match our fixed-rate debt. As our portfolio of awarded assets mature, we can execute interest rate swaps to lock in the interest rates before funding is secured. A total of 25 % of the lifetime present value of fixed nominal cash flows, excluding CAPEX, on our awarded pre-construction offshore assets are matched with interest rate swaps. Finally, when we farm down part of an offshore asset, we normally hedge part of the interest, inflation, and currency risks related to the divestment proceeds.Maturity analysis Market valueExpected transfers to income statementCash flow hedge accountingRecognised in 2023 Contractual comprehensive DKKmprincipal amount2024-27 2028-33 After 2033 Asset Liability incomeEBITDA impactInflation swap (pay variable/receive fixed \u2013 UK), revenue 22,883 6,409 12,818 3,656 - (3,125) (3,414) (202) (204) (3,008)Interest rate swap (pay fixed/receive variable \u2013 NTD), divestment 4,776 4,776 - - - (85) (85) (85) - -Financial items impactInterest rate swap (pay fixed/receive variable \u2013 USD), future loan issuance 3,036 - - 3,036 - (142) 530 - - 530Interest rate swap (pay fixed/receive variable \u2013 NTD), future loan issuance 2,639 - - 2,639 - (6) - - - -Cash flow hedge accounting2022 DKKm 2023-26 2027-32 After 2032 2023 2024 After 2024EBITDA impactInflation swap (pay var/receive fixed \u2013 UK), revenue 22,295 6,244 9,681 6,370 - (3,070) (3,366) - (202) (3,164)Financial items impactInterest rate swap (pay fixed/receive var \u2013 USD), future loan issuance 15,678 - - 15,678 478 (3) 2,727 49 189 2,489We hedge our UK inflation risk related to revenue from ROC and CfD subsidies. Furthermore, we hedge the interest and inflation risk related to divestments. All the inflation risks that we hedge are separately identifiable in the underlying contract.We hedge the interest on expected USD (since 2020) and NTD (since 2023) debt issuance (USD and NTD interest risk). The size of the expected USD issuance has been reduced and postponed to 2025 or 2026 due to less funding needed after the termination of Ocean Wind 1. Due to a reduction in the expected funding, we have recognised ineffectiveness of DKK 2,344 million (gain) (2022: ineffectiveness gain of DKK 529 million) related to the US interest rate hedges in financial income and DKK 6 million (expense) related to the Taiwanese interest rate hedges in financial expenses. Further, we had an early redemption of an EIB loan, resulting in recognised ineffetiveness of DKK 41 million (2022: DKK 0 million) in financial expenses.2023 2022Contracts accounted for at fair value through profit or loss (financial items) ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueInterest rate swaps (pay fixed/receive variable) 21,806 (369) 8,902 1,103Interest rate swaps are used to adjust the maturity of our bond portfolio. The year 2023 includes ineeffective USD interest rate swaps with a contractual principal amount of DKK 12,148 million.Currency risksNote 6.4Our cash flows consist of multiple different currencies, which expose us to fluctuations in currency exchange rates. Our main currency exposures are GBP, USD, and NTD. While our exposure to EUR is also significant, we do not deem EUR to constitute a risk as we expect Denmark to maintain its fixed exchange-rate policy. For GBP, our significant earnings from assets in oper-ation and expected farm-downs are larger than our planned CAPEX, resulting in a net-positive GBP expo-sure, both short- and long-term. The net exposure was lowered in 2023 by the inclusion of more planned GBP CAPEX following FID for Hornsea 3. A 10 % increase in the GBP/DKK exchange rate will result in a gain of DKK 1.2 billion over the period 2024-2028, all else remaining unchanged. For USD, our portfolio of offshore and onshore develop-ment and operating assets translate to a short- to medium-term negative USD exposure. However, on a longer time horizon, revenue from assets result in a net positive USD exposure.Our general approach to managing currency risks is to use structural risk management tools, such as local currency sourcing contracts, netting income and expenses in the same currency, issuing local currency debt to naturally balance our portfolio, and prioritis-ing local currency costs to match revenue in our asset projects to minimise the need for hedging. The currency denomination of debt issuance is aimed at optimising the currency composition of net debt with that of forecasted FFO to ensure stability in FFO/NIBD against adverse movements in exchange rates. Debt can be particularly effective in new markets to mitigate the time-spread risk since the proceeds from the debt issuance can be used to fund and hedge construction costs, while the debt repayment profile can be sculpted to match future revenue. The residual currency risk after netting of exposures and debt are managed via financial derivatives accord-ing to our desired risk appetite. Our overall hedge hori-zon is five years, covering only highly certain cash flows to avoid hedge ineffectiveness. For energy price risks in foreign currencies, we do not hedge the exchange rate risk until the energy exposure has been hedged. For cash flows that relate to subsidised GBP income from our UK offshore wind farms less operating expenses, we hedge on a declining level over a five-year rolling hori-zon. The target is to hedge 100 % in year 1, declining by 20 percentage points each year to 20 % in year 5. Our currency exposure from production, sales, invest-ments, and divestments after hedging for the years 2024-2028 can be summarised as shown in the table.Effect of price changeRisk after hedgingDKKbn+10 % -10 %GBP: 11.6 sell position +1.2 -1.2USD: 4.8 buy position -0.5 +0.5NTD: 3.2 sell position +0.3 -0.3Maturity analysis Market valueExpected transfers to income statementCurrency cash flow hedge accounting 2023Contractual Recognised in DKKmprincipal amount2024 2025 After 2025 Asset Liability comprehensive incomeEBITDA impactGBP forwards and cross-currency swaps 24,191 5,961 6,115 12,115 131 (481) (331) (218) (33) (80)USD forwards 3 3 - - - - - - - -Currency cash flow hedge accounting 2022DKKm 2023 2024 After 2024 2023 2024 After 2024EBITDA impactGBP forwards and cross-currency swaps 24,199 2,953 7,416 13,830 151 - 182 (109) 29 262USD forwards 3 - 3 - - (21) 2 1 1 -Impact on other line itemsGBP forwards (Interest payments) 553 553 - - 32 - 4 4 - -The GBP exchange rate for hedges impacting EBITDA in 2024 and 2025 is hedged at an average of GBP/DKK 8.3 and 8.2, respectively. Ineffectiveness from currency cash flow hedges in 2023 amounts to a loss of DKK -134 million (2022: DKK 189 million) recognised in financial items.2023 2022Contracts accounted for at fair value through profit or loss (financial items)ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueCurrencyForward exchange contracts 24,504 (54) 30,549 27The table shows cash management positions which are not hedge accounted. The positions consist of EUR and, to a lesser extent, GBP and USD. Hedging of net investments in foreign subsidiariesOf which, Hedged Accumulated exchange DKKm Net non-controlling amount rate adjustments Currency 2023investmentinterestsin currency Net positionin equityGBP 70,682 (1,876) (31,197) 37,609 (3,075)EUR 37,602 - - 37,602 9USD 22,809 - (20,045) 2,764 (301)NTD 25,778 - (5,937) 19,841 131Other 3,853 - - 3,853 90To t a l 160,724 (1,876) (57,179) 101,669 (3,146)Currency 2022GBP 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 t a l 136,335 (3,971) (62,574) 69,790 (3,054)Maturity analysis Market valueNet investment hedges 2023Contractual DKKmprincipal amount2024 2025 After 2025 Asset LiabilityGBP issued senior bonds 26,669 - - 26,669 - -GBP forwards and cross-currency swaps 4,528 774 1,131 2,623 7 -USD bank loans 1,332 - - 1,332 - -USD forwards and cross-currency swaps 18,713 4,926 3,934 9,853 657 -NTD issued senior bonds 5,937 - - 5,937 - -Net investment hedges 2022DKKm2023 2024 After 2024GBP issued senior bonds 25,983 - - 25,983 - -GBP forwards and cross-currency swaps 8,553 4,895 - 3,658 92 -USD bank loans 5,194 - - 5,194 - -USD forwards and cross-currency swaps 16,722 3,114 8,919 4,689 - (676)NTD issued senior bonds and forwards 6,122 - - 6,122 - -Ineffectiveness from net investment hedges in 2023 amounts to a gain of DKK 236 million (2022: DKK 0 million), recognised in financial items. The ineffectiveness is caused by the impairments on our US activities.The net position expresses the accounting exposure. If, for example, the GBP/DKK exchange rate increased by 10 % on 31 December 2023, equity would have increased by DKK 3,761 million, corresponding to 10 % of DKK 37,609 million.Hedging of net investments in foreign subsidiariesOur foreign subsidiaries entail currency risks. We hedge these currency risks by raising loans in foreign curren-cies and by entering into forward exchange contracts, currency swaps, and options. On 31 December 2023, the accumulated exchange rate adjustments totalled DKK -3,146 million (2022: DKK -3,054 million), divided between the exchange rate adjustment of the net investment of DKK -1,093 million (2022: DKK -1,544 million) and the hedging thereof of DKK -2,053 million (2022: DKK -1,510 million).\u00a7 Accounting policiesHedging of net investments in foreign subsidiariesChanges in the market value of currency derivatives and currency adjustment of loans that are classified as net investment hedges in foreign subsidiaries or associates are recognised in the consolidated financial statements directly in equity within a separate foreign currency translation reserve.Credit risksNote 6.5 Offsetting of financial assetsTradeTradeDKKm Derivativesreceivables 2023 Derivativesreceivables 2022Financial assets 17,775 21,728 39,503 43,507 121,693 165,200Financial liabilities, offset (6,911) (16,849) (23,760) (22,232) (114,438) (136,670)Financial assets in the balance sheet 10,864 4,879 15,743 21,275 7,255 28,530Amounts not offset in the balance sheet:Liabilities with offsetting rights (2,529) - (2,529) (7,094) - (7,094)Collateral received (468) - (468) (4,515) - (4,515)Net 7,867 4,879 12,746 9,666 7,255 16,921 Offsetting of financial liabilitiesDKKmFinancial liabilities 17,864 20,981 38,845 60,891 121,661 182,552Financial assets, offset (6,911) (16,849) (23,760) (22,232) (114,438) (136,670)Financial liabilities in the balance sheet 10,953 4,132 15,085 38,659 7,223 45,882Amounts not offset in the balance sheet:Assets with offsetting rights (2,529) - (2,529) (7,094) - (7,094)Collateral provided (4,214) - (4,214) (2,744) - (2,744)Net 4,210 4,132 8,342 28,821 7,223 36,044A large part of the gross assets and liabilities can be offset due to the nature in trading activities where energy is both purchased and sold with a limited number of participants in the energy markets. In addition, the high energy prices increase the gross values to be netted, especially in 2022. Credit quality of the Group's counterparties 1DKKm 2023 2022AAA/Aaa 27,301 23,351AA/Aa 7,518 2,568A/A 10,501 23,551BBB/Baa 9,020 15,665Other 9,198 16,649Total credit exposure 63,538 81,7841 The figures do not reflect our actual credit exposure, as the positions are calculated before offsetting our debt to such counterparties.We are exposed to credit risks from our hedging activi-ties, construction activities, and all other activities where a counterparty's failure to meet their obliga-tions may cause a loss. A large part of our credit risk is towards major international energy companies, sup-pliers, and banks. Where possible, the underlying con-tracts include minimum credit rating clauses, netting provisions, and other risk-mitigating clauses. We mitigate our credit risks mainly by: \u00b7 having minimum rating requirements \u00b7 monitoring the credit worthiness on the ongoing basis to be able to react in due time \u00b7 requiring that collateral be furnished or credit security put in place. Mitigating our credit risks is not always commercially possible and can be omitted if deemed necessary and balanced. For the most significant counterparties, an internal rating is assigned in connection with estab-lishing credit limits. The rating is based on information from external credit rating agencies, publicly available information, credit risk information systems, and our own analyses.In 2023, we have expensed a loan given to our US sup-pliers in the amount of DKK 571 million, which we do not expect to recover after the termination of Ocean Wind 1 and 2. Apart from this, we have not made any significant impairments on receivables in 2022 or 2023.\u00a7 Accounting policiesWe only offset positive and negative values if we are entitled to and intend to settle several financial instruments net.Energy trading portfolioNote 6.72023 2022 Overview of the Group's energy trading portfolio 1Contractual Unrealised Contractual UnrealisedDKKm principal amountgain/(loss) principal amount gain/(loss)Power swaps (sell position) 3,305 (492) 4,683 (7,854)Power options (buy position) 5,906 1,406 3,060 8,680Gas swaps and options (sell position) 2,138 (312) 3,601 (774)Oil swaps and options (buy position) 156 (137) 498 (204)Other (sell position) 175 13 74 (50)Trading mandates 2VaR limit in 2023: Stress limit in 2023: DKK 100 millionDKK 400 million Maximum open positions in trading portfolioVaR indicates the largest loss in one trading day Stress indicates the largest daily loss we risk \u00b7 Max. 6 TWh of powerat a probability of 95 %. VaR is based on data sustaining with the given portfolio. Stress is \u00b7 Max. 9.5 TWh of gasfor the past 45 trading days, with the heaviest based on data from 1 January 2006 to the \u00b7 Max. 1 million boe of oilweighting being assigned to the most recent present day.\u00b7 Max. 1.5 million tonnes of carbon emissionstrading days.\u00b7 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 and included with the settled margin.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 2022-2023. VaR reached DKK 280 million on 9 March 2022, causing a passive breach of the Board of Directors' mandate of DKK 100 million due to the Russian invasion of Ukraine and the large reduction in gas sup-plies to Europe, causing the European energy prices to spike. In 2022, there were further passive breaches in August due to Russian gas sup-ply 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: \u00b7 optimise hedging execution\u00b7 contribute to increased market insight\u00b7 profit from short-term fluctuations in energy prices.The energy trading portfolio receives the exposure from our assets and takes that exposure into the external market in the most efficient way possible, given the mandates shown to the left. The overview of the Group's energy trading portfolio to the left is the net of the internal exposures received from the assets and the external trades in line with internal risk management.The trading portfolio primarily consists of positions in power and gas.The trading portfolio constitutes a smaller part of our total portfolio of derivatives, and the associated risk is limited.\u00a7 Accounting policiesMarket value adjustments of physical and financial contracts relating to energy that are entered into with the purpose of generating gains from short-term price changes are recognised as revenue.Sensitivity analysis of financial instrumentsNote 6.931 December 2023 31 December 2022 Sensitivity analysis of financial instruments Price Effect on profit Effect on equity Effect on profit Effect on equity DKKm change(loss) before taxbefore tax(loss) before taxbefore taxPower 25 % (277) (8,119) (1,791) (14,382)-25 % 562 8,263 1,794 14,402Gas 25 % (588) (127) (764) 177-25 % 588 127 764 (177)Oil 25 % (360) 260 (533) 277-25 % 360 (158) 608 (6)GBP 10 % 817 (2,965) (2,430) (4,727)-10 % (817) 2,965 2,430 4,727USD 10 % (2,070) (662) (947) (853)-10 % 2,070 662 947 853NTD 10 % (386) (9) (743) --10 % 386 9 743 -EUR 1 % (212) (15) (899) (125)-1 % 212 15 899 125Inflation 1 % point - (2,059) - (2,162)Interest 1 % point 620 920 (332) 1,224The sensitivity analysis in the table shows the effect of market value changes, assuming a relative price change at 31 December. The effect on profit (loss) before tax comprises finan-cial instruments that remained open at the balance sheet date, and which have an effect on profit (loss) in the current financial year. Effect on equity before tax comprises financial instru-ments 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 impact of our financial instruments. If the hedged exposure had been included in the sensi-tivity analysis, the effect of a price change would have been reduced or offset entirely.Net investments and associated hedging of net invest-ments in foreign subsidiaries are not included in the table, as the effects of the sum of the investments and the hedging are considered to be neutral to changes in currencies. A 10 % increase in the currencies hedged in connec-tion with net investments would reduce equity by DKK 5,718 million (2022: DKK 6,257 million).",
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"s9_notes__8__197-1": {
"value": "Risk frameworkNote 6.1The overall objective of our financial risk manage-ment is to:\u00b7 increase the predictability of our short-term income and construction costs\u00b7 protect our current and future investment capacity by stabilising key rating metrics like FFO/NIBD\u00b7 protect the long-term real value of the shareholders' investment in \u00d8rsted.The governance for managing market, credit, and liquidity risks are based on the three lines of defence model:\u00b7 The first line of defence is responsible for all risks we take on through our business, hedging, and trading activities. \u00b7 The second line of defence is Risk Management, which oversees the activities of the first line, challenges, monitors, and reports risk exposures, and mandate compliance. \u00b7 The third line of defence is Internal Audit.The mandates for first line are established during the business planning processes and evaluated according to our risk appetite. An example is deciding on the target hedge level for price exposures from intermittent power production as described in note 6.2 \u2018Energy price risks\u2018. In our financial risk management processes, finan-cial risks are quantified and assessed against our risk appetite \u2013 alongside decisions on suitable risk mitigation measures. Our biggest business risks and associated risk mitigation measures are presented in the \u2018Risk and risk management\u2019 section in the \u2018Management's review\u2019. The Board of Directors overseas our risk manage-ment through the Audit & Risk Committee and approves associated frameworks, mandates, and limits per risk factor. See the \u2018Corporate governance\u2019 section in the \u2018Management's review\u2019 for governance around our committees.We govern the accounting treatment and effec-tiveness of hedges by applying hedge accounting on energy, commodity, currency, interest rate, and inflation hedging. \u00a7 Accounting policiesHedge accountingWe apply hedge accounting to our energy, com-modity, currency, interest, and inflation hedges. Almost all of the hedging instruments we use fully match the market risk of the exposure we hedge. The UK power exposure, for example, is hedged using UK power swaps or futures. Thus, the main source of ineffectiveness is related to the volume and timing of the actual production versus the settlement of the hedge. This difference in timing is referred to as volume risk and is described in more detail on the next page.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 effectively hedges the desired risk. When we conclude a hedging transaction, and each time we present financial statements thereafter, we assess the correlation between the hedged exposure and the hedging instrument. The effective change in market value of the hedging instrument is recognised as a hedge of future cash flows in other comprehensive income in the hedging reserve. 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. Ineffective hedges related to energy and com-modity exposures are recognised in other operating expenses. Ineffectiveness related to other hedges are recognised in financial income or expenses.On realisation of the hedged cash flow, the result-ing 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.For currency swaps, the basis spread is accounted for according to the cost of the hedging model. Key accounting estimateValuation of long-term power purchase agreementsWhen we measure our power purchase agree-ments at fair value, we use estimates of non- observable prices, such as:\u00b7 production forecasts\u00b7 forecasted long-term power prices and exchange rates\u00b7 forecasted inflation expectations.Hedge accountingHedge effectiveness is measured using forecasted production as well as estimates regarding energy prices, intermittency, interest, currency, and infla-tion. For periods where we are close to fully hedged, volume overhedging is possible if the forecasted production does not materialise, 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 against quoted prices in active markets due to the long duration of the contracts. We therefore use elements of judgement when measuring 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 bench-mark services.Hedge accountingJudgements are used to consider whether fore-casted transactions are highly probable expo-sures as hedged items in a hedge relationship, e.g. expected production from wind farms, and judge-ment is applied as to whether the hedge instru-ments applied in the hedge relationships identified are effective.Energy price risksNote 6.2Our main energy price risk stems from our intermit-tent power production from wind and solar PV assets. By nature, this is exposed to volume uncertainty, primarily driven by weather, price uncertainty, and the often negative correlation between the two. We are also exposed to other energy prices through our CHP plants and gas business.Intermittent Offshore and Onshore power productionAround 20 % of revenue from our power production in Offshore and Onshore in 2024-2026 is exposed to power prices.A large part of our income in Onshore comes from PTCs or ITCs related to power generation or investments in the US (see note 3.9 \u2018Tax equity liabilities\u2019). The tax credits are not exposed to a price risk. However, there is a price risk associated with the power produced, which we mainly reduce by entering into CPPAs. The current CPPAs cover approx. 73 % of the expected generation for the period 2024-2026. In general, the CPPAs are structured with a minimum price per MWh and a mechanism where we retain most of the upside from high power prices. To mitigate our residual exposure to power price risks, we mainly use fixed-volume hedges. As both the value, volume produced, and the actual hourly production profile delivered by our assets differ from the fixed-volume hedges we use, we account for this in our hedging policy and strategies. The correlation between volumes produced and power prices is often negative, which is referred to as volume risk. A dynamic hedging approach is used to hedge up to 70 % of the residual power price exposure within a two-year horizon. This hedging level significantly reduces the risk of being overhedged while providing an adequate risk reduction. We may hedge beyond the two-year horizon if the price level is commercially attractive.Power generation at our CHP plantsOur combined heat and power (CHP) plants consist of biomass- and fossil-fuelled plants in Denmark. The profitability of power generation is determined by the difference between the selling price of power and the purchase price of fuel and, for other fuels than bio-mass, carbon emission allowances. If the spreads are attractive, we provide condensing power generation in addition to CHP generation. The total net risk asso-ciated with power from CHP generation for the period 2024-2026 is DKK 5.9 billion after hedging, covering both heat-bound and condensing base generation. We are not exposed to price risks related to heat generation.Gas salesThe price risk associated with sale of gas stems from differences in the sale and purchase prices. To the extent we purchase gas at a fixed price, we aim to use hedges to swap the purchase into a variable price. When we both have a variable purchase and sales price, our margin becomes fixed. The main risk after hedging is related to contracts where the purchase price is fixed, but where the volumes delivered to us depend on our suppliers' actual production.Risk after hedgingOur energy exposure after hedging for the years 2024-2026 can be summarised as shown in the table.Effect of price changeRisk after hedgingDKKbn+10 % -10 %Power: 14.2 sell position +1.4 -1.4Spread (power): 5.9 +0.6 -0.6A 10 % increase in the power price will result in a gain of DKK 1.4 billion over the period 2024-2026, all else remaining unchanged. Gas and oil activities have a limited risk after hedging of DKK 0.0 billion for the period 2024-2026. \u00a7 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 accounting 2023Contractual Recognised in DKKmprincipal amount2024 2025 After 2025 Asset Liability comprehensive incomeEBITDA impactPower swaps and futures (sell position) 12,923 4,905 3,688 4,330 3,611 (14,348) (5,112) 762 (1,041) (4.833)Power options (buy position) 171 - 171 - - - (72) (71) (1) -Gas swaps and options (sell position) 1,165 456 648 61 172 (314) (896) (761) (62) (73)Oil futures (buy position) 8 8 - - - - (1) (1) - -Energy price cash flow hedge accounting 2022DKKm 2023 2024 After 2024 2023 2024 After 2024EBITDA impactPower swaps and futures (sell position) 32,300 8,480 7,856 15,964 6,291 (39,641) (27,779) (8,435) (6,649) (12,695)Power options (buy position) 1,071 - 922 149 22 - (91) - (88) (3)Gas swaps and options (sell position) 1,171 312 387 472 396 (1,596) (1,915) (672) (907) (336)Carbon emission allowances (sell pos.) 46 46 - - - - (35) (35) - -Oil futures (buy position) 15 9 6 - - - 2 1 1 -In 2023, we recognised ineffective hedges in the amount of DKK -512 million (2022: DKK -4,475 million) in other operating expenses, of which volume-related ineffectiveness related to Offshore amounted to DKK -418 million (2022: DKK -3,771 million), inflation- indexed related ineffectiveness amounted to DKK +105 million (2022: DKK -658 million), and other ineffectiveness amounted to DKK -199 million (2022: DKK -46 million).2023 2022Contracts accounted for at fair value through profit or loss (EBITDA)ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueEnergy Oil swaps and options (buy position) 166 (492) 507 (803)Power swaps (buy position) 245 2,126 3,264 3,872Power options (sell position) 2,279 (67) 7,821 (1,894)Gas swaps and options (sell position) 1,528 2,395 3,416 2,920Other (sell position) 175 - 69 -Inflation and interest rate risksNote 6.3Approximately 80 % of our revenue from offshore and onshore assets for the period 2024-2030 stems from either fixed nominal or inflation-indexed con-tracts. The long duration of these cash flows exposes us towards changes in interest rates and inflation, particularly for assets where the fixed nominal price received is constant regardless of interest rate, infla-tion, or merchant price level. We have seen this first-hand during 2023 when in-creases from both interest rates and inflation affected our portfolio, particularly our fixed nominal assets in the US through rising interest rates, affecting the cost of capital and inflation through higher CAPEX and dilution of the value of our ORECs (PPAs).Our risk framework builds on the important central assumption that shareholders prefer exposure to inflation-indexed cash flows over nominal cash flows, as this protects the real value of their investment. We apply an asset and liability management frame-work for handling interest rate and inflation risk. The objective is to manage the shareholders' real value by ensuring that fixed rate debt is matched with fixed nominal cash flows. Inflation riskWe actively incentivise assets with inflation-indexed revenue streams in business decisions to mitigate our cost-inflation risk. Our cost inflation mainly stems from OPEX, COGS, DEVEX, and CAPEX, which to a large extent increase with inflation. In addition, CAPEX is exposed to the price development in a number of commodities, most significantly steel. When the com-modity adjustment mechanisms in our CAPEX con-tracts are based on financially tradeable indices, we aim to hedge the risk. Operational costs are assessed together with the inflation-indexed revenue to reduce the net risk. Interest rate riskWe actively match our debt with our assets per cur-rency and modified duration. Modified duration of both assets and debt is the change in value in response to a 1 percentage point change in interest rates. As a rule of thumb, modified duration is matched within \u00b12 per-centage points. For example, the fixed nominal cash flows from our Taiwanese projects with an average of 8.4 % in modified duration are matched with fixed-rate NTD debt with roughly 9.0 % modified duration. For assets in operation and under construction, 95 % of the lifetime present value of fixed nominal cash flow, excluding CAPEX, is matched with corresponding fixed-rate senior and hybrid debt. Part of this matching has been done by entering into inflation swaps on our inflation-indexed CfD and ROC revenue in the UK to match our fixed-rate debt. As our portfolio of awarded assets mature, we can execute interest rate swaps to lock in the interest rates before funding is secured. A total of 25 % of the lifetime present value of fixed nominal cash flows, excluding CAPEX, on our awarded pre-construction offshore assets are matched with interest rate swaps. Finally, when we farm down part of an offshore asset, we normally hedge part of the interest, inflation, and currency risks related to the divestment proceeds.Maturity analysis Market valueExpected transfers to income statementCash flow hedge accountingRecognised in 2023 Contractual comprehensive DKKmprincipal amount2024-27 2028-33 After 2033 Asset Liability incomeEBITDA impactInflation swap (pay variable/receive fixed \u2013 UK), revenue 22,883 6,409 12,818 3,656 - (3,125) (3,414) (202) (204) (3,008)Interest rate swap (pay fixed/receive variable \u2013 NTD), divestment 4,776 4,776 - - - (85) (85) (85) - -Financial items impactInterest rate swap (pay fixed/receive variable \u2013 USD), future loan issuance 3,036 - - 3,036 - (142) 530 - - 530Interest rate swap (pay fixed/receive variable \u2013 NTD), future loan issuance 2,639 - - 2,639 - (6) - - - -Cash flow hedge accounting2022 DKKm 2023-26 2027-32 After 2032 2023 2024 After 2024EBITDA impactInflation swap (pay var/receive fixed \u2013 UK), revenue 22,295 6,244 9,681 6,370 - (3,070) (3,366) - (202) (3,164)Financial items impactInterest rate swap (pay fixed/receive var \u2013 USD), future loan issuance 15,678 - - 15,678 478 (3) 2,727 49 189 2,489We hedge our UK inflation risk related to revenue from ROC and CfD subsidies. Furthermore, we hedge the interest and inflation risk related to divestments. All the inflation risks that we hedge are separately identifiable in the underlying contract.We hedge the interest on expected USD (since 2020) and NTD (since 2023) debt issuance (USD and NTD interest risk). The size of the expected USD issuance has been reduced and postponed to 2025 or 2026 due to less funding needed after the termination of Ocean Wind 1. Due to a reduction in the expected funding, we have recognised ineffectiveness of DKK 2,344 million (gain) (2022: ineffectiveness gain of DKK 529 million) related to the US interest rate hedges in financial income and DKK 6 million (expense) related to the Taiwanese interest rate hedges in financial expenses. Further, we had an early redemption of an EIB loan, resulting in recognised ineffetiveness of DKK 41 million (2022: DKK 0 million) in financial expenses.2023 2022Contracts accounted for at fair value through profit or loss (financial items) ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueInterest rate swaps (pay fixed/receive variable) 21,806 (369) 8,902 1,103Interest rate swaps are used to adjust the maturity of our bond portfolio. The year 2023 includes ineeffective USD interest rate swaps with a contractual principal amount of DKK 12,148 million.Currency risksNote 6.4Our cash flows consist of multiple different currencies, which expose us to fluctuations in currency exchange rates. Our main currency exposures are GBP, USD, and NTD. While our exposure to EUR is also significant, we do not deem EUR to constitute a risk as we expect Denmark to maintain its fixed exchange-rate policy. For GBP, our significant earnings from assets in oper-ation and expected farm-downs are larger than our planned CAPEX, resulting in a net-positive GBP expo-sure, both short- and long-term. The net exposure was lowered in 2023 by the inclusion of more planned GBP CAPEX following FID for Hornsea 3. A 10 % increase in the GBP/DKK exchange rate will result in a gain of DKK 1.2 billion over the period 2024-2028, all else remaining unchanged. For USD, our portfolio of offshore and onshore develop-ment and operating assets translate to a short- to medium-term negative USD exposure. However, on a longer time horizon, revenue from assets result in a net positive USD exposure.Our general approach to managing currency risks is to use structural risk management tools, such as local currency sourcing contracts, netting income and expenses in the same currency, issuing local currency debt to naturally balance our portfolio, and prioritis-ing local currency costs to match revenue in our asset projects to minimise the need for hedging. The currency denomination of debt issuance is aimed at optimising the currency composition of net debt with that of forecasted FFO to ensure stability in FFO/NIBD against adverse movements in exchange rates. Debt can be particularly effective in new markets to mitigate the time-spread risk since the proceeds from the debt issuance can be used to fund and hedge construction costs, while the debt repayment profile can be sculpted to match future revenue. The residual currency risk after netting of exposures and debt are managed via financial derivatives accord-ing to our desired risk appetite. Our overall hedge hori-zon is five years, covering only highly certain cash flows to avoid hedge ineffectiveness. For energy price risks in foreign currencies, we do not hedge the exchange rate risk until the energy exposure has been hedged. For cash flows that relate to subsidised GBP income from our UK offshore wind farms less operating expenses, we hedge on a declining level over a five-year rolling hori-zon. The target is to hedge 100 % in year 1, declining by 20 percentage points each year to 20 % in year 5. Our currency exposure from production, sales, invest-ments, and divestments after hedging for the years 2024-2028 can be summarised as shown in the table.Effect of price changeRisk after hedgingDKKbn+10 % -10 %GBP: 11.6 sell position +1.2 -1.2USD: 4.8 buy position -0.5 +0.5NTD: 3.2 sell position +0.3 -0.3Maturity analysis Market valueExpected transfers to income statementCurrency cash flow hedge accounting 2023Contractual Recognised in DKKmprincipal amount2024 2025 After 2025 Asset Liability comprehensive incomeEBITDA impactGBP forwards and cross-currency swaps 24,191 5,961 6,115 12,115 131 (481) (331) (218) (33) (80)USD forwards 3 3 - - - - - - - -Currency cash flow hedge accounting 2022DKKm 2023 2024 After 2024 2023 2024 After 2024EBITDA impactGBP forwards and cross-currency swaps 24,199 2,953 7,416 13,830 151 - 182 (109) 29 262USD forwards 3 - 3 - - (21) 2 1 1 -Impact on other line itemsGBP forwards (Interest payments) 553 553 - - 32 - 4 4 - -The GBP exchange rate for hedges impacting EBITDA in 2024 and 2025 is hedged at an average of GBP/DKK 8.3 and 8.2, respectively. Ineffectiveness from currency cash flow hedges in 2023 amounts to a loss of DKK -134 million (2022: DKK 189 million) recognised in financial items.2023 2022Contracts accounted for at fair value through profit or loss (financial items)ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueCurrencyForward exchange contracts 24,504 (54) 30,549 27The table shows cash management positions which are not hedge accounted. The positions consist of EUR and, to a lesser extent, GBP and USD. Hedging of net investments in foreign subsidiariesOf which, Hedged Accumulated exchange DKKm Net non-controlling amount rate adjustments Currency 2023investmentinterestsin currency Net positionin equityGBP 70,682 (1,876) (31,197) 37,609 (3,075)EUR 37,602 - - 37,602 9USD 22,809 - (20,045) 2,764 (301)NTD 25,778 - (5,937) 19,841 131Other 3,853 - - 3,853 90To t a l 160,724 (1,876) (57,179) 101,669 (3,146)Currency 2022GBP 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 t a l 136,335 (3,971) (62,574) 69,790 (3,054)Maturity analysis Market valueNet investment hedges 2023Contractual DKKmprincipal amount2024 2025 After 2025 Asset LiabilityGBP issued senior bonds 26,669 - - 26,669 - -GBP forwards and cross-currency swaps 4,528 774 1,131 2,623 7 -USD bank loans 1,332 - - 1,332 - -USD forwards and cross-currency swaps 18,713 4,926 3,934 9,853 657 -NTD issued senior bonds 5,937 - - 5,937 - -Net investment hedges 2022DKKm2023 2024 After 2024GBP issued senior bonds 25,983 - - 25,983 - -GBP forwards and cross-currency swaps 8,553 4,895 - 3,658 92 -USD bank loans 5,194 - - 5,194 - -USD forwards and cross-currency swaps 16,722 3,114 8,919 4,689 - (676)NTD issued senior bonds and forwards 6,122 - - 6,122 - -Ineffectiveness from net investment hedges in 2023 amounts to a gain of DKK 236 million (2022: DKK 0 million), recognised in financial items. The ineffectiveness is caused by the impairments on our US activities.The net position expresses the accounting exposure. If, for example, the GBP/DKK exchange rate increased by 10 % on 31 December 2023, equity would have increased by DKK 3,761 million, corresponding to 10 % of DKK 37,609 million.Hedging of net investments in foreign subsidiariesOur foreign subsidiaries entail currency risks. We hedge these currency risks by raising loans in foreign curren-cies and by entering into forward exchange contracts, currency swaps, and options. On 31 December 2023, the accumulated exchange rate adjustments totalled DKK -3,146 million (2022: DKK -3,054 million), divided between the exchange rate adjustment of the net investment of DKK -1,093 million (2022: DKK -1,544 million) and the hedging thereof of DKK -2,053 million (2022: DKK -1,510 million).\u00a7 Accounting policiesHedging of net investments in foreign subsidiariesChanges in the market value of currency derivatives and currency adjustment of loans that are classified as net investment hedges in foreign subsidiaries or associates are recognised in the consolidated financial statements directly in equity within a separate foreign currency translation reserve.Energy trading portfolioNote 6.72023 2022 Overview of the Group's energy trading portfolio 1Contractual Unrealised Contractual UnrealisedDKKm principal amountgain/(loss) principal amount gain/(loss)Power swaps (sell position) 3,305 (492) 4,683 (7,854)Power options (buy position) 5,906 1,406 3,060 8,680Gas swaps and options (sell position) 2,138 (312) 3,601 (774)Oil swaps and options (buy position) 156 (137) 498 (204)Other (sell position) 175 13 74 (50)Trading mandates 2VaR limit in 2023: Stress limit in 2023: DKK 100 millionDKK 400 million Maximum open positions in trading portfolioVaR indicates the largest loss in one trading day Stress indicates the largest daily loss we risk \u00b7 Max. 6 TWh of powerat a probability of 95 %. VaR is based on data sustaining with the given portfolio. Stress is \u00b7 Max. 9.5 TWh of gasfor the past 45 trading days, with the heaviest based on data from 1 January 2006 to the \u00b7 Max. 1 million boe of oilweighting being assigned to the most recent present day.\u00b7 Max. 1.5 million tonnes of carbon emissionstrading days.\u00b7 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 and included with the settled margin.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 2022-2023. VaR reached DKK 280 million on 9 March 2022, causing a passive breach of the Board of Directors' mandate of DKK 100 million due to the Russian invasion of Ukraine and the large reduction in gas sup-plies to Europe, causing the European energy prices to spike. In 2022, there were further passive breaches in August due to Russian gas sup-ply 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: \u00b7 optimise hedging execution\u00b7 contribute to increased market insight\u00b7 profit from short-term fluctuations in energy prices.The energy trading portfolio receives the exposure from our assets and takes that exposure into the external market in the most efficient way possible, given the mandates shown to the left. The overview of the Group's energy trading portfolio to the left is the net of the internal exposures received from the assets and the external trades in line with internal risk management.The trading portfolio primarily consists of positions in power and gas.The trading portfolio constitutes a smaller part of our total portfolio of derivatives, and the associated risk is limited.\u00a7 Accounting policiesMarket value adjustments of physical and financial contracts relating to energy that are entered into with the purpose of generating gains from short-term price changes are recognised as revenue.Sensitivity analysis of financial instrumentsNote 6.931 December 2023 31 December 2022 Sensitivity analysis of financial instruments Price Effect on profit Effect on equity Effect on profit Effect on equity DKKm change(loss) before taxbefore tax(loss) before taxbefore taxPower 25 % (277) (8,119) (1,791) (14,382)-25 % 562 8,263 1,794 14,402Gas 25 % (588) (127) (764) 177-25 % 588 127 764 (177)Oil 25 % (360) 260 (533) 277-25 % 360 (158) 608 (6)GBP 10 % 817 (2,965) (2,430) (4,727)-10 % (817) 2,965 2,430 4,727USD 10 % (2,070) (662) (947) (853)-10 % 2,070 662 947 853NTD 10 % (386) (9) (743) --10 % 386 9 743 -EUR 1 % (212) (15) (899) (125)-1 % 212 15 899 125Inflation 1 % point - (2,059) - (2,162)Interest 1 % point 620 920 (332) 1,224The sensitivity analysis in the table shows the effect of market value changes, assuming a relative price change at 31 December. The effect on profit (loss) before tax comprises finan-cial instruments that remained open at the balance sheet date, and which have an effect on profit (loss) in the current financial year. Effect on equity before tax comprises financial instru-ments 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 impact of our financial instruments. If the hedged exposure had been included in the sensi-tivity analysis, the effect of a price change would have been reduced or offset entirely.Net investments and associated hedging of net invest-ments in foreign subsidiaries are not included in the table, as the effects of the sum of the investments and the hedging are considered to be neutral to changes in currencies. A 10 % increase in the currencies hedged in connec-tion with net investments would reduce equity by DKK 5,718 million (2022: DKK 6,257 million).",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s9_notes__8__166": {
"value": "Risk frameworkNote 6.1The overall objective of our financial risk manage-ment is to:\u00b7 increase the predictability of our short-term income and construction costs\u00b7 protect our current and future investment capacity by stabilising key rating metrics like FFO/NIBD\u00b7 protect the long-term real value of the shareholders' investment in \u00d8rsted.The governance for managing market, credit, and liquidity risks are based on the three lines of defence model:\u00b7 The first line of defence is responsible for all risks we take on through our business, hedging, and trading activities. \u00b7 The second line of defence is Risk Management, which oversees the activities of the first line, challenges, monitors, and reports risk exposures, and mandate compliance. \u00b7 The third line of defence is Internal Audit.The mandates for first line are established during the business planning processes and evaluated according to our risk appetite. An example is deciding on the target hedge level for price exposures from intermittent power production as described in note 6.2 \u2018Energy price risks\u2018. In our financial risk management processes, finan-cial risks are quantified and assessed against our risk appetite \u2013 alongside decisions on suitable risk mitigation measures. Our biggest business risks and associated risk mitigation measures are presented in the \u2018Risk and risk management\u2019 section in the \u2018Management's review\u2019. The Board of Directors overseas our risk manage-ment through the Audit & Risk Committee and approves associated frameworks, mandates, and limits per risk factor. See the \u2018Corporate governance\u2019 section in the \u2018Management's review\u2019 for governance around our committees.We govern the accounting treatment and effec-tiveness of hedges by applying hedge accounting on energy, commodity, currency, interest rate, and inflation hedging. \u00a7 Accounting policiesHedge accountingWe apply hedge accounting to our energy, com-modity, currency, interest, and inflation hedges. Almost all of the hedging instruments we use fully match the market risk of the exposure we hedge. The UK power exposure, for example, is hedged using UK power swaps or futures. Thus, the main source of ineffectiveness is related to the volume and timing of the actual production versus the settlement of the hedge. This difference in timing is referred to as volume risk and is described in more detail on the next page.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 effectively hedges the desired risk. When we conclude a hedging transaction, and each time we present financial statements thereafter, we assess the correlation between the hedged exposure and the hedging instrument. The effective change in market value of the hedging instrument is recognised as a hedge of future cash flows in other comprehensive income in the hedging reserve. 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. Ineffective hedges related to energy and com-modity exposures are recognised in other operating expenses. Ineffectiveness related to other hedges are recognised in financial income or expenses.On realisation of the hedged cash flow, the result-ing 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.For currency swaps, the basis spread is accounted for according to the cost of the hedging model. Key accounting estimateValuation of long-term power purchase agreementsWhen we measure our power purchase agree-ments at fair value, we use estimates of non- observable prices, such as:\u00b7 production forecasts\u00b7 forecasted long-term power prices and exchange rates\u00b7 forecasted inflation expectations.Hedge accountingHedge effectiveness is measured using forecasted production as well as estimates regarding energy prices, intermittency, interest, currency, and infla-tion. For periods where we are close to fully hedged, volume overhedging is possible if the forecasted production does not materialise, 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 against quoted prices in active markets due to the long duration of the contracts. We therefore use elements of judgement when measuring 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 bench-mark services.Hedge accountingJudgements are used to consider whether fore-casted transactions are highly probable expo-sures as hedged items in a hedge relationship, e.g. expected production from wind farms, and judge-ment is applied as to whether the hedge instru-ments applied in the hedge relationships identified are effective.Energy price risksNote 6.2Our main energy price risk stems from our intermit-tent power production from wind and solar PV assets. By nature, this is exposed to volume uncertainty, primarily driven by weather, price uncertainty, and the often negative correlation between the two. We are also exposed to other energy prices through our CHP plants and gas business.Intermittent Offshore and Onshore power productionAround 20 % of revenue from our power production in Offshore and Onshore in 2024-2026 is exposed to power prices.A large part of our income in Onshore comes from PTCs or ITCs related to power generation or investments in the US (see note 3.9 \u2018Tax equity liabilities\u2019). The tax credits are not exposed to a price risk. However, there is a price risk associated with the power produced, which we mainly reduce by entering into CPPAs. The current CPPAs cover approx. 73 % of the expected generation for the period 2024-2026. In general, the CPPAs are structured with a minimum price per MWh and a mechanism where we retain most of the upside from high power prices. To mitigate our residual exposure to power price risks, we mainly use fixed-volume hedges. As both the value, volume produced, and the actual hourly production profile delivered by our assets differ from the fixed-volume hedges we use, we account for this in our hedging policy and strategies. The correlation between volumes produced and power prices is often negative, which is referred to as volume risk. A dynamic hedging approach is used to hedge up to 70 % of the residual power price exposure within a two-year horizon. This hedging level significantly reduces the risk of being overhedged while providing an adequate risk reduction. We may hedge beyond the two-year horizon if the price level is commercially attractive.Power generation at our CHP plantsOur combined heat and power (CHP) plants consist of biomass- and fossil-fuelled plants in Denmark. The profitability of power generation is determined by the difference between the selling price of power and the purchase price of fuel and, for other fuels than bio-mass, carbon emission allowances. If the spreads are attractive, we provide condensing power generation in addition to CHP generation. The total net risk asso-ciated with power from CHP generation for the period 2024-2026 is DKK 5.9 billion after hedging, covering both heat-bound and condensing base generation. We are not exposed to price risks related to heat generation.Gas salesThe price risk associated with sale of gas stems from differences in the sale and purchase prices. To the extent we purchase gas at a fixed price, we aim to use hedges to swap the purchase into a variable price. When we both have a variable purchase and sales price, our margin becomes fixed. The main risk after hedging is related to contracts where the purchase price is fixed, but where the volumes delivered to us depend on our suppliers' actual production.Risk after hedgingOur energy exposure after hedging for the years 2024-2026 can be summarised as shown in the table.Effect of price changeRisk after hedgingDKKbn+10 % -10 %Power: 14.2 sell position +1.4 -1.4Spread (power): 5.9 +0.6 -0.6A 10 % increase in the power price will result in a gain of DKK 1.4 billion over the period 2024-2026, all else remaining unchanged. Gas and oil activities have a limited risk after hedging of DKK 0.0 billion for the period 2024-2026. \u00a7 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 accounting 2023Contractual Recognised in DKKmprincipal amount2024 2025 After 2025 Asset Liability comprehensive incomeEBITDA impactPower swaps and futures (sell position) 12,923 4,905 3,688 4,330 3,611 (14,348) (5,112) 762 (1,041) (4.833)Power options (buy position) 171 - 171 - - - (72) (71) (1) -Gas swaps and options (sell position) 1,165 456 648 61 172 (314) (896) (761) (62) (73)Oil futures (buy position) 8 8 - - - - (1) (1) - -Energy price cash flow hedge accounting 2022DKKm 2023 2024 After 2024 2023 2024 After 2024EBITDA impactPower swaps and futures (sell position) 32,300 8,480 7,856 15,964 6,291 (39,641) (27,779) (8,435) (6,649) (12,695)Power options (buy position) 1,071 - 922 149 22 - (91) - (88) (3)Gas swaps and options (sell position) 1,171 312 387 472 396 (1,596) (1,915) (672) (907) (336)Carbon emission allowances (sell pos.) 46 46 - - - - (35) (35) - -Oil futures (buy position) 15 9 6 - - - 2 1 1 -In 2023, we recognised ineffective hedges in the amount of DKK -512 million (2022: DKK -4,475 million) in other operating expenses, of which volume-related ineffectiveness related to Offshore amounted to DKK -418 million (2022: DKK -3,771 million), inflation- indexed related ineffectiveness amounted to DKK +105 million (2022: DKK -658 million), and other ineffectiveness amounted to DKK -199 million (2022: DKK -46 million).2023 2022Contracts accounted for at fair value through profit or loss (EBITDA)ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueEnergy Oil swaps and options (buy position) 166 (492) 507 (803)Power swaps (buy position) 245 2,126 3,264 3,872Power options (sell position) 2,279 (67) 7,821 (1,894)Gas swaps and options (sell position) 1,528 2,395 3,416 2,920Other (sell position) 175 - 69 -Inflation and interest rate risksNote 6.3Approximately 80 % of our revenue from offshore and onshore assets for the period 2024-2030 stems from either fixed nominal or inflation-indexed con-tracts. The long duration of these cash flows exposes us towards changes in interest rates and inflation, particularly for assets where the fixed nominal price received is constant regardless of interest rate, infla-tion, or merchant price level. We have seen this first-hand during 2023 when in-creases from both interest rates and inflation affected our portfolio, particularly our fixed nominal assets in the US through rising interest rates, affecting the cost of capital and inflation through higher CAPEX and dilution of the value of our ORECs (PPAs).Our risk framework builds on the important central assumption that shareholders prefer exposure to inflation-indexed cash flows over nominal cash flows, as this protects the real value of their investment. We apply an asset and liability management frame-work for handling interest rate and inflation risk. The objective is to manage the shareholders' real value by ensuring that fixed rate debt is matched with fixed nominal cash flows. Inflation riskWe actively incentivise assets with inflation-indexed revenue streams in business decisions to mitigate our cost-inflation risk. Our cost inflation mainly stems from OPEX, COGS, DEVEX, and CAPEX, which to a large extent increase with inflation. In addition, CAPEX is exposed to the price development in a number of commodities, most significantly steel. When the com-modity adjustment mechanisms in our CAPEX con-tracts are based on financially tradeable indices, we aim to hedge the risk. Operational costs are assessed together with the inflation-indexed revenue to reduce the net risk. Interest rate riskWe actively match our debt with our assets per cur-rency and modified duration. Modified duration of both assets and debt is the change in value in response to a 1 percentage point change in interest rates. As a rule of thumb, modified duration is matched within \u00b12 per-centage points. For example, the fixed nominal cash flows from our Taiwanese projects with an average of 8.4 % in modified duration are matched with fixed-rate NTD debt with roughly 9.0 % modified duration. For assets in operation and under construction, 95 % of the lifetime present value of fixed nominal cash flow, excluding CAPEX, is matched with corresponding fixed-rate senior and hybrid debt. Part of this matching has been done by entering into inflation swaps on our inflation-indexed CfD and ROC revenue in the UK to match our fixed-rate debt. As our portfolio of awarded assets mature, we can execute interest rate swaps to lock in the interest rates before funding is secured. A total of 25 % of the lifetime present value of fixed nominal cash flows, excluding CAPEX, on our awarded pre-construction offshore assets are matched with interest rate swaps. Finally, when we farm down part of an offshore asset, we normally hedge part of the interest, inflation, and currency risks related to the divestment proceeds.Maturity analysis Market valueExpected transfers to income statementCash flow hedge accountingRecognised in 2023 Contractual comprehensive DKKmprincipal amount2024-27 2028-33 After 2033 Asset Liability incomeEBITDA impactInflation swap (pay variable/receive fixed \u2013 UK), revenue 22,883 6,409 12,818 3,656 - (3,125) (3,414) (202) (204) (3,008)Interest rate swap (pay fixed/receive variable \u2013 NTD), divestment 4,776 4,776 - - - (85) (85) (85) - -Financial items impactInterest rate swap (pay fixed/receive variable \u2013 USD), future loan issuance 3,036 - - 3,036 - (142) 530 - - 530Interest rate swap (pay fixed/receive variable \u2013 NTD), future loan issuance 2,639 - - 2,639 - (6) - - - -Cash flow hedge accounting2022 DKKm 2023-26 2027-32 After 2032 2023 2024 After 2024EBITDA impactInflation swap (pay var/receive fixed \u2013 UK), revenue 22,295 6,244 9,681 6,370 - (3,070) (3,366) - (202) (3,164)Financial items impactInterest rate swap (pay fixed/receive var \u2013 USD), future loan issuance 15,678 - - 15,678 478 (3) 2,727 49 189 2,489We hedge our UK inflation risk related to revenue from ROC and CfD subsidies. Furthermore, we hedge the interest and inflation risk related to divestments. All the inflation risks that we hedge are separately identifiable in the underlying contract.We hedge the interest on expected USD (since 2020) and NTD (since 2023) debt issuance (USD and NTD interest risk). The size of the expected USD issuance has been reduced and postponed to 2025 or 2026 due to less funding needed after the termination of Ocean Wind 1. Due to a reduction in the expected funding, we have recognised ineffectiveness of DKK 2,344 million (gain) (2022: ineffectiveness gain of DKK 529 million) related to the US interest rate hedges in financial income and DKK 6 million (expense) related to the Taiwanese interest rate hedges in financial expenses. Further, we had an early redemption of an EIB loan, resulting in recognised ineffetiveness of DKK 41 million (2022: DKK 0 million) in financial expenses.2023 2022Contracts accounted for at fair value through profit or loss (financial items) ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueInterest rate swaps (pay fixed/receive variable) 21,806 (369) 8,902 1,103Interest rate swaps are used to adjust the maturity of our bond portfolio. The year 2023 includes ineeffective USD interest rate swaps with a contractual principal amount of DKK 12,148 million. Currency risksNote 6.4Our cash flows consist of multiple different currencies, which expose us to fluctuations in currency exchange rates. Our main currency exposures are GBP, USD, and NTD. While our exposure to EUR is also significant, we do not deem EUR to constitute a risk as we expect Denmark to maintain its fixed exchange-rate policy. For GBP, our significant earnings from assets in oper-ation and expected farm-downs are larger than our planned CAPEX, resulting in a net-positive GBP expo-sure, both short- and long-term. The net exposure was lowered in 2023 by the inclusion of more planned GBP CAPEX following FID for Hornsea 3. A 10 % increase in the GBP/DKK exchange rate will result in a gain of DKK 1.2 billion over the period 2024-2028, all else remaining unchanged. For USD, our portfolio of offshore and onshore develop-ment and operating assets translate to a short- to medium-term negative USD exposure. However, on a longer time horizon, revenue from assets result in a net positive USD exposure.Our general approach to managing currency risks is to use structural risk management tools, such as local currency sourcing contracts, netting income and expenses in the same currency, issuing local currency debt to naturally balance our portfolio, and prioritis-ing local currency costs to match revenue in our asset projects to minimise the need for hedging. The currency denomination of debt issuance is aimed at optimising the currency composition of net debt with that of forecasted FFO to ensure stability in FFO/NIBD against adverse movements in exchange rates. Debt can be particularly effective in new markets to mitigate the time-spread risk since the proceeds from the debt issuance can be used to fund and hedge construction costs, while the debt repayment profile can be sculpted to match future revenue. The residual currency risk after netting of exposures and debt are managed via financial derivatives accord-ing to our desired risk appetite. Our overall hedge hori-zon is five years, covering only highly certain cash flows to avoid hedge ineffectiveness. For energy price risks in foreign currencies, we do not hedge the exchange rate risk until the energy exposure has been hedged. For cash flows that relate to subsidised GBP income from our UK offshore wind farms less operating expenses, we hedge on a declining level over a five-year rolling hori-zon. The target is to hedge 100 % in year 1, declining by 20 percentage points each year to 20 % in year 5. Our currency exposure from production, sales, invest-ments, and divestments after hedging for the years 2024-2028 can be summarised as shown in the table.Effect of price changeRisk after hedgingDKKbn+10 % -10 %GBP: 11.6 sell position +1.2 -1.2USD: 4.8 buy position -0.5 +0.5NTD: 3.2 sell position +0.3 -0.3Maturity analysis Market valueExpected transfers to income statementCurrency cash flow hedge accounting 2023Contractual Recognised in DKKmprincipal amount2024 2025 After 2025 Asset Liability comprehensive incomeEBITDA impactGBP forwards and cross-currency swaps 24,191 5,961 6,115 12,115 131 (481) (331) (218) (33) (80)USD forwards 3 3 - - - - - - - -Currency cash flow hedge accounting 2022DKKm 2023 2024 After 2024 2023 2024 After 2024EBITDA impactGBP forwards and cross-currency swaps 24,199 2,953 7,416 13,830 151 - 182 (109) 29 262USD forwards 3 - 3 - - (21) 2 1 1 -Impact on other line itemsGBP forwards (Interest payments) 553 553 - - 32 - 4 4 - -The GBP exchange rate for hedges impacting EBITDA in 2024 and 2025 is hedged at an average of GBP/DKK 8.3 and 8.2, respectively. Ineffectiveness from currency cash flow hedges in 2023 amounts to a loss of DKK -134 million (2022: DKK 189 million) recognised in financial items.2023 2022Contracts accounted for at fair value through profit or loss (financial items)ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueCurrencyForward exchange contracts 24,504 (54) 30,549 27The table shows cash management positions which are not hedge accounted. The positions consist of EUR and, to a lesser extent, GBP and USD. Hedging of net investments in foreign subsidiariesOf which, Hedged Accumulated exchange DKKm Net non-controlling amount rate adjustments Currency 2023investmentinterestsin currency Net positionin equityGBP 70,682 (1,876) (31,197) 37,609 (3,075)EUR 37,602 - - 37,602 9USD 22,809 - (20,045) 2,764 (301)NTD 25,778 - (5,937) 19,841 131Other 3,853 - - 3,853 90To t a l 160,724 (1,876) (57,179) 101,669 (3,146)Currency 2022GBP 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 t a l 136,335 (3,971) (62,574) 69,790 (3,054)Maturity analysis Market valueNet investment hedges 2023Contractual DKKmprincipal amount2024 2025 After 2025 Asset LiabilityGBP issued senior bonds 26,669 - - 26,669 - -GBP forwards and cross-currency swaps 4,528 774 1,131 2,623 7 -USD bank loans 1,332 - - 1,332 - -USD forwards and cross-currency swaps 18,713 4,926 3,934 9,853 657 -NTD issued senior bonds 5,937 - - 5,937 - -Net investment hedges 2022DKKm2023 2024 After 2024GBP issued senior bonds 25,983 - - 25,983 - -GBP forwards and cross-currency swaps 8,553 4,895 - 3,658 92 -USD bank loans 5,194 - - 5,194 - -USD forwards and cross-currency swaps 16,722 3,114 8,919 4,689 - (676)NTD issued senior bonds and forwards 6,122 - - 6,122 - -Ineffectiveness from net investment hedges in 2023 amounts to a gain of DKK 236 million (2022: DKK 0 million), recognised in financial items. The ineffectiveness is caused by the impairments on our US activities.The net position expresses the accounting exposure. If, for example, the GBP/DKK exchange rate increased by 10 % on 31 December 2023, equity would have increased by DKK 3,761 million, corresponding to 10 % of DKK 37,609 million.Hedging of net investments in foreign subsidiariesOur foreign subsidiaries entail currency risks. We hedge these currency risks by raising loans in foreign curren-cies and by entering into forward exchange contracts, currency swaps, and options. On 31 December 2023, the accumulated exchange rate adjustments totalled DKK -3,146 million (2022: DKK -3,054 million), divided between the exchange rate adjustment of the net investment of DKK -1,093 million (2022: DKK -1,544 million) and the hedging thereof of DKK -2,053 million (2022: DKK -1,510 million).\u00a7 Accounting policiesHedging of net investments in foreign subsidiariesChanges in the market value of currency derivatives and currency adjustment of loans that are classified as net investment hedges in foreign subsidiaries or associates are recognised in the consolidated financial statements directly in equity within a separate foreign currency translation reserve.Credit risksNote 6.5 Offsetting of financial assetsTradeTradeDKKm Derivativesreceivables 2023 Derivativesreceivables 2022Financial assets 17,775 21,728 39,503 43,507 121,693 165,200Financial liabilities, offset (6,911) (16,849) (23,760) (22,232) (114,438) (136,670)Financial assets in the balance sheet 10,864 4,879 15,743 21,275 7,255 28,530Amounts not offset in the balance sheet:Liabilities with offsetting rights (2,529) - (2,529) (7,094) - (7,094)Collateral received (468) - (468) (4,515) - (4,515)Net 7,867 4,879 12,746 9,666 7,255 16,921 Offsetting of financial liabilitiesDKKmFinancial liabilities 17,864 20,981 38,845 60,891 121,661 182,552Financial assets, offset (6,911) (16,849) (23,760) (22,232) (114,438) (136,670)Financial liabilities in the balance sheet 10,953 4,132 15,085 38,659 7,223 45,882Amounts not offset in the balance sheet:Assets with offsetting rights (2,529) - (2,529) (7,094) - (7,094)Collateral provided (4,214) - (4,214) (2,744) - (2,744)Net 4,210 4,132 8,342 28,821 7,223 36,044A large part of the gross assets and liabilities can be offset due to the nature in trading activities where energy is both purchased and sold with a limited number of participants in the energy markets. In addition, the high energy prices increase the gross values to be netted, especially in 2022. Credit quality of the Group's counterparties 1DKKm 2023 2022AAA/Aaa 27,301 23,351AA/Aa 7,518 2,568A/A 10,501 23,551BBB/Baa 9,020 15,665Other 9,198 16,649Total credit exposure 63,538 81,7841 The figures do not reflect our actual credit exposure, as the positions are calculated before offsetting our debt to such counterparties.We are exposed to credit risks from our hedging activi-ties, construction activities, and all other activities where a counterparty's failure to meet their obliga-tions may cause a loss. A large part of our credit risk is towards major international energy companies, sup-pliers, and banks. Where possible, the underlying con-tracts include minimum credit rating clauses, netting provisions, and other risk-mitigating clauses. We mitigate our credit risks mainly by: \u00b7 having minimum rating requirements \u00b7 monitoring the credit worthiness on the ongoing basis to be able to react in due time \u00b7 requiring that collateral be furnished or credit security put in place. Mitigating our credit risks is not always commercially possible and can be omitted if deemed necessary and balanced. For the most significant counterparties, an internal rating is assigned in connection with estab-lishing credit limits. The rating is based on information from external credit rating agencies, publicly available information, credit risk information systems, and our own analyses.In 2023, we have expensed a loan given to our US sup-pliers in the amount of DKK 571 million, which we do not expect to recover after the termination of Ocean Wind 1 and 2. Apart from this, we have not made any significant impairments on receivables in 2022 or 2023.\u00a7 Accounting policiesWe only offset positive and negative values if we are entitled to and intend to settle several financial instruments net.Fair value measurementNote 6.6Fair value hierarchy of financial instrumentsObservable Non-observable Observable Non-observable DKKmQuoted prices input input Quoted prices input input Assets(level 1)(level 2)(level 3) 2023(level 1)(level 2)(level 3) 2022Gas inventory 1,513 - - 1,513 3,442 - - 3,442Total inventory 1,513 - - 1,513 3,442 - - 3,442Bonds - 29,902 - 29,902 - 25,197 - 25,197Total securities - 29,902 - 29,902 - 25,197 - 25,197Energy derivatives 4,484 5,701 559 10,744 14,474 7,241 563 22,278Currency derivatives - 749 - 749 - 1,378 - 1,378Interest and inflation derivatives - 336 - 336 - 1,581 - 1,581Total derivative assets 4,484 6,786 559 11,829 14,474 10,200 563 25,237LiabilitiesEnergy derivatives 5,149 4,424 8,087 17,660 12,871 24,592 15,250 52,713Currency derivatives - 489 - 489 - 1,773 - 1,773Interest and inflation derivatives - 4,063 - 4,063 - 3,073 - 3,073Total derivative liabilities 5,149 8,976 8,087 22,212 12,871 29,438 15,250 57,559All assets and liabilities measured at market value are measured on a recurring basis.We 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 the German power prices.Valuation principles and processIn order to minimise the use of subjective estimates or modifications of parameters and calculation models, it is our policy to determine fair value 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. We use external price providers to ensure a high qual-ity in our price curves. Where prices are not available, we model the prices based on our prior experience and best estimates. Where relevant and possible, we validate our price curves against third-party data.Fair value hierarchy Market values based on quoted prices comprise quoted securities and derivatives that are traded in active markets. The market values 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 valuation models with observable inputs are used to measure fair value. Market values based on non-observable inputs mainly comprise long-term power purchase agreements (CPPAs) that lock the power price of the expected power generation over a period of up to 10-20 years. Due to the long duration of these CPPAs, power prices are not observable for a large part of the duration. The most significant non-observable inputs are based on US power prices (mainly ERCOT) and German power prices.Estimating as-produced power pricesSince our CPPAs are normally settled on the actual production, and the power prices available in the mar-ket are based on a constant production (flat profile), we take into account that our expected production is not constant, and thus our CPPAs will not be settled against a flat profile price (see description of volume risk in note 6.2). For the majority of our markets, the flat profile power price can be observed for a maximum of four to six years in the market, after which an active market no longer exists.Derivatives valued on the basis of unobservable inputDKKm 2023 2022Market value at 1 January (14,687) (7,448)Value adjustments through profit or loss (31) (322)Value adjustments through other comprehensive income 3,766 (6,476)Sales/redemptions 1,366 1,190Purchases/issues 750 (497)Transferred from quoted prices and observable input - (1,773)Transferred to quoted prices and observable input 1, 308 639Market value at 31 December (7,528) (14,687)Unobservable input per commodity priceDKKmUS ERCOT power prices (5,261) (5,580)German power prices (1,484) (5,642)US MISO power prices (737) (1,263)Other power prices (37) (2,132)Gas prices (9) (70)To t a l (7,528) (14,687)The main unobservable inputs are US power prices and German power prices.Power price (DKK/MWh) Sensitivity (DKKm)Overview of significant unobservable inputs and WeightedMonthlyMonthlysensitivitiesaverageminimummaximum +25 % -25 %Intermittency-adjusted power priceUS ERCOT (2024-2033) 297 81 971 (3,303) 3,634Germany (2025-2035) 440 332 654 (1,256) 1,256US MISO (2024-2033) 302 149 422 (530) 520US SPP (2024-2035) 189 128 358 (436) 583Ireland (2024-2042) 524 389 808 (69) 69The 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 2023. If intermittency-adjusted power prices in Germany as of 31 December 2023 increased/decreased by 25 %, the market value would decrease/increase by DKK 1,256 million.Valuation techniques and significant unobservable inputs We use a discounted cash flow model for the valua-tion of power derivatives.The US power purchase agreements give exposure to the long-term US power prices, mainly in the ERCOT, SPP, and MISO regions. The power price is observable for the first four to six years. For the following four to six years, the power price is estimated based on observable inputs (gas prices and heat rates). For the subsequent period, the power price is non- observable and estimated by extrapolating the power price towards the U.S. Energy Information Administration's long-term power price forecast, assuming similar sea-sonality as in previous periods. As only a minor part of the contract period is within the period when power prices are non-observable, we classify the contracts as based on observable input.In Germany and other countries where we have long-term PPA contracts, the power price is observable for up to five years. When power prices are no longer observable in the market, we have estimated the power price by extrapolating the last year with an observable power price, taking expected inflation and seasonality into account.Acquired CPPAsThe initial negative fair value from long-term CPPAs acquired in a business combination is recognised as revenue in profit or loss in the future period to which the market value relates. This effectively increases or decreases the revenue from the contract price to the forward price at the closing date. In 2023, we have recognised an income of DKK 197 million (2022: DKK 228 million) related to the initial fair value from CPPAs. The total amount of initial fair value as of 31 December 2023 amounts to a loss of DKK 1,243 million (2022: loss of DKK 1,497 million), which will be recognised as revenue in a future period.\u00a7 Accounting policiesWhen the fair value at \u2018initiation recognition\u2019 differs from the transaction price, and the fair value is not purely based on observable prices, the difference between the fair value at initial recognition and the transaction price is deferred and recognised over the lifetime of the PPA. Energy trading portfolioNote 6.72023 2022 Overview of the Group's energy trading portfolio 1Contractual Unrealised Contractual UnrealisedDKKm principal amountgain/(loss) principal amount gain/(loss)Power swaps (sell position) 3,305 (492) 4,683 (7,854)Power options (buy position) 5,906 1,406 3,060 8,680Gas swaps and options (sell position) 2,138 (312) 3,601 (774)Oil swaps and options (buy position) 156 (137) 498 (204)Other (sell position) 175 13 74 (50)Trading mandates 2VaR limit in 2023: Stress limit in 2023: DKK 100 millionDKK 400 million Maximum open positions in trading portfolioVaR indicates the largest loss in one trading day Stress indicates the largest daily loss we risk \u00b7 Max. 6 TWh of powerat a probability of 95 %. VaR is based on data sustaining with the given portfolio. Stress is \u00b7 Max. 9.5 TWh of gasfor the past 45 trading days, with the heaviest based on data from 1 January 2006 to the \u00b7 Max. 1 million boe of oilweighting being assigned to the most recent present day.\u00b7 Max. 1.5 million tonnes of carbon emissionstrading days.\u00b7 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 and included with the settled margin.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 2022-2023. VaR reached DKK 280 million on 9 March 2022, causing a passive breach of the Board of Directors' mandate of DKK 100 million due to the Russian invasion of Ukraine and the large reduction in gas sup-plies to Europe, causing the European energy prices to spike. In 2022, there were further passive breaches in August due to Russian gas sup-ply 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: \u00b7 optimise hedging execution\u00b7 contribute to increased market insight\u00b7 profit from short-term fluctuations in energy prices.The energy trading portfolio receives the exposure from our assets and takes that exposure into the external market in the most efficient way possible, given the mandates shown to the left. The overview of the Group's energy trading portfolio to the left is the net of the internal exposures received from the assets and the external trades in line with internal risk management.The trading portfolio primarily consists of positions in power and gas.The trading portfolio constitutes a smaller part of our total portfolio of derivatives, and the associated risk is limited.\u00a7 Accounting policiesMarket value adjustments of physical and financial contracts relating to energy that are entered into with the purpose of generating gains from short-term price changes are recognised as revenue.Categories of financial instrumentsNote 6.8Categories of financial instrumentsDKKm 2023 2022Energy, currency, and interest derivatives 7,251 17,775Securities 29,902 25,197Financial assets measured at fair value via the income statement 37,153 42,972Energy derivatives 3,783 6,709Currency derivatives 795 275Interest and inflation derivatives - 478Derivatives (assets) used as hedging instruments 4,578 7,462Trade receivables 11,107 12,701Other accounts receivable 7,200 9,459Cash 10,626 18,649Financial assets measured at amortised cost 28,933 40,809Energy, currency, and interest derivatives 3,712 12,551Financial liabilities measured at fair value via the income statement 3,712 12,551Energy derivatives 14,661 41,237Currency derivatives 481 697Interest and inflation derivatives 3,358 3,073Derivatives (liabilities) used as hedging instruments 18,500 45,007Bank loans and issued bonds 79,620 63,281Trade payables 14,915 20,641Other accounts payable 8,591 11,310Financial liabilities measured at amortised cost 103,126 95,232The 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 adjustment of the instrument should be recognised in the profit (loss) for the year or as part of the hedging reserve in equity. The fair value of financial instruments measured at amortised cost is identical to the carrying amount with the exception of bank loans and issued bonds where the market value is stated in note 5.1 \u2018Interest -bearing net debt and FFO\u2019.Sensitivity analysis of financial instrumentsNote 6.931 December 2023 31 December 2022 Sensitivity analysis of financial instruments Price Effect on profit Effect on equity Effect on profit Effect on equity DKKm change(loss) before taxbefore tax(loss) before taxbefore taxPower 25 % (277) (8,119) (1,791) (14,382)-25 % 562 8,263 1,794 14,402Gas 25 % (588) (127) (764) 177-25 % 588 127 764 (177)Oil 25 % (360) 260 (533) 277-25 % 360 (158) 608 (6)GBP 10 % 817 (2,965) (2,430) (4,727)-10 % (817) 2,965 2,430 4,727USD 10 % (2,070) (662) (947) (853)-10 % 2,070 662 947 853NTD 10 % (386) (9) (743) --10 % 386 9 743 -EUR 1 % (212) (15) (899) (125)-1 % 212 15 899 125Inflation 1 % point - (2,059) - (2,162)Interest 1 % point 620 920 (332) 1,224The sensitivity analysis in the table shows the effect of market value changes, assuming a relative price change at 31 December. The effect on profit (loss) before tax comprises finan-cial instruments that remained open at the balance sheet date, and which have an effect on profit (loss) in the current financial year. Effect on equity before tax comprises financial instru-ments 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 impact of our financial instruments. If the hedged exposure had been included in the sensi-tivity analysis, the effect of a price change would have been reduced or offset entirely.Net investments and associated hedging of net invest-ments in foreign subsidiaries are not included in the table, as the effects of the sum of the investments and the hedging are considered to be neutral to changes in currencies. A 10 % increase in the currencies hedged in connec-tion with net investments would reduce equity by DKK 5,718 million (2022: DKK 6,257 million).",
"dimensions": {
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notes__8__201": {
"value": "Hedge accountingWe apply hedge accounting to our energy, com-modity, currency, interest, and inflation hedges. Almost all of the hedging instruments we use fully match the market risk of the exposure we hedge. The UK power exposure, for example, is hedged using UK power swaps or futures. Thus, the main source of ineffectiveness is related to the volume and timing of the actual production versus the settlement of the hedge. This difference in timing is referred to as volume risk and is described in more detail on the next page.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 effectively hedges the desired risk. When we conclude a hedging transaction, and each time we present financial statements thereafter, we assess the correlation between the hedged exposure and the hedging instrument. The effective change in market value of the hedging instrument is recognised as a hedge of future cash flows in other comprehensive income in the hedging reserve. 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. Ineffective hedges related to energy and com-modity exposures are recognised in other operating expenses. Ineffectiveness related to other hedges are recognised in financial income or expenses.On realisation of the hedged cash flow, the result-ing 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.For currency swaps, the basis spread is accounted for according to the cost of the hedging model.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__168-1": {
"value": "Hedge accountingWe apply hedge accounting to our energy, com-modity, currency, interest, and inflation hedges. Almost all of the hedging instruments we use fully match the market risk of the exposure we hedge. The UK power exposure, for example, is hedged using UK power swaps or futures. Thus, the main source of ineffectiveness is related to the volume and timing of the actual production versus the settlement of the hedge. This difference in timing is referred to as volume risk and is described in more detail on the next page.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 effectively hedges the desired risk. When we conclude a hedging transaction, and each time we present financial statements thereafter, we assess the correlation between the hedged exposure and the hedging instrument. The effective change in market value of the hedging instrument is recognised as a hedge of future cash flows in other comprehensive income in the hedging reserve. 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. Ineffective hedges related to energy and com-modity exposures are recognised in other operating expenses. Ineffectiveness related to other hedges are recognised in financial income or expenses.On realisation of the hedged cash flow, the result-ing 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.For currency swaps, the basis spread is accounted for according to the cost of the hedging model.Exposure is calculated as the expected production (or net purchase/sale) times the forward price for the respective years.Hedging of net investments in foreign subsidiariesChanges in the market value of currency derivatives and currency adjustment of loans that are classified as net investment hedges in foreign subsidiaries or associates are recognised in the consolidated 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.When the fair value at \u2018initiation recognition\u2019 differs from the transaction price, and the fair value is not purely based on observable prices, the difference between the fair value at initial recognition and the transaction price is deferred and recognised over the lifetime of the PPAMarket value adjustments of physical and financial contracts relating to energy that are entered into with the purpose of generating gains from short-term price changes are recognised as revenue.",
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"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__167-1": {
"value": "Hedge accountingWe apply hedge accounting to our energy, com-modity, currency, interest, and inflation hedges. Almost all of the hedging instruments we use fully match the market risk of the exposure we hedge. The UK power exposure, for example, is hedged using UK power swaps or futures. Thus, the main source of ineffectiveness is related to the volume and timing of the actual production versus the settlement of the hedge. This difference in timing is referred to as volume risk and is described in more detail on the next page.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 effectively hedges the desired risk. When we conclude a hedging transaction, and each time we present financial statements thereafter, we assess the correlation between the hedged exposure and the hedging instrument. The effective change in market value of the hedging instrument is recognised as a hedge of future cash flows in other comprehensive income in the hedging reserve. 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. Ineffective hedges related to energy and com-modity exposures are recognised in other operating expenses. Ineffectiveness related to other hedges are recognised in financial income or expenses.On realisation of the hedged cash flow, the result-ing 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.For currency swaps, the basis spread is accounted for according to the cost of the hedging model.Exposure is calculated as the expected production (or net purchase/sale) times the forward price for the respective years.Hedging of net investments in foreign subsidiariesChanges in the market value of currency derivatives and currency adjustment of loans that are classified as net investment hedges in foreign subsidiaries or associates are recognised in the consolidated 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.When the fair value at \u2018initiation recognition\u2019 differs from the transaction price, and the fair value is not purely based on observable prices, the difference between the fair value at initial recognition and the transaction price is deferred and recognised over the lifetime of the PPAMarket value adjustments of physical and financial contracts relating to energy that are entered into with the purpose of generating gains from short-term price changes are recognised as revenue.",
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"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__186-1": {
"value": "Currency risksNote 6.4Our cash flows consist of multiple different currencies, which expose us to fluctuations in currency exchange rates. Our main currency exposures are GBP, USD, and NTD. While our exposure to EUR is also significant, we do not deem EUR to constitute a risk as we expect Denmark to maintain its fixed exchange-rate policy. For GBP, our significant earnings from assets in oper-ation and expected farm-downs are larger than our planned CAPEX, resulting in a net-positive GBP expo-sure, both short- and long-term. The net exposure was lowered in 2023 by the inclusion of more planned GBP CAPEX following FID for Hornsea 3. A 10 % increase in the GBP/DKK exchange rate will result in a gain of DKK 1.2 billion over the period 2024-2028, all else remaining unchanged. For USD, our portfolio of offshore and onshore develop-ment and operating assets translate to a short- to medium-term negative USD exposure. However, on a longer time horizon, revenue from assets result in a net positive USD exposure.Our general approach to managing currency risks is to use structural risk management tools, such as local currency sourcing contracts, netting income and expenses in the same currency, issuing local currency debt to naturally balance our portfolio, and prioritis-ing local currency costs to match revenue in our asset projects to minimise the need for hedging. The currency denomination of debt issuance is aimed at optimising the currency composition of net debt with that of forecasted FFO to ensure stability in FFO/NIBD against adverse movements in exchange rates. Debt can be particularly effective in new markets to mitigate the time-spread risk since the proceeds from the debt issuance can be used to fund and hedge construction costs, while the debt repayment profile can be sculpted to match future revenue. The residual currency risk after netting of exposures and debt are managed via financial derivatives accord-ing to our desired risk appetite. Our overall hedge hori-zon is five years, covering only highly certain cash flows to avoid hedge ineffectiveness. For energy price risks in foreign currencies, we do not hedge the exchange rate risk until the energy exposure has been hedged. For cash flows that relate to subsidised GBP income from our UK offshore wind farms less operating expenses, we hedge on a declining level over a five-year rolling hori-zon. The target is to hedge 100 % in year 1, declining by 20 percentage points each year to 20 % in year 5. Our currency exposure from production, sales, invest-ments, and divestments after hedging for the years 2024-2028 can be summarised as shown in the table.Effect of price changeRisk after hedgingDKKbn+10 % -10 %GBP: 11.6 sell position +1.2 -1.2USD: 4.8 buy position -0.5 +0.5NTD: 3.2 sell position +0.3 -0.3Maturity analysis Market valueExpected transfers to income statementCurrency cash flow hedge accounting 2023Contractual Recognised in DKKmprincipal amount2024 2025 After 2025 Asset Liability comprehensive incomeEBITDA impactGBP forwards and cross-currency swaps 24,191 5,961 6,115 12,115 131 (481) (331) (218) (33) (80)USD forwards 3 3 - - - - - - - -Currency cash flow hedge accounting 2022DKKm 2023 2024 After 2024 2023 2024 After 2024EBITDA impactGBP forwards and cross-currency swaps 24,199 2,953 7,416 13,830 151 - 182 (109) 29 262USD forwards 3 - 3 - - (21) 2 1 1 -Impact on other line itemsGBP forwards (Interest payments) 553 553 - - 32 - 4 4 - -The GBP exchange rate for hedges impacting EBITDA in 2024 and 2025 is hedged at an average of GBP/DKK 8.3 and 8.2, respectively. Ineffectiveness from currency cash flow hedges in 2023 amounts to a loss of DKK -134 million (2022: DKK 189 million) recognised in financial items.2023 2022Contracts accounted for at fair value through profit or loss (financial items)ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueCurrencyForward exchange contracts 24,504 (54) 30,549 27The table shows cash management positions which are not hedge accounted. The positions consist of EUR and, to a lesser extent, GBP and USD. Hedging of net investments in foreign subsidiariesOf which, Hedged Accumulated exchange DKKm Net non-controlling amount rate adjustments Currency 2023investmentinterestsin currency Net positionin equityGBP 70,682 (1,876) (31,197) 37,609 (3,075)EUR 37,602 - - 37,602 9USD 22,809 - (20,045) 2,764 (301)NTD 25,778 - (5,937) 19,841 131Other 3,853 - - 3,853 90To t a l 160,724 (1,876) (57,179) 101,669 (3,146)Currency 2022GBP 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 t a l 136,335 (3,971) (62,574) 69,790 (3,054)Maturity analysis Market valueNet investment hedges 2023Contractual DKKmprincipal amount2024 2025 After 2025 Asset LiabilityGBP issued senior bonds 26,669 - - 26,669 - -GBP forwards and cross-currency swaps 4,528 774 1,131 2,623 7 -USD bank loans 1,332 - - 1,332 - -USD forwards and cross-currency swaps 18,713 4,926 3,934 9,853 657 -NTD issued senior bonds 5,937 - - 5,937 - -Net investment hedges 2022DKKm2023 2024 After 2024GBP issued senior bonds 25,983 - - 25,983 - -GBP forwards and cross-currency swaps 8,553 4,895 - 3,658 92 -USD bank loans 5,194 - - 5,194 - -USD forwards and cross-currency swaps 16,722 3,114 8,919 4,689 - (676)NTD issued senior bonds and forwards 6,122 - - 6,122 - -Ineffectiveness from net investment hedges in 2023 amounts to a gain of DKK 236 million (2022: DKK 0 million), recognised in financial items. The ineffectiveness is caused by the impairments on our US activities.The net position expresses the accounting exposure. If, for example, the GBP/DKK exchange rate increased by 10 % on 31 December 2023, equity would have increased by DKK 3,761 million, corresponding to 10 % of DKK 37,609 million.Hedging of net investments in foreign subsidiariesOur foreign subsidiaries entail currency risks. We hedge these currency risks by raising loans in foreign curren-cies and by entering into forward exchange contracts, currency swaps, and options. On 31 December 2023, the accumulated exchange rate adjustments totalled DKK -3,146 million (2022: DKK -3,054 million), divided between the exchange rate adjustment of the net investment of DKK -1,093 million (2022: DKK -1,544 million) and the hedging thereof of DKK -2,053 million (2022: DKK -1,510 million).\u00a7 Accounting policiesHedging of net investments in foreign subsidiariesChanges in the market value of currency derivatives and currency adjustment of loans that are classified as net investment hedges in foreign subsidiaries or associates are recognised in the consolidated financial statements directly in equity within a separate foreign currency translation reserve.Sensitivity analysis of financial instrumentsNote 6.931 December 2023 31 December 2022 Sensitivity analysis of financial instruments Price Effect on profit Effect on equity Effect on profit Effect on equity DKKm change(loss) before taxbefore tax(loss) before taxbefore taxPower 25 % (277) (8,119) (1,791) (14,382)-25 % 562 8,263 1,794 14,402Gas 25 % (588) (127) (764) 177-25 % 588 127 764 (177)Oil 25 % (360) 260 (533) 277-25 % 360 (158) 608 (6)GBP 10 % 817 (2,965) (2,430) (4,727)-10 % (817) 2,965 2,430 4,727USD 10 % (2,070) (662) (947) (853)-10 % 2,070 662 947 853NTD 10 % (386) (9) (743) --10 % 386 9 743 -EUR 1 % (212) (15) (899) (125)-1 % 212 15 899 125Inflation 1 % point - (2,059) - (2,162)Interest 1 % point 620 920 (332) 1,224The sensitivity analysis in the table shows the effect of market value changes, assuming a relative price change at 31 December. The effect on profit (loss) before tax comprises finan-cial instruments that remained open at the balance sheet date, and which have an effect on profit (loss) in the current financial year. Effect on equity before tax comprises financial instru-ments 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 impact of our financial instruments. If the hedged exposure had been included in the sensi-tivity analysis, the effect of a price change would have been reduced or offset entirely.Net investments and associated hedging of net invest-ments in foreign subsidiaries are not included in the table, as the effects of the sum of the investments and the hedging are considered to be neutral to changes in currencies. A 10 % increase in the currencies hedged in connec-tion with net investments would reduce equity by DKK 5,718 million (2022: DKK 6,257 million).",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__202": {
"value": "Credit risksNote 6.5 Offsetting of financial assetsTradeTradeDKKm Derivativesreceivables 2023 Derivativesreceivables 2022Financial assets 17,775 21,728 39,503 43,507 121,693 165,200Financial liabilities, offset (6,911) (16,849) (23,760) (22,232) (114,438) (136,670)Financial assets in the balance sheet 10,864 4,879 15,743 21,275 7,255 28,530Amounts not offset in the balance sheet:Liabilities with offsetting rights (2,529) - (2,529) (7,094) - (7,094)Collateral received (468) - (468) (4,515) - (4,515)Net 7,867 4,879 12,746 9,666 7,255 16,921 Offsetting of financial liabilitiesDKKmFinancial liabilities 17,864 20,981 38,845 60,891 121,661 182,552Financial assets, offset (6,911) (16,849) (23,760) (22,232) (114,438) (136,670)Financial liabilities in the balance sheet 10,953 4,132 15,085 38,659 7,223 45,882Amounts not offset in the balance sheet:Assets with offsetting rights (2,529) - (2,529) (7,094) - (7,094)Collateral provided (4,214) - (4,214) (2,744) - (2,744)Net 4,210 4,132 8,342 28,821 7,223 36,044A large part of the gross assets and liabilities can be offset due to the nature in trading activities where energy is both purchased and sold with a limited number of participants in the energy markets. In addition, the high energy prices increase the gross values to be netted, especially in 2022. Credit quality of the Group's counterparties 1DKKm 2023 2022AAA/Aaa 27,301 23,351AA/Aa 7,518 2,568A/A 10,501 23,551BBB/Baa 9,020 15,665Other 9,198 16,649Total credit exposure 63,538 81,7841 The figures do not reflect our actual credit exposure, as the positions are calculated before offsetting our debt to such counterparties.We are exposed to credit risks from our hedging activi-ties, construction activities, and all other activities where a counterparty's failure to meet their obliga-tions may cause a loss. A large part of our credit risk is towards major international energy companies, sup-pliers, and banks. Where possible, the underlying con-tracts include minimum credit rating clauses, netting provisions, and other risk-mitigating clauses. We mitigate our credit risks mainly by: \u00b7 having minimum rating requirements \u00b7 monitoring the credit worthiness on the ongoing basis to be able to react in due time \u00b7 requiring that collateral be furnished or credit security put in place. Mitigating our credit risks is not always commercially possible and can be omitted if deemed necessary and balanced. For the most significant counterparties, an internal rating is assigned in connection with estab-lishing credit limits. The rating is based on information from external credit rating agencies, publicly available information, credit risk information systems, and our own analyses.In 2023, we have expensed a loan given to our US sup-pliers in the amount of DKK 571 million, which we do not expect to recover after the termination of Ocean Wind 1 and 2. Apart from this, we have not made any significant impairments on receivables in 2022 or 2023.\u00a7 Accounting policiesWe only offset positive and negative values if we are entitled to and intend to settle several financial instruments net.",
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"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__203-1": {
"value": " Offsetting of financial assetsTradeTradeDKKm Derivativesreceivables 2023 Derivativesreceivables 2022Financial assets 17,775 21,728 39,503 43,507 121,693 165,200Financial liabilities, offset (6,911) (16,849) (23,760) (22,232) (114,438) (136,670)Financial assets in the balance sheet 10,864 4,879 15,743 21,275 7,255 28,530Amounts not offset in the balance sheet:Liabilities with offsetting rights (2,529) - (2,529) (7,094) - (7,094)Collateral received (468) - (468) (4,515) - (4,515)Net 7,867 4,879 12,746 9,666 7,255 16,921 Offsetting of financial liabilitiesDKKmFinancial liabilities 17,864 20,981 38,845 60,891 121,661 182,552Financial assets, offset (6,911) (16,849) (23,760) (22,232) (114,438) (136,670)Financial liabilities in the balance sheet 10,953 4,132 15,085 38,659 7,223 45,882Amounts not offset in the balance sheet:Assets with offsetting rights (2,529) - (2,529) (7,094) - (7,094)Collateral provided (4,214) - (4,214) (2,744) - (2,744)Net 4,210 4,132 8,342 28,821 7,223 36,044A large part of the gross assets and liabilities can be offset due to the nature in trading activities where energy is both purchased and sold with a limited number of participants in the energy markets. In addition, the high energy prices increase the gross values to be netted, especially in 2022.We only offset positive and negative values if we are entitled to and intend to settle several financial instruments net.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__204-1": {
"value": " Offsetting of financial assetsTradeTradeDKKm Derivativesreceivables 2023 Derivativesreceivables 2022Financial assets 17,775 21,728 39,503 43,507 121,693 165,200Financial liabilities, offset (6,911) (16,849) (23,760) (22,232) (114,438) (136,670)Financial assets in the balance sheet 10,864 4,879 15,743 21,275 7,255 28,530Amounts not offset in the balance sheet:Liabilities with offsetting rights (2,529) - (2,529) (7,094) - (7,094)Collateral received (468) - (468) (4,515) - (4,515)Net 7,867 4,879 12,746 9,666 7,255 16,921A large part of the gross assets and liabilities can be offset due to the nature in trading activities where energy is both purchased and sold with a limited number of participants in the energy markets. In addition, the high energy prices increase the gross values to be netted, especially in 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__205": {
"value": " Offsetting of financial liabilitiesDKKmFinancial liabilities 17,864 20,981 38,845 60,891 121,661 182,552Financial assets, offset (6,911) (16,849) (23,760) (22,232) (114,438) (136,670)Financial liabilities in the balance sheet 10,953 4,132 15,085 38,659 7,223 45,882Amounts not offset in the balance sheet:Assets with offsetting rights (2,529) - (2,529) (7,094) - (7,094)Collateral provided (4,214) - (4,214) (2,744) - (2,744)Net 4,210 4,132 8,342 28,821 7,223 36,044A large part of the gross assets and liabilities can be offset due to the nature in trading activities where energy is both purchased and sold with a limited number of participants in the energy markets. In addition, the high energy prices increase the gross values to be netted, especially in 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOffsettingOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__207": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__210": {
"value": "Fair value measurementNote 6.6Fair value hierarchy of financial instrumentsObservable Non-observable Observable Non-observable DKKmQuoted prices input input Quoted prices input input Assets(level 1)(level 2)(level 3) 2023(level 1)(level 2)(level 3) 2022Gas inventory 1,513 - - 1,513 3,442 - - 3,442Total inventory 1,513 - - 1,513 3,442 - - 3,442Bonds - 29,902 - 29,902 - 25,197 - 25,197Total securities - 29,902 - 29,902 - 25,197 - 25,197Energy derivatives 4,484 5,701 559 10,744 14,474 7,241 563 22,278Currency derivatives - 749 - 749 - 1,378 - 1,378Interest and inflation derivatives - 336 - 336 - 1,581 - 1,581Total derivative assets 4,484 6,786 559 11,829 14,474 10,200 563 25,237LiabilitiesEnergy derivatives 5,149 4,424 8,087 17,660 12,871 24,592 15,250 52,713Currency derivatives - 489 - 489 - 1,773 - 1,773Interest and inflation derivatives - 4,063 - 4,063 - 3,073 - 3,073Total derivative liabilities 5,149 8,976 8,087 22,212 12,871 29,438 15,250 57,559All assets and liabilities measured at market value are measured on a recurring basis.We 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 the German power prices.Valuation principles and processIn order to minimise the use of subjective estimates or modifications of parameters and calculation models, it is our policy to determine fair value 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. We use external price providers to ensure a high qual-ity in our price curves. Where prices are not available, we model the prices based on our prior experience and best estimates. Where relevant and possible, we validate our price curves against third-party data.Fair value hierarchy Market values based on quoted prices comprise quoted securities and derivatives that are traded in active markets. The market values 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 valuation models with observable inputs are used to measure fair value. Market values based on non-observable inputs mainly comprise long-term power purchase agreements (CPPAs) that lock the power price of the expected power generation over a period of up to 10-20 years. Due to the long duration of these CPPAs, power prices are not observable for a large part of the duration. The most significant non-observable inputs are based on US power prices (mainly ERCOT) and German power prices.Estimating as-produced power pricesSince our CPPAs are normally settled on the actual production, and the power prices available in the mar-ket are based on a constant production (flat profile), we take into account that our expected production is not constant, and thus our CPPAs will not be settled against a flat profile price (see description of volume risk in note 6.2). For the majority of our markets, the flat profile power price can be observed for a maximum of four to six years in the market, after which an active market no longer exists.Derivatives valued on the basis of unobservable inputDKKm 2023 2022Market value at 1 January (14,687) (7,448)Value adjustments through profit or loss (31) (322)Value adjustments through other comprehensive income 3,766 (6,476)Sales/redemptions 1,366 1,190Purchases/issues 750 (497)Transferred from quoted prices and observable input - (1,773)Transferred to quoted prices and observable input 1, 308 639Market value at 31 December (7,528) (14,687)Unobservable input per commodity priceDKKmUS ERCOT power prices (5,261) (5,580)German power prices (1,484) (5,642)US MISO power prices (737) (1,263)Other power prices (37) (2,132)Gas prices (9) (70)To t a l (7,528) (14,687)The main unobservable inputs are US power prices and German power prices.Power price (DKK/MWh) Sensitivity (DKKm)Overview of significant unobservable inputs and WeightedMonthlyMonthlysensitivitiesaverageminimummaximum +25 % -25 %Intermittency-adjusted power priceUS ERCOT (2024-2033) 297 81 971 (3,303) 3,634Germany (2025-2035) 440 332 654 (1,256) 1,256US MISO (2024-2033) 302 149 422 (530) 520US SPP (2024-2035) 189 128 358 (436) 583Ireland (2024-2042) 524 389 808 (69) 69The 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 2023. If intermittency-adjusted power prices in Germany as of 31 December 2023 increased/decreased by 25 %, the market value would decrease/increase by DKK 1,256 million.Valuation techniques and significant unobservable inputs We use a discounted cash flow model for the valua-tion of power derivatives.The US power purchase agreements give exposure to the long-term US power prices, mainly in the ERCOT, SPP, and MISO regions. The power price is observable for the first four to six years. For the following four to six years, the power price is estimated based on observable inputs (gas prices and heat rates). For the subsequent period, the power price is non- observable and estimated by extrapolating the power price towards the U.S. Energy Information Administration's long-term power price forecast, assuming similar sea-sonality as in previous periods. As only a minor part of the contract period is within the period when power prices are non-observable, we classify the contracts as based on observable input.In Germany and other countries where we have long-term PPA contracts, the power price is observable for up to five years. When power prices are no longer observable in the market, we have estimated the power price by extrapolating the last year with an observable power price, taking expected inflation and seasonality into account.Acquired CPPAsThe initial negative fair value from long-term CPPAs acquired in a business combination is recognised as revenue in profit or loss in the future period to which the market value relates. This effectively increases or decreases the revenue from the contract price to the forward price at the closing date. In 2023, we have recognised an income of DKK 197 million (2022: DKK 228 million) related to the initial fair value from CPPAs. The total amount of initial fair value as of 31 December 2023 amounts to a loss of DKK 1,243 million (2022: loss of DKK 1,497 million), which will be recognised as revenue in a future period.\u00a7 Accounting policiesWhen the fair value at \u2018initiation recognition\u2019 differs from the transaction price, and the fair value is not purely based on observable prices, the difference between the fair value at initial recognition and the transaction price is deferred and recognised over the lifetime of the PPA",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__209": {
"value": "Fair value measurementNote 6.6Fair value hierarchy of financial instrumentsObservable Non-observable Observable Non-observable DKKmQuoted prices input input Quoted prices input input Assets(level 1)(level 2)(level 3) 2023(level 1)(level 2)(level 3) 2022Gas inventory 1,513 - - 1,513 3,442 - - 3,442Total inventory 1,513 - - 1,513 3,442 - - 3,442Bonds - 29,902 - 29,902 - 25,197 - 25,197Total securities - 29,902 - 29,902 - 25,197 - 25,197Energy derivatives 4,484 5,701 559 10,744 14,474 7,241 563 22,278Currency derivatives - 749 - 749 - 1,378 - 1,378Interest and inflation derivatives - 336 - 336 - 1,581 - 1,581Total derivative assets 4,484 6,786 559 11,829 14,474 10,200 563 25,237LiabilitiesEnergy derivatives 5,149 4,424 8,087 17,660 12,871 24,592 15,250 52,713Currency derivatives - 489 - 489 - 1,773 - 1,773Interest and inflation derivatives - 4,063 - 4,063 - 3,073 - 3,073Total derivative liabilities 5,149 8,976 8,087 22,212 12,871 29,438 15,250 57,559All assets and liabilities measured at market value are measured on a recurring basis.We 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 the German power prices.Valuation principles and processIn order to minimise the use of subjective estimates or modifications of parameters and calculation models, it is our policy to determine fair value 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. We use external price providers to ensure a high qual-ity in our price curves. Where prices are not available, we model the prices based on our prior experience and best estimates. Where relevant and possible, we validate our price curves against third-party data.Fair value hierarchy Market values based on quoted prices comprise quoted securities and derivatives that are traded in active markets. The market values 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 valuation models with observable inputs are used to measure fair value. Market values based on non-observable inputs mainly comprise long-term power purchase agreements (CPPAs) that lock the power price of the expected power generation over a period of up to 10-20 years. Due to the long duration of these CPPAs, power prices are not observable for a large part of the duration. The most significant non-observable inputs are based on US power prices (mainly ERCOT) and German power prices.Estimating as-produced power pricesSince our CPPAs are normally settled on the actual production, and the power prices available in the mar-ket are based on a constant production (flat profile), we take into account that our expected production is not constant, and thus our CPPAs will not be settled against a flat profile price (see description of volume risk in note 6.2). For the majority of our markets, the flat profile power price can be observed for a maximum of four to six years in the market, after which an active market no longer exists.Derivatives valued on the basis of unobservable inputDKKm 2023 2022Market value at 1 January (14,687) (7,448)Value adjustments through profit or loss (31) (322)Value adjustments through other comprehensive income 3,766 (6,476)Sales/redemptions 1,366 1,190Purchases/issues 750 (497)Transferred from quoted prices and observable input - (1,773)Transferred to quoted prices and observable input 1, 308 639Market value at 31 December (7,528) (14,687)Unobservable input per commodity priceDKKmUS ERCOT power prices (5,261) (5,580)German power prices (1,484) (5,642)US MISO power prices (737) (1,263)Other power prices (37) (2,132)Gas prices (9) (70)To t a l (7,528) (14,687)The main unobservable inputs are US power prices and German power prices.Power price (DKK/MWh) Sensitivity (DKKm)Overview of significant unobservable inputs and WeightedMonthlyMonthlysensitivitiesaverageminimummaximum +25 % -25 %Intermittency-adjusted power priceUS ERCOT (2024-2033) 297 81 971 (3,303) 3,634Germany (2025-2035) 440 332 654 (1,256) 1,256US MISO (2024-2033) 302 149 422 (530) 520US SPP (2024-2035) 189 128 358 (436) 583Ireland (2024-2042) 524 389 808 (69) 69The 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 2023. If intermittency-adjusted power prices in Germany as of 31 December 2023 increased/decreased by 25 %, the market value would decrease/increase by DKK 1,256 million.Valuation techniques and significant unobservable inputs We use a discounted cash flow model for the valua-tion of power derivatives.The US power purchase agreements give exposure to the long-term US power prices, mainly in the ERCOT, SPP, and MISO regions. The power price is observable for the first four to six years. For the following four to six years, the power price is estimated based on observable inputs (gas prices and heat rates). For the subsequent period, the power price is non- observable and estimated by extrapolating the power price towards the U.S. Energy Information Administration's long-term power price forecast, assuming similar sea-sonality as in previous periods. As only a minor part of the contract period is within the period when power prices are non-observable, we classify the contracts as based on observable input.In Germany and other countries where we have long-term PPA contracts, the power price is observable for up to five years. When power prices are no longer observable in the market, we have estimated the power price by extrapolating the last year with an observable power price, taking expected inflation and seasonality into account.Acquired CPPAsThe initial negative fair value from long-term CPPAs acquired in a business combination is recognised as revenue in profit or loss in the future period to which the market value relates. This effectively increases or decreases the revenue from the contract price to the forward price at the closing date. In 2023, we have recognised an income of DKK 197 million (2022: DKK 228 million) related to the initial fair value from CPPAs. The total amount of initial fair value as of 31 December 2023 amounts to a loss of DKK 1,243 million (2022: loss of DKK 1,497 million), which will be recognised as revenue in a future period.\u00a7 Accounting policiesWhen the fair value at \u2018initiation recognition\u2019 differs from the transaction price, and the fair value is not purely based on observable prices, the difference between the fair value at initial recognition and the transaction price is deferred and recognised over the lifetime of the PPA",
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"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__211": {
"value": "When the fair value at \u2018initiation recognition\u2019 differs from the transaction price, and the fair value is not purely based on observable prices, the difference between the fair value at initial recognition and the transaction price is deferred and recognised over the lifetime of the PPA",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s9_notes__8__213": {
"value": "Energy trading portfolioNote 6.72023 2022 Overview of the Group's energy trading portfolio 1Contractual Unrealised Contractual UnrealisedDKKm principal amountgain/(loss) principal amount gain/(loss)Power swaps (sell position) 3,305 (492) 4,683 (7,854)Power options (buy position) 5,906 1,406 3,060 8,680Gas swaps and options (sell position) 2,138 (312) 3,601 (774)Oil swaps and options (buy position) 156 (137) 498 (204)Other (sell position) 175 13 74 (50)Trading mandates 2VaR limit in 2023: Stress limit in 2023: DKK 100 millionDKK 400 million Maximum open positions in trading portfolioVaR indicates the largest loss in one trading day Stress indicates the largest daily loss we risk \u00b7 Max. 6 TWh of powerat a probability of 95 %. VaR is based on data sustaining with the given portfolio. Stress is \u00b7 Max. 9.5 TWh of gasfor the past 45 trading days, with the heaviest based on data from 1 January 2006 to the \u00b7 Max. 1 million boe of oilweighting being assigned to the most recent present day.\u00b7 Max. 1.5 million tonnes of carbon emissionstrading days.\u00b7 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 and included with the settled margin.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 2022-2023. VaR reached DKK 280 million on 9 March 2022, causing a passive breach of the Board of Directors' mandate of DKK 100 million due to the Russian invasion of Ukraine and the large reduction in gas sup-plies to Europe, causing the European energy prices to spike. In 2022, there were further passive breaches in August due to Russian gas sup-ply 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: \u00b7 optimise hedging execution\u00b7 contribute to increased market insight\u00b7 profit from short-term fluctuations in energy prices.The energy trading portfolio receives the exposure from our assets and takes that exposure into the external market in the most efficient way possible, given the mandates shown to the left. The overview of the Group's energy trading portfolio to the left is the net of the internal exposures received from the assets and the external trades in line with internal risk management.The trading portfolio primarily consists of positions in power and gas.The trading portfolio constitutes a smaller part of our total portfolio of derivatives, and the associated risk is limited.\u00a7 Accounting policiesMarket value adjustments of physical and financial contracts relating to energy that are entered into with the purpose of generating gains from short-term price changes are recognised as revenue.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__212": {
"value": "Energy trading portfolioNote 6.72023 2022 Overview of the Group's energy trading portfolio 1Contractual Unrealised Contractual UnrealisedDKKm principal amountgain/(loss) principal amount gain/(loss)Power swaps (sell position) 3,305 (492) 4,683 (7,854)Power options (buy position) 5,906 1,406 3,060 8,680Gas swaps and options (sell position) 2,138 (312) 3,601 (774)Oil swaps and options (buy position) 156 (137) 498 (204)Other (sell position) 175 13 74 (50)Trading mandates 2VaR limit in 2023: Stress limit in 2023: DKK 100 millionDKK 400 million Maximum open positions in trading portfolioVaR indicates the largest loss in one trading day Stress indicates the largest daily loss we risk \u00b7 Max. 6 TWh of powerat a probability of 95 %. VaR is based on data sustaining with the given portfolio. Stress is \u00b7 Max. 9.5 TWh of gasfor the past 45 trading days, with the heaviest based on data from 1 January 2006 to the \u00b7 Max. 1 million boe of oilweighting being assigned to the most recent present day.\u00b7 Max. 1.5 million tonnes of carbon emissionstrading days.\u00b7 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 and included with the settled margin.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 2022-2023. VaR reached DKK 280 million on 9 March 2022, causing a passive breach of the Board of Directors' mandate of DKK 100 million due to the Russian invasion of Ukraine and the large reduction in gas sup-plies to Europe, causing the European energy prices to spike. In 2022, there were further passive breaches in August due to Russian gas sup-ply 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: \u00b7 optimise hedging execution\u00b7 contribute to increased market insight\u00b7 profit from short-term fluctuations in energy prices.The energy trading portfolio receives the exposure from our assets and takes that exposure into the external market in the most efficient way possible, given the mandates shown to the left. The overview of the Group's energy trading portfolio to the left is the net of the internal exposures received from the assets and the external trades in line with internal risk management.The trading portfolio primarily consists of positions in power and gas.The trading portfolio constitutes a smaller part of our total portfolio of derivatives, and the associated risk is limited.\u00a7 Accounting policiesMarket value adjustments of physical and financial contracts relating to energy that are entered into with the purpose of generating gains from short-term price changes are recognised as revenue.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__214": {
"value": "Market value adjustments of physical and financial contracts relating to energy that are entered into with the purpose of generating gains from short-term price changes are recognised as revenue.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradingIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__283": {
"value": "the Danish state, represented by the Danish Ministry of Finance",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__282": {
"value": "the Danish state, represented by the Danish Ministry of Finance",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__221-1": {
"value": "Joint venturesDKKm 2023 2022Dividends received 86 70Capital transactions, net (222) (92)Sales of goods and services 64 -Receivables 9 -Other related parties are the Group's 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.Company overviewNote 7.4Segment/company Country Type 1Ownership interestParent Company\u00d8rsted A/S DenmarkOffshoreAnholt Havvindm\u00f8llepark I/SDenmark JO 50 %Borkum Riffgrund 1 Windpark A/S GmbH & Co. oHG Germany JO 50 %Borkum Riffgrund 2 Offshore Wind Farm GmbH & Co. oHG Germany JO 50 %Borssele Windfarm C.V. The Netherlands JO 50 %Breesea Ltd2The UK 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 %Gode Wind 3 GmbH & Co. oHG2Germany JO 50 %Greater Changhua Offshore Wind Farm NW Ltd. Taiwan S 100 %Greater Changhua Offshore Wind Farm SE Ltd22Taiwan JO 50 %Greater Changhua Offshore Wind Farm SW Ltd2 Taiwan S 100 %Hornsea 1 Limited 2The UK JO 50 %Ocean Wind LLCThe US S 100 %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 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 %Race Bank Wind Farm Limited 2The UK JO 50 %Revolution Wind, LLC 2The US JO 50 %Sonningmay Wind Limited 2The UK JO 50 %Soundmark Wind Limited 2The UK JO 50 %South Fork, LLC2The US JO 50 %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 Wind Power A/SDenmark S 100 %\u00d8rsted Wind Power Holding A/S3Denmark S 100 %Segment/company Country Type 1Ownership interestOnshore2W Permian Solar, LLC The US S 100 %Eleven Mile Solar Center, 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 %Mockingbird Solar Center, LLC The US S 100 %Muscle Shoals Solar, LLC The US S 100 %Old 300 Solar Center, LLC The US S 100 %Orsted Onshore Ireland Green Energy Limited Ireland S 100 %Sage Draw Wind, LLC The US S 100 %Sparta Solar, LLC The US S 100 %Sunflower Energy, LLC The US S 100 %Tahoka Wind, LLC The US S 100 %Western Trail Wind, LLC The US S 100 %\u00d8rsted Onshore Holding A/S3Denmark S 100 %Bioenergy & Other\u00d8rsted Bioenergy & Thermal Power A/S 3Denmark S 100 %\u00d8rsted Salg & Service A/S 3Denmark 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, JO = joint operation.2 The company is owned through a company which is not owned 100 % by \u00d8rsted. The disclosed ownership interest is \u00d8rsted's ultimate ownership interest in the company.3 Subsidiaries owned directly by \u00d8rsted A/S.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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__223-1": {
"value": "AssociatesDKKmCapital transactions, net (54) (37)Sale of goods and services - 14Purchase of goods and services (186) (180)Receivables - -Payables (25) (44)Other related parties are the Group's 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__225": {
"value": "Auditor's feesNote 7.2PwC is \u00d8rsted's auditor appointed by the annual general meeting. PwC audits the consolidated financial statements of \u00d8rsted and our subsidiaries' 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 for statutory audit services measured at Group level. The cap may be exceeded subject to approval by the Audit & Risk Committee.\u2018Other assurance engagements\u2019 primarily included reviews of ESG data, assurance services related to the issuance of bonds, audit of special regulatory financial statements, and assurance services related to other reporting to third parties.\u2018Tax and VAT advice\u2019 primarily included advice in connection with tax due diligence, transfer pricing advice, and advice in connection with the preparation and review of tax returns.\u2018Other services\u2019 included other consultancy services, primarily related to vendor due diligence and regres-sion testing. Fees for services other than statutory audit supplied by PwC Denmark to \u00d8rsted amounted to DKK 8 mil-lion (2022: DKK 7 million) and consisted of assurance services related to the issuance of bonds, due diligence, regression testing, review of ESG data, and other gen-eral accounting, tax, and transfer pricing advice.Auditor's feesDKKm 2023 2022Audit and audit-related feesStatutory audit 37 30Other assurance engagements 5 4Non-audit servicesTax and VAT advice 2 3Other services 4 3Total fees to PwC 48 40Fee for non-audit services in percent of statutory audit fee 28 % 31 %PwC Denmark non-audit service ratio 74 % 69 %The non-audit services provided by the Group auditor in Denmark cannot exceed 70 %. The \u2018PwC Denmark non-audit service ratio\u2019 includes an assurance service related to a contemplated bond issuance for which we have received an exemption from the Danish Business Authorities. The \u2018PwC Denmark non-audit service ratio\u2019, excluding this exempted service, constitues 55 % for 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__227": {
"value": "Company overviewNote 7.4Segment/company Country Type 1Ownership interestParent Company\u00d8rsted A/S DenmarkOffshoreAnholt Havvindm\u00f8llepark I/SDenmark JO 50 %Borkum Riffgrund 1 Windpark A/S GmbH & Co. oHG Germany JO 50 %Borkum Riffgrund 2 Offshore Wind Farm GmbH & Co. oHG Germany JO 50 %Borssele Windfarm C.V. The Netherlands JO 50 %Breesea Ltd2The UK 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 %Gode Wind 3 GmbH & Co. oHG2Germany JO 50 %Greater Changhua Offshore Wind Farm NW Ltd. Taiwan S 100 %Greater Changhua Offshore Wind Farm SE Ltd22Taiwan JO 50 %Greater Changhua Offshore Wind Farm SW Ltd2 Taiwan S 100 %Hornsea 1 Limited 2The UK JO 50 %Ocean Wind LLCThe US S 100 %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 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 %Race Bank Wind Farm Limited 2The UK JO 50 %Revolution Wind, LLC 2The US JO 50 %Sonningmay Wind Limited 2The UK JO 50 %Soundmark Wind Limited 2The UK JO 50 %South Fork, LLC2The US JO 50 %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 Wind Power A/SDenmark S 100 %\u00d8rsted Wind Power Holding A/S3Denmark S 100 %Segment/company Country Type 1Ownership interestOnshore2W Permian Solar, LLC The US S 100 %Eleven Mile Solar Center, 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 %Mockingbird Solar Center, LLC The US S 100 %Muscle Shoals Solar, LLC The US S 100 %Old 300 Solar Center, LLC The US S 100 %Orsted Onshore Ireland Green Energy Limited Ireland S 100 %Sage Draw Wind, LLC The US S 100 %Sparta Solar, LLC The US S 100 %Sunflower Energy, LLC The US S 100 %Tahoka Wind, LLC The US S 100 %Western Trail Wind, LLC The US S 100 %\u00d8rsted Onshore Holding A/S3Denmark S 100 %Bioenergy & Other\u00d8rsted Bioenergy & Thermal Power A/S 3Denmark S 100 %\u00d8rsted Salg & Service A/S 3Denmark 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, JO = joint operation.2 The company is owned through a company which is not owned 100 % by \u00d8rsted. The disclosed ownership interest is \u00d8rsted's ultimate ownership interest in the company.3 Subsidiaries owned directly by \u00d8rsted A/S.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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__226": {
"value": "Company overviewNote 7.4Segment/company Country Type 1Ownership interestParent Company\u00d8rsted A/S DenmarkOffshoreAnholt Havvindm\u00f8llepark I/SDenmark JO 50 %Borkum Riffgrund 1 Windpark A/S GmbH & Co. oHG Germany JO 50 %Borkum Riffgrund 2 Offshore Wind Farm GmbH & Co. oHG Germany JO 50 %Borssele Windfarm C.V. The Netherlands JO 50 %Breesea Ltd2The UK 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 %Gode Wind 3 GmbH & Co. oHG2Germany JO 50 %Greater Changhua Offshore Wind Farm NW Ltd. Taiwan S 100 %Greater Changhua Offshore Wind Farm SE Ltd22Taiwan JO 50 %Greater Changhua Offshore Wind Farm SW Ltd2 Taiwan S 100 %Hornsea 1 Limited 2The UK JO 50 %Ocean Wind LLCThe US S 100 %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 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 %Race Bank Wind Farm Limited 2The UK JO 50 %Revolution Wind, LLC 2The US JO 50 %Sonningmay Wind Limited 2The UK JO 50 %Soundmark Wind Limited 2The UK JO 50 %South Fork, LLC2The US JO 50 %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 Wind Power A/SDenmark S 100 %\u00d8rsted Wind Power Holding A/S3Denmark S 100 %Segment/company Country Type 1Ownership interestOnshore2W Permian Solar, LLC The US S 100 %Eleven Mile Solar Center, 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 %Mockingbird Solar Center, LLC The US S 100 %Muscle Shoals Solar, LLC The US S 100 %Old 300 Solar Center, LLC The US S 100 %Orsted Onshore Ireland Green Energy Limited Ireland S 100 %Sage Draw Wind, LLC The US S 100 %Sparta Solar, LLC The US S 100 %Sunflower Energy, LLC The US S 100 %Tahoka Wind, LLC The US S 100 %Western Trail Wind, LLC The US S 100 %\u00d8rsted Onshore Holding A/S3Denmark S 100 %Bioenergy & Other\u00d8rsted Bioenergy & Thermal Power A/S 3Denmark S 100 %\u00d8rsted Salg & Service A/S 3Denmark 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, JO = joint operation.2 The company is owned through a company which is not owned 100 % by \u00d8rsted. The disclosed ownership interest is \u00d8rsted's ultimate ownership interest in the company.3 Subsidiaries owned directly by \u00d8rsted A/S.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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__229": {
"value": "Events after the reporting periodNote 7.5Sunrise WindIn 2024, \u00d8rsted signed an agreement to acquire Ever-source's 50 % share of Sunrise Wind. The acquisition is subject to the successful award of Sunrise Wind in the state of New York solicitation for offshore wind capac-ity. The acquisition would give \u00d8rsted 100 % owner-ship of Sunrise Wind.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__286": {
"value": "\u00d8rsted A/S",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__287": {
"value": "A/S",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s9_notes__8__289": {
"value": "Kraftv\u00e6rksvej 53DK-7000 Fredericia",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"tfn-2": {
"value": "In 2023, foreign exchange gains relating to net investments in foreign enterprises amounting to DKK 548 million were primarily attributable to an increase of 3 % in the GBP exchange rate, partly countered by a decrease of 3 % in the USD exchange rate and a decrease of 3 % in the NTD exchange rate. A part of the net investment was hedged.",
"dimensions": {
"concept": "xbrl:note",
"noteId": "tfn-2",
"language": "en"
}
},
"tfn-1": {
"value": "Value adjustments for the year for cash flow hedging amounting to DKK 25,017 million mainly consist of gains related to the hedging of power and, to a lesser extent, gains related to the hedging of gas. The gain of DKK 4,143 million transferred to the income statement mainly consists of gains related to the hedging of power.",
"dimensions": {
"concept": "xbrl:note",
"noteId": "tfn-1",
"language": "en"
}
}
}
}