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"s7__6__63": {
"value": "\u2018Cash flows from operating activities\u2019 are determined 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 but in \u2018Purchase of intangible assets, and property, plant, and equipment\u2019 under \u2018Cash flows from investing activities\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 3.8 \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, all trans-actions with non-controlling interests, 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": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
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"s7__6__62-1": {
"value": "\u2018Cash flows from operating activities\u2019 are determined 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 but in \u2018Purchase of intangible assets, and property, plant, and equipment\u2019 under \u2018Cash flows from investing activities\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 3.8 \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, all trans-actions with non-controlling interests, 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 primarily 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 individual 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 consideration is recognised in revenue when it is highly probable that the revenue will not be reversed in subsequent periods.We adjust the transaction price for the time value of money if the payments exceed twelve months.Generation of powerGeneration of power is the sale of power produced at our own wind farms, solar farms, and power stations as well as the sale of ancillary services. We recognise revenue as the power is produced, since this is when delivery to the customers occurs. Fees for having CPH plants on standby or ready to increase or decrease the generation of power to balance the demand and supply in the system are 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 failed own-use power con-tracts are recognised on a net basis. These are contracts settled with delivery of phys-ical power where the purpose of entering into them are hedging or optimisation of our revenueRevenue 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 consists of two performance obligations:\u00b7 Wind farms. \u00b7 Offshore transmission assets, if applicable. The construction agreements cover our partners\u2019 shares of the construction of the wind farm and offshore transmission assets, if applicable. If our contracts include multiple performance obligations, the transaction price will be allocated to each performance 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 construction process. The input method reflects the ongoing transfer of control. The consideration for the construction of an offshore wind farm consists of a fixed fee and a relatively minor variable fee, depending on when the wind farm can be put into operation. The consideration for an offshore transmission asset is a fixed fee.After signing the construction agreement, we carry out an assessment determining when the wind farm is expected to be completed. We calculate the size of the variable payment on this basis. We only recognise the variable fee when it is highly probable that a 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 conversion 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 maintenance of a CHP plant, fuel costs for the generation 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 suppliers to the customer at a variable price, are considered one performance obligation with multiple deliveries to be satisfied over time. For such contracts, we recognise revenue in the amount up to which we have a right to invoice. 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 and gas is recognised when the product 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 recognised over time as our customers simultaneously receive and consume the benefits provided. For fixed-price contracts, revenue is recognised 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 environ-mentally sustainable power generation, grants for the funding of development projects, investment grants, etc. Government grants are recognised when there is reasonable assurance that the grants will be received. As grants for power generation are intended as a compensation for the price of power, we system-atically recognise the grants under revenue in line with the power generation and thus the related revenue.When we enter into contracts for differences (CfD) with governments, we assess the appropriate classification at inception as either a government grant or a derivative (within the scope of IFRS 9). In the assessment, we consider e.g. other price levels, duration, flexibility in the start date, and credit terms, etc. In this assessment, we put significant emphasis on the price levels being sufficiently attractive, making it unlikely that the contract would result in us becoming a net payer under the contract. If the contract is deemed to be on market terms,we classify the contract as a financial instrument.If the contracts are more attractive than the market terms, we classify the contracts as a government grant. To the extent the CfD contains embedded deriva-tives, we apply the same assessment to these as described above for the host contract.The settlement payment for the CfD is recognised as a government grant, which is presented as 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, 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 construc-tion\u2019 (see line \u2018Additions\u2019 in 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\u2019s share of the wind farm are recognised over time in the income statement in step with construction. 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), referred to as a share purchase agreement (SPA)\u00b7 the future construction of the offshore wind farm (construction agreements or construction management agreements, if not in operation)\u00b7 the future operation of the offshore wind farm (O&M agreements).The partnerships are typically establiched as joint operations with shared control. If an invester obtains a non-controlling interest in our joint operator controlled by \u00d8rsted, this is classified as a transaction with a non-controlling interest. If such a transaction comprises both an equity investment and other arrangements, such as power purchase agreements, proceeds are allocated between these elements on a relative fair value basisThe 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 measured 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\u2019s 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\u2019s 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 methods 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 obligations for demolition and decommissioning of assets to the extent that the obligations are recog-nised as provisions.Subsequent costs, for example in connec-tion with replacement of parts of an item of property, plant, and equipment, are recog-nised in the carrying amount of the asset in question when it is probable that future eco-nomic 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 recognised 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 reasonably certain that we will exercise an option to extend a lease, we will include the lease payments in the option period when calculating the lease liability. We measure the lease asset to the value of the lease liability at initial recognition.Contracts may contain both lease and non-lease components. We allocate the consideration in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease components in accordance with the accounting policy applicable for such items. Non-lease components 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 recognised in financial expenses.Each lease payment is separated into repayment of the lease liability and pay-ment of interests of the lease liability. Debt repayments are classified as cash flows from financing activities, and payment of interests are classified as cash flows from operating activities.For the purpose of assessing impairment losses, \u2018Intan-gible assets\u2019, and \u2018Property, plant, and equipment\u2019 are grouped at the level for which there are separately identifiable cash flows (cash-generating units (CGUs)). CGUs including goodwill are assessed for impairment yearly or 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\u2019s or CGU\u2019s recoverable amount is made. The value of a CGU is impaired if the carrying amount 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 calculations are based on management\u2019s expectations to future cash flows from financial forecasts and business plans and include a number of assumptions and estimates. Fair value less costs of disposal is used for seabeds and is based on multiple analyses 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 estimates 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, eligibility for bonus ITCs, and tax equity arrangements or alternative ways of monetising the ITCs and PTCs. All these key estimates and assump-tions are determined specifically for each CGU and are based on current legislation and administrative practices effective by the end of the reporting period. The discount rate applied when calculating value-in-use takes general risks into account and is based on the post-tax nominal weighted average cost of capital (WACC), whereas the estimated future cash flows are adjusted for risks specific to the asset. Impairment losses are recognised in the income statement and, except in the case of goodwill, reversed if there has been a change in the estimates used to determine the CGU\u2019s recoverable amount. Reversal of an impairment loss is recognised as income in the income statement net of depreciation if no impairment loss had been recognised for the CGU.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 production costs, such as employee costs. Gas inventories are carried either at fair value or at cost depending on the nature of the inventory. For gas storage facilities managed on a fair value basis, the gas is recognised at fair value less costs to sell. Changes in the fair value less costs to sell are recognised in \u2018Cost of sales\u2019 in the period of the change. Purchased carbon emission allowances are measured at market value. Renewable certificates, which we earn by generating power using renewable energy sources, are recognised in inventories in step with our generation. We measure renewable 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. 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 unconditional, and the goods or services are delivered, we recognise a receivable. A right to consideration is unconditional if only the passage of time is required before the payment is due. Contract assets are measured at the transac-tion price of the goods delivered or services performed less invoicing on account. We recognise a contract liability when the invoicing on account or expected losses exceed the transaction price of the goods or services transferred to our customer.Prepayments from power and heat sales are recognised as a contract liability until delivery.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 decisions for the projects as the managing partner in the agreements. Therefore, we normally fully consolidate 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 liability 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 or ITCs and other tax attributes \u00b7 an interest-bearing debt element expected to be repaid through cash distributions.The partner\u2019s agreed return is expensed as a financial expense and is recognised as an increase of the tax equity liability. PTCs, 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\u2019s post-flip rights to cash distributions. This liability is recognised at fair value, and adjustments are expensed as a financial item. This recognition reflects the intention and high likelihood that we will purchase the partner\u2019s post-flip rights, and they are part of the 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. See \u2018Consolidated statement of shareholders\u2019 equity\u2019 and note 5.2 \u2018Equity\u2019.For a description of our \u2018Key accounting judgement\u2019 on \u2018Consolidated method for partnerships\u2019, see note 2.6 \u2018Other operating income and expenses\u2019.Tax for the year consists of current tax, changes in deferred tax, and adjustments in respect of previous years. Tax on profit (loss) for the year is recognised in the income statement. Tax relating to other items is recognised in other comprehensive income.Our uncertain tax positions are measured by using either of the following two methods, depending on which method we expect to better 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.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. Intragroup gains and losses are eliminated when calculating deferred tax. In countries where taxes can be offset between companies due to joint taxation schemes, we have netted within a tax jurisdiction. Where no such possibility is feasible, the deferred tax is included 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. 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.We have adopted the narrow-scope amendments 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.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. 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 3.8 \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 treatment in accordance with the rules on compound financial instruments due to the special characteristics of the bonds. The notional amount, which constitutes a liability, is recognised at present value, and equity has been increased by the difference between the net proceeds received and the present value of the discounted liability. The carrying amount of the liability component amounted to nil on initial recognition as the only payment obligation is the repayment of the 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\u2019s 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 settlement date.For listed securities, market value equals the market price, and for unlisted securities, market value is estimated based on generally accepted valuation methods and market data.Divested securities where repurchase agreements (repo transactions) have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held. The amount received is recognised as a liability, and the difference between the selling price and the purchase price is recognised in profit (loss) for the year over the term as interest. The return on the securities is recognised in profit (loss) for the year.Market value adjustments of interest rate and currency derivatives that have not been entered into for hedging purposes are presented as financial income or expenses.The accounting policy for the tax equity partner\u2019s contractual return is described in note 3.8 \u2018Tax equity liabilities\u2019.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 interest rate and currency 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 \u2018initial 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.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.Non-IFRS financial measuresNote 7.3We present financial measures in the consolidated financial statements to describe the Group\u2019s financial performance and cash flows. We use these financial measures as we believe they provide valuable information 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 reasoning for using them are shown in the table.Description Reason for the use of the measurementEBITDA 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. EBITDA adjusted for new partner-EBITDA exclusive of the impact from changes in provisions for cancellation fees Because cancellation fees related to ceased development or construction of projects are ships and cancellation feesrelated to ceased development or construction of projects, and exclusive of the extraordinary by nature, and because the impact from partial or full divestment of owner-impact from partial or full divestment of ownership interests in assets in the year ship interests in our assets is uncertain and fluctuate between periods, we use this measure a transaction closes, covering both the initial gain/loss on the divestment and any to track the underlying operational performance.subsequent earnings under a construction (management) agreement.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. Net interest-bearing debt (NIBD) Equals interest-bearing debt to be repaid in cash, including issued bonds, bank Measurement of the sum of our interest-bearing assets and liabilites. debt, and lease liabilities, less securities, cash, and other interest-bearing assets.Thus, important for mangement to monitor in order to ensure adequate debt levels.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.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 past year.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.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 bearing net debt.the primary activities of generating profits.Other definitions(IFRS financial measure)Profit (loss) per shareShareholder\u2019s 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\u2019s 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 consist-ently in the financial year and for comparative figures. Measurement basisThe consolidated financial statements have been prepared on historical cost basis, except for derivatives, gas in non-Danish storage facilities, financial instruments in the trading portfolio, and carbon emission allowances in the trading portfolio, which are measured at market value.ConsolidationThe consolidated financial statements comprise the financial statements of \u00d8rsted A/S (the parent company) and subsidiaries controlled by \u00d8rsted A/S. See more in note 7.4 \u2018Company overview\u2019. The consolidated financial statements have been prepared as a consolidation of the parent company\u2019s and the individual subsidiaries\u2019 financial statements, which have been prepared in accordance with the Group\u2019s accounting policies. Intra-group income, expenses, shareholdings, balances, and dividends as well as realised and unrealised gains and losses arising from intra-group transactions are eliminated in our consolidated financial statements. Unrealised gains and losses resulting from transactions with associates and joint ventures are eliminated to the extent of our ownership interest.Entities 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. Entities 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\u2019s 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 operations is eliminated.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 payment 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 payable arose is recognised in profit (loss) for the year as financial income or expenses.Financial statements of foreign subsidiaries, joint operations, associates, and joint 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 entity. Any foreign exchange gain (loss) is transferred to the item in which the gain (loss) from the disposal is recognised. The part of the foreign currency translation reserve that relates to non-controlling interests is not transferred to profit (loss) for the year.\u00b7 Disposal not resulting in loss of control: A proportionate share of the foreign currency translation reserve is transferred from the parent company shareholders\u2019 share of equity to the minority shareholders\u2019 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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"value": "\u2018Cash flows from operating activities\u2019 are determined 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 but in \u2018Purchase of intangible assets, and property, plant, and equipment\u2019 under \u2018Cash flows from investing activities\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 3.8 \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, all trans-actions with non-controlling interests, 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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"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).",
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"value": "The consolidated financial statements comprise the financial statements of \u00d8rsted A/S (the parent company) and subsidiaries controlled by \u00d8rsted A/S. See more in note 7.4 \u2018Company overview\u2019. The consolidated financial statements have been prepared as a consolidation of the parent company\u2019s and the individual subsidiaries\u2019 financial statements, which have been prepared in accordance with the Group\u2019s accounting policies. Intra-group income, expenses, shareholdings, balances, and dividends as well as realised and unrealised gains and losses arising from intra-group transactions are eliminated in our consolidated financial statements. Unrealised gains and losses resulting from transactions with associates and joint ventures are eliminated to the extent of our ownership interest.Entities 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. Entities 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\u2019s 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 operations is eliminated.",
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"value": "Entities 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. Entities 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\u2019s 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 operations is eliminated.",
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"s9__9__43": {
"value": "Entities 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. Entities 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\u2019s 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 operations is eliminated.",
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},
"s9__9__42": {
"value": "Entities 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. Entities 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\u2019s 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 operations is eliminated.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__39": {
"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 consist-ently in the financial year and for comparative figures. Measurement basisThe consolidated financial statements have been prepared on historical cost basis, except for derivatives, gas in non-Danish storage facilities, financial instruments in the trading portfolio, and carbon emission allowances in the trading portfolio, which are measured at market value.ConsolidationThe consolidated financial statements comprise the financial statements of \u00d8rsted A/S (the parent company) and subsidiaries controlled by \u00d8rsted A/S. See more in note 7.4 \u2018Company overview\u2019. The consolidated financial statements have been prepared as a consolidation of the parent company\u2019s and the individual subsidiaries\u2019 financial statements, which have been prepared in accordance with the Group\u2019s accounting policies. Intra-group income, expenses, shareholdings, balances, and dividends as well as realised and unrealised gains and losses arising from intra-group transactions are eliminated in our consolidated financial statements. Unrealised gains and losses resulting from transactions with associates and joint ventures are eliminated to the extent of our ownership interest.Entities 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. Entities 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\u2019s 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 operations is eliminated.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 payment 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 payable arose is recognised in profit (loss) for the year as financial income or expenses.Financial statements of foreign subsidiaries, joint operations, associates, and joint 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 entity. Any foreign exchange gain (loss) is transferred to the item in which the gain (loss) from the disposal is recognised. The part of the foreign currency translation reserve that relates to non-controlling interests is not transferred to profit (loss) for the year.\u00b7 Disposal not resulting in loss of control: A proportionate share of the foreign currency translation reserve is transferred from the parent company shareholders\u2019 share of equity to the minority shareholders\u2019 share of equity.Repayment of balances that are considered part of the net investment does not constitute a partial disposal of the subsidiary.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__45": {
"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 payment 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 payable arose is recognised in profit (loss) for the year as financial income or expenses.Financial statements of foreign subsidiaries, joint operations, associates, and joint 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 entity. Any foreign exchange gain (loss) is transferred to the item in which the gain (loss) from the disposal is recognised. The part of the foreign currency translation reserve that relates to non-controlling interests is not transferred to profit (loss) for the year.\u00b7 Disposal not resulting in loss of control: A proportionate share of the foreign currency translation reserve is transferred from the parent company shareholders\u2019 share of equity to the minority shareholders\u2019 share of equity.Repayment of balances that are considered part of the net investment does not constitute a partial disposal of the subsidiary.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__46": {
"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 payable arose is recognised in profit (loss) for the year as financial income or expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__49": {
"value": "Implementation of new and changed accounting standards and interpretationsThe International Accounting Standards Board (IASB) has issued amended standards that are effective for the first time in 2024. None of them required a change in our accounting policies or had any material impact on our consolidated financial statetements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__48": {
"value": "Implementation of new and changed accounting standards and interpretationsThe International Accounting Standards Board (IASB) has issued amended standards that are effective for the first time in 2024. None of them required a change in our accounting policies or had any material impact on our consolidated financial statetements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__50": {
"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 2024. \u00d8rsted expects to adopt the accounting stand-ards and interpretations as they become mandatory. In 2024, IASB issued IFRS 18 \u2018Presentation and Disclosure in Financial Statements\u2019 which replaces IAS 1 \u2018Presentation of Financial Statements\u2019. The Group is currently working to identify all impacts the amendments will have on the primary financial state-ments and notes to the financial statements. Besides that, the new or amended standards or interpretations are not expected to have a significant impact on our consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__47-1": {
"value": "Note Key accounting estimates and judgements Estimate/judgement Potential impact from accounting estimates and judgements2.4 Government grants Classification of contract for difference (CfD) agreements Judgement2.6 Other operating income and expenses Variable selling prices related to divestments of offshore wind farms and offshore transmission assets EstimateConsolidation method for partnerships Judgement3.2 Impairments Key assumptions in impairment tests Estimate 3.8 Tax equity liabilities Recognition of tax equity partnerships Estimate/judgement 3.9 Provisions and contingent liabilities Assumptions for provisions Estimate4.2 Tax on profit (loss) for the year Recognition of income taxes Estimate 6.1 Risk framework Valuation of long-term power purchase agreements Estimate/judgement Hedge accounting Estimate/judgement 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 judgements based on, among other things, historical experience, the current situation in the financial markets, and a number of other relevant factors, e.g. the updates on 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.Classification of contract for difference (CfD) agreements When we enter into contract for difference (CfD) agreements with governments whose purpose it is to support the build-out of renewable energy, we assess the appropriate accounting standards to be applied. To determine the appropriate classification of the CfD as either a government grant or derivative, we consider all the relevant facts and circumstances, including price levels, duration, flexibility in the start date, production requirements, credit terms, etc. If the host contract is considered a government grant arrangement, we apply the same judgement to each individual derivative embedded in the CfD. If the embedded derivatives, which would otherwise require separation, are assessed to provide an additional upside, they are considered part of the government grant host contract.Variable selling prices related to divest ments of off-shore wind farms and offshore transmission assetsWhen we divest an ownership interest in an offshore 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 winning bid of the tender revenue stream through a competitive tender process for offshore transmission assets\u00b7 the impact on production from future wind farms.We consider \u2018the most likely amount\u2019 to provide the most appropriate estimate of the expected variable consideration. Key accounting judgementConsolidation method for partnershipsOn establishment of partnerships and in connec-tion with any restructuring of existing partnerships, we carry out individual assessments to determine whether we control the investee. Significant judge-ments are applied to determine who controls the economically and operationally significant deci-sions in the partnership, and whether arrangements with partnerships are considered a non-controlling interest or a financial liability. Relevant items to consider typically involve decisions related to budget approval, sale of power as well as decom-missioning and repowering.For joint arrangements, we subsequently assess whether they are joint ventures or joint operations. In assessing joint operations, we consider: \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.The assessment of the consolidation method determines the recognition of gain or loss on divestments as either operating income in the income statement or as transactions with a non- controlling interest in equity.Key assumptions in impairment testsValue-in-use calculations are based on management\u2019s expectations about future cash flows from financial budgets and forecasts and include a number of assumptions and estimates. These assumptions include construction schedules, estimates of future market conditions, CAPEX, market prices of energy and commodities, inflation, discount rates, useful lives of the projects, tax incentives, including the ability to qualify for tax credits from the US Inflation Reduction Act, etc.The market prices applied are based on available forward prices for a period of up to five years and our best estimate of long-term prices for the remainder of the period. While there are inherent uncertainties in the assump-tions, the assumptions reflect management\u2019s best estimate over the lives of the Group\u2019s CGUs.Recognition of tax equity partnerships On formation of a tax equity partnership, we assess the appropriate recognition of the partner\u2019s contribution as well as the method of recognition for the elements used to repay the partner, such as PTCs, ITCs, and tax attributes. When assessing the recognition of the partner\u2019s 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 about 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\u2019 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 inflation premium for other risks. Separate structural risk-free interest rates are calculated for the UK, the rest of Europe, 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. 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\u2019s expectations and best estimate of total costsEstimates regarding recognition of income taxesWe are subject to income taxes in all the countries where we operate. Significant judgement and estimates are required in determining the worldwide income taxes and income tax assets and liabilities, including provisions for uncertain tax positions.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 methods prescribed in IFRIC 23 \u2018Uncertainty over Income Tax Treatments\u2019 when making provisions for uncertain tax positions, and the provisions made are based on different scenarios with possible outcomes. We consider the provisions made to be adequate. The actual obligation may deviate and might lead to tax in excess of the uncertain tax provisions included. This depends on the result of litigations and settlements with the relevant tax authorities. Ongoing tax disputes, primarily related to transfer pricing cases, are included as part of \u2018Income tax\u2019 and \u2018Deferred tax\u2019. Estimates in respect of transfer pricing cases depend, among others, on whether corresponding adjustments can be obtained in the relevant jurisdictions, and, in terms of disputes regarding project companies with partners, whether compensation can be obtained from these partners. Any expected compensation from partners is included as part of \u2018Other receivables\u2019Valuation of long-term power purchase agreementsWhen we measure our power purchase agree-ments at fair value, we use estimates of non- observable inputs, 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 inflation. 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 exposures 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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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"s9__9__53": {
"value": "Segment informationNote 2.1Offshore DKKmRevenue 53,808EBITDA 26,470Gross investments 33,023Primary activitiesDevelopment, construction, ownership, and operation of offshore wind farms in Europe, the US, and APAC, and development of renewable hydrogen in selected core markets. Onshore DKKmRevenue 2,720EBITDA 3,863Gross investments 7,391Primary activitiesDevelopment, construction, ownership, and operation of onshore wind and solar farms in the US and Europe, including integrated storage. Bioenergy & Other DKKmRevenue 15,105EBITDA 1,082Gross investments 2,250Primary activitiesGeneration of heat and power and delivery of ancillary services from CHP plants in Denmark, optimisation of our gas portfolio, as well as management of our Danish and Swedish B2B business. Geographical distributionGeographical revenue is broken down, as far as possible, by the customer\u2019s 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 2024 or 2023. 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 primarily 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 individual segments on a reliable basis.Other 2024 income statementBioenergyReportableactivities/DKKm Offshore Onshore& Othersegmentseliminations To ta lExternal revenue 52,528 2,732 15,642 70,902 132 71,034Intra-group revenue 1,280 (12) (537) 731 (731) 1-Revenue 53,808 2,720 15,105 71,633 (599) 71,034Cost of sales (24,628) (97) (11,316) (36,041) 78 (35,963)Employee costs and other external expenses (11,287) (2,432) (2,656) (16,375) 1,146 (15,229)Gain (loss) on disposal of non-current assets 215 141 (7) 349 - 349Additional other operating income and expenses 8,421 3,541 (45) 11,917 (81) 11,836Share of profit (loss) in associates and joint ventures (59) (10) 1 (68) - (68)EBITDA 26,470 3,863 1,082 31,415 544 31,959Depreciation and amortisation (7,091) (2,190) (667) (9,948) (277) (10,225)Impairment losses (14,242) (1,321) - (15,563) - (15,563)Operating profit (loss) (EBIT) 5,137 352 415 5,904 267 6,171Key ratiosIntangible assets, and property, plant, and equipment 127,821 66,359 8,919 203,099 1,206 204,305Equity investments and non-current receivables 507 444 264 1,215 180 1,395Net working capital, capital expenditures (7,005) (297) (148) (7,450) (4) (7,454)Net working capital, work in progress 5,798 - - 5,798 - 5,798Net working capital, tax equity (1,205) (17,509) - (18,714) - (18,714)Net working capital, other items (5,783) 389 40 (5,354) 4,663 (691)Derivatives, net (5,470) (3,325) (858) (9,653) (661) (10,314)Decommissioning obligations (9,347) (2,293) (2,204) (13,844) - (13,844)Other provisions (4,037) - (619) (4,656) (2,035) (6,691)Tax, net 6,286 (4,295) 285 2,276 934 3,210Other receivables and other payables, net (3,966) (30) - (3,996) (1,493) (5,489)Capital employed at 31 December 103,599 39,443 5,679 148,721 2,790 151,511Return on capital employed (ROCE), % 4.5Cash flows from operating activities 12,931 4,459 1,939 19,329 (973) 18,356Gross investments (33,023) (7,391) (2,250) (42,664) (144) (42,808)Divestments 11,293 4,430 - 15,723 (43) 15,680Free cash flow (FCF) (8,799) 1,498 (311) (7,612) (1,160) (8,772)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 -4,538 million, which primarily relates to our Shared Functions services and our B2B business activities. Other 2023 income statementBioenergyReportableactivities/DKKm Offshore Onshore& Othersegmentseliminations To ta 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 and our B2B business activities.",
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"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
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},
"s9__9__54-1": {
"value": "Development, construction, ownership, and operation of offshore wind farms in Europe, the US, and APAC, and development of renewable hydrogen in selected core markets.Development, construction, ownership, and operation of onshore wind and solar farms in the US and Europe, including integrated storage.Generation of heat and power and delivery of ancillary services from CHP plants in Denmark, optimisation of our gas portfolio, as well as management of our Danish and Swedish B2B business",
"dimensions": {
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"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__57": {
"value": "Europe, the US, and APAC,",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
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"s9__9__58": {
"value": "Our operating segments are consistent with our internal reporting to our chief operating decision-maker, the Group Executive Team.The operating segments are managed primarily on the basis of EBITDA and investments. Financial income, financial expenses, 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 individual segments on a reliable basis.",
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"s9__9__60-1": {
"value": "RevenueNote 2.2Other Other RevenueBioenergyactivities/Bioenergyactivities/DKKm Offshore Onshore& Othereliminations 2024 Offshore Onshore& Othereliminations 2023 Generation of power 11,935 2,275 5,315 - 19,525 10,585 2,171 6,306 - 19,062Sale of power 17,832 3 225 (18) 18,042 25,329 3 395 (288) 25,439Revenue from construction of wind farms and transmission assets 6,991 38 - - 7,029 6,589 148 - - 6,737Generation and sale of heat and steam - - 3,380 - 3,380 - - 3,776 - 3,776Sale of gas - - 4,520 (30) 4,490 - - 6,296 - 6,296Distribution and transmission - - 373 (2) 371 - - 309 (1) 308O&M and other services 4,464 324 378 (549) 4,617 4,045 163 942 (733) 4,417Total revenue from customers 41,222 2,640 14,191 (599) 57,454 46,548 2,485 18,024 (1,022) 66,035Government grants 11,637 103 461 - 12,201 9,518 296 364 - 10,178Miscellaneous revenue 949 (23) 453 - 1,379 2,361 (161) 842 - 3,042Total revenue 53,808 2,720 15,105 (599) 71,034 58,427 2,620 19,230 (1,022) 79,255Timing of revenue recognition from customersAt a point in time 21,900 2,640 6,204 (599) 30,145 34,657 2,485 10,722 (1,022) 46,842Over time 19,322 - 7,987 - 27,309 11,891 - 7,302 - 19,193Total revenue from customers 41,222 2,640 14,191 (599) 57,454 46,548 2,485 18,024 (1,022) 66,035Revenue from sale of goods and servicesRevenue from sale of goods 49,777 2,691 14,609 (72) 67,005 54,602 2,585 18,736 (303) 75,620Revenue from sale of services 4,031 29 496 (527) 4,029 3,825 35 494 (719) 3,635Total revenue 53,808 2,720 15,105 (599) 71,034 58,427 2,620 19,230 (1,022) 79,255RevenueThe timing of transfer of goods or services to customers is categorised 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 2024 202331 December 8,643 6,538Within one year 100 % 99 %In more than one year 0 % 1 %Revenue for the year decreased by 10 % to DKK 71,034 million in 2024. The decrease was mainly due to a lower \u2018Sale of power\u2019, driven by lower power prices across markets and lower volumes sold on third-party contracts, and due to a lower \u2018Sale of gas\u2019, mainly because of lower gas prices.Revenue from construction agreements was DKK 7,029 million, mainly relating to the construction of Borkum Riffgrund 3 and Gode Wind 3 for partners.In 2023, revenue from construction agreements mainly related to the construction of Borkum Riffgrund 3 for partners and the divestment of the Hornsea 2 offshore transmission asset.Income from government grants increased in 2024 due to Hornsea 2 entering the UK subsidy regime (CfD), combined with lower power prices, leading to a higher subsidy per MWh produced.\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 consideration is recognised in revenue when it is highly probable that the revenue will not be reversed in subsequent periods.We adjust the transaction price for the time value of money if the payments exceed twelve months.Generation of powerGeneration of power is the sale of power produced at our own wind farms, solar farms, and power stations as well as the sale of ancillary services. We recognise revenue as the power is produced, since this is when delivery to the customers occurs. Fees for having CPH plants on standby or ready to increase or decrease the generation of power to balance the demand and supply in the system are 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 failed own-use power con-tracts are recognised on a net basis. These are contracts settled with delivery of phys-ical power where the purpose of entering into them are hedging or optimisation of our revenueRevenue 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 consists of two performance obligations:\u00b7 Wind farms. \u00b7 Offshore transmission assets, if applicable. The construction agreements cover our partners\u2019 shares of the construction of the wind farm and offshore transmission assets, if applicable. If our contracts include multiple performance obligations, the transaction price will be allocated to each performance 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 construction process. The input method reflects the ongoing transfer of control. The consideration for the construction of an offshore wind farm consists of a fixed fee and a relatively minor variable fee, depending on when the wind farm can be put into operation. The consideration for an offshore transmission asset is a fixed fee.After signing the construction agreement, we carry out an assessment determining when the wind farm is expected to be completed. We calculate the size of the variable payment on this basis. We only recognise the variable fee when it is highly probable that a 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 conversion 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 maintenance of a CHP plant, fuel costs for the generation 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 suppliers to the customer at a variable price, are considered one performance obligation with multiple deliveries to be satisfied over time. For such contracts, we recognise revenue in the amount up to which we have a right to invoice. 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 and gas is recognised when the product 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 recognised over time as our customers simultaneously receive and consume the benefits provided. For fixed-price contracts, revenue is recognised 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 3.4Revenue from contracts with customers DKKm 2024 2023Revenue included in contract liabilities at the beginning of the year (6) (6)Revenue from performance obligations satisfied in previous years (21) (592)Contract balancesDKKmContract assetsCurrent contract assets 324 802Total contract assets 324 802Contract liabilitiesNon-current contract liabilities 8,834 3,297Current contract liabilities 2,578 2,785Total contract liabilities 11,412 6,082The 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 partners, with each party typically owning 50 % of the offshore wind farm \u00b7 prepayments from heat customers.Our contract assets primarily related to the construction of Greater Changhua 4.At the end of 2024, current contract liabilities primarily related to the farm-down of Greater Changhua 4. At the end of 2023, current contract liabilities related to the construction of Borkum Riffgrund 3 and Gode Wind 3. Non-current contract liabilities related to prepay-ment of power related to the divestment of an equity ownership share in a portfolio of four UK offshore wind farms and prepayments from heat customers.\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 unconditional, and the goods or services are delivered, we recognise a receivable. A right to consideration is unconditional if only the passage of time is required before the payment is due. Contract assets are measured at the transac-tion price of the goods delivered or services performed less invoicing on account. We recognise a contract liability when the invoicing on account or expected losses exceed the transaction price of the goods or services transferred to our customer.Prepayments from power and heat sales are recognised as a contract liability until delivery.",
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"s9__9__59": {
"value": "RevenueNote 2.2Other Other RevenueBioenergyactivities/Bioenergyactivities/DKKm Offshore Onshore& Othereliminations 2024 Offshore Onshore& Othereliminations 2023 Generation of power 11,935 2,275 5,315 - 19,525 10,585 2,171 6,306 - 19,062Sale of power 17,832 3 225 (18) 18,042 25,329 3 395 (288) 25,439Revenue from construction of wind farms and transmission assets 6,991 38 - - 7,029 6,589 148 - - 6,737Generation and sale of heat and steam - - 3,380 - 3,380 - - 3,776 - 3,776Sale of gas - - 4,520 (30) 4,490 - - 6,296 - 6,296Distribution and transmission - - 373 (2) 371 - - 309 (1) 308O&M and other services 4,464 324 378 (549) 4,617 4,045 163 942 (733) 4,417Total revenue from customers 41,222 2,640 14,191 (599) 57,454 46,548 2,485 18,024 (1,022) 66,035Government grants 11,637 103 461 - 12,201 9,518 296 364 - 10,178Miscellaneous revenue 949 (23) 453 - 1,379 2,361 (161) 842 - 3,042Total revenue 53,808 2,720 15,105 (599) 71,034 58,427 2,620 19,230 (1,022) 79,255Timing of revenue recognition from customersAt a point in time 21,900 2,640 6,204 (599) 30,145 34,657 2,485 10,722 (1,022) 46,842Over time 19,322 - 7,987 - 27,309 11,891 - 7,302 - 19,193Total revenue from customers 41,222 2,640 14,191 (599) 57,454 46,548 2,485 18,024 (1,022) 66,035Revenue from sale of goods and servicesRevenue from sale of goods 49,777 2,691 14,609 (72) 67,005 54,602 2,585 18,736 (303) 75,620Revenue from sale of services 4,031 29 496 (527) 4,029 3,825 35 494 (719) 3,635Total revenue 53,808 2,720 15,105 (599) 71,034 58,427 2,620 19,230 (1,022) 79,255RevenueThe timing of transfer of goods or services to customers is categorised 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 2024 202331 December 8,643 6,538Within one year 100 % 99 %In more than one year 0 % 1 %Revenue for the year decreased by 10 % to DKK 71,034 million in 2024. The decrease was mainly due to a lower \u2018Sale of power\u2019, driven by lower power prices across markets and lower volumes sold on third-party contracts, and due to a lower \u2018Sale of gas\u2019, mainly because of lower gas prices.Revenue from construction agreements was DKK 7,029 million, mainly relating to the construction of Borkum Riffgrund 3 and Gode Wind 3 for partners.In 2023, revenue from construction agreements mainly related to the construction of Borkum Riffgrund 3 for partners and the divestment of the Hornsea 2 offshore transmission asset.Income from government grants increased in 2024 due to Hornsea 2 entering the UK subsidy regime (CfD), combined with lower power prices, leading to a higher subsidy per MWh produced.\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 consideration is recognised in revenue when it is highly probable that the revenue will not be reversed in subsequent periods.We adjust the transaction price for the time value of money if the payments exceed twelve months.Generation of powerGeneration of power is the sale of power produced at our own wind farms, solar farms, and power stations as well as the sale of ancillary services. We recognise revenue as the power is produced, since this is when delivery to the customers occurs. Fees for having CPH plants on standby or ready to increase or decrease the generation of power to balance the demand and supply in the system are 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 failed own-use power con-tracts are recognised on a net basis. These are contracts settled with delivery of phys-ical power where the purpose of entering into them are hedging or optimisation of our revenueRevenue 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 consists of two performance obligations:\u00b7 Wind farms. \u00b7 Offshore transmission assets, if applicable. The construction agreements cover our partners\u2019 shares of the construction of the wind farm and offshore transmission assets, if applicable. If our contracts include multiple performance obligations, the transaction price will be allocated to each performance 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 construction process. The input method reflects the ongoing transfer of control. The consideration for the construction of an offshore wind farm consists of a fixed fee and a relatively minor variable fee, depending on when the wind farm can be put into operation. The consideration for an offshore transmission asset is a fixed fee.After signing the construction agreement, we carry out an assessment determining when the wind farm is expected to be completed. We calculate the size of the variable payment on this basis. We only recognise the variable fee when it is highly probable that a 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 conversion 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 maintenance of a CHP plant, fuel costs for the generation 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 suppliers to the customer at a variable price, are considered one performance obligation with multiple deliveries to be satisfied over time. For such contracts, we recognise revenue in the amount up to which we have a right to invoice. 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 and gas is recognised when the product 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 recognised over time as our customers simultaneously receive and consume the benefits provided. For fixed-price contracts, revenue is recognised 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.",
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"s9__9__61-1": {
"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 consideration is recognised in revenue when it is highly probable that the revenue will not be reversed in subsequent periods.We adjust the transaction price for the time value of money if the payments exceed twelve months.Generation of powerGeneration of power is the sale of power produced at our own wind farms, solar farms, and power stations as well as the sale of ancillary services. We recognise revenue as the power is produced, since this is when delivery to the customers occurs. Fees for having CPH plants on standby or ready to increase or decrease the generation of power to balance the demand and supply in the system are 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 failed own-use power con-tracts are recognised on a net basis. These are contracts settled with delivery of phys-ical power where the purpose of entering into them are hedging or optimisation of our revenueRevenue 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 consists of two performance obligations:\u00b7 Wind farms. \u00b7 Offshore transmission assets, if applicable. The construction agreements cover our partners\u2019 shares of the construction of the wind farm and offshore transmission assets, if applicable. If our contracts include multiple performance obligations, the transaction price will be allocated to each performance 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 construction process. The input method reflects the ongoing transfer of control. The consideration for the construction of an offshore wind farm consists of a fixed fee and a relatively minor variable fee, depending on when the wind farm can be put into operation. The consideration for an offshore transmission asset is a fixed fee.After signing the construction agreement, we carry out an assessment determining when the wind farm is expected to be completed. We calculate the size of the variable payment on this basis. We only recognise the variable fee when it is highly probable that a 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 conversion 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 maintenance of a CHP plant, fuel costs for the generation 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 suppliers to the customer at a variable price, are considered one performance obligation with multiple deliveries to be satisfied over time. For such contracts, we recognise revenue in the amount up to which we have a right to invoice. 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 and gas is recognised when the product 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 recognised over time as our customers simultaneously receive and consume the benefits provided. For fixed-price contracts, revenue is recognised 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 unconditional, and the goods or services are delivered, we recognise a receivable. A right to consideration is unconditional if only the passage of time is required before the payment is due. Contract assets are measured at the transac-tion price of the goods delivered or services performed less invoicing on account. We recognise a contract liability when the invoicing on account or expected losses exceed the transaction price of the goods or services transferred to our customer.Prepayments from power and heat sales are recognised as a contract liability until delivery.",
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"s9__9__63-1": {
"value": "Cost of salesNote 2.3Other Other Cost of salesBioenergyactivities/Bioenergyactivities/DKKm Offshore Onshore& Othereliminations 2024 Offshore Onshore& Othereliminations 2023 Power including certificates 15,901 5 463 3 16,372 23,500 - 686 (134) 24,052Costs of constructing wind farms and transmission assets 6,971 35 - - 7,006 6,527 53 - - 6,580Biomass - - 4,386 - 4,386 - - 3,753 - 3,753Coal - - 585 - 585 - - 2,017 (7) 2,010Gas - - 4,361 (5) 4,356 - - 5,640 (1) 5,639Distribution and transmission costs 1,501 33 795 (2) 2,327 1,527 37 1,408 (59) 2,913Other cost of sales 255 24 726 (74) 931 219 39 1,520 (101) 1,677To t a l 24,628 97 11,316 (78) 35,963 31,773 129 15,024 (302) 46,624Cost of sales decreased by 23 % to DKK 35,963 million in 2024. The decrease was primarily due to the lower power and gas prices across all markets.\u2018Costs of construction of wind farms and transmission assets\u2019 was DKK 7,006 million, mainly related to the construction of Borkum Riffgrund 3 and Gode Wind 3 for partners.In 2023, \u2018Costs of construction of wind farms and transmission assets\u2019 was DKK 6,580 million, mainly related to the construction of Borkum Riffgrund 3 for partners and the divestment of the remaining 50 % of the Hornsea 2 offshore transmission asset to an Ofgem-appointed buyer. \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.Research and development expendituresNote 2.5Expensed research and development expenditures 2024Bioenergy DKKm Offshore 1Onshore& Other To ta lResearch 130 - - 130Development 995 430 - 1,425To t a l 1,125 430 - 1,555Expensed research and development expenditures 2023DKKmResearch 239 - - 239Development 1,606 460 1 2,067To t a l 1,845 460 1 2,3061 In 2024, development expenditures in Offshore include P2X development costs of DKK 103 million (2023: DKK 338 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, 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 construc-tion\u2019 (see line \u2018Additions\u2019 in note 3.1 \u2018Intangible assets, and property, plant and equipment\u2019).Other operating expensesDKKm 2024 2023Cancellation fees (7,335) 9,621Ineffective hedges, etc. (137) 512Loss on divestment of assets 256 150Miscellaneous operating expenses 329 125To t a l (6,887) 10,408Other operating expensesIn 2024, \u2018Cancellation fees\u2019 was an income of DKK 7,335 million and primarily related to adjust-ments to the provision for onerous contracts for Ocean Wind as well as the decision to cease execution of FlagshipONE. For Ocean Wind, we have finalised the negotiation of several contracts with a better outcome than expected, leading to a net-positive impact. This was partly offset by costs related to fulfilling and cancelling contracts for FlagshipONE.In 2023, \u2018Cancellation fees\u2019 related to the decision to cease the development of Ocean Wind. See note 3.9 \u2018Provisions and contingent liabilities\u2019 for more information about the cancellation fees and provisions made in relation to this.Employee costsNote 2.7Employee costsDKKm 2024 2023Wages, salaries, and remuneration 6,707 6,550Pensions 563 536Other social security costs 286 268Share-based payment 43 32Other employee costs 174 185Employee costs before transfer to assets 7,773 7,571Transfer to assets (1,241) (1,197)Total employee costs 6,532 6,374Salaries 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 2024 2023 2024 2023 2024 2023 2024 2023Fixed salary 37,969 27,849 12,136 36,278 6,430 6,907 56,535 71,034Short-term cash-based incentive scheme 4,676 3,711 1,729 5,046 - - 6,405 8,757Share-based payment 2,787 6,270 31,110 4,622 - - 3,897 10,892Pension, social security, and benefits 704 858 2,890 7,650 - - 3,594 8,508Salary in notice period - 8,443 - 12,850 - - - 21,293Severance payment - 6,210 - 14,309 - - - 20,519To t a l 46,136 53,341 17,865 80,755 6,430 6,907 70,431 141,0031 In 2024, the Executive Board consisted of Mads Nipper, Rasmus Errboe, Trond Westlie (joined on 1 April 2024), and Henriette Fenger Ellekrog. 2 \u00d8rsted updated its executive management structure effective 1 April 2024. The Group Executive Team was reduced to five members (the Executive Board members and Patrick Harnett). Salaries and remuneration for \u2018Other members of the Group Executive Team\u2019 in 2024 include compensation of Patrick Harnett for the period April - December 2024 and compensation for the first quarter of 2024 for Olivia Breese, Andrew Brown, Anders Zo\u00ebga Hansen, David Hardy, Per Mejnert Kristensen, Ingrid Reumert, and Varun Sivaram.3 Mads Nipper\u2019s 2023 remuneration includes a DKK 4.5 million expense due to the cancellation of two LTI grants. These grants were canceled because the increase in his shareholding was not sufficient to satisfy the requirements of the share programme.The decrease in total remuneration is due to the change in composition of the Group Executive Board.Pension plans and number of employees Pension plans are defined-contribution plans that do not commit \u00d8rsted beyond the amounts contributed. In 2024, our average number of employees (FTE) was 8,496 (2023: 8,666). Remuneration of the Group Executive TeamThe remuneration of the Group Executive Team is based on a fixed salary, personal benefits, such as a company car, free telephone, etc., a variable salary, and share-based payment. Non-executive members of the Group Executive Team also receive a pension.The members of the Board of Directors are only paid a fixed remuneration for their work in \u00d8rsted. In addition, \u00d8rsted reimburses any travel expenses. For more details on the remuneration of the Executive Board and Board of Directors, please refer to the remuneration report: orsted.com/remuneration2024.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__9__62": {
"value": "Cost of salesNote 2.3Other Other Cost of salesBioenergyactivities/Bioenergyactivities/DKKm Offshore Onshore& Othereliminations 2024 Offshore Onshore& Othereliminations 2023 Power including certificates 15,901 5 463 3 16,372 23,500 - 686 (134) 24,052Costs of constructing wind farms and transmission assets 6,971 35 - - 7,006 6,527 53 - - 6,580Biomass - - 4,386 - 4,386 - - 3,753 - 3,753Coal - - 585 - 585 - - 2,017 (7) 2,010Gas - - 4,361 (5) 4,356 - - 5,640 (1) 5,639Distribution and transmission costs 1,501 33 795 (2) 2,327 1,527 37 1,408 (59) 2,913Other cost of sales 255 24 726 (74) 931 219 39 1,520 (101) 1,677To t a l 24,628 97 11,316 (78) 35,963 31,773 129 15,024 (302) 46,624Cost of sales decreased by 23 % to DKK 35,963 million in 2024. The decrease was primarily due to the lower power and gas prices across all markets.\u2018Costs of construction of wind farms and transmission assets\u2019 was DKK 7,006 million, mainly related to the construction of Borkum Riffgrund 3 and Gode Wind 3 for partners.In 2023, \u2018Costs of construction of wind farms and transmission assets\u2019 was DKK 6,580 million, mainly related to the construction of Borkum Riffgrund 3 for partners and the divestment of the remaining 50 % of the Hornsea 2 offshore transmission asset to an Ofgem-appointed buyer. \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.",
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"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__9__64": {
"value": "Government grantsNote 2.4Government grants DKKm 2024 2023Government grants recognised in profit (loss) for the year under revenue 12,201 10,178Government grants recognised in profit (loss) for the year under other operating income 23 26Government grants recognised in the balance sheet (23) (26)Government grants recognised for the year 12,201 10,178Energinet, 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). We treat the payments from the schemes as government grants. Feed-in tariffs from our Irish, Dutch, and German wind farms are also recognised as government grants. For subsidies in the US, see note 3.8 \u2018Tax equity liabilities\u2019. Income from government grants increased in 2024 compared to 2023 due to lower power prices, leading to a higher subsidy per MWh produced.\u00a7 Accounting policiesGovernment grants comprise grants for environ-mentally sustainable power generation, grants for the funding of development projects, investment grants, etc. Government grants are recognised when there is reasonable assurance that the grants will be received. As grants for power generation are intended as a compensation for the price of power, we system-atically recognise the grants under revenue in line with the power generation and thus the related revenue.When we enter into contracts for differences (CfD) with governments, we assess the appropriate classification at inception as either a government grant or a derivative (within the scope of IFRS 9). In the assessment, we consider e.g. other price levels, duration, flexibility in the start date, and credit terms, etc. In this assessment, we put significant emphasis on the price levels being sufficiently attractive, making it unlikely that the contract would result in us becoming a net payer under the contract. If the contract is deemed to be on market terms,we classify the contract as a financial instrument.If the contracts are more attractive than the market terms, we classify the contracts as a government grant. To the extent the CfD contains embedded deriva-tives, we apply the same assessment to these as described above for the host contract.The settlement payment for the CfD is recognised as a government grant, which is presented as revenue. Key accounting judgementClassification of contract for difference (CfD) agreements When we enter into contract for difference (CfD) agreements with governments whose purpose it is to support the build-out of renewable energy, we assess the appropriate accounting standards to be applied. To determine the appropriate classification of the CfD as either a government grant or derivative, we consider all the relevant facts and circumstances, including price levels, duration, flexibility in the start date, production requirements, credit terms, etc. If the host contract is considered a government grant arrangement, we apply the same judgement to each individual derivative embedded in the CfD. If the embedded derivatives, which would otherwise require separation, are assessed to provide an additional upside, they are considered part of the government grant host contract.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__9__65": {
"value": "Government grants comprise grants for environ-mentally sustainable power generation, grants for the funding of development projects, investment grants, etc. Government grants are recognised when there is reasonable assurance that the grants will be received. As grants for power generation are intended as a compensation for the price of power, we system-atically recognise the grants under revenue in line with the power generation and thus the related revenue.When we enter into contracts for differences (CfD) with governments, we assess the appropriate classification at inception as either a government grant or a derivative (within the scope of IFRS 9). In the assessment, we consider e.g. other price levels, duration, flexibility in the start date, and credit terms, etc. In this assessment, we put significant emphasis on the price levels being sufficiently attractive, making it unlikely that the contract would result in us becoming a net payer under the contract. If the contract is deemed to be on market terms,we classify the contract as a financial instrument.If the contracts are more attractive than the market terms, we classify the contracts as a government grant. To the extent the CfD contains embedded deriva-tives, we apply the same assessment to these as described above for the host contract.The settlement payment for the CfD is recognised as a government grant, which is presented as revenue.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"s9__9__66": {
"value": "Research and development expendituresNote 2.5Expensed research and development expenditures 2024Bioenergy DKKm Offshore 1Onshore& Other To ta lResearch 130 - - 130Development 995 430 - 1,425To t a l 1,125 430 - 1,555Expensed research and development expenditures 2023DKKmResearch 239 - - 239Development 1,606 460 1 2,067To t a l 1,845 460 1 2,3061 In 2024, development expenditures in Offshore include P2X development costs of DKK 103 million (2023: DKK 338 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, 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 construc-tion\u2019 (see line \u2018Additions\u2019 in note 3.1 \u2018Intangible assets, and property, plant and equipment\u2019).",
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"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"s9__9__67": {
"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, 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 construc-tion\u2019 (see line \u2018Additions\u2019 in note 3.1 \u2018Intangible assets, and property, plant and equipment\u2019).",
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"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"s9__9__69": {
"value": "Other operating income and expensesNote 2.6Other operating incomeDKKm 2024 2023Gain on divestment of assets 605 5,895US tax credits and tax attributes 3,547 2,577Compensations 847 916Miscellaneous operating income 299 941To t a l 5,298 10,329Other operating incomeIn 2024, \u2018Other operating income\u2019 was DKK 5,298 mil-lion, which was DKK 5,031 million lower than in 2023. In 2024, \u2018Gain on divestment of assets\u2019 primarily related to effects from minor adjustments from farm-downs completed in prior years. In 2023, \u2018Gain on divestments of assets\u2019 related to the divestment of London Array and the 50 % farm-down of Gode Wind 3. The increase in \u2018US tax credits and tax attributes\u2019 was mainly driven by the continuous commissioning of new onshore assets having full impact.\u2018Compensations\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 expensesDKKm 2024 2023Cancellation fees (7,335) 9,621Ineffective hedges, etc. (137) 512Loss on divestment of assets 256 150Miscellaneous operating expenses 329 125To t a l (6,887) 10,408Other operating expensesIn 2024, \u2018Cancellation fees\u2019 was an income of DKK 7,335 million and primarily related to adjust-ments to the provision for onerous contracts for Ocean Wind as well as the decision to cease execution of FlagshipONE. For Ocean Wind, we have finalised the negotiation of several contracts with a better outcome than expected, leading to a net-positive impact. This was partly offset by costs related to fulfilling and cancelling contracts for FlagshipONE.In 2023, \u2018Cancellation fees\u2019 related to the decision to cease the development of Ocean Wind. See note 3.9 \u2018Provisions and contingent liabilities\u2019 for more information about the cancellation fees and provisions made in relation to this.\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\u2019s share of the wind farm are recognised over time in the income statement in step with construction. 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), referred to as a share purchase agreement (SPA)\u00b7 the future construction of the offshore wind farm (construction agreements or construction management agreements, if not in operation)\u00b7 the future operation of the offshore wind farm (O&M agreements).The partnerships are typically establiched as joint operations with shared control. If an invester obtains a non-controlling interest in our joint operator controlled by \u00d8rsted, this is classified as a transaction with a non-controlling interest. If such a transaction comprises both an equity investment and other arrangements, such as power purchase agreements, proceeds are allocated between these elements on a relative fair value basis. Key accounting estimateVariable selling prices related to divest ments of off-shore wind farms and offshore transmission assetsWhen we divest an ownership interest in an offshore 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 winning bid of the tender revenue stream through a competitive tender process for offshore transmission assets\u00b7 the impact on production from future wind farms.We consider \u2018the most likely amount\u2019 to provide the most appropriate estimate of the expected variable consideration. Key accounting judgementConsolidation method for partnershipsOn establishment of partnerships and in connec-tion with any restructuring of existing partnerships, we carry out individual assessments to determine whether we control the investee. Significant judge-ments are applied to determine who controls the economically and operationally significant deci-sions in the partnership, and whether arrangements with partnerships are considered a non-controlling interest or a financial liability. Relevant items to consider typically involve decisions related to budget approval, sale of power as well as decom-missioning and repowering.For joint arrangements, we subsequently assess whether they are joint ventures or joint operations. In assessing joint operations, we consider: \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.The assessment of the consolidation method determines the recognition of gain or loss on divestments as either operating income in the income statement or as transactions with a non- controlling interest in equity.",
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"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"s9__9__70-1": {
"value": "Other operating incomeDKKm 2024 2023Gain on divestment of assets 605 5,895US tax credits and tax attributes 3,547 2,577Compensations 847 916Miscellaneous operating income 299 941To t a l 5,298 10,329Other operating incomeIn 2024, \u2018Other operating income\u2019 was DKK 5,298 mil-lion, which was DKK 5,031 million lower than in 2023. In 2024, \u2018Gain on divestment of assets\u2019 primarily related to effects from minor adjustments from farm-downs completed in prior years. In 2023, \u2018Gain on divestments of assets\u2019 related to the divestment of London Array and the 50 % farm-down of Gode Wind 3. The increase in \u2018US tax credits and tax attributes\u2019 was mainly driven by the continuous commissioning of new onshore assets having full impact.\u2018Compensations\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.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\u2019s share of the wind farm are recognised over time in the income statement in step with construction. 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), referred to as a share purchase agreement (SPA)\u00b7 the future construction of the offshore wind farm (construction agreements or construction management agreements, if not in operation)\u00b7 the future operation of the offshore wind farm (O&M agreements).The partnerships are typically establiched as joint operations with shared control. If an invester obtains a non-controlling interest in our joint operator controlled by \u00d8rsted, this is classified as a transaction with a non-controlling interest. If such a transaction comprises both an equity investment and other arrangements, such as power purchase agreements, proceeds are allocated between these elements on a relative fair value basis",
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"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__71": {
"value": "Other operating expensesDKKm 2024 2023Cancellation fees (7,335) 9,621Ineffective hedges, etc. (137) 512Loss on divestment of assets 256 150Miscellaneous operating expenses 329 125To t a l (6,887) 10,408Other operating expensesIn 2024, \u2018Cancellation fees\u2019 was an income of DKK 7,335 million and primarily related to adjust-ments to the provision for onerous contracts for Ocean Wind as well as the decision to cease execution of FlagshipONE. For Ocean Wind, we have finalised the negotiation of several contracts with a better outcome than expected, leading to a net-positive impact. This was partly offset by costs related to fulfilling and cancelling contracts for FlagshipONE.In 2023, \u2018Cancellation fees\u2019 related to the decision to cease the development of Ocean Wind. See note 3.9 \u2018Provisions and contingent liabilities\u2019 for more information about the cancellation fees and provisions made in relation to this.",
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"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__77-1": {
"value": "Employee costsNote 2.7Employee costsDKKm 2024 2023Wages, salaries, and remuneration 6,707 6,550Pensions 563 536Other social security costs 286 268Share-based payment 43 32Other employee costs 174 185Employee costs before transfer to assets 7,773 7,571Transfer to assets (1,241) (1,197)Total employee costs 6,532 6,374Salaries 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 2024 2023 2024 2023 2024 2023 2024 2023Fixed salary 37,969 27,849 12,136 36,278 6,430 6,907 56,535 71,034Short-term cash-based incentive scheme 4,676 3,711 1,729 5,046 - - 6,405 8,757Share-based payment 2,787 6,270 31,110 4,622 - - 3,897 10,892Pension, social security, and benefits 704 858 2,890 7,650 - - 3,594 8,508Salary in notice period - 8,443 - 12,850 - - - 21,293Severance payment - 6,210 - 14,309 - - - 20,519To t a l 46,136 53,341 17,865 80,755 6,430 6,907 70,431 141,0031 In 2024, the Executive Board consisted of Mads Nipper, Rasmus Errboe, Trond Westlie (joined on 1 April 2024), and Henriette Fenger Ellekrog. 2 \u00d8rsted updated its executive management structure effective 1 April 2024. The Group Executive Team was reduced to five members (the Executive Board members and Patrick Harnett). Salaries and remuneration for \u2018Other members of the Group Executive Team\u2019 in 2024 include compensation of Patrick Harnett for the period April - December 2024 and compensation for the first quarter of 2024 for Olivia Breese, Andrew Brown, Anders Zo\u00ebga Hansen, David Hardy, Per Mejnert Kristensen, Ingrid Reumert, and Varun Sivaram.3 Mads Nipper\u2019s 2023 remuneration includes a DKK 4.5 million expense due to the cancellation of two LTI grants. These grants were canceled because the increase in his shareholding was not sufficient to satisfy the requirements of the share programme.The decrease in total remuneration is due to the change in composition of the Group Executive Board.Pension plans and number of employees Pension plans are defined-contribution plans that do not commit \u00d8rsted beyond the amounts contributed. In 2024, our average number of employees (FTE) was 8,496 (2023: 8,666). Remuneration of the Group Executive TeamThe remuneration of the Group Executive Team is based on a fixed salary, personal benefits, such as a company car, free telephone, etc., a variable salary, and share-based payment. Non-executive members of the Group Executive Team also receive a pension.The members of the Board of Directors are only paid a fixed remuneration for their work in \u00d8rsted. In addition, \u00d8rsted reimburses any travel expenses. For more details on the remuneration of the Executive Board and Board of Directors, please refer to the remuneration report: orsted.com/remuneration2024.Share-based paymentNote 2.8Market value of PSUs and key assumptions Time of Time of Time of for valuation in executive share programme granting 2024 granting 2023 granting 2022Market value of 1 PSU 487 729 909Key assumptionsShare price 384 583 835Average volatility rate, peers 25.9 % 30.6 % 30.2 %Volatility rate, \u00d8rsted 38.4 % 36.2 % 34.8 %Risk-free interest rate 2.3 % 2.5 % 0.9 %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, COO, CCO, Chief HR Officer 50 % of fixed salaryOther participants 0 % - 25 % of fixed salaryThe figure shows the shareholding requirement in percentage of the participants\u2019 fixed salary. A build-up period of up to five years is allowed.Executive share programmeThe Group Executive Team and a number of other senior executives participate in the share programme (approx. 160). As a condition for the granting of per-formance share units (PSUs), the participant must own a number of shares in \u00d8rsted corresponding to a por-tion of the individual participant\u2019s annual fixed salary. The portion depends on the employee category, and it makes up 75 % of our CEO\u2019s fixed salary. See the table above for more information. The participants in the pro-gramme must invest in \u00d8rsted shares prior to the first granting. A build-up period for the shareholding require-ment 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\u2019s 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 conditional upon continued employment. Retention share programmeThe target group for the share-based retention agreements 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. Executive Board members are not eligible for these retention agreements. The number of retention share units (RSUs) to be granted will be determined on the basis of the price of \u00d8rsted\u2019s shares at the time of the grant and will be limited to an amount corresponding to a maximum of six months\u2019 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\u2019 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 measured 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\u2019s 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 \u2018000Other members2024 in of shares at Years Executiveof the Group SeniorOther% of share granting until expiry as Time of granting Board 2Executive Team 2executivesemployees 2024 2023capitalDKKmof 20241 April 2021 - - - - - 47 - - -1 April 2022 4 1 74 - 79 89 0.02 % 72 0.31 April 2023 7 1 113 - 121 136 0.03 % 88 1.31 April 2024 21 - 220 - 241 - 0.06 % 117 2.3Share retention programme - - 15 - 15 8 0.00 % 7Maximum number of outstanding shares at 31 December 32 2 422 - 456 280 0.11 % 284Development in maximum number of outstanding shares \u2018000Maximum number of outstanding shares at 1 January 14 25 234 7 280 233Compensation for dividends paid (2020, 2021, and 2022 programmes) - - - - - 5Transfer between categories - (22) 22 - - -Vested (2021 and 2020 programmes) 1 (2) - (43) - (45) (65)Granted (2024 and 2023 programmes) 20 - 265 - 285 167Cancelled (2021, 2022, 2023, and 2024 programmes) - - (71) - (71) (53)Share retention programme - (1) 15 (7) 7 (7)Maximum number of outstanding shares at 31 December 32 2 422 - 456 280DKKmMarket value of share programme at the time of granting 19 2 263 - 284 125Maximum market value of share programme at 31 December 10 1 137 - 148 1051 At vesting in 2023 and 2024, \u00d8rsted did not outperform any of the ten competitors, and, as a result, the participants did not receive any shares.2 Members as of 31 December 2024 are included in this category.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). This requires \u00d8rsted to deliver the highest shareholder return, benchmarked against ten comparable companies.Related-party transactionsNote 7.1Joint venturesDKKm 2024 2023Dividends received 99 86Capital transactions, net 94 (222)Sales of goods and services 26 64Receivables 109 9AssociatesDKKm 2024 2023Capital transactions, net (47) (54)Sale of goods and services 6 -Purchase of goods and services 181 (186)Payables (20) (25)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\u2019s associates and joint ventures, members of the Board of Directors and the Executive Board, and other senior executives. See note 7.4 \u2018Company overview\u2019 for an overview of our joint ventures and associates.Related-party transactions are made on arm\u2019s 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.",
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"s9__9__75-1": {
"value": "Employee costsNote 2.7Employee costsDKKm 2024 2023Wages, salaries, and remuneration 6,707 6,550Pensions 563 536Other social security costs 286 268Share-based payment 43 32Other employee costs 174 185Employee costs before transfer to assets 7,773 7,571Transfer to assets (1,241) (1,197)Total employee costs 6,532 6,374Salaries 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 2024 2023 2024 2023 2024 2023 2024 2023Fixed salary 37,969 27,849 12,136 36,278 6,430 6,907 56,535 71,034Short-term cash-based incentive scheme 4,676 3,711 1,729 5,046 - - 6,405 8,757Share-based payment 2,787 6,270 31,110 4,622 - - 3,897 10,892Pension, social security, and benefits 704 858 2,890 7,650 - - 3,594 8,508Salary in notice period - 8,443 - 12,850 - - - 21,293Severance payment - 6,210 - 14,309 - - - 20,519To t a l 46,136 53,341 17,865 80,755 6,430 6,907 70,431 141,0031 In 2024, the Executive Board consisted of Mads Nipper, Rasmus Errboe, Trond Westlie (joined on 1 April 2024), and Henriette Fenger Ellekrog. 2 \u00d8rsted updated its executive management structure effective 1 April 2024. The Group Executive Team was reduced to five members (the Executive Board members and Patrick Harnett). Salaries and remuneration for \u2018Other members of the Group Executive Team\u2019 in 2024 include compensation of Patrick Harnett for the period April - December 2024 and compensation for the first quarter of 2024 for Olivia Breese, Andrew Brown, Anders Zo\u00ebga Hansen, David Hardy, Per Mejnert Kristensen, Ingrid Reumert, and Varun Sivaram.3 Mads Nipper\u2019s 2023 remuneration includes a DKK 4.5 million expense due to the cancellation of two LTI grants. These grants were canceled because the increase in his shareholding was not sufficient to satisfy the requirements of the share programme.The decrease in total remuneration is due to the change in composition of the Group Executive Board.Pension plans and number of employees Pension plans are defined-contribution plans that do not commit \u00d8rsted beyond the amounts contributed. In 2024, our average number of employees (FTE) was 8,496 (2023: 8,666). Remuneration of the Group Executive TeamThe remuneration of the Group Executive Team is based on a fixed salary, personal benefits, such as a company car, free telephone, etc., a variable salary, and share-based payment. Non-executive members of the Group Executive Team also receive a pension.The members of the Board of Directors are only paid a fixed remuneration for their work in \u00d8rsted. In addition, \u00d8rsted reimburses any travel expenses. For more details on the remuneration of the Executive Board and Board of Directors, please refer to the remuneration report: orsted.com/remuneration2024.Share-based paymentNote 2.8Market value of PSUs and key assumptions Time of Time of Time of for valuation in executive share programme granting 2024 granting 2023 granting 2022Market value of 1 PSU 487 729 909Key assumptionsShare price 384 583 835Average volatility rate, peers 25.9 % 30.6 % 30.2 %Volatility rate, \u00d8rsted 38.4 % 36.2 % 34.8 %Risk-free interest rate 2.3 % 2.5 % 0.9 %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, COO, CCO, Chief HR Officer 50 % of fixed salaryOther participants 0 % - 25 % of fixed salaryThe figure shows the shareholding requirement in percentage of the participants\u2019 fixed salary. A build-up period of up to five years is allowed.Executive share programmeThe Group Executive Team and a number of other senior executives participate in the share programme (approx. 160). As a condition for the granting of per-formance share units (PSUs), the participant must own a number of shares in \u00d8rsted corresponding to a por-tion of the individual participant\u2019s annual fixed salary. The portion depends on the employee category, and it makes up 75 % of our CEO\u2019s fixed salary. See the table above for more information. The participants in the pro-gramme must invest in \u00d8rsted shares prior to the first granting. A build-up period for the shareholding require-ment 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\u2019s 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 conditional upon continued employment. Retention share programmeThe target group for the share-based retention agreements 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. Executive Board members are not eligible for these retention agreements. The number of retention share units (RSUs) to be granted will be determined on the basis of the price of \u00d8rsted\u2019s shares at the time of the grant and will be limited to an amount corresponding to a maximum of six months\u2019 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\u2019 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 measured 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\u2019s 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 \u2018000Other members2024 in of shares at Years Executiveof the Group SeniorOther% of share granting until expiry as Time of granting Board 2Executive Team 2executivesemployees 2024 2023capitalDKKmof 20241 April 2021 - - - - - 47 - - -1 April 2022 4 1 74 - 79 89 0.02 % 72 0.31 April 2023 7 1 113 - 121 136 0.03 % 88 1.31 April 2024 21 - 220 - 241 - 0.06 % 117 2.3Share retention programme - - 15 - 15 8 0.00 % 7Maximum number of outstanding shares at 31 December 32 2 422 - 456 280 0.11 % 284Development in maximum number of outstanding shares \u2018000Maximum number of outstanding shares at 1 January 14 25 234 7 280 233Compensation for dividends paid (2020, 2021, and 2022 programmes) - - - - - 5Transfer between categories - (22) 22 - - -Vested (2021 and 2020 programmes) 1 (2) - (43) - (45) (65)Granted (2024 and 2023 programmes) 20 - 265 - 285 167Cancelled (2021, 2022, 2023, and 2024 programmes) - - (71) - (71) (53)Share retention programme - (1) 15 (7) 7 (7)Maximum number of outstanding shares at 31 December 32 2 422 - 456 280DKKmMarket value of share programme at the time of granting 19 2 263 - 284 125Maximum market value of share programme at 31 December 10 1 137 - 148 1051 At vesting in 2023 and 2024, \u00d8rsted did not outperform any of the ten competitors, and, as a result, the participants did not receive any shares.2 Members as of 31 December 2024 are included in this category.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). This requires \u00d8rsted to deliver the highest shareholder return, benchmarked against ten comparable companies.",
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"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 2024 2023 2024 2023 2024 2023 2024 2023Fixed salary 37,969 27,849 12,136 36,278 6,430 6,907 56,535 71,034Short-term cash-based incentive scheme 4,676 3,711 1,729 5,046 - - 6,405 8,757Share-based payment 2,787 6,270 31,110 4,622 - - 3,897 10,892Pension, social security, and benefits 704 858 2,890 7,650 - - 3,594 8,508Salary in notice period - 8,443 - 12,850 - - - 21,293Severance payment - 6,210 - 14,309 - - - 20,519To t a l 46,136 53,341 17,865 80,755 6,430 6,907 70,431 141,0031 In 2024, the Executive Board consisted of Mads Nipper, Rasmus Errboe, Trond Westlie (joined on 1 April 2024), and Henriette Fenger Ellekrog. 2 \u00d8rsted updated its executive management structure effective 1 April 2024. The Group Executive Team was reduced to five members (the Executive Board members and Patrick Harnett). Salaries and remuneration for \u2018Other members of the Group Executive Team\u2019 in 2024 include compensation of Patrick Harnett for the period April - December 2024 and compensation for the first quarter of 2024 for Olivia Breese, Andrew Brown, Anders Zo\u00ebga Hansen, David Hardy, Per Mejnert Kristensen, Ingrid Reumert, and Varun Sivaram.3 Mads Nipper\u2019s 2023 remuneration includes a DKK 4.5 million expense due to the cancellation of two LTI grants. These grants were canceled because the increase in his shareholding was not sufficient to satisfy the requirements of the share programme.The decrease in total remuneration is due to the change in composition of the Group Executive Board.Remuneration of the Group Executive TeamThe remuneration of the Group Executive Team is based on a fixed salary, personal benefits, such as a company car, free telephone, etc., a variable salary, and share-based payment. Non-executive members of the Group Executive Team also receive a pension.The members of the Board of Directors are only paid a fixed remuneration for their work in \u00d8rsted. In addition, \u00d8rsted reimburses any travel expenses. For more details on the remuneration of the Executive Board and Board of Directors, please refer to the remuneration report: orsted.com/remuneration2024.Share-based paymentNote 2.8Market value of PSUs and key assumptions Time of Time of Time of for valuation in executive share programme granting 2024 granting 2023 granting 2022Market value of 1 PSU 487 729 909Key assumptionsShare price 384 583 835Average volatility rate, peers 25.9 % 30.6 % 30.2 %Volatility rate, \u00d8rsted 38.4 % 36.2 % 34.8 %Risk-free interest rate 2.3 % 2.5 % 0.9 %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, COO, CCO, Chief HR Officer 50 % of fixed salaryOther participants 0 % - 25 % of fixed salaryThe figure shows the shareholding requirement in percentage of the participants\u2019 fixed salary. A build-up period of up to five years is allowed.Executive share programmeThe Group Executive Team and a number of other senior executives participate in the share programme (approx. 160). As a condition for the granting of per-formance share units (PSUs), the participant must own a number of shares in \u00d8rsted corresponding to a por-tion of the individual participant\u2019s annual fixed salary. The portion depends on the employee category, and it makes up 75 % of our CEO\u2019s fixed salary. See the table above for more information. The participants in the pro-gramme must invest in \u00d8rsted shares prior to the first granting. A build-up period for the shareholding require-ment 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\u2019s 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 conditional upon continued employment. Retention share programmeThe target group for the share-based retention agreements 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. Executive Board members are not eligible for these retention agreements. The number of retention share units (RSUs) to be granted will be determined on the basis of the price of \u00d8rsted\u2019s shares at the time of the grant and will be limited to an amount corresponding to a maximum of six months\u2019 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\u2019 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 measured 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\u2019s 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 \u2018000Other members2024 in of shares at Years Executiveof the Group SeniorOther% of share granting until expiry as Time of granting Board 2Executive Team 2executivesemployees 2024 2023capitalDKKmof 20241 April 2021 - - - - - 47 - - -1 April 2022 4 1 74 - 79 89 0.02 % 72 0.31 April 2023 7 1 113 - 121 136 0.03 % 88 1.31 April 2024 21 - 220 - 241 - 0.06 % 117 2.3Share retention programme - - 15 - 15 8 0.00 % 7Maximum number of outstanding shares at 31 December 32 2 422 - 456 280 0.11 % 284Development in maximum number of outstanding shares \u2018000Maximum number of outstanding shares at 1 January 14 25 234 7 280 233Compensation for dividends paid (2020, 2021, and 2022 programmes) - - - - - 5Transfer between categories - (22) 22 - - -Vested (2021 and 2020 programmes) 1 (2) - (43) - (45) (65)Granted (2024 and 2023 programmes) 20 - 265 - 285 167Cancelled (2021, 2022, 2023, and 2024 programmes) - - (71) - (71) (53)Share retention programme - (1) 15 (7) 7 (7)Maximum number of outstanding shares at 31 December 32 2 422 - 456 280DKKmMarket value of share programme at the time of granting 19 2 263 - 284 125Maximum market value of share programme at 31 December 10 1 137 - 148 1051 At vesting in 2023 and 2024, \u00d8rsted did not outperform any of the ten competitors, and, as a result, the participants did not receive any shares.2 Members as of 31 December 2024 are included in this category.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). This requires \u00d8rsted to deliver the highest shareholder return, benchmarked against ten comparable companies.",
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"s9__9__74": {
"value": "In 2024, our average number of employees (FTE) was 8,496 (2023: 8,666).",
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"s9__9__84": {
"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 measured 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\u2019s 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.",
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"s9__9__83": {
"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 2024 granting 2023 granting 2022Market value of 1 PSU 487 729 909Key assumptionsShare price 384 583 835Average volatility rate, peers 25.9 % 30.6 % 30.2 %Volatility rate, \u00d8rsted 38.4 % 36.2 % 34.8 %Risk-free interest rate 2.3 % 2.5 % 0.9 %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, COO, CCO, Chief HR Officer 50 % of fixed salaryOther participants 0 % - 25 % of fixed salaryThe figure shows the shareholding requirement in percentage of the participants\u2019 fixed salary. A build-up period of up to five years is allowed.Executive share programmeThe Group Executive Team and a number of other senior executives participate in the share programme (approx. 160). As a condition for the granting of per-formance share units (PSUs), the participant must own a number of shares in \u00d8rsted corresponding to a por-tion of the individual participant\u2019s annual fixed salary. The portion depends on the employee category, and it makes up 75 % of our CEO\u2019s fixed salary. See the table above for more information. The participants in the pro-gramme must invest in \u00d8rsted shares prior to the first granting. A build-up period for the shareholding require-ment 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\u2019s 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 conditional upon continued employment. Retention share programmeThe target group for the share-based retention agreements 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. Executive Board members are not eligible for these retention agreements. The number of retention share units (RSUs) to be granted will be determined on the basis of the price of \u00d8rsted\u2019s shares at the time of the grant and will be limited to an amount corresponding to a maximum of six months\u2019 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\u2019 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 measured 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\u2019s 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 \u2018000Other members2024 in of shares at Years Executiveof the Group SeniorOther% of share granting until expiry as Time of granting Board 2Executive Team 2executivesemployees 2024 2023capitalDKKmof 20241 April 2021 - - - - - 47 - - -1 April 2022 4 1 74 - 79 89 0.02 % 72 0.31 April 2023 7 1 113 - 121 136 0.03 % 88 1.31 April 2024 21 - 220 - 241 - 0.06 % 117 2.3Share retention programme - - 15 - 15 8 0.00 % 7Maximum number of outstanding shares at 31 December 32 2 422 - 456 280 0.11 % 284Development in maximum number of outstanding shares \u2018000Maximum number of outstanding shares at 1 January 14 25 234 7 280 233Compensation for dividends paid (2020, 2021, and 2022 programmes) - - - - - 5Transfer between categories - (22) 22 - - -Vested (2021 and 2020 programmes) 1 (2) - (43) - (45) (65)Granted (2024 and 2023 programmes) 20 - 265 - 285 167Cancelled (2021, 2022, 2023, and 2024 programmes) - - (71) - (71) (53)Share retention programme - (1) 15 (7) 7 (7)Maximum number of outstanding shares at 31 December 32 2 422 - 456 280DKKmMarket value of share programme at the time of granting 19 2 263 - 284 125Maximum market value of share programme at 31 December 10 1 137 - 148 1051 At vesting in 2023 and 2024, \u00d8rsted did not outperform any of the ten competitors, and, as a result, the participants did not receive any shares.2 Members as of 31 December 2024 are included in this category.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). This requires \u00d8rsted to deliver the highest shareholder return, benchmarked against ten comparable companies.",
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},
"s9__9__86-1": {
"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 2024 5,177 11,153 189,104 4,040 69,197 273,494Exchange rate adjustments 17 483 6,944 21 3,425 10,873Additions 355 555 8,504 562 37,364 46,985Disposals (1,139) (289) (2,857) (29) (4,205) (7,380)Adjustment of decommissioning obligations - - (206) - 439 233Reclassified assets - 188 17,143 60 (17,391) -Cost at 31 December 2024 4,410 12,090 218,632 4,654 88,829 324,205Depreciation and amortisation at 1 January 2024 (1,048) (3,346) (65,639) (1,994) - (70,979)Exchange rate adjustments (1) (105) (1,752) 11 (1) (1,847)Depreciation and amortisation (131) (625) (8,921) (548) - (10,094)Disposals 88 24 396 3 55 478Depreciation and amortisation at 31 December 2024 (1,092) (4,052) (75,916) (2,528) 54 (82,442)Impairment losses at 1 January 2024 (703) (30) (1,822) (4) (20,890) (22,746)Exchange rate adjustments (4) (1) (149) - (1,610) (1,760)Impairment losses and reversals - (30) (1,713) - (13,820) (15,563)Reclassified assets - - (555) - 555 -Impairment losses at 31 December 2024 (707) (61) (4,239) (4) (35,765) (40,069)Carrying amount at 31 December 2024 2,611 7,977 138,477 2,122 53,118 201,694Intangible assetsIntangible assets consist of goodwill of DKK 1,713 million (2023: DKK 1,847 million), carbon emission allowances of DKK 306 million (2023: DKK 871 million), other rights of DKK 463 million (2023: DKK 626 million), completed development projects of DKK 41 million (2023: DKK 61 million), and development projects in progress of DKK 88 million (2023: DKK 21 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 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) 1 Disposals - - - - 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 48,307 179,769Useful livesBattery storage 15-30 yearsBuildings 20-50 yearsFixtures and fittings, tools, and equipment 3-10 yearsGas transportation systems (marine pipelines) 20-40 yearsOffshore wind farms 20-35 yearsOnshore wind farms 24-30 yearsProduction assets, power (thermal), and district heating 20-25 yearsSolar farms 25-35 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\u2019s 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:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__87-1": {
"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 2024 5,177 11,153 189,104 4,040 69,197 273,494Exchange rate adjustments 17 483 6,944 21 3,425 10,873Additions 355 555 8,504 562 37,364 46,985Disposals (1,139) (289) (2,857) (29) (4,205) (7,380)Adjustment of decommissioning obligations - - (206) - 439 233Reclassified assets - 188 17,143 60 (17,391) -Cost at 31 December 2024 4,410 12,090 218,632 4,654 88,829 324,205Depreciation and amortisation at 1 January 2024 (1,048) (3,346) (65,639) (1,994) - (70,979)Exchange rate adjustments (1) (105) (1,752) 11 (1) (1,847)Depreciation and amortisation (131) (625) (8,921) (548) - (10,094)Disposals 88 24 396 3 55 478Depreciation and amortisation at 31 December 2024 (1,092) (4,052) (75,916) (2,528) 54 (82,442)Impairment losses at 1 January 2024 (703) (30) (1,822) (4) (20,890) (22,746)Exchange rate adjustments (4) (1) (149) - (1,610) (1,760)Impairment losses and reversals - (30) (1,713) - (13,820) (15,563)Reclassified assets - - (555) - 555 -Impairment losses at 31 December 2024 (707) (61) (4,239) (4) (35,765) (40,069)Carrying amount at 31 December 2024 2,611 7,977 138,477 2,122 53,118 201,694Intangible assetsIntangible assets consist of goodwill of DKK 1,713 million (2023: DKK 1,847 million), carbon emission allowances of DKK 306 million (2023: DKK 871 million), other rights of DKK 463 million (2023: DKK 626 million), completed development projects of DKK 41 million (2023: DKK 61 million), and development projects in progress of DKK 88 million (2023: DKK 21 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 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) 1 Disposals - - - - 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 48,307 179,769Useful livesBattery storage 15-30 yearsBuildings 20-50 yearsFixtures and fittings, tools, and equipment 3-10 yearsGas transportation systems (marine pipelines) 20-40 yearsOffshore wind farms 20-35 yearsOnshore wind farms 24-30 yearsProduction assets, power (thermal), and district heating 20-25 yearsSolar farms 25-35 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\u2019s 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:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__88-1": {
"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 2024 5,177 11,153 189,104 4,040 69,197 273,494Exchange rate adjustments 17 483 6,944 21 3,425 10,873Additions 355 555 8,504 562 37,364 46,985Disposals (1,139) (289) (2,857) (29) (4,205) (7,380)Adjustment of decommissioning obligations - - (206) - 439 233Reclassified assets - 188 17,143 60 (17,391) -Cost at 31 December 2024 4,410 12,090 218,632 4,654 88,829 324,205Depreciation and amortisation at 1 January 2024 (1,048) (3,346) (65,639) (1,994) - (70,979)Exchange rate adjustments (1) (105) (1,752) 11 (1) (1,847)Depreciation and amortisation (131) (625) (8,921) (548) - (10,094)Disposals 88 24 396 3 55 478Depreciation and amortisation at 31 December 2024 (1,092) (4,052) (75,916) (2,528) 54 (82,442)Impairment losses at 1 January 2024 (703) (30) (1,822) (4) (20,890) (22,746)Exchange rate adjustments (4) (1) (149) - (1,610) (1,760)Impairment losses and reversals - (30) (1,713) - (13,820) (15,563)Reclassified assets - - (555) - 555 -Impairment losses at 31 December 2024 (707) (61) (4,239) (4) (35,765) (40,069)Carrying amount at 31 December 2024 2,611 7,977 138,477 2,122 53,118 201,694Intangible assetsIntangible assets consist of goodwill of DKK 1,713 million (2023: DKK 1,847 million), carbon emission allowances of DKK 306 million (2023: DKK 871 million), other rights of DKK 463 million (2023: DKK 626 million), completed development projects of DKK 41 million (2023: DKK 61 million), and development projects in progress of DKK 88 million (2023: DKK 21 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 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) 1 Disposals - - - - 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 48,307 179,769Useful livesBattery storage 15-30 yearsBuildings 20-50 yearsFixtures and fittings, tools, and equipment 3-10 yearsGas transportation systems (marine pipelines) 20-40 yearsOffshore wind farms 20-35 yearsOnshore wind farms 24-30 yearsProduction assets, power (thermal), and district heating 20-25 yearsSolar farms 25-35 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\u2019s 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:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__95-1": {
"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 2024 5,177 11,153 189,104 4,040 69,197 273,494Exchange rate adjustments 17 483 6,944 21 3,425 10,873Additions 355 555 8,504 562 37,364 46,985Disposals (1,139) (289) (2,857) (29) (4,205) (7,380)Adjustment of decommissioning obligations - - (206) - 439 233Reclassified assets - 188 17,143 60 (17,391) -Cost at 31 December 2024 4,410 12,090 218,632 4,654 88,829 324,205Depreciation and amortisation at 1 January 2024 (1,048) (3,346) (65,639) (1,994) - (70,979)Exchange rate adjustments (1) (105) (1,752) 11 (1) (1,847)Depreciation and amortisation (131) (625) (8,921) (548) - (10,094)Disposals 88 24 396 3 55 478Depreciation and amortisation at 31 December 2024 (1,092) (4,052) (75,916) (2,528) 54 (82,442)Impairment losses at 1 January 2024 (703) (30) (1,822) (4) (20,890) (22,746)Exchange rate adjustments (4) (1) (149) - (1,610) (1,760)Impairment losses and reversals - (30) (1,713) - (13,820) (15,563)Reclassified assets - - (555) - 555 -Impairment losses at 31 December 2024 (707) (61) (4,239) (4) (35,765) (40,069)Carrying amount at 31 December 2024 2,611 7,977 138,477 2,122 53,118 201,694Fixtures 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) 1 Disposals - - - - 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 recognised under \u2018Property, plant, and equipment\u2019 and DKK\ue61c7,493\ue61cmillion under \u2018Provisions\u2019 as \u2018Onerous contracts\u2019. See notes 3.2 \u2018Impairments\u2019 and\ue61c3.9\ue61c\u2018Provisions and contingent liabilities\u2019 for more information.Fixtures and Lease assetsfittings, tools, and Property, plant, DKKm Land and buildings Production assetsequipmentand equipmentCarrying amount at 1 January 2024 5,881 27 1,567 7,475Exchange rate adjustments 496 1 18 515Additions 584 - 514 1,098Disposals (217) - (24) (241)Impairment (30) - - (30)Depreciation (540) (3) (453) (996)Carrying amount at 31 December 2024 6,174 25 1,622 7,821Lease assetsDKKmCarrying 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 7,475Contractual obligations by segmentDKKm 0-1 year 1-5 years 5-10 years 2024 2023Offshore 46,774 43,804 6 90,584 86,015Onshore 9,588 2,056 2 11,646 10,937Bioenergy & Other 1,558 137 - 1,695 2,274To t a l 57,920 45,997 8 103,925 99,226Overview of contracts entered into where delivery had not taken place at 31 December 2024.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 payments are included in the lease liabilities. Expenses for the year relating to variable lease payments not included in lease liabilities were DKK 1,132 million in 2024 (2023: DKK 992 million). Interests on lease debt expensed in profit (loss) were DKK 301 million in 2024 (2023: DKK 308 million). Total cash outflow for leases were DKK 2,171 million in 2024 (2023: DKK 2,012 million). During 2024, we have entered into lease contracts for vessels which we will not take delivery of until 2027. Consequently, those have not yet commenced as per 31 December 2024 and therefore not been 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 2024 mainly related to wind turbines, foundations, and cables, etc., for the construction of offshore wind farms (primarily Borkum Riffgrund 3, Greater Changhua 2b and 4, Hornsea 3, Revolution Wind, and Sunrise Wind). The obligations in Onshore mainly related to purchases of wind turbines and solar PV modules.Useful livesBattery storage 15-30 yearsBuildings 20-50 yearsFixtures and fittings, tools, and equipment 3-10 yearsGas transportation systems (marine pipelines) 20-40 yearsOffshore wind farms 20-35 yearsOnshore wind farms 24-30 yearsProduction assets, power (thermal), and district heating 20-25 yearsSolar farms 25-35 yearsGoodwill IndefiniteProperty, 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 methods 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 obligations for demolition and decommissioning of assets to the extent that the obligations are recog-nised as provisions.Subsequent costs, for example in connec-tion with replacement of parts of an item of property, plant, and equipment, are recog-nised in the carrying amount of the asset in question when it is probable that future eco-nomic 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 recognised 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 reasonably certain that we will exercise an option to extend a lease, we will include the lease payments in the option period when calculating the lease liability. We measure the lease asset to the value of the lease liability at initial recognition.Contracts may contain both lease and non-lease components. We allocate the consideration in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease components in accordance with the accounting policy applicable for such items. Non-lease components 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 recognised in financial expenses.Each lease payment is separated into repayment of the lease liability and pay-ment of interests of the lease liability. Debt repayments are classified as cash flows from financing activities, and payment of interests are classified as cash flows from operating activities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__110-1": {
"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 2024 5,177 11,153 189,104 4,040 69,197 273,494Exchange rate adjustments 17 483 6,944 21 3,425 10,873Additions 355 555 8,504 562 37,364 46,985Disposals (1,139) (289) (2,857) (29) (4,205) (7,380)Adjustment of decommissioning obligations - - (206) - 439 233Reclassified assets - 188 17,143 60 (17,391) -Cost at 31 December 2024 4,410 12,090 218,632 4,654 88,829 324,205Depreciation and amortisation at 1 January 2024 (1,048) (3,346) (65,639) (1,994) - (70,979)Exchange rate adjustments (1) (105) (1,752) 11 (1) (1,847)Depreciation and amortisation (131) (625) (8,921) (548) - (10,094)Disposals 88 24 396 3 55 478Depreciation and amortisation at 31 December 2024 (1,092) (4,052) (75,916) (2,528) 54 (82,442)Impairment losses at 1 January 2024 (703) (30) (1,822) (4) (20,890) (22,746)Exchange rate adjustments (4) (1) (149) - (1,610) (1,760)Impairment losses and reversals - (30) (1,713) - (13,820) (15,563)Reclassified assets - - (555) - 555 -Impairment losses at 31 December 2024 (707) (61) (4,239) (4) (35,765) (40,069)Carrying amount at 31 December 2024 2,611 7,977 138,477 2,122 53,118 201,694Fixtures 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) 1 Disposals - - - - 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 48,307 179,769Useful livesBattery storage 15-30 yearsBuildings 20-50 yearsFixtures and fittings, tools, and equipment 3-10 yearsGas transportation systems (marine pipelines) 20-40 yearsOffshore wind farms 20-35 yearsOnshore wind farms 24-30 yearsProduction assets, power (thermal), and district heating 20-25 yearsSolar farms 25-35 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\u2019s 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 methods 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 obligations for demolition and decommissioning of assets to the extent that the obligations are recog-nised as provisions.Subsequent costs, for example in connec-tion with replacement of parts of an item of property, plant, and equipment, are recog-nised in the carrying amount of the asset in question when it is probable that future eco-nomic 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 recognised 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 reasonably certain that we will exercise an option to extend a lease, we will include the lease payments in the option period when calculating the lease liability. We measure the lease asset to the value of the lease liability at initial recognition.Contracts may contain both lease and non-lease components. We allocate the consideration in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease components in accordance with the accounting policy applicable for such items. Non-lease components 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 recognised in financial expenses.Each lease payment is separated into repayment of the lease liability and pay-ment of interests of the lease liability. Debt repayments are classified as cash flows from financing activities, and payment of interests are classified as cash flows from operating activities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__103-1": {
"value": "Fixtures and Lease assetsfittings, tools, and Property, plant, DKKm Land and buildings Production assetsequipmentand equipmentCarrying amount at 1 January 2024 5,881 27 1,567 7,475Exchange rate adjustments 496 1 18 515Additions 584 - 514 1,098Disposals (217) - (24) (241)Impairment (30) - - (30)Depreciation (540) (3) (453) (996)Carrying amount at 31 December 2024 6,174 25 1,622 7,821Lease assetsDKKmCarrying 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 7,475Contractual obligations by segmentDKKm 0-1 year 1-5 years 5-10 years 2024 2023Offshore 46,774 43,804 6 90,584 86,015Onshore 9,588 2,056 2 11,646 10,937Bioenergy & Other 1,558 137 - 1,695 2,274To t a l 57,920 45,997 8 103,925 99,226Overview of contracts entered into where delivery had not taken place at 31 December 2024.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 payments are included in the lease liabilities. Expenses for the year relating to variable lease payments not included in lease liabilities were DKK 1,132 million in 2024 (2023: DKK 992 million). Interests on lease debt expensed in profit (loss) were DKK 301 million in 2024 (2023: DKK 308 million). Total cash outflow for leases were DKK 2,171 million in 2024 (2023: DKK 2,012 million). During 2024, we have entered into lease contracts for vessels which we will not take delivery of until 2027. Consequently, those have not yet commenced as per 31 December 2024 and therefore not been 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 reasonably certain that we will exercise an option to extend a lease, we will include the lease payments in the option period when calculating the lease liability. We measure the lease asset to the value of the lease liability at initial recognition.Contracts may contain both lease and non-lease components. We allocate the consideration in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease components in accordance with the accounting policy applicable for such items. Non-lease components 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 recognised in financial expenses.Each lease payment is separated into repayment of the lease liability and pay-ment of interests of the lease liability. Debt repayments are classified as cash flows from financing activities, and payment of interests are classified as cash flows from operating activities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__107-1": {
"value": "Contractual obligations by segmentDKKm 0-1 year 1-5 years 5-10 years 2024 2023Offshore 46,774 43,804 6 90,584 86,015Onshore 9,588 2,056 2 11,646 10,937Bioenergy & Other 1,558 137 - 1,695 2,274To t a l 57,920 45,997 8 103,925 99,226Overview of contracts entered into where delivery had not taken place at 31 December 2024.The obligations are measured at nominal value.Contractual obligationsOur contractual obligations for property, plant, and equipment at 31 December 2024 mainly related to wind turbines, foundations, and cables, etc., for the construction of offshore wind farms (primarily Borkum Riffgrund 3, Greater Changhua 2b and 4, Hornsea 3, Revolution Wind, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__106-1": {
"value": "Contractual obligations by segmentDKKm 0-1 year 1-5 years 5-10 years 2024 2023Offshore 46,774 43,804 6 90,584 86,015Onshore 9,588 2,056 2 11,646 10,937Bioenergy & Other 1,558 137 - 1,695 2,274To t a l 57,920 45,997 8 103,925 99,226Overview of contracts entered into where delivery had not taken place at 31 December 2024.The obligations are measured at nominal value.Contractual obligationsOur contractual obligations for property, plant, and equipment at 31 December 2024 mainly related to wind turbines, foundations, and cables, etc., for the construction of offshore wind farms (primarily Borkum Riffgrund 3, Greater Changhua 2b and 4, Hornsea 3, Revolution Wind, 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 insurance to cover any such claims.Secondary liabilityAs part of the divestment of our oil and gas business in 2017, we assumed a secondary liability regarding the decommissioning of offshore installations.LitigationWe are party to a number of court cases and legal dis-putes. In our assessment, none of these will significantly impact \u00d8rsted\u2019s financial position, neither individually nor collectively.We have been party to cases relating to the Danish competition authorities\u2019 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.These cases have been resolved in \u00d8rsted\u2019s favour. However, 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 2007before the Copenhagen Maritime & Commercial 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 capital 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__113-1": {
"value": "Useful livesBattery storage 15-30 yearsBuildings 20-50 yearsFixtures and fittings, tools, and equipment 3-10 yearsGas transportation systems (marine pipelines) 20-40 yearsOffshore wind farms 20-35 yearsOnshore wind farms 24-30 yearsProduction assets, power (thermal), and district heating 20-25 yearsSolar farms 25-35 yearsGoodwill IndefiniteProperty, 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 methods 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 obligations for demolition and decommissioning of assets to the extent that the obligations are recog-nised as provisions.Subsequent costs, for example in connec-tion with replacement of parts of an item of property, plant, and equipment, are recog-nised in the carrying amount of the asset in question when it is probable that future eco-nomic 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 recognised 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 reasonably certain that we will exercise an option to extend a lease, we will include the lease payments in the option period when calculating the lease liability. We measure the lease asset to the value of the lease liability at initial recognition.Contracts may contain both lease and non-lease components. We allocate the consideration in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease components in accordance with the accounting policy applicable for such items. Non-lease components 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 recognised in financial expenses.Each lease payment is separated into repayment of the lease liability and pay-ment of interests of the lease liability. Debt repayments are classified as cash flows from financing activities, and payment of interests are classified as cash flows from operating activities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__97-1": {
"value": "Useful livesBattery storage 15-30 yearsBuildings 20-50 yearsFixtures and fittings, tools, and equipment 3-10 yearsGas transportation systems (marine pipelines) 20-40 yearsOffshore wind farms 20-35 yearsOnshore wind farms 24-30 yearsProduction assets, power (thermal), and district heating 20-25 yearsSolar farms 25-35 yearsGoodwill IndefiniteProperty, 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 methods 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 obligations for demolition and decommissioning of assets to the extent that the obligations are recog-nised as provisions.Subsequent costs, for example in connec-tion with replacement of parts of an item of property, plant, and equipment, are recog-nised in the carrying amount of the asset in question when it is probable that future eco-nomic 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 recognised in profit (loss) for the year as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__91": {
"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\u2019s 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__90": {
"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\u2019s 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__89": {
"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\u2019s 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__100": {
"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 obligations for demolition and decommissioning of assets to the extent that the obligations are recog-nised as provisions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__99-1": {
"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 obligations for demolition and decommissioning of assets to the extent that the obligations are recog-nised as provisions.Financial income and expensesNote 5.6Net financial income and expenses 1DKKm 2024 2023Interest expenses, net (1,739) (1,764)Interest expenses, leasing (301) (308)Interest element of provisions, etc. (502) (662)Tax equity partner\u2019s contractual return (1,275) (965)Value adjustments of derivatives, net 541 1,850Capital gains/losses on securities at market value, net 434 489Exchange rate adjustments, net (750) (140)Other financial income and expenses 1 57Net financial income and expenses (3,591) (1,443)Financial income and expenses 2DKKm 2024 2023Interest income from cash, etc. 843 926Interest income from securities at market value 710 716Capital gains on securities at market value 783 489Foreign exchange gains 3,854 4,674Value adjustments of derivatives 2,372 5,548Other financial income 28 26Total financial income 8,590 12,379Interest expenses relating to loans and borrowings, etc. (4,604) (4,167)Interest expenses transferred to assets 1,011 453Interest expenses, leasing (301) (308)Interest element of provisions (113) (257)Tax equity partner\u2019s contractual returns (1,275) (965)Capital losses on securities at market value (349) -Foreign exchange losses (4,538) (5,042)Value adjustments of derivatives (1,897) (3,470)Other financial expenses (115) (66)Total financial expenses (12,181) (13,822)Net financial income and expenses (3,591) (1,443)1 The table shows net financial income and expenses, corresponding to our internal reporting. The gain in \u2018Value adjustments of derivatives, net\u2019 in 2024 mainly consisted of the gains on interest rate swaps, which are not hedge accounted. The gain was mostly driven by the increase in interest rates. In 2023, \u2018Value adjustments of derivatives, net\u2019 included a gain of DKK 2,399 million due to hedge ineffectiveness driven by reduced funding needs in US. \u2018Exchange rate adjustments, net\u2019 are mainly affected by inter-company balances between entities with different functional currencies and do not impact the statement of cash flows or interest-bearing net debt. The negative \u2018Exchange rate adjustments, net\u2019 in 2024 were mostly driven by the increase in the GBP/DKK exchange rate.2 Exchange rate adjustments of currency hedging are recognised in revenue and cost of sales with a loss of DKK 569 million (2023: a loss of DKK 451 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 2024 (2023: 3.4 %).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__101": {
"value": "Subsequent costs, for example in connec-tion with replacement of parts of an item of property, plant, and equipment, are recog-nised in the carrying amount of the asset in question when it is probable that future eco-nomic 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 recognised in profit (loss) for the year as incurred.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__104": {
"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 reasonably certain that we will exercise an option to extend a lease, we will include the lease payments in the option period when calculating the lease liability. We measure the lease asset to the value of the lease liability at initial recognition.Contracts may contain both lease and non-lease components. We allocate the consideration in a contract to the lease and non-lease components based on their relative stand-alone prices. We account for non-lease components in accordance with the accounting policy applicable for such items. Non-lease components 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 recognised in financial expenses.Each lease payment is separated into repayment of the lease liability and pay-ment of interests of the lease liability. Debt repayments are classified as cash flows from financing activities, and payment of interests are classified as cash flows from operating activities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__9__115": {
"value": "ImpairmentsNote 3.2Impairment losses on segment levelDKKm 2024 2023Offshore 14,242 25,526Onshore 1,321 927Bioenergy & Other - 322Total impairment losses 15,563 26,775WACC levels% 2024 2023Base discount rate applied for the US 6.00 \u2013 7.75 % 5.50 \u2013 7.00 %The base discount rate after tax applied for the value-in-use calculation is determined per CGU.We have updated our impairment calculations as of 31 December 2024. When estimating the future cash flows for the value-in-use calculations of our cash-generating units (CGUs), management has assessed relevant assumptions and estimates and taken other related risks and inherent uncertainties into consideration. Following this, we have recognised net impairment losses of DKK 15.6 billion in 2024. The main contributors to the net impairment loss were construction delay and higher expected costs due to a higher risk assessment for Sunrise Wind and Revolution Wind, a lower valuation of our seabed leases, an increase in the US long-dated interest rate across our US portfolio, and our decision to cease execution of FlagshipONE. This was partly offset by a reversal on our Sunrise Wind project due to its award of a higher OREC level by the State of New York. In 2023, we recognised impairment losses of DKK 26.8 billion, of which DKK 20 billion related to the termination of Ocean Wind 1. Impairment testWhen performing impairment calculations, we have reassessed assumptions and estimates in relation to relevant risks identified for the individual projects. These risks primarily relate to the construction schedule, the supply chain, and the ability to qualify for the additional 10 % ITC bonus credits. The risks could create potential further cost increases, schedule delays, delayed revenue, knock-on effects, and other business case implications. Our impairment tests are based on a probability-weighted assessment of the likelihood of these risks. While uncertainties are inherent in the assumptions used, the assumptions reflect mangement\u2019s best estimate.The projects with the most significant impairment impact and high involvement of estimates and uncertainties are described in the following sections, along with more general sections.Sunrise WindIn 2024, we have recognised a net impairment loss of DKK 3.8 billion for Sunrise Wind. The impairment loss was primarily driven by the following circumstances:\u00b7 A negative effect from construction delays and increased costs and contingencies due to a higher risk assessment (DKK 4.3 billion).\u00b7 A negative effect from the increase in the long-dated US interest rate (DKK 1.2 billion).\u00b7 A positive effect from the award of a higher offshore wind renewable energy certificate (OREC) level by the State of New York (DKK 1.8 billion).\u00b7 A negative effect from updated assumptions for the expected market prices was offset by the impact of acquiring Eversource\u2019s 50 % share of the project at a price below the recoverable amount of our 50 % share of the project at the end of Q2 2024. 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 (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, Badger, Eleven Mile, Ford Ridge, Haystack, Helena Energy Center, Lincoln Land Wind, Lockett, Mockingbird, Muscle Shoals, Old 300, Old 300 BESS, Permian Energy Center, Sage Draw Wind, Sparta Solar, Sunflower Wind, Tahoka Wind, Western Trail, and Willow Springs Wind. Europe: Portfolio of projects (including goodwill).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 and the offshore gas pipeline system.ITC bonus credits Sensitivity impact2024 2023assumed in impairment testsDKK billion40 % ITC CGUsImpairment Recoverable Impairment Recoverable ITC bonus Probability No ITC bonus credits, +50 bps -50 bps DKKmlossesamountlossesamountcreditsweightingbonus credits100 % probabilityWAC CWAC COcean Wind 1 - n.a. 19,875 n.a. n.a. n.a. n.a. n.a. n.a. n.a.Ocean Wind seabeds 2,584 n.a. - n.a. n.a. n.a. n.a. n.a. n.a n.a.Skipjack Wind seabed 1,502 n.a. - n.a. n.a. n.a. n.a n.a. n.a. n.a.Sunrise Wind 3,787 6,511 2,069 2,006 10 % 95 % (4.0) 0.2 (1.4) 1.4Revolution Wind 4,463 5,579 2,706 3,723 10 % 95 % (1.3) 0.1 (0.5) 0.5South Fork 437 2,871 554 2,993 n.a. n.a. n.a. n.a. (0.1) 0.1Block Island (46) 1,384 322 1,304 n.a. n.a. n.a. n.a. 0.0 0.0FlagshipONE 1,515 n.a. - n.a. n.a. n.a. n.a. n.a. n.a. n.a.Offshore 14,242 16,345 25,526 10,026Onshore 1,321 11,501 927 2,667 n.a n.a n.a n.a. (0.7) 0.5Bioenergy & Other - - 322 n.a.To t a l 15,563 27,846 26,775 12,693 Revolution WindIn 2024, we have recognised a net impairment loss of DKK 4.5 billion for Revolution Wind. The impair-ment loss was primarily driven by the following circumstances:\u00b7 A negative effect from the construction delay of the onshore substation, which has pushed the commercial operation date (COD) from 2025 to 2026, including knock-on impacts on costs and progress (DKK 2.1 billion).\u00b7 Challenges related to the piling of one of the offshore substation monopiles and a reassessment of the risks related to the offshore scope of the project (DKK 1.7 billion).\u00b7 A negative effect from the increase in the long-dated US interest rate (DKK 0.5 billion). Seabed value of Ocean Wind and Skipjack WindWhen estimating the recoverable amount of the seabeds related to Ocean Wind and Skipjack Wind, we use the approach \u2018fair value less costs of disposal\u2019 (FVLCD) to determine if the carrying amounts exceed the recoverable amounts. Our valuation indications have led to an impairment of DKK 4.1 billion in 2024, which has substantially reduced the carrying amount. The valuation is based on market-informed valuation indications, which among other things are based on the price development seen in the latest seabed lease auctions. Despite the currently lower valuation, we continue to see a strategic optionality in these seabeds. 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, 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 2024, the impairment loss would have been DKK 0.5 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 2024, the impairment loss would have been DKK 1.3 billion higher. Other US assetsIn 2024, updated market price assumptions have resulted in impairment losses of DKK 0.6 billion on South Fork, Block Island, and our US onshore assets, exclusive of the impact from higher interest rates.Interest ratesThe long-dated US interest rate increased from 31 December 2023 to 31 December 2024, leading to higher WACC levels. The effect from increasing interest rates led to an impairment of DKK 2.7 billion across our US portfolio.Ceasing execution of FlaghipONEIn 2024, we took the decision to cease execution of FlagshipONE and deprioritised our immediate efforts within the liquid e-fuels market. This resulted in an impairment loss of DKK 1.5 billion. Impairment losses relating to intangible assetsWe have not recognised any material impairment losses to goodwill or other intangible assets in 2024.Goodwill primarily relates to Onshore Europe.\u00a7 Accounting policiesFor the purpose of assessing impairment losses, \u2018Intan-gible assets\u2019, and \u2018Property, plant, and equipment\u2019 are grouped at the level for which there are separately identifiable cash flows (cash-generating units (CGUs)). CGUs including goodwill are assessed for impairment yearly or 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\u2019s or CGU\u2019s recoverable amount is made. The value of a CGU is impaired if the carrying amount 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 calculations are based on management\u2019s expectations to future cash flows from financial forecasts and business plans and include a number of assumptions and estimates. Fair value less costs of disposal is used for seabeds and is based on multiple analyses 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 estimates 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, eligibility for bonus ITCs, and tax equity arrangements or alternative ways of monetising the ITCs and PTCs. All these key estimates and assump-tions are determined specifically for each CGU and are based on current legislation and administrative practices effective by the end of the reporting period. The discount rate applied when calculating value-in-use takes general risks into account and is based on the post-tax nominal weighted average cost of capital (WACC), whereas the estimated future cash flows are adjusted for risks specific to the asset. Impairment losses are recognised in the income statement and, except in the case of goodwill, reversed if there has been a change in the estimates used to determine the CGU\u2019s recoverable amount. Reversal of an impairment loss is recognised as income in the income statement net of depreciation if no impairment loss had been recognised for the CGU. Key accounting estimateKey assumptions in impairment testsValue-in-use calculations are based on management\u2019s expectations about future cash flows from financial budgets and forecasts and include a number of assumptions and estimates. These assumptions include construction schedules, estimates of future market conditions, CAPEX, market prices of energy and commodities, inflation, discount rates, useful lives of the projects, tax incentives, including the ability to qualify for tax credits from the US Inflation Reduction Act, etc.The market prices applied are based on available forward prices for a period of up to five years and our best estimate of long-term prices for the remainder of the period. While there are inherent uncertainties in the assump-tions, the assumptions reflect management\u2019s best estimate over the lives of the Group\u2019s CGUs.Potential consequences of further adverse developmentIn addition to the sensitivities described, further adverse developments could lead us to cease develop ment of or reconfigure projects currently under development. 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 cancelling 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.",
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__9__117": {
"value": "For the purpose of assessing impairment losses, \u2018Intan-gible assets\u2019, and \u2018Property, plant, and equipment\u2019 are grouped at the level for which there are separately identifiable cash flows (cash-generating units (CGUs)). CGUs including goodwill are assessed for impairment yearly or 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\u2019s or CGU\u2019s recoverable amount is made. The value of a CGU is impaired if the carrying amount 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 calculations are based on management\u2019s expectations to future cash flows from financial forecasts and business plans and include a number of assumptions and estimates. Fair value less costs of disposal is used for seabeds and is based on multiple analyses 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 estimates 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, eligibility for bonus ITCs, and tax equity arrangements or alternative ways of monetising the ITCs and PTCs. All these key estimates and assump-tions are determined specifically for each CGU and are based on current legislation and administrative practices effective by the end of the reporting period. The discount rate applied when calculating value-in-use takes general risks into account and is based on the post-tax nominal weighted average cost of capital (WACC), whereas the estimated future cash flows are adjusted for risks specific to the asset. Impairment losses are recognised in the income statement and, except in the case of goodwill, reversed if there has been a change in the estimates used to determine the CGU\u2019s recoverable amount. Reversal of an impairment loss is recognised as income in the income statement net of depreciation if no impairment loss had been recognised for the CGU.",
"dimensions": {
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"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__9__116": {
"value": "For the purpose of assessing impairment losses, \u2018Intan-gible assets\u2019, and \u2018Property, plant, and equipment\u2019 are grouped at the level for which there are separately identifiable cash flows (cash-generating units (CGUs)). CGUs including goodwill are assessed for impairment yearly or 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\u2019s or CGU\u2019s recoverable amount is made. The value of a CGU is impaired if the carrying amount 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 calculations are based on management\u2019s expectations to future cash flows from financial forecasts and business plans and include a number of assumptions and estimates. Fair value less costs of disposal is used for seabeds and is based on multiple analyses 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 estimates 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, eligibility for bonus ITCs, and tax equity arrangements or alternative ways of monetising the ITCs and PTCs. All these key estimates and assump-tions are determined specifically for each CGU and are based on current legislation and administrative practices effective by the end of the reporting period. The discount rate applied when calculating value-in-use takes general risks into account and is based on the post-tax nominal weighted average cost of capital (WACC), whereas the estimated future cash flows are adjusted for risks specific to the asset. Impairment losses are recognised in the income statement and, except in the case of goodwill, reversed if there has been a change in the estimates used to determine the CGU\u2019s recoverable amount. Reversal of an impairment loss is recognised as income in the income statement net of depreciation if no impairment loss had been recognised for the CGU.",
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"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__9__118": {
"value": "InventoriesNote 3.3Inventories DKKm 2024 2023Offshore transmission assets 10,476 3,944Biomass 581 928Coal 268 566Gas 2,915 2,167Oil 272 339Renewable certificates 2,775 2,371Carbon emission allowances 147 213Other 14 11Total inventories 17,448 10,539Inventories recognised as an expense in \u2018Cost of sales\u2019 during the year 16,152 9,626Inventories measured at fair value are disclosed in note 6.6 \u2018Fair value measurement\u2019.\u2018Offshore transmission assets\u2019 relate to the Hornsea 3 and Hornsea 4 transmission assets. \u2018Gas\u2019 primarily relates to our gas trade activities. \u2018Renewable certificates\u2019 are primarily renewable obligation 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 production costs, such as employee costs. Gas inventories are carried either at fair value or at cost depending on the nature of the inventory. For gas storage facilities managed on a fair value basis, the gas is recognised at fair value less costs to sell. Changes in the fair value less costs to sell are recognised in \u2018Cost of sales\u2019 in the period of the change. Purchased carbon emission allowances are measured at market value. Renewable certificates, which we earn by generating power using renewable energy sources, are recognised in inventories in step with our generation. We measure renewable 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. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__9__120-1": {
"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 production costs, such as employee costs. Gas inventories are carried either at fair value or at cost depending on the nature of the inventory. For gas storage facilities managed on a fair value basis, the gas is recognised at fair value less costs to sell. Changes in the fair value less costs to sell are recognised in \u2018Cost of sales\u2019 in the period of the change. Purchased carbon emission allowances are measured at market value. Renewable certificates, which we earn by generating power using renewable energy sources, are recognised in inventories in step with our generation. We measure renewable 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. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__9__119": {
"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 production costs, such as employee costs. Gas inventories are carried either at fair value or at cost depending on the nature of the inventory. For gas storage facilities managed on a fair value basis, the gas is recognised at fair value less costs to sell. Changes in the fair value less costs to sell are recognised in \u2018Cost of sales\u2019 in the period of the change. Purchased carbon emission allowances are measured at market value. Renewable certificates, which we earn by generating power using renewable energy sources, are recognised in inventories in step with our generation. We measure renewable 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. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__9__125": {
"value": "Trade receivablesNote 3.5Trade receivables DKKm 2024 2023Trade receivables, not due 7,848 10,480Trade receivables, 1-30 days overdue 563 291Trade receivables, more than 30 days overdue 647 358Trade receivables, write-downs (13) (22)Total trade receivables 9,045 11,107We continuously perform credit ratings of our customers. For customers with a general credit risk, a write-down of 0-1 % is carried out on initial recognition. In 2023, we wrote down a loan given to support US suppliers in the amount of DKK 571 million related to Ocean Wind 1 and 2. Except for this, we have not made any write-downs of receivables in 2024 or 2023.Reversal of write-downs was DKK 5 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__9__123-1": {
"value": "Trade receivablesNote 3.5Trade receivables DKKm 2024 2023Trade receivables, not due 7,848 10,480Trade receivables, 1-30 days overdue 563 291Trade receivables, more than 30 days overdue 647 358Trade receivables, write-downs (13) (22)Total trade receivables 9,045 11,107We continuously perform credit ratings of our customers. For customers with a general credit risk, a write-down of 0-1 % is carried out on initial recognition. In 2023, we wrote down a loan given to support US suppliers in the amount of DKK 571 million related to Ocean Wind 1 and 2. Except for this, we have not made any write-downs of receivables in 2024 or 2023.Reversal of write-downs was DKK 5 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 2024 2023Receivables from the divestment of assets and enterprises 513 1,472Receivables from the divestment of equity investments to non-controlling interests 747 735Collateral provided in connection with hedging activities (receivable from banks)5,533 4,773Cash, not available for use 317 481VAT and other indirect tax receivables 1,580 1,640Prepayments 1,429 1,265Deposits 215 308Other 2,820 2,990Total other receivables 13,154 13,664Of which, working capital 6,400 6,739Of which, other capital employed 817 1,847Of which, interest-bearing net debt 5,937 5,078",
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"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__124": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"s9__9__126-1": {
"value": "Supply chain financeNote 3.62024 2023Of which, paid Of which, paid Supply chain finance \u2013 liabilities paid by supplier finance banksRecognised in by supplier Recognised in by supplier DKKmbalance sheetfinance banksbalance sheetfinance banksTrade payables 3,256 2,985 1,833 1,741 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 banks to pay the invoice before our due date.We expect that more of our suppliers will make use of supply chain financing in the future.\u2018Trade payables\u2019, for which supplier financing is offered, retain their classification in our balance sheet.Liabilities that are part of supply chain financing are due 120-180 days after invoice date. Comparable liabilities that are not part of supply chain financing are due up to 90 days after invoice date.Other payablesDKKmM&A related liabilities 2,477 2,753Payables related to the divestment of assets 13,234 2,900Accrued interest 3,589 3,097Collateral received in connection with hedging activities (payable to banks)76 287Salary-related items, payable 905 844VAT and other indirect taxes, payable 501 535Other deferred income 361 104Other 1,788 1,978Total other payables 12,931 12,498Of which, working capital 3,364 3,306Of which, other capital employed 6,126 5,854Of which, interest-bearing net debt 3,441 3,3381 Mainly related to the divestment of a portfolio of four onshore projects in 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__130": {
"value": " Tax equity liabilitiesNote 3.8Tax equity liabilitiesDKKm 2024 2023Balance at 1 January 17,007 16,393Contribution received from tax equity partners 5,200 2,942Disposal related to divestment (587) -Tax attributes and PTCs/ITCs recognised in other operating income (3,434) (2,531)Cash paid to tax equity partners (230) (219)Tax equity partners\u2019 contractual return 1,275 965Exchange rate adjustments 1,247 (543)Balance at 31 December 20,478 17,007Of which, working capital 18,714 15,811Of which, interest-bearing debt 1,764 1,196During 2024, we commissioned four solar projects, Mockingbird, Eleven Mile Solar Center, Sparta Solar, and Old 300, and we received a tax equity contribution from our partner for these projects. In November 2024, we divested a 50 % ownership share of our solar farm Mockingbird.\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 decisions for the projects as the managing partner in the agreements. Therefore, we normally fully consolidate 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 liability 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 or ITCs and other tax attributes \u00b7 an interest-bearing debt element expected to be repaid through cash distributions.The partner\u2019s agreed return is expensed as a financial expense and is recognised as an increase of the tax equity liability. PTCs, 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\u2019s post-flip rights to cash distributions. This liability is recognised at fair value, and adjustments are expensed as a financial item. This recognition reflects the intention and high likelihood that we will purchase the partner\u2019s post-flip rights, and they are part of the 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\u2019s contribution 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\u2019s 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 about 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.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 generally 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 contribution and the return, a dispropor-tionate 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\u2019s lifetime. The partner also receives some cash payment-based percent-ages specified in the partnership agreements. Once the partner receives the agreed return, the agree-ment flips, and the partner is typically entitled to a minor part of the cash distributions from the project, unless we repurchase this right from them, which is highly likely.",
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"value": "Due to the operational and financial nature of the tax equity partnerships, we normally have the power to affect relevant activites and make decisions for the projects as the managing partner in the agreements. Therefore, we normally fully consolidate 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 liability 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 or ITCs and other tax attributes \u00b7 an interest-bearing debt element expected to be repaid through cash distributions.The partner\u2019s agreed return is expensed as a financial expense and is recognised as an increase of the tax equity liability. PTCs, 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\u2019s post-flip rights to cash distributions. This liability is recognised at fair value, and adjustments are expensed as a financial item. This recognition reflects the intention and high likelihood that we will purchase the partner\u2019s post-flip rights, and they are part of the financial costs of the arrangement.",
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"value": " Provisions and contingent liabilitiesNote 3.92024 2023Decom- Decom- ProvisionsmissioningOnerous OthermissioningOnerous OtherDKKmobligationscontractsprovisions To t a lobligationscontractsprovisions To t a lProvisions at 1 January 12,977 15,654 4,232 32,863 14,076 280 5,350 19,706Exchange rate adjustments 382 214 12 608 62 (675) 11 (602)Used during the year (34) (8,074) (1,036) (9,144) (30) (4,206) (824) (5,060)Provisions reversed during the year (88) (7,663) (260) (8,011) - - (1,447) (1,447)Provisions made during the year 504 2,531 1,070 4,105 526 20,246 1,150 21,922Disposals (86) - - (86) (349) - (12) (361)Divestment of enterprises (7) - (1) (8) - - - -Change in estimates (125) - - (125) (1,790) - - (1,790)Interest element of provisions 321 12 - 333 482 9 4 495Total provisions at 31 December 13,844 2,674 4,017 20,535 12,977 15,654 4,232 32,863Falling due as followsIn 0-1 year 344 2,031 425 2,800 250 15,007 698 15,955In 1-5 years 634 266 3,282 4,182 1,499 536 3,350 5,385After 5 years 12,866 377 310 13,553 11,228 111 184 11,523Decommissioning obligations by segmentDKKm 0-5 years 5-10 years 10-20 years After 20 years 2024 2023Offshore 545 1,853 4,646 2,303 9,347 8,840Onshore 1 - 37 2,255 2,293 2,062Bioenergy & Other 432 65 1,352 355 2,204 2,075To t a l 978 1,918 6,035 4,913 13,844 12,977Decommissioning obligationsDecommissioning obligations comprise estimated expenses relating to the decommissioning and disposal of our offshore wind, onshore wind, and solar farms, our battery storage facilities, 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 decommissioning 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 related to ceasing the development of Ocean Wind 1 where we have a provision of DKK 1.6 billion at the end of 2024 (2023: DKK 15 billion) as well as onerous contracts in relation to our decision to cease execution of FlagshipONE. The provision relates to cancellation fees on contracts. In 2024, \u2018Provisions reversed during the year\u2019 related to Ocean Wind 1, where we have finalised the negotiation of several contracts with a better outcome than assumed. In 2024, \u2018Used during the year\u2019 primarily related to payments to fulfilling and cancelling contracts for Ocean Wind 1 and FlagshipONE. In 2023, \u2018Used during the year\u2019 primarily related 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 related to CAPEX spent on the construction of Sunrise Wind.In 2024, \u2018Provisions made during the year\u2019 primarily related to updated assumptions related to operations and maintenance contracts for offshore transmission assets in the UK, higher costs related the construction agreement for Borkum Riffgrund 3, and costs related to ceasing the Ocean Wind 1 and FlagshipONE projects.Contingent liabilitiesLiability to pay compensation In case of any environmental accidents or other types of damage caused by our gas and oil transport, the companies \u00d8rsted Salg & Service A/S and Danish Oil Pipe A/S are liable to pay compensation according to legislation. This also applies if there is no proof of negligence (strict liability). We have taken out insurance to cover any such claims.Secondary liabilityAs part of the divestment of our oil and gas business in 2017, we assumed a secondary liability regarding the decommissioning of offshore installations.LitigationWe are party to a number of court cases and legal dis-putes. In our assessment, none of these will significantly impact \u00d8rsted\u2019s financial position, neither individually nor collectively.We have been party to cases relating to the Danish competition authorities\u2019 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.These cases have been resolved in \u00d8rsted\u2019s favour. However, 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 \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\u2019 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 inflation premium for other risks. Separate structural risk-free interest rates are calculated for the UK, the rest of Europe, 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. 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\u2019s expectations and best estimate of total costs. before the Copenhagen Maritime & Commercial 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 capital or voting rights in \u00d8rsted A/S. Read more in note 5.1 \u2018Interest-bearing net debt and FFO\u2019.",
"dimensions": {
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__9__133": {
"value": "2024 2023Decom- Decom- ProvisionsmissioningOnerous OthermissioningOnerous OtherDKKmobligationscontractsprovisions To t a lobligationscontractsprovisions To t a lProvisions at 1 January 12,977 15,654 4,232 32,863 14,076 280 5,350 19,706Exchange rate adjustments 382 214 12 608 62 (675) 11 (602)Used during the year (34) (8,074) (1,036) (9,144) (30) (4,206) (824) (5,060)Provisions reversed during the year (88) (7,663) (260) (8,011) - - (1,447) (1,447)Provisions made during the year 504 2,531 1,070 4,105 526 20,246 1,150 21,922Disposals (86) - - (86) (349) - (12) (361)Divestment of enterprises (7) - (1) (8) - - - -Change in estimates (125) - - (125) (1,790) - - (1,790)Interest element of provisions 321 12 - 333 482 9 4 495Total provisions at 31 December 13,844 2,674 4,017 20,535 12,977 15,654 4,232 32,863Falling due as followsIn 0-1 year 344 2,031 425 2,800 250 15,007 698 15,955In 1-5 years 634 266 3,282 4,182 1,499 536 3,350 5,385After 5 years 12,866 377 310 13,553 11,228 111 184 11,523Decommissioning obligations by segmentDKKm 0-5 years 5-10 years 10-20 years After 20 years 2024 2023Offshore 545 1,853 4,646 2,303 9,347 8,840Onshore 1 - 37 2,255 2,293 2,062Bioenergy & Other 432 65 1,352 355 2,204 2,075To t a l 978 1,918 6,035 4,913 13,844 12,977Decommissioning obligationsDecommissioning obligations comprise estimated expenses relating to the decommissioning and disposal of our offshore wind, onshore wind, and solar farms, our battery storage facilities, 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 decommissioning 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 related to ceasing the development of Ocean Wind 1 where we have a provision of DKK 1.6 billion at the end of 2024 (2023: DKK 15 billion) as well as onerous contracts in relation to our decision to cease execution of FlagshipONE. The provision relates to cancellation fees on contracts. In 2024, \u2018Provisions reversed during the year\u2019 related to Ocean Wind 1, where we have finalised the negotiation of several contracts with a better outcome than assumed. In 2024, \u2018Used during the year\u2019 primarily related to payments to fulfilling and cancelling contracts for Ocean Wind 1 and FlagshipONE. In 2023, \u2018Used during the year\u2019 primarily related 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 related to CAPEX spent on the construction of Sunrise Wind.In 2024, \u2018Provisions made during the year\u2019 primarily related to updated assumptions related to operations and maintenance contracts for offshore transmission assets in the UK, higher costs related the construction agreement for Borkum Riffgrund 3, and costs related to ceasing the Ocean Wind 1 and FlagshipONE projects.",
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"s9__9__137-1": {
"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 insurance to cover any such claims.Secondary liabilityAs part of the divestment of our oil and gas business in 2017, we assumed a secondary liability regarding the decommissioning of offshore installations.LitigationWe are party to a number of court cases and legal dis-putes. In our assessment, none of these will significantly impact \u00d8rsted\u2019s financial position, neither individually nor collectively.We have been party to cases relating to the Danish competition authorities\u2019 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.These cases have been resolved in \u00d8rsted\u2019s favour. However, 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 2007before the Copenhagen Maritime & Commercial 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 capital 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__9__135": {
"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",
"dimensions": {
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"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__9__134": {
"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__9__141": {
"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. See \u2018Consolidated statement of shareholders\u2019 equity\u2019 and note 5.2 \u2018Equity\u2019.For a description of our \u2018Key accounting judgement\u2019 on \u2018Consolidated method for partnerships\u2019, see note 2.6 \u2018Other operating income and expenses\u2019.",
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"value": "Non-controlling interestsNote 3.10Brookfield partnership, the UKOONA Energy Partners, the USOffshore 1Onshore 2 Other 3 Non-controlling interests 4DKKm2024 2023 2024 2023 2024 2023Statement of comprehensive incomeRevenue 8,733 - 418 - 2,241 2,146EBITDA 6,694 - 935 - 1,247 1,131Profit (loss) for the year 1,799 - 226 - 403 290Total comprehensive income 1,817 - 514 - 573 401Profit (loss) for the year attributable to non-controlling interests - - 226 - 191 138Balance sheetNon-current assets 22,919 - 9,878 - 4,782 5,219Current assets 4,572 - 415 - 1,008 895Non-current liabilities 1,677 - 5,250 - 1,581 1,610Current liabilities 1,205 - 1,920 - 526 589Carrying amount of non-controlling interests 6,128 - 2,498 - 1,765 1,906Statement of cash flowsCash flows from operating activities 4,982 - 121 - 950 983Cash flows from investing activities 6,903 - (60) - (175) (110)Cash flows from financing activities (12,011) - (20) - (821) (902)\u2013 of which, dividends paid to non-controlling interests - - - - (369) (413)Transactions with non-controlling interestsDKKm 2024 2023Transactions with non-controlling interestsDividends paid to non-controlling interests (369) (413)Acquisition of non-controlling interests 5- (7,032)Divestment of equity investments to non-controlling interests 10,347 (153)Other capital transactions with non-controlling interests (115) 537Total transactions, cf. statement of cash flows 9,863 (7,061)Divestment of equity investments to non-controlling interestsChanges in receivables relating to the acquisition and divestment of non-controlling interests 10,347 (7,185)Cash selling price, total 10,347 (7,185)In the table, we provide financial information for subsidiaries with significant non-controlling interests. The amounts stated are the consolidated accounting figures of the individual enterprises or groups, determined according to our accounting policies. Amounts are stated before intra-group eliminations.1 In December 2024, we divested a 24.9 % equity stake of our 50 % share (equivalent to a 12.45 % share) in four UK offshore assets: Hornsea 1, Hornsea 2, Burbo Bank Extension, and Walney Extension, each represented by an individual holding company taking in Brookfield as non-controlling owner. We retain a 37.55 % equity ownership stake in these wind farms.2 In June 2024, we divested an 80 % equity stake in four of our US onshore assets: Ford Ridge Wind, Sunflower Wind, Helena Wind, and Western Trail Wind to Stonepeak. We retain a 20 % equity ownership stake.3 Primarily related to UK assets: Walney and Gunfleet Sands. 4 A complete list of all non-controlling interests, their company legal names, and country of registration can be found here: orsted.com/company-overview5 During 2023, we acquired the remaining equity in Ocean Wind, Bay State Wind, and Lease Area 500.\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. See \u2018Consolidated statement of shareholders\u2019 equity\u2019 and note 5.2 \u2018Equity\u2019.For a description of our \u2018Key accounting judgement\u2019 on \u2018Consolidated method for partnerships\u2019, see note 2.6 \u2018Other operating income and expenses\u2019.",
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"s9__9__142-1": {
"value": "Approach to taxesNote 4.1At \u00d8rsted, we provide user-friendly and transparent information about our global tax positions.We are committed to paying the right amount of tax, at the right time, in the right place, and 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.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 believe that by providing user-friendly information about our tax positions, we contribute to promoting public trust in the corporate tax system.We continue to report our key tax figures with inspiration from the Global Reporting Initiative (GRI) 207: Tax standard when presenting our approach to and reporting of tax.The purpose of our transparency initiatives is to create certainty about our tax positions for our stakeholders, such as our investors and the local communities where we pay our taxes, and where we operate.Our tax reporting according to our transparency intitiatives includes country-by-country key figures and total tax contribution figures, which can befound here: orsted.com/tax-transparency.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, legislation, and administration. We believe that by providing relevant and constructive input, we can contribute to an informed discussion on taxes and tax policy. The purpose of our engagement is to promote the development of future tax legislation and practice that supports the green transformation.During 2024, we have provided our responses to several public consultations in the US pertaining to the implementation of, and guidance on, the Inflation Reduction Act, to ensure the green transformation objectives are met also from a tax perspective. To promote responsible tax practices, we are engaging with CSR Europe to develop a European index for responsible tax practices. We participated in several panel debates with a view to promoting responsible tax practices.Pillar 2 \u2013 minimum effective tax rate of 15 %In December 2021, OECD released the Pillar 2 model rules to reform international corporate taxation. We continue to work with the Pillar 2 rules as they continuously come into effect in the individual countries. Based on our figures, we expect to benefit from the temporary safe harbour rules in all of the jurisdictions where we operate if the Pillar 2 effective tax rate is less than 15 %. The only exception is Singapore because of the technical set up of the safe harbour rule; however, no Pillar 2 tax is expected when calculating the full-scope top-up tax.UN SDG (no. 16)We are transparent about our approach to tax. We actively participate in the development of effective, accountable, and transparent legislation by our engagement with the OECD on Pillar 2.We endorse the B Team Responsible Tax Principles. The B Team is a group of business leaders, working to create new norms of corporate leadership that can build a better world, grounded in sus-tainability, equality, and accountability for companies, communities, and future generations.The Fair Tax Mark accreditation scheme seeks to encourage and recognise businesses that pay the right amount of corporation tax at the right time and in the right place. We seek to pay tax responsibly and transparently and are proud to have qualified for the Fair Tax Mark since 2022 with re-accreditation in 2023 and 2024.Tax governanceTaxes are overseen by the Board of Directors, and within the Board, the Chair of the Audit & Risk Commit-tee is accountable for our tax policy. The responsibility for tax risk management lies with the CFO and is over-seen by the Audit & Risk Committee. The day-to-day tax management is handled by a centralised global tax team.Our tax function is involved in the planning, implement-ation, and documentation of all significant business decisions and processes to ensure a coordinated assessment of all tax compliance and risks. The tax function also monitors and regularly updates tax risks and related controls.Complying with tax rules can be complex, as the inter-pretation of legislation and case law may not always be clear-cut and may change over time, giving rise to tax risks. Our tax governance and control framework 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 posi-tions, thorough documentation and explanations of our positions, robust compliance procedures, 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 operations, 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 governance and 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 with the expressed policy intent or lack thereof or fluctuating or divergent 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 our activities, including the controversies described in this section, we have made tax-related provisions in accordance with IAS 12, IAS 37, and relevant interpretation, such as IFRIC 23. The provisions have been calculated based on differences in tax rates and statistical risks of suffering economic or legal double taxation.Tax planning and use of tax incentivesTo remain competitive, we make use of incentives and tax relief implemented by governments where we have commercial substance, and our business activities are the intended beneficiaries of such incentives and relief. We benefit from the R&D tax credit regimes in the US, Poland, and Denmark as well as the investment and production tax credit regimes in the US.We 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 establish 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.Tax controversiesDuring 2024, the Danish Tax Agency has opened further 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 services for the offshore wind farms Hornsea 1, Walney Extension, Race Bank, Borssele 1 & 2, and Hornsea 2. We have also received an information request in relation to the development services provided for the offshore wind farms Greater Changhua 1 and 2a. In all its decisions, the Danish Tax Agency claims that \u00d8rsted Wind Power A/S has not acted at arm\u2019s length terms when charging fees for development 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 2024, the Danish Tax Agency has increased \u00d8rsted Wind Power A/S\u2019s tax payments to Denmark with DKK 10.8 billion for the income years 2015-2018. The amount, which is excluding any interest, is detailed per wind farm in the table below.The table illustrates the payable tax to Denmark per wind farm, should the Danish Tax Agency\u2019s position prevail, and the expected corresponding adjustments. The Danish tax, plus interests, would be payable upfront, and the corresponding adjustments would crystalise over the remaining lifetimes of the wind farms.As described in our key accounting estimates onpage 202, we have made provisions for uncertain tax positions according to IFRIC 23. In relation to these transfer 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 additional tax payable to Denmark assumes corresponding adjustments.Decisions made by the Danish Tax AgencyWalney Borssele DKKmExtension Hornsea 1 Race Bank1 & 2 Hornsea 2 Tota lPotential additional Danish tax payment excluding any interest 2,949 2,337 2,488 1,088 1,950 10,812Tax value of potential corresponding adjustment 2,651 2,294 2,236 1,180 1,681 10,042Likely timing of settlement of potential tax in Denmark,2nd half 2nd half if the Danish Tax Agency prevailsof 2025of 2025 TBD 1TBD 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 nine years from application for 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 initiated an audit. The next step is for the cases to be settled in arbitration, which we currently expect to happen in the latter half of 2025. Above, we have summarised the timeline for Hornsea 1 and Walney Extension. Also, we have included a status of the other projects where a transfer pricing case has started.Race BankWe have appealed the administrative decision to the Danish Tax Tribunal and submitted a MAP application in November 2024. We continue to consider our further options in light of the ongoing arbitration case regarding Hornsea 1 and Walney Extension, including an elaborated appeal to the Danish Tax Tribunal, a direct appeal to the court system, or the pursuit of a MAP under the double tax treaty 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 treaty between Denmark, the Netherlands, and the EU Arbitration Convention.Hornsea 2We have appealed the administrative decision to the Danish Tax Tribunal, who put the case on hold until the arbitration case regarding Hornsea 1 and Walney Extension has been solved. 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 treaty between Denmark and the UK.Greater Changhua 1 and 2aThe Danish Tax Agency issued an information request in October 2024. The deadline for the Danish Tax Agency to issue a draft administrative decision is on 1 May 2025.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 4.22024 2023Effective tax rate DKKm, %DKK million % DKK million %Tax on profit (loss) for the year can be explained as followsCalculated 22 % tax on profit (loss) before tax (573) 22 4,186 22Adjustments of calculated tax in foreign subsidiaries in relation to 22 % (257) 10 825 4Tax effect ofNon-taxable income and non-deductible costs, net 202 (8) 1,519 8Unrecognised tax assets (858) 33 (8,084) (43)Tax equity contributions (1,013) 39 874 5Movements in uncertain tax positions (31) 1 (251) (1)Changes in tax rates 178 (7) (21) -Adjustment of tax concerning previous years (238) 9 (204) (1)Effective tax for the year (2,590) 99 (1,156) (6)Income tax Tax on profit (loss) was DKK 2,590 million in 2024 against DKK 1,156 million in 2023. The effective tax rate was 99 % in 2024 against -6 % in 2023.The effective tax rate in 2024 was primarily affected by:\u00b7 The non-recognition of a deferred tax liability in connection with the reversal of the Ocean Wind 1 cancellation fee.\u00b7 The non-recognition of deferred tax assets in connection with the cancellation of FlagshipONE.\u00b7 The non-recognition of deferred tax assets in connection with the impairment of projects in the US and FlagshipONE.\u00b7 The recognition of deferred tax liabilities in connection with the capitalisation of project costs in the US where we have entered into tax equity agreements on the following projects: Eleven Mile Solar Center Mockingbird Sparta SolarThe tax equity contribution excludes the Mockingbird farm-down impact, which is included in non-taxable income and non-deductible costs, net.The changes in tax rates primarily relate to state tax rates in the US. The adjustment of tax concerning pre-vious years primarily relates to expected adjustments to final tax returns regarding previous years.The effective tax rate in 2023 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 Sunflower Wind, Sparta Solar, and Old 300, and by the final build-up recognition of deferred tax liabilities on South Fork Wind.Further, the deferred tax liability previously recognised on Ocean Wind 1 was reversed in connection with the ceasing of that project.\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 relating to other items is recognised in other comprehensive income.Our uncertain tax positions are measured by using either of the following two methods, depending on which method we expect to better 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.See more regarding our tax equity partnerships in notes 3.8 \u2018Tax equity liabilities\u2019 and4.3 \u2018Deferred tax\u2019.Income taxDKKm 2024 2023Tax on profit (loss) for the year (2,590) (1,156)Tax on other comprehensive income 407 (4,566)Tax on cash flow hedging of property, plant, and equipment under construction 40 -Tax on hybrid capital related to equity 9 2Total tax for the year (2,134) (5,720)Tax on profit (loss) for the year can be broken down as followsCurrent tax (5,990) (2,876)Deferred tax 4,355 1,207Changes in tax rates 178 (21)Uncertain tax positions (31) (251)Tax on hybrid capital 149 115Tax equity (1,013) 874Adjustment of tax concerning previous years (238) (204)Tax on profit (loss) for the year (2,590) (1,156)Tax on other comprehensive income can be broken down as followsCurrent tax 1,104 (1,262)Deferred tax (657) (3,304)Tax on other comprehensive income 447 (4,566)Tax on profit (loss) for the year and other comprehensive incomeIn 2024, total tax for the year was DKK 2,134 million, consisting of tax on profit (loss) for the year, tax on other comprehensive income, tax on cash flow hedging or property, plant, and equipment under construction, and tax on hybrid capital related to equity.Current taxCurrent tax is the tax incurred by \u00d8rsted on profit for the year. This differs from taxes paid because of payments or refunds regarding prior years and residual payments for the current year.Because of the high level of investments and the subsequent deferrals of payable tax as a consequence of accelerated tax depreciation, our current tax is generally lower than the statutory corporate tax rates during construction and the initial years after first power from a wind farm.However, as we use the realisation principle on certain financial instruments and exchange rate adjustments on bonds, losses on these are deferred.Pillar 2We expect to benefit from the temporary safe harbour rules in all of the jurisdictions where we operate if the Pillar 2 effective tax rate is less than 15 %. The only exception is Singapore because of the technical set up of the safe harbour rule; however, no Pillar 2 tax is expected when calculating the full-scope top-up tax. Key accounting estimateEstimates regarding recognition of income taxesWe are subject to income taxes in all the countries where we operate. Significant judgement and estimates are required in determining the worldwide income taxes and income tax assets and liabilities, including provisions for uncertain tax positions.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 methods prescribed in IFRIC 23 \u2018Uncertainty over Income Tax Treatments\u2019 when making provisions for uncertain tax positions, and the provisions made are based on different scenarios with possible outcomes. We consider the provisions made to be adequate. The actual obligation may deviate and might lead to tax in excess of the uncertain tax provisions included. This depends on the result of litigations and settlements with the relevant tax authorities. Ongoing tax disputes, primarily related to transfer pricing cases, are included as part of \u2018Income tax\u2019 and \u2018Deferred tax\u2019. Estimates in respect of transfer pricing cases depend, among others, on whether corresponding adjustments can be obtained in the relevant jurisdictions, and, in terms of disputes regarding project companies with partners, whether compensation 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 are continuously making significant investments in offshore wind farms in the UK, Germany, the Nether-lands, the US, and Taiwan (see also our global foot-print in the \u2018Management\u2019s review\u2019), resulting in the accumulation of large tax assets in recent years and a deferral in paid tax, until our assets are commissioned and put into operation. Once the deferral ends, the taxable income related to our assets 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 generally be similar, unless the project is subsidised.Compared to a few years ago, we have an accelerated volume of assets being commissioned and put into operation, and positive taxable income is generated. Even in jurisdictions with large tax loss carry forwards, the application of tax loss carryforward limitation rules, e.g. where a minimum share of any positive taxable income will always be taxed as well as limitations in joint taxation, may result in payable taxes.The US is the exception to this development in corporate taxes, due to the tax equity set-up in the US and the significant amount of tax assets not recognised in connection with the termination 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 transferred to the tax equity partner as repayment and return on investment. See more regarding tax equity partnerships in note 3.8 \u2018Tax equity liabilities\u2019.More information regarding our tax footprint can be found here: orsted.com/tax-transparency.",
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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 relating to other items is recognised in other comprehensive income.Our uncertain tax positions are measured by using either of the following two methods, depending on which method we expect to better 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.",
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"value": "Deferred taxNote 4.3BioenergyOther activities/ Net deferred tax for 2024 primarily consist of Offshore Onshore& Othereliminations AssetsRecognition of impairments and tax loss carryforwardsFinancial instrumentsLiabilitiesTax equity structuresAccelerated tax depreciation compared to accounting depreciationAcquisitionsDeferred tax 2024BioenergyOther activities/ Deferred tax DKKm Offshore Onshore& Othereliminations at 31 DecemberDeferred tax, assets 9,935 44 792 (1,521) 9,250Deferred tax, liabilities - 4,396 193 (2,156) 2,433Unrecognised tax assets 11,374 426 833 385 13,018Deferred tax 2023DKKmDeferred 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 9,873The 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 2024. \u2018Other activities/eliminations\u2019 primarily consist of eliminations between segments.Significant movements in deferred tax assets and liabilities Assets\u2191 Provisions primarily related to German projects. Provisions regarding decommissioning obligation. Impairment of assets in the US. Recognition of tax losses. Net movements of financial instruments primarily in Denmark. \u2193 Tax depreciations utilised in the UK, Germany, the Netherlands, and Ireland on mature operating projects. Derecognition of tax loss carry- forwards in the US.Liabilities\u2191 Tax equity partnerships related to Eleven Mile Solar Center, Mockingbird, and Sparta Solar. Adjustments related to our tax equity liabilities in the US.\u2193 Farm-down of Mockingbird. Reduction in US tax rate.Deferred tax Deferred tax balances balances Development in deferred tax assets and liabilities, 2024at 1 January, at 31 DKKmnet MovementsDecember, net Assets LiabilitiesIntangible assets (188) 187 (1) 16 17Property, plant, and equipment (1,649) 311 (1,338) 5,135 6,473Other non-current assets (302) 274 (28) - 28Current assets (1) 9 8 8 -Decommissioning obligations 2,206 191 2,397 2,544 147Other non-current liabilities 381 1,113 1,494 1,734 240Current liabilities (369) 456 87 87 -Tax loss carryforwards 4,675 (477) 4,198 4,198 -Offset (4,472) (4,472)To t a l 4,753 2,064 6,817 9,250 2,433Development in deferred tax assets and liabilities, 2023DKKmIntangible 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 3,439The difference in tax and accounting treatment on:\u00b7 provisions, decommissioning, impairment, depreciations, and our tax equity partnerships impact the development of the deferred tax balance on property, plant, and equipment\u00b7 financial instruments and exchange rate adjustments impact the development in non-current liabilities.\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. Intragroup gains and losses are eliminated when calculating deferred tax. In countries where taxes can be offset between companies due to joint taxation schemes, we have netted within a tax jurisdiction. Where no such possibility is feasible, the deferred tax is included 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. 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.We have adopted the narrow-scope amendments 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.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. 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 3.8 \u2018Tax equity liabilities\u2019.",
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"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. Intragroup gains and losses are eliminated when calculating deferred tax. In countries where taxes can be offset between companies due to joint taxation schemes, we have netted within a tax jurisdiction. Where no such possibility is feasible, the deferred tax is included 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. 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.We have adopted the narrow-scope amendments 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.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. 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 3.8 \u2018Tax equity liabilities\u2019.",
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"value": "Capital structureNote 5An appropriate capital structure is important to ensure we have the ability to raise new debt with attractive terms. In February 2024, following the release of our annual report for 2023, S&P downgraded us from BBB+ to BBB. In January 2025, S&P and Fitch changed their rating outlook from stable to negative. If our ratings should be downgraded by one notch, it will not impact \u00d8rsted\u2019s business activities.In March 2024, we issued a EUR 750 million (DKK 5,593 million) green hybrid bond. Simultaneously, we redeemed EUR 250 million (DKK 1,864 million) in principal amount of our hybrid bond due in November 3017. In September 2024, we redeemed the remaining EUR 250 million (DKK 1,864 million) in principal amount of our hybrid bond due in November 3017.Capital structure To ensure we have the financial strength to operate in the international energy and capital markets and to 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 target above 30 %. To support a solid investment grade, we have taken a number of initiatives. We have e.g. decided to pause dividends for the financial years 2023-2025, and we will accelerate our divestment programme.Financing policyThe aim of our financing policy is to minimise liquidity and refinancing risks while minimising financing costs and matching the currency composition of our debt with our revenue. We obtain funding in different markets and with different maturities. Our debt is primarily consolidated in the parent company, where cash resources are made available to the Group companies 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\u2019s sensitivity to unforeseen developments, including unrest in the financial markets.Liquidity reserveNote 5.4Cash and cash equivalents, securitiesDKKm 2024 2023Cash, cf. balance sheet 23,126 10,145Bank overdrafts that are part of the ongoing cash management (2) (1)Total cash and cash equivalents at 31 December, cf. statement of cash flows 23,124 10,144Cash can be specified as followsCash cf. balance sheet 23,126 10,145Cash, not available for use 317 481Securities can be specified as followsSecurities, available 10,129 29,515Securities, not available for use 4,403 387Total securities at 31 December 14,532 29,902The table shows our cash and securities divided into \u2018available\u2019 and \u2018not available for use\u2019.Overview of securitiesDKKm Fixed rate Floating rate 2024 Fixed rate Floating rate 2023Maturities0-2 years (376) 13,383 3,007 3,064 12,032 15,0962-5 years 710 4,734 5,444 371 8,287 8,658After 5 years 5,511 570 6,081 2,583 3,565 6,148Total carrying amount 5,845 8,687 14,532 6,018 23,884 29,902The table shows our securities split into maturities and fixed or floating interest rates. The overview includes the interest rate swaps used to manage the interest rate risk of the securities.1 For securities maturing within 2 years, the negative value of the interest rate swaps exceeds the value of the securities.The change in liquidity reserve is due to a decrease in available securities and undrawn credit facilities of DKK 19,386 million and DKK 6,269 million, respectively, partly countered by an increase in cash of DKK 12,981 million. The decrease in undrawn credit facilities is a consequence of a lower exposure to trades requiring the\ue61cexchange of collateral.Liquidity reserveLiquidity reserve at 31 December 2024 amounted to DKK 78.0 billion (31 December 2023: DKK 90.7 billion). Collateral and margin postingsWhen we trade derivatives to execute our hedging strategy, we can trade with daily settlement of the market value or with settlement at maturity.To reduce the risk of having to pay large amounts for negative market values, we actively manage the share of trading with daily settlement. As of 31 December 2024, 12 % (2023: 12 %) of our power and gas trades and 92 % (2023: 88 %) of our currency, inflation, and interest rate hedges were settled daily.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 short-term repo loans: DKK 4,011 million at 31 December 2024 (2023: DKK 0 million)\u00b7 insurance-related provisions: DKK 392 million at 31 December 2024 (2023: DKK 387 million).At 31 December 2024, we had received cash collateral in the amount of DKK 70 million (2023: DKK 286 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 269 million (2023: DKK 421 million)\u00b7 collateral for insurance-related provisions: DKK 45 million (2023: DKK 41 million)\u00b7 collateral for other transactions: DKK 3 million (2023: DKK 19 million).\u00a7 Accounting policiesSecurities comprise bonds that are monitored, measured, and reported at market value on an ongoing basis in conformity with the Group\u2019s investment policy. Changes in market value are recognised in profit (loss) for the year as financial income and expenses. Purchase and sale of securities are recognised at the settlement date.For listed securities, market value equals the market price, and for unlisted securities, market value is estimated based on generally accepted valuation methods and market data.Divested securities where repurchase agreements (repo transactions) have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held. The amount received is recognised as a liability, and the difference between the selling price and the purchase price is recognised in profit (loss) for the year over the term as interest. The return on the securities is recognised in profit (loss) for the year.Maturity analysis of financial liabilitiesNote 5.5Maturity analysis of financial liabilities 2024DKKm 2025 2026 2027-2028 After 2028 To ta lBank loans and issued bonds Notional amount 4,260 10,122 9,543 64,225 88,150 Interest payments 2,611 2,604 4,731 13,931 23,877Trade payables 20,827 - - - 20,827Lease liabilities 1,163 975 1,787 11,903 15,828Tax equity debt 234 259 519 968 1,980Other non-derivative payables 3,222 1,871 1,206 11,498 17,797Derivatives 6,531 2,848 4,327 5,775 19,481Total payment obligations 38,848 18,679 22,113 108,300 187,940Maturity analysis of financial liabilities 2023DKKm 2024 2025 2026-2027 After 2027 To ta lBank 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 24,968 109,654 174,005The Group\u2019s cash needs in respect of its financial loans and borrowings are shown in the table. The maturity analysis was determined on 31 December. The maturity analysis is based on undiscounted cash flows, including estimated interest payments. Interest payments are based on market conditions and interest rate hedging entered into as of 31 December. The maturity analysis does not include hybrid capital classified as equity. At 31 December 2024, we had issued hybrid capital with a notional amount totalling DKK 21,358 million due after 2028.",
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"value": "Capital structureNote 5An appropriate capital structure is important to ensure we have the ability to raise new debt with attractive terms. In February 2024, following the release of our annual report for 2023, S&P downgraded us from BBB+ to BBB. In January 2025, S&P and Fitch changed their rating outlook from stable to negative. If our ratings should be downgraded by one notch, it will not impact \u00d8rsted\u2019s business activities.In March 2024, we issued a EUR 750 million (DKK 5,593 million) green hybrid bond. Simultaneously, we redeemed EUR 250 million (DKK 1,864 million) in principal amount of our hybrid bond due in November 3017. In September 2024, we redeemed the remaining EUR 250 million (DKK 1,864 million) in principal amount of our hybrid bond due in November 3017.Capital structure To ensure we have the financial strength to operate in the international energy and capital markets and to 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 target above 30 %. To support a solid investment grade, we have taken a number of initiatives. We have e.g. decided to pause dividends for the financial years 2023-2025, and we will accelerate our divestment programme.Financing policyThe aim of our financing policy is to minimise liquidity and refinancing risks while minimising financing costs and matching the currency composition of our debt with our revenue. We obtain funding in different markets and with different maturities. Our debt is primarily consolidated in the parent company, where cash resources are made available to the Group companies 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\u2019s sensitivity to unforeseen developments, including unrest in the financial markets.",
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"value": "Interest-bearing net debt and FFONote 5.1Interest-bearing debt and interest-bearing assetsDKKm 2024 2023Interest-bearing debtBond debt 72,028 70,589Bank debt 15,680 9,031Total bond and bank debt 87,708 79,620Tax equity liability (see note 3.8) 1,764 1,196Lease liability 8,910 8,426Other interest-bearing debtDebt in connection with divestments 3,234 2,900Debt from receiving collateral under credit support annexes 71 286Other interest-bearing debt 137 153Total interest-bearing debt 101,824 92,581Interest-bearing assetsSecurities 14,532 29,902Cash 23,126 10,145Receivables from associates and joint ventures 202 77Cash, not available for use 317 481Other interest-bearing receivablesReceivables from placing collateral under credit support annexes 4,873 3,854Receivables in connection with divestments 747 735Other receivables - 8Total interest-bearing assets 43,797 45,202Total interest-bearing net debt at 31 December 58,027 47,37950 % of hybrid capital 10,477 9,552Other interest-bearing debt, add back (3,442) (3,339)Other interest-bearing receivables, add back 5,620 4,597Cash and securities not available for distribution, excluding repo loans 710 867Total adjusted interest-bearing net debt 71,392 59,056Funds from operations (FFO)DKKm 2024 2023EBITDA 31,959 18,717Change in provisions and other adjustments (13,184) 8,742Change in derivatives 648 4,274Variation margin, add back (1,540) (7,086)Reversal of gain (loss) on divestment of assets (348) (5,745)Income tax paid (6,327) (2,717)Interest and similar items, received/paid (477) 1,385Reversal of interest expenses transferred to assets (1,011) (453)50 % of coupon payments on hybrid capital (343) (273)Dividends received and capital reductions 27 19Funds from operations (FFO) 9,404 16,863Funds from operations (FFO)/adjusted interest-bearing net debtDKKm 2024 2023Funds from operations (FFO) 9,404 16,863Total adjusted interest-bearing net debt 71,392 59,056Funds from operations (FFO)/adjusted interest-bearing net debt 13.2 % 28.6 %FFO/adjusted interest-bearing net debt was 13.2 %. The decrease compared to last year was mainly driven by the payment of cancellation fees related to Ocean Wind 1 and an increase in adjusted interest-bearing net debt of DKK 12.3 billion. \u2018Interest-bearing net debt\u2019 totalled DKK 58,027 million compared with DKK 47,379 million in 2023.Interest-bearing net debtInterest-bearing net debt totalled DKK 58,027 million at the end of 2024, an increase of DKK 10,648 million relative to 2023. The increase in interest- bearing net debt consists of an increase in interest-bearing debt of DKK 9,243 million and a decrease in interest- bearing assets of DKK 1,405 million.In June 2024, we obtained a GBP 240 million (DKK 2,104 million) loan from Eksfin, the Norwegian Export Credit Agency.RatingWe have a corporate credit rating from all major rating agencies.Rating Outlook2Standard & Poor\u2019s BBB Negative 1Moody\u2019s Baa1 Negative 12Negative FItch BBB+ 1 Baa1 and BBB+ are the same rating.2 Announced in January 2025.If our ratings should be downgraded by one notch to BBB-/Baa2/BBB, it will not significantly impact \u00d8rsted\u2019s business activities.Market value of bond and bank debtThe market value of our bond and bank debt amounted to DKK 69,104 million and DKK 14,890 million, respectively, at 31 December 2024 (2023: DKK 68,671 million and DKK 8,711 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 determined as the present value of expected future instalments and interest payments using the Group\u2019s current interest rate on loans as the discount rate (level 2 \u2013 observable inputs).Due to the level of interest rates on average 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 2024, we had bank loan obligations totalling DKK 7,533 million (2023: DKK 5,030 million) and undrawn loan agreements for an aggregate amount of DKK 7,117 million (2023: DKK 6,597 million) to the European Investment Bank, Nordic Investment Bank, and Eksfin. The loans offered by these multilateral financial institutions cofund specific energy projects with maturities exceeding those normally available in the commercial banking market. In the event of two of the rating agencies downgrading our rating to BBB- or Baa3, we may be met with cancellation and repayment of these loan agreements. In addition, in case of a downgrade to a level below investment grade, we may be met with demands for cancellation and repayment of any drawn amount on our NTD 25 billion credit facility in Taiwan as well as demands for replacing existing parent company guarantees of an estimated range of up to DKK 15-20 billion by either bank guarantees or cash. Furthermore, we had non-cancellable credit facilities of DKK 37,619 million at 31 December 2024 (2023: DKK 44,562 million) with a number of Scandinavian and international banks. See note 5.4 \u2018Liquidity reserve\u2019 for further details.In connection with these loan agreements 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 consisting of the Danish state and Danish power distribution companies controlling more than 50 % of the share capital or voting rights in \u00d8rsted A/S.Changes in interest-bearing debtDKKm 2024 2023Interest-bearing debt at 1 January 92,581 77,707Cash transactionsProceeds from raising loans 9,990 17,584Instalments on loans (3,407) (1,580)Instalments on leases (736) (712)Change in other interest-bearing debt and tax equity liability 671 (1,625)Non-cash transactionsRaising lease debt, etc. 1,220 872Foreign exchange adjustments, amortisation, etc. 1,505 335Interest-bearing debt at 31 December 101,824 92,581Senior bonds issued at Outstanding amount 31 December 2024Type of Million, currencyfinancingCoupon (%) Time of issue Maturing Quoted inCurrency DKK EUR Green 600 4,474 2.250 June 2022 June 2028 LuxembourgEUR Green 750 5,593 1.500 Nov. 2017 Nov. 2029 LondonEUR Green 900 6,712 3.250 Sep. 2022 Sep. 2031 LuxembourgEUR Green 750 5,593 2.875 June 2022 June 2033 LuxembourgEUR Green 700 5,220 3.625 Feb. 2023 March 2026 LuxembourgEUR Blue 100 746 3.625 June 2023 June 2028 LuxembourgEUR Green 600 4,474 3.750 Feb. 2023 March 2030 LuxembourgEUR Green 700 5,220 4.125 Feb. 2023 March 2035 LuxembourgGBP Green 350 3,157 2.125 May 2019 May 2027 LuxembourgGBP - 750 6,764 4.875 Jan. 2012 Jan. 2032 LondonGBP Green 300 2,706 2.500 May 2019 May 2033 LuxembourgGBP Green 250 12,255 CPI+0.375 May 2019 May 2034 LuxembourgGBP Green 375 3,382 5.125 Sep. 2022 Sep. 2034 LuxembourgGBP - 500 4,510 5.750 Apr. 2010 Apr. 2040 LondonGBP Green 575 5,186 5.375 Sep. 2022 Sep. 2042 LuxembourgNTD Green 4,000 879 0.920 Nov. 2019 Nov. 2026 TaipeiNTD Green 4,000 879 0.600 Nov. 2020 Nov. 2027 TaipeiNTD Green 3,000 659 0.700 Nov. 2020 Nov. 2030 TaipeiNTD Green 8,000 1,757 1.500 Nov. 2019 Nov. 2034 TaipeiNTD Green 8,000 1,757 0.980 Nov. 2020 Nov. 2040 Taipei1 Issued principal is indexed to an outstanding amount of GBP 316 million corresponding to DKK 2,846 million at 31 December 2024. In addition to senior bonds, we have issued a number of hybrid bonds accounted for as equity, 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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"value": "Interest-bearing debt and interest-bearing assetsDKKm 2024 2023Interest-bearing debtBond debt 72,028 70,589Bank debt 15,680 9,031Total bond and bank debt 87,708 79,620Tax equity liability (see note 3.8) 1,764 1,196Lease liability 8,910 8,426Other interest-bearing debtDebt in connection with divestments 3,234 2,900Debt from receiving collateral under credit support annexes 71 286Other interest-bearing debt 137 153Total interest-bearing debt 101,824 92,581Interest-bearing assetsSecurities 14,532 29,902Cash 23,126 10,145Receivables from associates and joint ventures 202 77Cash, not available for use 317 481Other interest-bearing receivablesReceivables from placing collateral under credit support annexes 4,873 3,854Receivables in connection with divestments 747 735Other receivables - 8Total interest-bearing assets 43,797 45,202Total interest-bearing net debt at 31 December 58,027 47,37950 % of hybrid capital 10,477 9,552Other interest-bearing debt, add back (3,442) (3,339)Other interest-bearing receivables, add back 5,620 4,597Cash and securities not available for distribution, excluding repo loans 710 867Total adjusted interest-bearing net debt 71,392 59,056Hybrid capitalNote 5.3Hybrid bonds Green due in 3019 Green due in 3021 Green due in 3022 Green due in 3024 Green due in 3021Type Subordinated Subordinated Subordinated Subordinated SubordinatedCarrying amount DKK 4,416 million DKK 3,697 million DKK 3,692 million DKK 5,520 million DKK 3,630 millionFinancial classification Equity Equity Equity Equity EquityNotional amount EUR 600 million (DKK 4,474 million) EUR 500 milllion (DKK 3,729 million) EUR 500 milllion (DKK 3,729 million) EUR 750 million (DKK 5,593 million) GBP 425 million (DKK 3,833 million)Issued December 2019 February 2021 December 2022 March 2024 February 2021Maturing December 3019 February 3021 December 3022 March 3024 February 3021Quoted in Luxembourg Luxembourg Luxembourg Luxembourg LuxembourgFirst redemption at par 9 December 2027 18 February 2031 8 December 2028 14 September 2029 18 February 2033Coupon for the first Eight years fixed at 1.75 0 % p.a. Ten years fixed at 1.500 % p.a. Six years fixed at 5.250 % p.a. 5 years and 9 months fixed at 5.125 % p.a. 12 years fixed at 2.500 % p.a.Coupon in subsequent period is adjusted every +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 +2.590 % points from 2029, + 2.840 % points Adjusted every five years with the five-year five years with the five-year euro swapfrom 2032, and +2.952 % points from 2047from 2051from 2033, and +3.619 % points from 2048from 2034, and +3.590 % points from 2049benchmark 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 2,350 million and GBP 425 million, respectively, equivalent to DKK 21,358 million (2023: EUR 2,100 million and GBP 425 million, respectively, equivalent to DKK 19,310 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 dividends to our shareholders or pay coupon payments on other hybrid bonds. As a consequence of the special terms regarding the hybrid bonds, these are classified as equity, and therefore coupon payments are recognised in equity.\u00a7 Accounting policiesHybrid capital comprises issued bonds that qualify for treatment in accordance with the rules on compound financial instruments due to the special characteristics of the bonds. The notional amount, which constitutes a liability, is recognised at present value, and equity has been increased by the difference between the net proceeds received and the present value of the discounted liability. The carrying amount of the liability component amounted to nil on initial recognition as the only payment obligation is the repayment of the 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 5.4Cash and cash equivalents, securitiesDKKm 2024 2023Cash, cf. balance sheet 23,126 10,145Bank overdrafts that are part of the ongoing cash management (2) (1)Total cash and cash equivalents at 31 December, cf. statement of cash flows 23,124 10,144Cash can be specified as followsCash cf. balance sheet 23,126 10,145Cash, not available for use 317 481Securities can be specified as followsSecurities, available 10,129 29,515Securities, not available for use 4,403 387Total securities at 31 December 14,532 29,902The table shows our cash and securities divided into \u2018available\u2019 and \u2018not available for use\u2019.Overview of securitiesDKKm Fixed rate Floating rate 2024 Fixed rate Floating rate 2023Maturities0-2 years (376) 13,383 3,007 3,064 12,032 15,0962-5 years 710 4,734 5,444 371 8,287 8,658After 5 years 5,511 570 6,081 2,583 3,565 6,148Total carrying amount 5,845 8,687 14,532 6,018 23,884 29,902The table shows our securities split into maturities and fixed or floating interest rates. The overview includes the interest rate swaps used to manage the interest rate risk of the securities.1 For securities maturing within 2 years, the negative value of the interest rate swaps exceeds the value of the securities.The change in liquidity reserve is due to a decrease in available securities and undrawn credit facilities of DKK 19,386 million and DKK 6,269 million, respectively, partly countered by an increase in cash of DKK 12,981 million. The decrease in undrawn credit facilities is a consequence of a lower exposure to trades requiring the\ue61cexchange of collateral.Liquidity reserveLiquidity reserve at 31 December 2024 amounted to DKK 78.0 billion (31 December 2023: DKK 90.7 billion). Collateral and margin postingsWhen we trade derivatives to execute our hedging strategy, we can trade with daily settlement of the market value or with settlement at maturity.To reduce the risk of having to pay large amounts for negative market values, we actively manage the share of trading with daily settlement. As of 31 December 2024, 12 % (2023: 12 %) of our power and gas trades and 92 % (2023: 88 %) of our currency, inflation, and interest rate hedges were settled daily.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 short-term repo loans: DKK 4,011 million at 31 December 2024 (2023: DKK 0 million)\u00b7 insurance-related provisions: DKK 392 million at 31 December 2024 (2023: DKK 387 million).At 31 December 2024, we had received cash collateral in the amount of DKK 70 million (2023: DKK 286 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 269 million (2023: DKK 421 million)\u00b7 collateral for insurance-related provisions: DKK 45 million (2023: DKK 41 million)\u00b7 collateral for other transactions: DKK 3 million (2023: DKK 19 million).\u00a7 Accounting policiesSecurities comprise bonds that are monitored, measured, and reported at market value on an ongoing basis in conformity with the Group\u2019s investment policy. Changes in market value are recognised in profit (loss) for the year as financial income and expenses. Purchase and sale of securities are recognised at the settlement date.For listed securities, market value equals the market price, and for unlisted securities, market value is estimated based on generally accepted valuation methods and market data.Divested securities where repurchase agreements (repo transactions) have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held. The amount received is recognised as a liability, and the difference between the selling price and the purchase price is recognised in profit (loss) for the year over the term as interest. The return on the securities is recognised in profit (loss) for the year.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) 2024(level 1)(level 2)(level 3) 2023Gas inventory 2,735 - - 2,735 1,513 - - 1,513Total inventory 2,735 - - 2,735 1,513 - - 1,513Bonds - 14,532 - 14,532 - 29,902 - 29,902Total securities - 14,532 - 14,532 - 29,902 - 29,902Energy derivatives 2,943 559 1,243 4,745 7,485 2,700 559 10,744Currency derivatives - 361 - 361 - 749 - 749Interest and inflation derivatives - 471 - 471 - 336 - 336Total derivative assets 2,943 1,391 1,243 5,577 7,485 3,785 559 11,829LiabilitiesEnergy derivatives 2,784 752 6,399 9,935 5,397 4,176 8,087 17,660Currency derivatives - 2,506 - 2,506 - 489 - 489Interest and inflation derivatives - 3,269 - 3,269 - 4,063 - 4,063Commodity derivatives - 181 - 181 - - - -Total derivative liabilities 2,784 6,708 6,399 15,891 5,397 8,728 8,087 22,212All 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. 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 Manage-ment function. We use external price providers to ensure a high quality of 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 (PPAs) 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 PPAs, 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 PPAs are normally settled on the actual production, and the power prices available in the market are based on a constant production (flat profile), we take into account that our expected production is not constant, and thus our PPAs will not be settled against a flat profile price. 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 2024 2023Market value at 1 January (7,528) (14,687)Value adjustments through profit or loss (4) (31)Value adjustments through other comprehensive income 3,501 3,766Sales/redemptions (516) 1,366Purchases/issues (294) 750Transferred from quoted prices and observable input (35) -Transferred to quoted prices and observable input (280) 1,308Market value at 31 December (5,156) (7,528)Unobservable input per commodity priceDKKmUS ERCOT power prices (2,375) (5,261)German power prices (1,406) (1,484)US MISO power prices (487) (737)Other power prices (735) (37)Gas prices (153) (9)To t a l (5,156) (7,528)Power price (DKK/MWh) Sensitivity (DKKm)Overview of significant unobservable inputs and WeightedMonthlyMonthlysensitivitiesaverageminimummaximum +25 % -25 %Intermittency-adjusted power priceUS ERCOT (2025-2033) 195 69 541 (2,577) 2,928Germany (2026-2035) 420 320 622 (1,200) 1,200US MISO (2025-2033) 282 183 460 (399) 595US SPP (2025-2035) 232 93 419 (436) 683Ireland (2025-2042) 493 408 842 (228) 228The 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 2024. The asymmetric sensitity on the US price areas is due to some US PPAs being structured with a minimum price per MWh and a mechanism where we retain most of the upside from high power prices.If intermittency-adjusted power prices in Germany as of 31 December 2024 increased/decreased by 25 %, the market value would decrease/increase by DKK 1,200 million. Valuation techniques and significant unobservable inputs We use a discounted cash flow model for the valuation 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\u2019s long-term power price forecast, assuming similar seasonality as in previous periods. As the majority of the remaining contract period is within the period when power prices are non-observable, we classify the contracts as based on non-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 PPAs 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 2024, we have recognised an income of DKK 148 million (2023: income of DKK 197 million) related to the initial fair value from PPAs. The total amount of initial fair value as of 31 December 2024 amounts to a negative value of DKK 1,157 million (2023: negative value of DKK 1,243 million), which will be recognised as revenue in a future period.\u00a7 Accounting policiesWhen the fair value at \u2018initial 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.Categories of financial instrumentsNote 6.8Categories of financial instrumentsDKKm 2024 2023Energy, currency, and interest derivatives 3,360 7,251Securities 14,532 29,902Financial assets measured at fair value via the income statement 17,892 37,153Energy derivatives 1,851 3,783Currency derivatives 340 795Interest and inflation derivatives 26 -Derivatives (assets) measured at fair value and used as hedging instruments 2,217 4,578Trade receivables 9,045 11,107Other accounts receivable 8,004 7,200Cash 23,444 10,626Financial assets measured at amortised cost 40,493 28,933Energy, currency, and interest derivatives 3,426 3,712Financial liabilities measured at fair value via the income statement 3,426 3,712Energy derivatives 6,774 14,661Currency derivatives 2,486 481Interest and inflation derivatives 3,024 3,358Commodity derivatives 181 -Derivatives (liabilities) measured at fair value and used as hedging instruments 12,465 18,500Bank loans and issued bonds 87,708 79,620Trade payables 20,827 14,915Other accounts payable 8,380 8,591Financial liabilities measured at amortised cost 116,915 103,126The 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 2024 31 December 2023 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 % (187) (6,736) (277) (8,119)-25 % 438 7,247 562 8,263Gas +25 % (741) 152 (588) (127)-25 % 741 (152) 588 127Oil +25 % (112) - (360) 260-25 % 112 - 360 (158)GBP +10 % (541) (2,636) 817 (2,965)-10 % 541 2,636 (817) 2,965USD +10 % (1,279) (259) (2,070) (662)-10 % 1,279 259 2,070 662NTD +10 % 155 - (386) (9)-10 % (155) - 386 9EUR +1 % 11 (13) (212) (15)-1 % (11) 13 212 15Inflation +1 %p - (1,795) - (2,059)Interest +1 %p 266 258 620 920The 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 financial 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 instruments that remained open at the balance sheet date, and which are value-adjusted directly in equity. Financial instruments include derivatives as well as receivables and payables in foreign currencies.The illustrated sensitivities only comprise the impact of our financial instruments. If the hedged exposure had been included in the sensitivity analysis, the effect of a price change would have been reduced or offset entirely.Net investments and associated hedging of net investments 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/decrease in the currencies hedged in connection with net investments would reduce/increase equity by DKK 8,430 million (2023: DKK 5,718 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__153-1": {
"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 treatment in accordance with the rules on compound financial instruments due to the special characteristics of the bonds. The notional amount, which constitutes a liability, is recognised at present value, and equity has been increased by the difference between the net proceeds received and the present value of the discounted liability. The carrying amount of the liability component amounted to nil on initial recognition as the only payment obligation is the repayment of the 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\u2019s 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 settlement date.For listed securities, market value equals the market price, and for unlisted securities, market value is estimated based on generally accepted valuation methods and market data.Divested securities where repurchase agreements (repo transactions) have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held. The amount received is recognised as a liability, and the difference between the selling price and the purchase price is recognised in profit (loss) for the year over the term as interest. The return on the securities is recognised in profit (loss) for the year.When the fair value at \u2018initial 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:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__151": {
"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",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__156": {
"value": "Share capital \u00d8rsted\u2019s share capital is DKK 4,203,810,800 (2023: 4,204 million), divided into shares of DKK 10. The share capital is unchanged from last year. No shares are subject to special rights or restrictions on voting rights. All shares are fully paid up.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__157": {
"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 146,317 shares at 31 December 2024 (2023: 150,784), corresponding to less than 0.1 % of the share capital.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__158": {
"value": "Dividends As communicated in the Capital Markets Update on 7 February 2024, \u00d8rsted has paused dividends for the financial years 2023-2025. Consequently, the Board of Directors proposes that no dividend be paid out to the shareholders for the financial year 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__154": {
"value": "EquityNote 5.2Earnings per shareDKKm 2024 2023Profit (loss) for the year 16 (20,182)Interest and costs, hybrid capital owners of \u00d8rsted A/S (717) (553)Non-controlling interests (222) (324)\u00d8rsted\u2019s share of profit (loss) for the year (923) (21,059)(\u2018000)Average number of outstanding shares 420,233 420,227Dilutive effect of share programme 397 280Average number of outstanding shares, diluted 420,630 420,507(DKK)Earnings per share (2.2)(50.1)Diluted earnings per share(2.2)(50.1)Share capital \u00d8rsted\u2019s share capital is DKK 4,203,810,800 (2023: 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 146,317 shares at 31 December 2024 (2023: 150,784), corresponding to less than 0.1 % of the share capital.Dividends As communicated in the Capital Markets Update on 7 February 2024, \u00d8rsted has paused dividends for the financial years 2023-2025. Consequently, the Board of Directors proposes that no dividend be paid out to the shareholders for the financial year 2024.Profit (loss) for the year\u00d8rsted\u2019s share of profit (loss) in 2024 is allocated to retained earnings.Owners of \u00d8rstedThe Danish state is the principal shareholder with an ownership interest of 50.1 %. In addition, Equinor and Andel have an ownership interest of 10 % and 5 %, respectively. See note 15 \u2018Owner ship information\u2019 in the parent company\u2019s financial statements.Hedging reserve 1Hedging of property, plant, and Reserves 2024Foreign currency Hedging of net Hedging of Hedging of Hedging of equipment under To t a l DKKmtranslation reserveinvestmentsrevenuedivestmentsinterestconstructionreservesReserves at 1 January (384) (1,601) (8,615) (65) 414 - (10,251)Exchange rate adjustments 5,867 - - - - - 5,867Value adjustments of hedging - (3,698) 2,821 284 293 (181) (481)Value adjustments transferred toRevenue - - (403) - - - (403)Other operating income 5 - - (199) - - (194)Other operating expenses 7 - (642) - - - (635)Financial income and expenses - - - - (25) - (25)Ta xTax on hedging and currency adjustments (683) 814 309 (20) (60) 40 400Movements for the year 5,196 (2,884) 2,085 65 208 (141) 4,529Additions, non-controlling interests - - 558 - - - 558Total reserves including tax at 31 December 4,812 (4,485) (5,972) - 622 (141) (5,164)Total reserves excluding tax at 31 December 4,795 (5,753) (7,358) - 798 (181) (7,699)Reserves 2023DKKmReserves 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 toRevenue - - (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)Ta xTax 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)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\u2019s 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 (2023: 21,279 million), representing the excess amount of subscribed-for share capital over the nominal value of these shares in connection with capital injections.1 Costs of hedging related to the time value of option elements in Onshore CPPAs, and basis spread on currency swaps included in the hedging reserve amounts to a gain of DKK 139 million (2023: DKK 239 million). The change from last year primarily relates to value adjustments of Onshore CPPAs, which are structured with a minimum price per MWh and a mechanism where we retain most of the upside from high power prices.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"s9__9__155": {
"value": "Earnings per shareDKKm 2024 2023Profit (loss) for the year 16 (20,182)Interest and costs, hybrid capital owners of \u00d8rsted A/S (717) (553)Non-controlling interests (222) (324)\u00d8rsted\u2019s share of profit (loss) for the year (923) (21,059)(\u2018000)Average number of outstanding shares 420,233 420,227Dilutive effect of share programme 397 280Average number of outstanding shares, diluted 420,630 420,507(DKK)Earnings per share (2.2)(50.1)Diluted earnings per share(2.2)(50.1)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__161": {
"value": "Hedging reserve 1Hedging of property, plant, and Reserves 2024Foreign currency Hedging of net Hedging of Hedging of Hedging of equipment under To t a l DKKmtranslation reserveinvestmentsrevenuedivestmentsinterestconstructionreservesReserves at 1 January (384) (1,601) (8,615) (65) 414 - (10,251)Exchange rate adjustments 5,867 - - - - - 5,867Value adjustments of hedging - (3,698) 2,821 284 293 (181) (481)Value adjustments transferred toRevenue - - (403) - - - (403)Other operating income 5 - - (199) - - (194)Other operating expenses 7 - (642) - - - (635)Financial income and expenses - - - - (25) - (25)Ta xTax on hedging and currency adjustments (683) 814 309 (20) (60) 40 400Movements for the year 5,196 (2,884) 2,085 65 208 (141) 4,529Additions, non-controlling interests - - 558 - - - 558Total reserves including tax at 31 December 4,812 (4,485) (5,972) - 622 (141) (5,164)Total reserves excluding tax at 31 December 4,795 (5,753) (7,358) - 798 (181) (7,699)Reserves 2023DKKmReserves 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 toRevenue - - (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)Ta xTax 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)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\u2019s 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 (2023: 21,279 million), representing the excess amount of subscribed-for share capital over the nominal value of these shares in connection with capital injections.1 Costs of hedging related to the time value of option elements in Onshore CPPAs, and basis spread on currency swaps included in the hedging reserve amounts to a gain of DKK 139 million (2023: DKK 239 million). The change from last year primarily relates to value adjustments of Onshore CPPAs, which are structured with a minimum price per MWh and a mechanism where we retain most of the upside from high power prices.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__166": {
"value": "Hybrid capitalNote 5.3Hybrid bonds Green due in 3019 Green due in 3021 Green due in 3022 Green due in 3024 Green due in 3021Type Subordinated Subordinated Subordinated Subordinated SubordinatedCarrying amount DKK 4,416 million DKK 3,697 million DKK 3,692 million DKK 5,520 million DKK 3,630 millionFinancial classification Equity Equity Equity Equity EquityNotional amount EUR 600 million (DKK 4,474 million) EUR 500 milllion (DKK 3,729 million) EUR 500 milllion (DKK 3,729 million) EUR 750 million (DKK 5,593 million) GBP 425 million (DKK 3,833 million)Issued December 2019 February 2021 December 2022 March 2024 February 2021Maturing December 3019 February 3021 December 3022 March 3024 February 3021Quoted in Luxembourg Luxembourg Luxembourg Luxembourg LuxembourgFirst redemption at par 9 December 2027 18 February 2031 8 December 2028 14 September 2029 18 February 2033Coupon for the first Eight years fixed at 1.75 0 % p.a. Ten years fixed at 1.500 % p.a. Six years fixed at 5.250 % p.a. 5 years and 9 months fixed at 5.125 % p.a. 12 years fixed at 2.500 % p.a.Coupon in subsequent period is adjusted every +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 +2.590 % points from 2029, + 2.840 % points Adjusted every five years with the five-year five years with the five-year euro swapfrom 2032, and +2.952 % points from 2047from 2051from 2033, and +3.619 % points from 2048from 2034, and +3.590 % points from 2049benchmark 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 2,350 million and GBP 425 million, respectively, equivalent to DKK 21,358 million (2023: EUR 2,100 million and GBP 425 million, respectively, equivalent to DKK 19,310 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 dividends to our shareholders or pay coupon payments on other hybrid bonds. As a consequence of the special terms regarding the hybrid bonds, these are classified as equity, and therefore coupon payments are recognised in equity.\u00a7 Accounting policiesHybrid capital comprises issued bonds that qualify for treatment in accordance with the rules on compound financial instruments due to the special characteristics of the bonds. The notional amount, which constitutes a liability, is recognised at present value, and equity has been increased by the difference between the net proceeds received and the present value of the discounted liability. The carrying amount of the liability component amounted to nil on initial recognition as the only payment obligation is the repayment of the 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__167": {
"value": "Hybrid capital comprises issued bonds that qualify for treatment in accordance with the rules on compound financial instruments due to the special characteristics of the bonds. The notional amount, which constitutes a liability, is recognised at present value, and equity has been increased by the difference between the net proceeds received and the present value of the discounted liability. The carrying amount of the liability component amounted to nil on initial recognition as the only payment obligation is the repayment of the 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__168-1": {
"value": "Liquidity reserveNote 5.4Cash and cash equivalents, securitiesDKKm 2024 2023Cash, cf. balance sheet 23,126 10,145Bank overdrafts that are part of the ongoing cash management (2) (1)Total cash and cash equivalents at 31 December, cf. statement of cash flows 23,124 10,144Cash can be specified as followsCash cf. balance sheet 23,126 10,145Cash, not available for use 317 481Securities can be specified as followsSecurities, available 10,129 29,515Securities, not available for use 4,403 387Total securities at 31 December 14,532 29,902The table shows our cash and securities divided into \u2018available\u2019 and \u2018not available for use\u2019.Overview of securitiesDKKm Fixed rate Floating rate 2024 Fixed rate Floating rate 2023Maturities0-2 years (376) 13,383 3,007 3,064 12,032 15,0962-5 years 710 4,734 5,444 371 8,287 8,658After 5 years 5,511 570 6,081 2,583 3,565 6,148Total carrying amount 5,845 8,687 14,532 6,018 23,884 29,902The table shows our securities split into maturities and fixed or floating interest rates. The overview includes the interest rate swaps used to manage the interest rate risk of the securities.1 For securities maturing within 2 years, the negative value of the interest rate swaps exceeds the value of the securities.The change in liquidity reserve is due to a decrease in available securities and undrawn credit facilities of DKK 19,386 million and DKK 6,269 million, respectively, partly countered by an increase in cash of DKK 12,981 million. The decrease in undrawn credit facilities is a consequence of a lower exposure to trades requiring the\ue61cexchange of collateral.Liquidity reserveLiquidity reserve at 31 December 2024 amounted to DKK 78.0 billion (31 December 2023: DKK 90.7 billion). Collateral and margin postingsWhen we trade derivatives to execute our hedging strategy, we can trade with daily settlement of the market value or with settlement at maturity.To reduce the risk of having to pay large amounts for negative market values, we actively manage the share of trading with daily settlement. As of 31 December 2024, 12 % (2023: 12 %) of our power and gas trades and 92 % (2023: 88 %) of our currency, inflation, and interest rate hedges were settled daily.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 short-term repo loans: DKK 4,011 million at 31 December 2024 (2023: DKK 0 million)\u00b7 insurance-related provisions: DKK 392 million at 31 December 2024 (2023: DKK 387 million).At 31 December 2024, we had received cash collateral in the amount of DKK 70 million (2023: DKK 286 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 269 million (2023: DKK 421 million)\u00b7 collateral for insurance-related provisions: DKK 45 million (2023: DKK 41 million)\u00b7 collateral for other transactions: DKK 3 million (2023: DKK 19 million).\u00a7 Accounting policiesSecurities comprise bonds that are monitored, measured, and reported at market value on an ongoing basis in conformity with the Group\u2019s investment policy. Changes in market value are recognised in profit (loss) for the year as financial income and expenses. Purchase and sale of securities are recognised at the settlement date.For listed securities, market value equals the market price, and for unlisted securities, market value is estimated based on generally accepted valuation methods and market data.Divested securities where repurchase agreements (repo transactions) have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held. The amount received is recognised as a liability, and the difference between the selling price and the purchase price is recognised in profit (loss) for the year over the term as interest. The return on the securities is recognised in profit (loss) for the year.2024 2023Contracts accounted for at fair value through profit or loss (EBITDA)ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueEnergy Power swaps (buy position) 3,071 (409) 245 2,126Power options (sell position) 830 (23) 2,279 (67)Power purchase agreements (sell pos.) 237 (94) - -Gas swaps and options (sell position) 2,734 406 1,528 2,395Oil swaps and options (buy position) 169 (147) 166 (492)Other (buy position) 740 - 175 -2024 2023Contracts accounted for at fair value through profit or loss (financial items) ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueInterest rate swaps (pay fixed/receive variable) 13,822 200 21,806 (369)Interest rate swaps are used to adjust the maturity of our bond portfolio. For 2023, this includes ineffective USD interest rate swaps with a contractual principal amount of DKK 12,148 million.2024 2023Contracts accounted for at fair value through profit or loss (financial items)ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueCurrencyForward exchange contracts 21,180 1 24,504 (54)The table shows cash management positions which are not hedge accounted.Energy trading portfolioNote 6.72024 2023 Overview of the Group\u2019s energy trading portfolio 1Contractual Unrealised Contractual Unrealised DKKm principal amountgain (loss) principal amountgain/(loss)Power swaps (sell position) 4,389 229 3,305 (492)Power options (buy position) 3,778 972 5,906 1,406Gas swaps and options (sell position) 3,477 (704) 2,138 (312)Oil swaps and options (buy position) 169 (20) 156 (137)Other (sell position) 741 12 175 13Trading mandates 2VaR limit in 2024: DKK 100 million Stress limit in 2024: DKK 400 million Maximum open positions in trading portfolioVaR indicates the largest loss in one trading Stress indicates the largest daily loss we \u00b7 Max. 6 TWh of powerday at a probability of 95 %. VaR is based on risk sustaining with the given portfolio. \u00b7 Max. 9.5 TWh of gasdata for the past 45 trading days, with the Stress is based on data from 1 January 2006 \u00b7 Max. 1 million BOEheaviest weighting being assigned to the most to the present day.\u00b7 Max. 1.5 million tonnes of carbon emissionsrecent trading 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 unrealised gain/loss consists of both the received exposure from our assets with settlement at matu-rity and the external trades settled on a daily basis, including 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.).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 above. The overview of the Group\u2019s energy trading portfolio above 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 2024 2023Energy, currency, and interest derivatives 3,360 7,251Securities 14,532 29,902Financial assets measured at fair value via the income statement 17,892 37,153Energy derivatives 1,851 3,783Currency derivatives 340 795Interest and inflation derivatives 26 -Derivatives (assets) measured at fair value and used as hedging instruments 2,217 4,578Trade receivables 9,045 11,107Other accounts receivable 8,004 7,200Cash 23,444 10,626Financial assets measured at amortised cost 40,493 28,933Energy, currency, and interest derivatives 3,426 3,712Financial liabilities measured at fair value via the income statement 3,426 3,712Energy derivatives 6,774 14,661Currency derivatives 2,486 481Interest and inflation derivatives 3,024 3,358Commodity derivatives 181 -Derivatives (liabilities) measured at fair value and used as hedging instruments 12,465 18,500Bank loans and issued bonds 87,708 79,620Trade payables 20,827 14,915Other accounts payable 8,380 8,591Financial liabilities measured at amortised cost 116,915 103,126The 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 2024 31 December 2023 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 % (187) (6,736) (277) (8,119)-25 % 438 7,247 562 8,263Gas +25 % (741) 152 (588) (127)-25 % 741 (152) 588 127Oil +25 % (112) - (360) 260-25 % 112 - 360 (158)GBP +10 % (541) (2,636) 817 (2,965)-10 % 541 2,636 (817) 2,965USD +10 % (1,279) (259) (2,070) (662)-10 % 1,279 259 2,070 662NTD +10 % 155 - (386) (9)-10 % (155) - 386 9EUR +1 % 11 (13) (212) (15)-1 % (11) 13 212 15Inflation +1 %p - (1,795) - (2,059)Interest +1 %p 266 258 620 920The 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 financial 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 instruments that remained open at the balance sheet date, and which are value-adjusted directly in equity. Financial instruments include derivatives as well as receivables and payables in foreign currencies.The illustrated sensitivities only comprise the impact of our financial instruments. If the hedged exposure had been included in the sensitivity analysis, the effect of a price change would have been reduced or offset entirely.Net investments and associated hedging of net investments 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/decrease in the currencies hedged in connection with net investments would reduce/increase equity by DKK 8,430 million (2023: DKK 5,718 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__170-1": {
"value": "Collateral and margin postingsWhen we trade derivatives to execute our hedging strategy, we can trade with daily settlement of the market value or with settlement at maturity.To reduce the risk of having to pay large amounts for negative market values, we actively manage the share of trading with daily settlement. As of 31 December 2024, 12 % (2023: 12 %) of our power and gas trades and 92 % (2023: 88 %) of our currency, inflation, and interest rate hedges were settled daily.\u2018Securities not available for use\u2019 comprise securities pledged as collateral for: \u00b7 short-term repo loans: DKK 4,011 million at 31 December 2024 (2023: DKK 0 million)\u00b7 insurance-related provisions: DKK 392 million at 31 December 2024 (2023: DKK 387 million).At 31 December 2024, we had received cash collateral in the amount of DKK 70 million (2023: DKK 286 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 269 million (2023: DKK 421 million)\u00b7 collateral for insurance-related provisions: DKK 45 million (2023: DKK 41 million)\u00b7 collateral for other transactions: DKK 3 million (2023: DKK 19 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__178": {
"value": "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 short-term repo loans: DKK 4,011 million at 31 December 2024 (2023: DKK 0 million)\u00b7 insurance-related provisions: DKK 392 million at 31 December 2024 (2023: DKK 387 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__172-1": {
"value": "Cash and cash equivalents, securitiesDKKm 2024 2023Cash, cf. balance sheet 23,126 10,145Bank overdrafts that are part of the ongoing cash management (2) (1)Total cash and cash equivalents at 31 December, cf. statement of cash flows 23,124 10,144Cash can be specified as followsCash cf. balance sheet 23,126 10,145Cash, not available for use 317 481Securities can be specified as followsSecurities, available 10,129 29,515Securities, not available for use 4,403 387Total securities at 31 December 14,532 29,902The table shows our cash and securities divided into \u2018available\u2019 and \u2018not available for use\u2019.At 31 December 2024, we had received cash collateral in the amount of DKK 70 million (2023: DKK 286 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 269 million (2023: DKK 421 million)\u00b7 collateral for insurance-related provisions: DKK 45 million (2023: DKK 41 million)\u00b7 collateral for other transactions: DKK 3 million (2023: DKK 19 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__171-1": {
"value": "Cash and cash equivalents, securitiesDKKm 2024 2023Cash, cf. balance sheet 23,126 10,145Bank overdrafts that are part of the ongoing cash management (2) (1)Total cash and cash equivalents at 31 December, cf. statement of cash flows 23,124 10,144Cash can be specified as followsCash cf. balance sheet 23,126 10,145Cash, not available for use 317 481Securities can be specified as followsSecurities, available 10,129 29,515Securities, not available for use 4,403 387Total securities at 31 December 14,532 29,902The table shows our cash and securities divided into \u2018available\u2019 and \u2018not available for use\u2019.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 short-term repo loans: DKK 4,011 million at 31 December 2024 (2023: DKK 0 million)\u00b7 insurance-related provisions: DKK 392 million at 31 December 2024 (2023: DKK 387 million).At 31 December 2024, we had received cash collateral in the amount of DKK 70 million (2023: DKK 286 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 269 million (2023: DKK 421 million)\u00b7 collateral for insurance-related provisions: DKK 45 million (2023: DKK 41 million)\u00b7 collateral for other transactions: DKK 3 million (2023: DKK 19 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__174-1": {
"value": "Overview of securitiesDKKm Fixed rate Floating rate 2024 Fixed rate Floating rate 2023Maturities0-2 years (376) 13,383 3,007 3,064 12,032 15,0962-5 years 710 4,734 5,444 371 8,287 8,658After 5 years 5,511 570 6,081 2,583 3,565 6,148Total carrying amount 5,845 8,687 14,532 6,018 23,884 29,902The table shows our securities split into maturities and fixed or floating interest rates. The overview includes the interest rate swaps used to manage the interest rate risk of the securities.1 For securities maturing within 2 years, the negative value of the interest rate swaps exceeds the value of 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 short-term repo loans: DKK 4,011 million at 31 December 2024 (2023: DKK 0 million)\u00b7 insurance-related provisions: DKK 392 million at 31 December 2024 (2023: DKK 387 million).Securities comprise bonds that are monitored, measured, and reported at market value on an ongoing basis in conformity with the Group\u2019s investment policy. Changes in market value are recognised in profit (loss) for the year as financial income and expenses. Purchase and sale of securities are recognised at the settlement date.For listed securities, market value equals the market price, and for unlisted securities, market value is estimated based on generally accepted valuation methods and market data.Divested securities where repurchase agreements (repo transactions) have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held. The amount received is recognised as a liability, and the difference between the selling price and the purchase price is recognised in profit (loss) for the year over the term as interest. The return on the securities is recognised in profit (loss) for the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__180": {
"value": "Securities comprise bonds that are monitored, measured, and reported at market value on an ongoing basis in conformity with the Group\u2019s investment policy. Changes in market value are recognised in profit (loss) for the year as financial income and expenses. Purchase and sale of securities are recognised at the settlement date.For listed securities, market value equals the market price, and for unlisted securities, market value is estimated based on generally accepted valuation methods and market data.Divested securities where repurchase agreements (repo transactions) have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held. The amount received is recognised as a liability, and the difference between the selling price and the purchase price is recognised in profit (loss) for the year over the term as interest. The return on the securities is recognised in profit (loss) for the year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__169-1": {
"value": "Securities comprise bonds that are monitored, measured, and reported at market value on an ongoing basis in conformity with the Group\u2019s investment policy. Changes in market value are recognised in profit (loss) for the year as financial income and expenses. Purchase and sale of securities are recognised at the settlement date.For listed securities, market value equals the market price, and for unlisted securities, market value is estimated based on generally accepted valuation methods and market data.Divested securities where repurchase agreements (repo transactions) have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held. The amount received is recognised as a liability, and the difference between the selling price and the purchase price is recognised in profit (loss) for the year over the term as interest. The return on the securities is recognised in profit (loss) for the year.Market value adjustments of 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__179": {
"value": "Divested securities where repurchase agreements (repo transactions) have been made at the time of sale are recognised in the balance sheet at the settlement date as if the securities were still held. The amount received is recognised as a liability, and the difference between the selling price and the purchase price is recognised in profit (loss) for the year over the term as interest. The return on the securities is recognised in profit (loss) for the year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__190": {
"value": "Financial income and expensesNote 5.6Net financial income and expenses 1DKKm 2024 2023Interest expenses, net (1,739) (1,764)Interest expenses, leasing (301) (308)Interest element of provisions, etc. (502) (662)Tax equity partner\u2019s contractual return (1,275) (965)Value adjustments of derivatives, net 541 1,850Capital gains/losses on securities at market value, net 434 489Exchange rate adjustments, net (750) (140)Other financial income and expenses 1 57Net financial income and expenses (3,591) (1,443)Financial income and expenses 2DKKm 2024 2023Interest income from cash, etc. 843 926Interest income from securities at market value 710 716Capital gains on securities at market value 783 489Foreign exchange gains 3,854 4,674Value adjustments of derivatives 2,372 5,548Other financial income 28 26Total financial income 8,590 12,379Interest expenses relating to loans and borrowings, etc. (4,604) (4,167)Interest expenses transferred to assets 1,011 453Interest expenses, leasing (301) (308)Interest element of provisions (113) (257)Tax equity partner\u2019s contractual returns (1,275) (965)Capital losses on securities at market value (349) -Foreign exchange losses (4,538) (5,042)Value adjustments of derivatives (1,897) (3,470)Other financial expenses (115) (66)Total financial expenses (12,181) (13,822)Net financial income and expenses (3,591) (1,443)1 The table shows net financial income and expenses, corresponding to our internal reporting. The gain in \u2018Value adjustments of derivatives, net\u2019 in 2024 mainly consisted of the gains on interest rate swaps, which are not hedge accounted. The gain was mostly driven by the increase in interest rates. In 2023, \u2018Value adjustments of derivatives, net\u2019 included a gain of DKK 2,399 million due to hedge ineffectiveness driven by reduced funding needs in US. \u2018Exchange rate adjustments, net\u2019 are mainly affected by inter-company balances between entities with different functional currencies and do not impact the statement of cash flows or interest-bearing net debt. The negative \u2018Exchange rate adjustments, net\u2019 in 2024 were mostly driven by the increase in the GBP/DKK exchange rate.2 Exchange rate adjustments of currency hedging are recognised in revenue and cost of sales with a loss of DKK 569 million (2023: a loss of DKK 451 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 2024 (2023: 3.4 %).\u00a7 Accounting policiesMarket value adjustments of interest rate and currency derivatives that have not been entered into for hedging purposes are presented as financial income or expenses.The accounting policy for the tax equity partner\u2019s contractual return is described in note 3.8 \u2018Tax equity liabilities\u2019.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__189": {
"value": "Financial income and expensesNote 5.6Net financial income and expenses 1DKKm 2024 2023Interest expenses, net (1,739) (1,764)Interest expenses, leasing (301) (308)Interest element of provisions, etc. (502) (662)Tax equity partner\u2019s contractual return (1,275) (965)Value adjustments of derivatives, net 541 1,850Capital gains/losses on securities at market value, net 434 489Exchange rate adjustments, net (750) (140)Other financial income and expenses 1 57Net financial income and expenses (3,591) (1,443)Financial income and expenses 2DKKm 2024 2023Interest income from cash, etc. 843 926Interest income from securities at market value 710 716Capital gains on securities at market value 783 489Foreign exchange gains 3,854 4,674Value adjustments of derivatives 2,372 5,548Other financial income 28 26Total financial income 8,590 12,379Interest expenses relating to loans and borrowings, etc. (4,604) (4,167)Interest expenses transferred to assets 1,011 453Interest expenses, leasing (301) (308)Interest element of provisions (113) (257)Tax equity partner\u2019s contractual returns (1,275) (965)Capital losses on securities at market value (349) -Foreign exchange losses (4,538) (5,042)Value adjustments of derivatives (1,897) (3,470)Other financial expenses (115) (66)Total financial expenses (12,181) (13,822)Net financial income and expenses (3,591) (1,443)1 The table shows net financial income and expenses, corresponding to our internal reporting. The gain in \u2018Value adjustments of derivatives, net\u2019 in 2024 mainly consisted of the gains on interest rate swaps, which are not hedge accounted. The gain was mostly driven by the increase in interest rates. In 2023, \u2018Value adjustments of derivatives, net\u2019 included a gain of DKK 2,399 million due to hedge ineffectiveness driven by reduced funding needs in US. \u2018Exchange rate adjustments, net\u2019 are mainly affected by inter-company balances between entities with different functional currencies and do not impact the statement of cash flows or interest-bearing net debt. The negative \u2018Exchange rate adjustments, net\u2019 in 2024 were mostly driven by the increase in the GBP/DKK exchange rate.2 Exchange rate adjustments of currency hedging are recognised in revenue and cost of sales with a loss of DKK 569 million (2023: a loss of DKK 451 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 2024 (2023: 3.4 %).\u00a7 Accounting policiesMarket value adjustments of interest rate and currency derivatives that have not been entered into for hedging purposes are presented as financial income or expenses.The accounting policy for the tax equity partner\u2019s contractual return is described in note 3.8 \u2018Tax equity liabilities\u2019.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__188": {
"value": "Financial income and expensesNote 5.6Net financial income and expenses 1DKKm 2024 2023Interest expenses, net (1,739) (1,764)Interest expenses, leasing (301) (308)Interest element of provisions, etc. (502) (662)Tax equity partner\u2019s contractual return (1,275) (965)Value adjustments of derivatives, net 541 1,850Capital gains/losses on securities at market value, net 434 489Exchange rate adjustments, net (750) (140)Other financial income and expenses 1 57Net financial income and expenses (3,591) (1,443)Financial income and expenses 2DKKm 2024 2023Interest income from cash, etc. 843 926Interest income from securities at market value 710 716Capital gains on securities at market value 783 489Foreign exchange gains 3,854 4,674Value adjustments of derivatives 2,372 5,548Other financial income 28 26Total financial income 8,590 12,379Interest expenses relating to loans and borrowings, etc. (4,604) (4,167)Interest expenses transferred to assets 1,011 453Interest expenses, leasing (301) (308)Interest element of provisions (113) (257)Tax equity partner\u2019s contractual returns (1,275) (965)Capital losses on securities at market value (349) -Foreign exchange losses (4,538) (5,042)Value adjustments of derivatives (1,897) (3,470)Other financial expenses (115) (66)Total financial expenses (12,181) (13,822)Net financial income and expenses (3,591) (1,443)1 The table shows net financial income and expenses, corresponding to our internal reporting. The gain in \u2018Value adjustments of derivatives, net\u2019 in 2024 mainly consisted of the gains on interest rate swaps, which are not hedge accounted. The gain was mostly driven by the increase in interest rates. In 2023, \u2018Value adjustments of derivatives, net\u2019 included a gain of DKK 2,399 million due to hedge ineffectiveness driven by reduced funding needs in US. \u2018Exchange rate adjustments, net\u2019 are mainly affected by inter-company balances between entities with different functional currencies and do not impact the statement of cash flows or interest-bearing net debt. The negative \u2018Exchange rate adjustments, net\u2019 in 2024 were mostly driven by the increase in the GBP/DKK exchange rate.2 Exchange rate adjustments of currency hedging are recognised in revenue and cost of sales with a loss of DKK 569 million (2023: a loss of DKK 451 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 2024 (2023: 3.4 %).\u00a7 Accounting policiesMarket value adjustments of interest rate and currency derivatives that have not been entered into for hedging purposes are presented as financial income or expenses.The accounting policy for the tax equity partner\u2019s contractual return is described in note 3.8 \u2018Tax equity liabilities\u2019.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__186": {
"value": "Financial income and expensesNote 5.6Net financial income and expenses 1DKKm 2024 2023Interest expenses, net (1,739) (1,764)Interest expenses, leasing (301) (308)Interest element of provisions, etc. (502) (662)Tax equity partner\u2019s contractual return (1,275) (965)Value adjustments of derivatives, net 541 1,850Capital gains/losses on securities at market value, net 434 489Exchange rate adjustments, net (750) (140)Other financial income and expenses 1 57Net financial income and expenses (3,591) (1,443)Financial income and expenses 2DKKm 2024 2023Interest income from cash, etc. 843 926Interest income from securities at market value 710 716Capital gains on securities at market value 783 489Foreign exchange gains 3,854 4,674Value adjustments of derivatives 2,372 5,548Other financial income 28 26Total financial income 8,590 12,379Interest expenses relating to loans and borrowings, etc. (4,604) (4,167)Interest expenses transferred to assets 1,011 453Interest expenses, leasing (301) (308)Interest element of provisions (113) (257)Tax equity partner\u2019s contractual returns (1,275) (965)Capital losses on securities at market value (349) -Foreign exchange losses (4,538) (5,042)Value adjustments of derivatives (1,897) (3,470)Other financial expenses (115) (66)Total financial expenses (12,181) (13,822)Net financial income and expenses (3,591) (1,443)1 The table shows net financial income and expenses, corresponding to our internal reporting. The gain in \u2018Value adjustments of derivatives, net\u2019 in 2024 mainly consisted of the gains on interest rate swaps, which are not hedge accounted. The gain was mostly driven by the increase in interest rates. In 2023, \u2018Value adjustments of derivatives, net\u2019 included a gain of DKK 2,399 million due to hedge ineffectiveness driven by reduced funding needs in US. \u2018Exchange rate adjustments, net\u2019 are mainly affected by inter-company balances between entities with different functional currencies and do not impact the statement of cash flows or interest-bearing net debt. The negative \u2018Exchange rate adjustments, net\u2019 in 2024 were mostly driven by the increase in the GBP/DKK exchange rate.2 Exchange rate adjustments of currency hedging are recognised in revenue and cost of sales with a loss of DKK 569 million (2023: a loss of DKK 451 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 2024 (2023: 3.4 %).\u00a7 Accounting policiesMarket value adjustments of interest rate and currency derivatives that have not been entered into for hedging purposes are presented as financial income or expenses.The accounting policy for the tax equity partner\u2019s contractual return is described in note 3.8 \u2018Tax equity liabilities\u2019.",
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"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__9__185": {
"value": "Financial income and expensesNote 5.6Net financial income and expenses 1DKKm 2024 2023Interest expenses, net (1,739) (1,764)Interest expenses, leasing (301) (308)Interest element of provisions, etc. (502) (662)Tax equity partner\u2019s contractual return (1,275) (965)Value adjustments of derivatives, net 541 1,850Capital gains/losses on securities at market value, net 434 489Exchange rate adjustments, net (750) (140)Other financial income and expenses 1 57Net financial income and expenses (3,591) (1,443)Financial income and expenses 2DKKm 2024 2023Interest income from cash, etc. 843 926Interest income from securities at market value 710 716Capital gains on securities at market value 783 489Foreign exchange gains 3,854 4,674Value adjustments of derivatives 2,372 5,548Other financial income 28 26Total financial income 8,590 12,379Interest expenses relating to loans and borrowings, etc. (4,604) (4,167)Interest expenses transferred to assets 1,011 453Interest expenses, leasing (301) (308)Interest element of provisions (113) (257)Tax equity partner\u2019s contractual returns (1,275) (965)Capital losses on securities at market value (349) -Foreign exchange losses (4,538) (5,042)Value adjustments of derivatives (1,897) (3,470)Other financial expenses (115) (66)Total financial expenses (12,181) (13,822)Net financial income and expenses (3,591) (1,443)1 The table shows net financial income and expenses, corresponding to our internal reporting. The gain in \u2018Value adjustments of derivatives, net\u2019 in 2024 mainly consisted of the gains on interest rate swaps, which are not hedge accounted. The gain was mostly driven by the increase in interest rates. In 2023, \u2018Value adjustments of derivatives, net\u2019 included a gain of DKK 2,399 million due to hedge ineffectiveness driven by reduced funding needs in US. \u2018Exchange rate adjustments, net\u2019 are mainly affected by inter-company balances between entities with different functional currencies and do not impact the statement of cash flows or interest-bearing net debt. The negative \u2018Exchange rate adjustments, net\u2019 in 2024 were mostly driven by the increase in the GBP/DKK exchange rate.2 Exchange rate adjustments of currency hedging are recognised in revenue and cost of sales with a loss of DKK 569 million (2023: a loss of DKK 451 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 2024 (2023: 3.4 %).\u00a7 Accounting policiesMarket value adjustments of interest rate and currency derivatives that have not been entered into for hedging purposes are presented as financial income or expenses.The accounting policy for the tax equity partner\u2019s contractual return is described in note 3.8 \u2018Tax equity liabilities\u2019.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__9__184": {
"value": "Financial income and expensesNote 5.6Net financial income and expenses 1DKKm 2024 2023Interest expenses, net (1,739) (1,764)Interest expenses, leasing (301) (308)Interest element of provisions, etc. (502) (662)Tax equity partner\u2019s contractual return (1,275) (965)Value adjustments of derivatives, net 541 1,850Capital gains/losses on securities at market value, net 434 489Exchange rate adjustments, net (750) (140)Other financial income and expenses 1 57Net financial income and expenses (3,591) (1,443)Financial income and expenses 2DKKm 2024 2023Interest income from cash, etc. 843 926Interest income from securities at market value 710 716Capital gains on securities at market value 783 489Foreign exchange gains 3,854 4,674Value adjustments of derivatives 2,372 5,548Other financial income 28 26Total financial income 8,590 12,379Interest expenses relating to loans and borrowings, etc. (4,604) (4,167)Interest expenses transferred to assets 1,011 453Interest expenses, leasing (301) (308)Interest element of provisions (113) (257)Tax equity partner\u2019s contractual returns (1,275) (965)Capital losses on securities at market value (349) -Foreign exchange losses (4,538) (5,042)Value adjustments of derivatives (1,897) (3,470)Other financial expenses (115) (66)Total financial expenses (12,181) (13,822)Net financial income and expenses (3,591) (1,443)1 The table shows net financial income and expenses, corresponding to our internal reporting. The gain in \u2018Value adjustments of derivatives, net\u2019 in 2024 mainly consisted of the gains on interest rate swaps, which are not hedge accounted. The gain was mostly driven by the increase in interest rates. In 2023, \u2018Value adjustments of derivatives, net\u2019 included a gain of DKK 2,399 million due to hedge ineffectiveness driven by reduced funding needs in US. \u2018Exchange rate adjustments, net\u2019 are mainly affected by inter-company balances between entities with different functional currencies and do not impact the statement of cash flows or interest-bearing net debt. The negative \u2018Exchange rate adjustments, net\u2019 in 2024 were mostly driven by the increase in the GBP/DKK exchange rate.2 Exchange rate adjustments of currency hedging are recognised in revenue and cost of sales with a loss of DKK 569 million (2023: a loss of DKK 451 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 2024 (2023: 3.4 %).\u00a7 Accounting policiesMarket value adjustments of interest rate and currency derivatives that have not been entered into for hedging purposes are presented as financial income or expenses.The accounting policy for the tax equity partner\u2019s contractual return is described in note 3.8 \u2018Tax equity liabilities\u2019.",
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"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"s9__9__191": {
"value": "Market value adjustments of interest rate and currency derivatives that have not been entered into for hedging purposes are presented as financial income or expenses.The accounting policy for the tax equity partner\u2019s contractual return is described in note 3.8 \u2018Tax equity liabilities\u2019.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"s9__9__187": {
"value": "Market value adjustments of interest rate and currency derivatives that have not been entered into for hedging purposes are presented as financial income or expenses.The accounting policy for the tax equity partner\u2019s contractual return is described in note 3.8 \u2018Tax equity liabilities\u2019.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__9__193-1": {
"value": "Risk managementNote 6We are exposed to financial and revenue risks in the form of energy price and volume risks, inflation and interest rate risks, commodity price risks, currency risks, credit risks, 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 as well as our governance and management of all these financial and revenue risks, excluding liquidity risks, which are covered in note 5.For the period 2025-2030, approximately 85 % of our expected revenue from our wind, solar PV, and battery storage assets are fixed-price inflation-indexed or fixed nominal. The remaining 15 % is exposed to fluctuations in power prices.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 and revenue risk management 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, such as FFO/adjusted interest-bearing net debt\u00b7 protect the long-term real value of the shareholders\u2019 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 our ongoing risk management and control, including necessary mitigating actions for all risks we take on through our business, hedging, and trading activities. \u00b7 The second line of defence is Group Risk Management, which is responsible for challenging decisions made by the first line of defence, including providing independent risk views and advice, as well as monitoring and controlling that risks are being managed appropriately.\u00b7 The third line of defence is Internal Audit.The mandates for first line of defence 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 generation as described in note 6.2 \u2018Energy price risks\u2018. In our risk management processes, financial and revenue risks are quantified and assessed against our risk appetite \u2013 alongside decisions on suitable risk mitigation measures. Our biggest enterprise risks and associated risk mitigation measures are presented in the \u2018Enterprise risk management\u2019 section in the \u2018Management\u2019s review\u2019. The Board of Directors overseas our risk management through the Audit & Risk Committee and approves associated frameworks, mandates, and limits per risk factor. See the \u2018Corporate governance\u2019 section in the \u2018Management\u2019s review\u2019 for governance regarding our committees.We govern the accounting treatment and effectiveness 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 interest rate and currency 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 inputs, 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 inflation. 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 exposures 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 intermittent power generation from wind and solar PV assets. By nature, this is exposed to volume uncertainty, price uncertainty, and the often negative correlation between the two. We are also exposed to other energy price risks through our combined heat and power plants.Intermittent Offshore and Onshore power generationAround 15 % of the revenue from our power generation in Offshore and Onshore in 2025-2027 is exposed to power price uncertainty.Most of our Offshore assets receive government subsi-dies, which provide a high degree of revenue certainty for pre-determined periods of time. The majority of the offshore subsidies that we receive in the UK, Central Europe, the US, and Taiwan provide us with either floor prices or fixed prices per MWh for the power produced. Our UK ROC assets receive a fixed subsidy per MWh in addition to the revenue generated from selling the power generation in the market. Furthermore, some of our Offshore assets in Germany will see their floor price subsidies drop from EUR 184-194 per MWh to EUR 39 per MWh over the next three years. For a very small number of our assets in the UK, the government subsidies have expired or will expire by the end of 2027. From early 2025, all Danish assets will be with-out subsidy. We manage some of the revenue risks in Offshore using corporate power purchase agree-ments (CPPAs), which have fixed prices and floor prices. These CPPAs cover approx. 10 % of the expected Offshore revenue for the period 2025-2027.A large part of our income in Onshore comes from production tax credits (PTCs) or investment tax credits (ITCs) related to power generation or investments in the US (see note 3.8 \u2018Tax equity liabilities\u2019). The tax credits are not exposed to a power price risk. However, there is a price risk associated with the power produced by these assets. In Europe, we have a mixture of subsidised and subsidy-free Onshore assets. Like in Offshore, we manage some of the Onshore revenue risks using CPPAs. The current Onshore CPPAs cover approx. 62 % of the expected Onshore revenue for the period 2025-2027. In general, these 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 revenue risks, we use fixed-volume hedges. There can be mismatches between these hedges and the production profiles of our assets. In addition, there tends to be a negative correlation between power prices and generation volumes, which is driven by the periods when solar and wind generation exceeds demand. These risks are accounted for in our hedging strategy and poli-cies. For example, the maximum hedge ratio is 70 % when using fixed-volume hedges within the two-year horizon we actively manage. This maximum hedging level ensures a low probability for not having physical power generation behind fixed-volume hedges while also providing an adequate level of risk reduction. We may hedge beyond the two-year horizon if the price level is commercially attractive.Power generation at our CHP plantsOur portfolio of CHP plants primarily consists of biomass-fuelled units in Denmark. The profitability of power generation is determined by the difference between the selling price of power and the purchase price of biomass. If the spreads are attractive, we provide condensing power generation in addition to CHP generation. The total net price risk associated with power from CHP generation for the period 2025-2027 is DKK 4.8 billion after hedging, covering both heat-bound and condensing-based generation. We are not exposed to price risks related to heat generation.Risk after hedgingOur energy exposure after hedging for the years 2025-2027 can be summarised as shown in the table.Effect of price changeRisk after hedgingDKKbn+10 % -10 %Power: 16.5 sell position +1.7 -1.7Spread (power): 4.8 +0.5 -0.5A 10 % increase in the power price will result in a gain of DKK 1.7 billion over the period 2025-2027, all else remaining unchanged. Gas and oil activities have a limited risk after hedging of DKK 0.0 billion for the period 2025-2027.\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 EBITDAEnergy price cash flow hedge accounting 2024Contractual Recognised in DKKmprincipal amount2025 2026 After 2026 Asset Liabilitycomprehensive income2025 2026 After 2026EBITDA impactPower purchase agreements (sell pos.) 9,771 2,001 2,022 5,748 867 (5,413) (3,795) (72) (427) (3,296)Power swaps and futures (sell position) 3,750 2,277 1,473 - 897 (1,155) 287 79 208 -Gas swaps and options (sell position) 768 723 45 - 87 (206) 128 98 30 -Energy price cash flowhedge accounting 2023DKKm 2024 2025 After 2025 2024 2025 After 2025EBITDA impactPower purchase agreements (sell pos.) 5,378 1,288 973 3,117 135 (7,883) (6,973) (852) (1,066) (5,055)Power swaps and futures (sell position) 7,545 3,617 2,715 1,213 3,476 (6,465) 1,861 1,614 25 222Power 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) - -Part of the power swaps and futures hedge is managed with a dynamic hedge percentage. This relates to power sales sourced from purchase agreements with price caps and floors. The risk management objective is to protect the margin from price changes.Ineffective hedgesIn 2024, we recognised ineffective hedges with a gain of DKK 137 million (2023: loss of DKK 512 million) in other operating expenses, of which volume-related ineffectiveness related to Offshore amounted to DKK 0 million (2023: DKK -418 million), inflation- indexed-related ineffectiveness amounted to DKK 0 million (2023: A gain of DKK 105 million), and other ineffectiveness amounted to a gain of DKK 137 million (2023: DKK -199 million).2024 2023Contracts accounted for at fair value through profit or loss (EBITDA)ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueEnergy Power swaps (buy position) 3,071 (409) 245 2,126Power options (sell position) 830 (23) 2,279 (67)Power purchase agreements (sell pos.) 237 (94) - -Gas swaps and options (sell position) 2,734 406 1,528 2,395Oil swaps and options (buy position) 169 (147) 166 (492)Other (buy position) 740 - 175 -Inflation and interest rate risksNote 6.3Approximately 85 % of our revenue from Offshore and Onshore assets for the period 2025-2030 stem 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. Our risk management 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 principle for handling interest rate and inflation risks. Inflation riskWe prefer to invest in assets with inflation-linked revenue to mitigate our cost inflation risks. Our cost inflation mainly stems from OPEX, COGS, DEVEX, and CAPEX, which, to a large extent, increase with inflation. Operational costs are assessed together with the inflation-indexed revenue to reduce the net risk. In addition, CAPEX is exposed to the price development in a number of commodities, most significantly steel and copper for wind turbine, foundation, and cable contracts. Commodity price risks are first and foremost reduced by negotiating fixed-price CAPEX contracts and secondly by negotiating CAPEX price-linked to indexes or similar that can be hedged in the financial markets. The net commodity risk in CAPEX is hedged asset by asset following project FID.Interest rate risksWe actively match our debt with our assets per currency 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 percentage points. For example, the fixed nominal cash flows from our Taiwanese projects with an average of 7.7 % in modified duration are matched with fixed-rate NTD debt with roughly 8.3 % modified duration. For assets in operation and under construction, 60 % of the lifetime present value of fixed nominal cash flow, excluding CAPEX, are 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 GBP fixed-rate debt. As our portfolio of awarded assets mature, we actively consider executing interest rate swaps to lock in the interest rates before funding is secured.Finally, when we farm down part of an asset, we normally hedge part of the interest, inflation, and currency risks related to the divestment proceeds.Maturity analysis Market valueExpected transfers to income statementRecognised in Cash flow hedge accounting 2024 Contractual comprehensive DKKmprincipal amount2025-28 2029-34 After 2034 Asset Liabilityincome2025 2026 After 2026EBITDA impactInflation swap (pay variable/receive fixed \u2013 UK), revenue 22,503 5,231 13,439 3,833 - (3,024) (3,513) (216) (221) (3,076)Financial items impactInterest rate swap (pay fixed/receive variable \u2013 USD), future loan issuance 2,989 - - 2,989 26 - 702 - 70 632Interest rate swap (pay fixed/receive variable \u2013 NTD), future loan issuance - - - - - - 96 5 10 81Property, plant, and equipment under constructionMetals 1,456 1,456 - - - (181) n/a n/a n/a n/aCash flow hedge accounting 2023 DKKm 2024-27 2028-33 After 2033 2024 2025 After 2025EBITDA 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) - - - -We hedge our UK inflation risk related to inflation-indexed revenue from ROC and CfD subsidies at an average fixed rate of 3.4 %. 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 have recognised ineffectiveness of DKK 25 million (gain) (2023: ineffectiveness gain of DKK 2,297 million in financial income, mainly related to US interest rate hedges no longer needed after the termination of Ocean Wind 1).2024 2023Contracts accounted for at fair value through profit or loss (financial items) ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueInterest rate swaps (pay fixed/receive variable) 13,822 200 21,806 (369)Interest rate swaps are used to adjust the maturity of our bond portfolio. For 2023, this includes ineffective 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 deem EUR an insignificant 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 exposure, both in the short and long term. A 10 % increase in the GBP/DKK exchange rate will result in a gain of DKK 1.9 billion over the period 2025-2029, all else remaining unchanged.For USD, our portfolio of offshore and onshore devel-opment assets, operating assets, and expected farm-downs translate to a both short- and long-term net- positive USD exposure. We primarily manage currency risk by using structural risk management tools, such as using local currency sourcing contracts, netting income and expenses in the same currency, and issuing local currency debt to naturally balance our portfolio. More specifically, the currency denomination of new debt issuances is aimed at optimising the currency composition of net debt with that of forecasted FFO to ensure stability in FFO/adjusted interest-bearing net debt 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 debt and netting of exposures are managed via financial derivatives according to our desired risk appetite. Our overall hedge horizon is five years, covering only highly certain cash flows to reduce the risk of 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 horizon. The target is to hedge 100 % of highly certain cash flows in year 1, declining by 20 percentage points each year to 20 % in year 5. Our currency exposure from production, sales, invest-ment, and divestment after hedging for the years 2025-2029 can be summarised as shown in the table.Effect of price changeRisk after hedgingDKKbn+10 % -10 %GBP: 19.1 sell position +1.9 -1.9USD: 8.4 buy position -0.8 +0.8NTD: 18 sell position +1.8 -1.8Maturity analysis Market valueExpected transfers to income statementCurrency cash flow hedge accounting 2024 Contractual Recognised in DKKmprincipal amount2025 2026 After 2026 Asset Liabilitycomprehensive income2025 2026 After 2026EBITDA impactGBP forwards and cross-currency swaps 22,864 5,980 5,691 11,193 - (885) (942) (387) (235) (320)Currency cash flow hedge accounting 2023 DKKm 2024 2025 After 2025 2024 2025 After 2025EBITDA impactGBP forwards and cross-currency swaps 24,191 5,961 6,115 12,115 131 (481) (331) (218) (33) (80)USD forwards 3 3 - - - - - - - -The GBP exchange rates for hedges impacting EBITDA in 2025 and 2026 are hedged at an average of GBP/DKK 8.5 and 8.5, respectively. Ineffectiveness from currency cash flow hedges in 2024 amounts to a loss of DKK -82 million (2023: DKK -134 million), recognised in financial items.2024 2023Contracts accounted for at fair value through profit or loss (financial items)ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueCurrencyForward exchange contracts 21,180 1 24,504 (54)The table shows cash management positions which are not hedge accounted. Hedging of net investments in foreign subsidiariesOf which, Hedged Accumulated exchange DKKm Net non-controlling amount rate adjustments Currency 2024investmentinterestsin currency Net positionin equityGBP 62,675 (7,859) (46,688) 8,128 (1,877)EUR 31,702 - - 31,702 30USD 43,840 (2,498) (27,282) 14,060 619NTD 27,821 - (10,324) 17,497 102Other 5,704 - - 5,704 154To t a l 171,742 (10,357) (84,294) 77,091 (972)Currency 2023GBP 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)Maturity analysis Market valueNet investment hedges 2024Contractual DKKmprincipal amount2025 2026 After 2026 Asset LiabilityGBP issued senior bonds 27,960 - - 27,960 - -GBP forwards and cross-currency swaps 18,728 4,162 3,247 11,319 142 (604)USD bank loans 5,368 - - 5,368 - -USD forwards and cross-currency swaps 21,914 4,919 10,370 6,625 194 (997)NTD issued senior bonds 5,931 - 879 5,052 - -NTD forwards and cross-currency swaps 4,393 4,393 - - 4 -Net investment hedges 2023DKKm2024 2025 After 2025GBP 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 - -No ineffectiveness from net investment hedges in 2024. In 2023, ineffectiveness caused by impairments on our US activities was recognised with a gain of DKK 236 million in financial items..The net position expresses the accounting exposure. If, for example, the GBP/DKK exchange rate increased by 10 % on 31 December 2024, equity would have increased by DKK 813 million, corresponding to 10 % of DKK 8,128 million.Hedging of net investments in foreign subsidiariesOur foreign subsidiaries entail currency risks. We hedge these currency risks by raising loans in foreign currencies and by entering into forward exchange contracts, currency swaps, and options. On 31 December 2024, the accumulated exchange rate adjustments totalled DKK -972 million (2023: DKK -3,146 million), divided between the exchange rate adjustment of the net investment of DKK 4,791 million (2023: DKK -1,093 million) and the hedging thereof of DKK -5,763 million (2023: DKK -2,053 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 2024 Derivativesreceivables 2023Financial assets 6,795 9,614 16,409 17,775 21,728 39,503Financial liabilities, offset (2,402) (4,916) (7,318) (6,911) (16,849) (23,760)Financial assets in the balance sheet 4,393 4,698 9,091 10,864 4,879 15,743Amounts not offset in the balance sheetLiabilities with offsetting rights (1,543) - (1,543) (2,529) - (2,529)Collateral received (139) - (139) (468) - (468)Net 2,711 4,698 7,409 7,867 4,879 12,746 Offsetting of financial liabilitiesDKKmFinancial liabilities 11,153 9,246 20,399 17,864 20,981 38,845Financial assets, offset (2,402) (4,916) (7,318) (6,911) (16,849) (23,760)Financial liabilities in the balance sheet 8,751 4,330 13,081 10,953 4,132 15,085Amounts not offset in the balance sheetAssets with offsetting rights (1,543) - (1,543) (2,529) - (2,529)Collateral provided (5,082) - (5,082) (4,214) - (4,214)Net 2,126 4,330 6,456 4,210 4,132 8,342A 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. Credit quality of the Group\u2019s counterparties 1DKKm 2024 2023AAA/Aaa 12,485 27,301AA/Aa 17,623 7,518A/A 10,262 10,501BBB/Baa 4,583 9,020Other 7,962 9,198Total credit exposure 52,915 63,5381 The figures do not reflect our actual credit exposure, as the positions are calculated before offsetting our debt to such counterparties. At December 31, 2024 \u00d8rsted considered its maximum credit risk to be DKK 52,915 million (2023: DKK 63,538 million).We are exposed to credit risks from our hedging activities, construction activities, and all other activities where a counterparty\u2019s failure to meet their obligations may cause a loss. A large part of our credit risk is towards major international energy companies, suppliers, and banks. Our key credit risk management objective is to secure that credit decisions are well informed and takes into consideration potential future changes to relevant risk factors, and to monitor our counterparties closely. Our credit policy is to accept unsecured credit exposures to investment grade counterparties while we have limited or no credit appetite to lower rating classes. Some of our main methods for mitigating the credit risks are by having minimum rating requirements in our contracts, monitoring credit worthiness indicators closely to be able to react in due time, and requiring guarantees or other credit-risk-reducing measures if needed and deemed necessary. Where mitigation in accordance with our policies and principle is not commercially posible, credit risk can be accepted if deemed necessary and balanced.For the most significant counterparties, an internal rating is assigned in connection with establishing credit limits. The rating is based on information from external credit rating agencies, publicly available information, credit risk information systems, and our own analyses. We have not experienced any losses from a major counterparty in 2024. In 2023, we wrote down a loan to a US supplier amounting to DKK 571 million.\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 6.72024 2023 Overview of the Group\u2019s energy trading portfolio 1Contractual Unrealised Contractual Unrealised DKKm principal amountgain (loss) principal amountgain/(loss)Power swaps (sell position) 4,389 229 3,305 (492)Power options (buy position) 3,778 972 5,906 1,406Gas swaps and options (sell position) 3,477 (704) 2,138 (312)Oil swaps and options (buy position) 169 (20) 156 (137)Other (sell position) 741 12 175 13Trading mandates 2VaR limit in 2024: DKK 100 million Stress limit in 2024: DKK 400 million Maximum open positions in trading portfolioVaR indicates the largest loss in one trading Stress indicates the largest daily loss we \u00b7 Max. 6 TWh of powerday at a probability of 95 %. VaR is based on risk sustaining with the given portfolio. \u00b7 Max. 9.5 TWh of gasdata for the past 45 trading days, with the Stress is based on data from 1 January 2006 \u00b7 Max. 1 million BOEheaviest weighting being assigned to the most to the present day.\u00b7 Max. 1.5 million tonnes of carbon emissionsrecent trading 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 unrealised gain/loss consists of both the received exposure from our assets with settlement at matu-rity and the external trades settled on a daily basis, including 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.).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 above. The overview of the Group\u2019s energy trading portfolio above 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 2024 31 December 2023 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 % (187) (6,736) (277) (8,119)-25 % 438 7,247 562 8,263Gas +25 % (741) 152 (588) (127)-25 % 741 (152) 588 127Oil +25 % (112) - (360) 260-25 % 112 - 360 (158)GBP +10 % (541) (2,636) 817 (2,965)-10 % 541 2,636 (817) 2,965USD +10 % (1,279) (259) (2,070) (662)-10 % 1,279 259 2,070 662NTD +10 % 155 - (386) (9)-10 % (155) - 386 9EUR +1 % 11 (13) (212) (15)-1 % (11) 13 212 15Inflation +1 %p - (1,795) - (2,059)Interest +1 %p 266 258 620 920The 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 financial 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 instruments that remained open at the balance sheet date, and which are value-adjusted directly in equity. Financial instruments include derivatives as well as receivables and payables in foreign currencies.The illustrated sensitivities only comprise the impact of our financial instruments. If the hedged exposure had been included in the sensitivity analysis, the effect of a price change would have been reduced or offset entirely.Net investments and associated hedging of net investments 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/decrease in the currencies hedged in connection with net investments would reduce/increase equity by DKK 8,430 million (2023: DKK 5,718 million).",
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"value": "Risk frameworkNote 6.1The overall objective of our financial and revenue risk management 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, such as FFO/adjusted interest-bearing net debt\u00b7 protect the long-term real value of the shareholders\u2019 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 our ongoing risk management and control, including necessary mitigating actions for all risks we take on through our business, hedging, and trading activities. \u00b7 The second line of defence is Group Risk Management, which is responsible for challenging decisions made by the first line of defence, including providing independent risk views and advice, as well as monitoring and controlling that risks are being managed appropriately.\u00b7 The third line of defence is Internal Audit.The mandates for first line of defence 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 generation as described in note 6.2 \u2018Energy price risks\u2018. In our risk management processes, financial and revenue risks are quantified and assessed against our risk appetite \u2013 alongside decisions on suitable risk mitigation measures. Our biggest enterprise risks and associated risk mitigation measures are presented in the \u2018Enterprise risk management\u2019 section in the \u2018Management\u2019s review\u2019. The Board of Directors overseas our risk management through the Audit & Risk Committee and approves associated frameworks, mandates, and limits per risk factor. See the \u2018Corporate governance\u2019 section in the \u2018Management\u2019s review\u2019 for governance regarding our committees.We govern the accounting treatment and effectiveness 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 interest rate and currency 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 inputs, 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 inflation. 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 exposures 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 intermittent power generation from wind and solar PV assets. By nature, this is exposed to volume uncertainty, price uncertainty, and the often negative correlation between the two. We are also exposed to other energy price risks through our combined heat and power plants.Intermittent Offshore and Onshore power generationAround 15 % of the revenue from our power generation in Offshore and Onshore in 2025-2027 is exposed to power price uncertainty.Most of our Offshore assets receive government subsi-dies, which provide a high degree of revenue certainty for pre-determined periods of time. The majority of the offshore subsidies that we receive in the UK, Central Europe, the US, and Taiwan provide us with either floor prices or fixed prices per MWh for the power produced. Our UK ROC assets receive a fixed subsidy per MWh in addition to the revenue generated from selling the power generation in the market. Furthermore, some of our Offshore assets in Germany will see their floor price subsidies drop from EUR 184-194 per MWh to EUR 39 per MWh over the next three years. For a very small number of our assets in the UK, the government subsidies have expired or will expire by the end of 2027. From early 2025, all Danish assets will be with-out subsidy. We manage some of the revenue risks in Offshore using corporate power purchase agree-ments (CPPAs), which have fixed prices and floor prices. These CPPAs cover approx. 10 % of the expected Offshore revenue for the period 2025-2027.A large part of our income in Onshore comes from production tax credits (PTCs) or investment tax credits (ITCs) related to power generation or investments in the US (see note 3.8 \u2018Tax equity liabilities\u2019). The tax credits are not exposed to a power price risk. However, there is a price risk associated with the power produced by these assets. In Europe, we have a mixture of subsidised and subsidy-free Onshore assets. Like in Offshore, we manage some of the Onshore revenue risks using CPPAs. The current Onshore CPPAs cover approx. 62 % of the expected Onshore revenue for the period 2025-2027. In general, these 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 revenue risks, we use fixed-volume hedges. There can be mismatches between these hedges and the production profiles of our assets. In addition, there tends to be a negative correlation between power prices and generation volumes, which is driven by the periods when solar and wind generation exceeds demand. These risks are accounted for in our hedging strategy and poli-cies. For example, the maximum hedge ratio is 70 % when using fixed-volume hedges within the two-year horizon we actively manage. This maximum hedging level ensures a low probability for not having physical power generation behind fixed-volume hedges while also providing an adequate level of risk reduction. We may hedge beyond the two-year horizon if the price level is commercially attractive.Power generation at our CHP plantsOur portfolio of CHP plants primarily consists of biomass-fuelled units in Denmark. The profitability of power generation is determined by the difference between the selling price of power and the purchase price of biomass. If the spreads are attractive, we provide condensing power generation in addition to CHP generation. The total net price risk associated with power from CHP generation for the period 2025-2027 is DKK 4.8 billion after hedging, covering both heat-bound and condensing-based generation. We are not exposed to price risks related to heat generation.Risk after hedgingOur energy exposure after hedging for the years 2025-2027 can be summarised as shown in the table.Effect of price changeRisk after hedgingDKKbn+10 % -10 %Power: 16.5 sell position +1.7 -1.7Spread (power): 4.8 +0.5 -0.5A 10 % increase in the power price will result in a gain of DKK 1.7 billion over the period 2025-2027, all else remaining unchanged. Gas and oil activities have a limited risk after hedging of DKK 0.0 billion for the period 2025-2027.\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 EBITDAEnergy price cash flow hedge accounting 2024Contractual Recognised in DKKmprincipal amount2025 2026 After 2026 Asset Liabilitycomprehensive income2025 2026 After 2026EBITDA impactPower purchase agreements (sell pos.) 9,771 2,001 2,022 5,748 867 (5,413) (3,795) (72) (427) (3,296)Power swaps and futures (sell position) 3,750 2,277 1,473 - 897 (1,155) 287 79 208 -Gas swaps and options (sell position) 768 723 45 - 87 (206) 128 98 30 -Energy price cash flowhedge accounting 2023DKKm 2024 2025 After 2025 2024 2025 After 2025EBITDA impactPower purchase agreements (sell pos.) 5,378 1,288 973 3,117 135 (7,883) (6,973) (852) (1,066) (5,055)Power swaps and futures (sell position) 7,545 3,617 2,715 1,213 3,476 (6,465) 1,861 1,614 25 222Power 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) - -Part of the power swaps and futures hedge is managed with a dynamic hedge percentage. This relates to power sales sourced from purchase agreements with price caps and floors. The risk management objective is to protect the margin from price changes.Ineffective hedgesIn 2024, we recognised ineffective hedges with a gain of DKK 137 million (2023: loss of DKK 512 million) in other operating expenses, of which volume-related ineffectiveness related to Offshore amounted to DKK 0 million (2023: DKK -418 million), inflation- indexed-related ineffectiveness amounted to DKK 0 million (2023: A gain of DKK 105 million), and other ineffectiveness amounted to a gain of DKK 137 million (2023: DKK -199 million).2024 2023Contracts accounted for at fair value through profit or loss (EBITDA)ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueEnergy Power swaps (buy position) 3,071 (409) 245 2,126Power options (sell position) 830 (23) 2,279 (67)Power purchase agreements (sell pos.) 237 (94) - -Gas swaps and options (sell position) 2,734 406 1,528 2,395Oil swaps and options (buy position) 169 (147) 166 (492)Other (buy position) 740 - 175 -Inflation and interest rate risksNote 6.3Approximately 85 % of our revenue from Offshore and Onshore assets for the period 2025-2030 stem 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. Our risk management 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 principle for handling interest rate and inflation risks. Inflation riskWe prefer to invest in assets with inflation-linked revenue to mitigate our cost inflation risks. Our cost inflation mainly stems from OPEX, COGS, DEVEX, and CAPEX, which, to a large extent, increase with inflation. Operational costs are assessed together with the inflation-indexed revenue to reduce the net risk. In addition, CAPEX is exposed to the price development in a number of commodities, most significantly steel and copper for wind turbine, foundation, and cable contracts. Commodity price risks are first and foremost reduced by negotiating fixed-price CAPEX contracts and secondly by negotiating CAPEX price-linked to indexes or similar that can be hedged in the financial markets. The net commodity risk in CAPEX is hedged asset by asset following project FID.Interest rate risksWe actively match our debt with our assets per currency 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 percentage points. For example, the fixed nominal cash flows from our Taiwanese projects with an average of 7.7 % in modified duration are matched with fixed-rate NTD debt with roughly 8.3 % modified duration. For assets in operation and under construction, 60 % of the lifetime present value of fixed nominal cash flow, excluding CAPEX, are 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 GBP fixed-rate debt. As our portfolio of awarded assets mature, we actively consider executing interest rate swaps to lock in the interest rates before funding is secured.Finally, when we farm down part of an asset, we normally hedge part of the interest, inflation, and currency risks related to the divestment proceeds.Maturity analysis Market valueExpected transfers to income statementRecognised in Cash flow hedge accounting 2024 Contractual comprehensive DKKmprincipal amount2025-28 2029-34 After 2034 Asset Liabilityincome2025 2026 After 2026EBITDA impactInflation swap (pay variable/receive fixed \u2013 UK), revenue 22,503 5,231 13,439 3,833 - (3,024) (3,513) (216) (221) (3,076)Financial items impactInterest rate swap (pay fixed/receive variable \u2013 USD), future loan issuance 2,989 - - 2,989 26 - 702 - 70 632Interest rate swap (pay fixed/receive variable \u2013 NTD), future loan issuance - - - - - - 96 5 10 81Property, plant, and equipment under constructionMetals 1,456 1,456 - - - (181) n/a n/a n/a n/aCash flow hedge accounting 2023 DKKm 2024-27 2028-33 After 2033 2024 2025 After 2025EBITDA 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) - - - -We hedge our UK inflation risk related to inflation-indexed revenue from ROC and CfD subsidies at an average fixed rate of 3.4 %. 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 have recognised ineffectiveness of DKK 25 million (gain) (2023: ineffectiveness gain of DKK 2,297 million in financial income, mainly related to US interest rate hedges no longer needed after the termination of Ocean Wind 1).2024 2023Contracts accounted for at fair value through profit or loss (financial items) ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueInterest rate swaps (pay fixed/receive variable) 13,822 200 21,806 (369)Interest rate swaps are used to adjust the maturity of our bond portfolio. For 2023, this includes ineffective 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 deem EUR an insignificant 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 exposure, both in the short and long term. A 10 % increase in the GBP/DKK exchange rate will result in a gain of DKK 1.9 billion over the period 2025-2029, all else remaining unchanged.For USD, our portfolio of offshore and onshore devel-opment assets, operating assets, and expected farm-downs translate to a both short- and long-term net- positive USD exposure. We primarily manage currency risk by using structural risk management tools, such as using local currency sourcing contracts, netting income and expenses in the same currency, and issuing local currency debt to naturally balance our portfolio. More specifically, the currency denomination of new debt issuances is aimed at optimising the currency composition of net debt with that of forecasted FFO to ensure stability in FFO/adjusted interest-bearing net debt 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 debt and netting of exposures are managed via financial derivatives according to our desired risk appetite. Our overall hedge horizon is five years, covering only highly certain cash flows to reduce the risk of 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 horizon. The target is to hedge 100 % of highly certain cash flows in year 1, declining by 20 percentage points each year to 20 % in year 5. Our currency exposure from production, sales, invest-ment, and divestment after hedging for the years 2025-2029 can be summarised as shown in the table.Effect of price changeRisk after hedgingDKKbn+10 % -10 %GBP: 19.1 sell position +1.9 -1.9USD: 8.4 buy position -0.8 +0.8NTD: 18 sell position +1.8 -1.8Maturity analysis Market valueExpected transfers to income statementCurrency cash flow hedge accounting 2024 Contractual Recognised in DKKmprincipal amount2025 2026 After 2026 Asset Liabilitycomprehensive income2025 2026 After 2026EBITDA impactGBP forwards and cross-currency swaps 22,864 5,980 5,691 11,193 - (885) (942) (387) (235) (320)Currency cash flow hedge accounting 2023 DKKm 2024 2025 After 2025 2024 2025 After 2025EBITDA impactGBP forwards and cross-currency swaps 24,191 5,961 6,115 12,115 131 (481) (331) (218) (33) (80)USD forwards 3 3 - - - - - - - -The GBP exchange rates for hedges impacting EBITDA in 2025 and 2026 are hedged at an average of GBP/DKK 8.5 and 8.5, respectively. Ineffectiveness from currency cash flow hedges in 2024 amounts to a loss of DKK -82 million (2023: DKK -134 million), recognised in financial items.2024 2023Contracts accounted for at fair value through profit or loss (financial items)ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueCurrencyForward exchange contracts 21,180 1 24,504 (54)The table shows cash management positions which are not hedge accounted. Hedging of net investments in foreign subsidiariesOf which, Hedged Accumulated exchange DKKm Net non-controlling amount rate adjustments Currency 2024investmentinterestsin currency Net positionin equityGBP 62,675 (7,859) (46,688) 8,128 (1,877)EUR 31,702 - - 31,702 30USD 43,840 (2,498) (27,282) 14,060 619NTD 27,821 - (10,324) 17,497 102Other 5,704 - - 5,704 154To t a l 171,742 (10,357) (84,294) 77,091 (972)Currency 2023GBP 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)Maturity analysis Market valueNet investment hedges 2024Contractual DKKmprincipal amount2025 2026 After 2026 Asset LiabilityGBP issued senior bonds 27,960 - - 27,960 - -GBP forwards and cross-currency swaps 18,728 4,162 3,247 11,319 142 (604)USD bank loans 5,368 - - 5,368 - -USD forwards and cross-currency swaps 21,914 4,919 10,370 6,625 194 (997)NTD issued senior bonds 5,931 - 879 5,052 - -NTD forwards and cross-currency swaps 4,393 4,393 - - 4 -Net investment hedges 2023DKKm2024 2025 After 2025GBP 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 - -No ineffectiveness from net investment hedges in 2024. In 2023, ineffectiveness caused by impairments on our US activities was recognised with a gain of DKK 236 million in financial items..The net position expresses the accounting exposure. If, for example, the GBP/DKK exchange rate increased by 10 % on 31 December 2024, equity would have increased by DKK 813 million, corresponding to 10 % of DKK 8,128 million.Hedging of net investments in foreign subsidiariesOur foreign subsidiaries entail currency risks. We hedge these currency risks by raising loans in foreign currencies and by entering into forward exchange contracts, currency swaps, and options. On 31 December 2024, the accumulated exchange rate adjustments totalled DKK -972 million (2023: DKK -3,146 million), divided between the exchange rate adjustment of the net investment of DKK 4,791 million (2023: DKK -1,093 million) and the hedging thereof of DKK -5,763 million (2023: DKK -2,053 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 6.72024 2023 Overview of the Group\u2019s energy trading portfolio 1Contractual Unrealised Contractual Unrealised DKKm principal amountgain (loss) principal amountgain/(loss)Power swaps (sell position) 4,389 229 3,305 (492)Power options (buy position) 3,778 972 5,906 1,406Gas swaps and options (sell position) 3,477 (704) 2,138 (312)Oil swaps and options (buy position) 169 (20) 156 (137)Other (sell position) 741 12 175 13Trading mandates 2VaR limit in 2024: DKK 100 million Stress limit in 2024: DKK 400 million Maximum open positions in trading portfolioVaR indicates the largest loss in one trading Stress indicates the largest daily loss we \u00b7 Max. 6 TWh of powerday at a probability of 95 %. VaR is based on risk sustaining with the given portfolio. \u00b7 Max. 9.5 TWh of gasdata for the past 45 trading days, with the Stress is based on data from 1 January 2006 \u00b7 Max. 1 million BOEheaviest weighting being assigned to the most to the present day.\u00b7 Max. 1.5 million tonnes of carbon emissionsrecent trading 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 unrealised gain/loss consists of both the received exposure from our assets with settlement at matu-rity and the external trades settled on a daily basis, including 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.).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 above. The overview of the Group\u2019s energy trading portfolio above 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 2024 31 December 2023 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 % (187) (6,736) (277) (8,119)-25 % 438 7,247 562 8,263Gas +25 % (741) 152 (588) (127)-25 % 741 (152) 588 127Oil +25 % (112) - (360) 260-25 % 112 - 360 (158)GBP +10 % (541) (2,636) 817 (2,965)-10 % 541 2,636 (817) 2,965USD +10 % (1,279) (259) (2,070) (662)-10 % 1,279 259 2,070 662NTD +10 % 155 - (386) (9)-10 % (155) - 386 9EUR +1 % 11 (13) (212) (15)-1 % (11) 13 212 15Inflation +1 %p - (1,795) - (2,059)Interest +1 %p 266 258 620 920The 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 financial 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 instruments that remained open at the balance sheet date, and which are value-adjusted directly in equity. Financial instruments include derivatives as well as receivables and payables in foreign currencies.The illustrated sensitivities only comprise the impact of our financial instruments. If the hedged exposure had been included in the sensitivity analysis, the effect of a price change would have been reduced or offset entirely.Net investments and associated hedging of net investments 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/decrease in the currencies hedged in connection with net investments would reduce/increase equity by DKK 8,430 million (2023: DKK 5,718 million).",
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"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "Risk frameworkNote 6.1The overall objective of our financial and revenue risk management 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, such as FFO/adjusted interest-bearing net debt\u00b7 protect the long-term real value of the shareholders\u2019 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 our ongoing risk management and control, including necessary mitigating actions for all risks we take on through our business, hedging, and trading activities. \u00b7 The second line of defence is Group Risk Management, which is responsible for challenging decisions made by the first line of defence, including providing independent risk views and advice, as well as monitoring and controlling that risks are being managed appropriately.\u00b7 The third line of defence is Internal Audit.The mandates for first line of defence 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 generation as described in note 6.2 \u2018Energy price risks\u2018. In our risk management processes, financial and revenue risks are quantified and assessed against our risk appetite \u2013 alongside decisions on suitable risk mitigation measures. Our biggest enterprise risks and associated risk mitigation measures are presented in the \u2018Enterprise risk management\u2019 section in the \u2018Management\u2019s review\u2019. The Board of Directors overseas our risk management through the Audit & Risk Committee and approves associated frameworks, mandates, and limits per risk factor. See the \u2018Corporate governance\u2019 section in the \u2018Management\u2019s review\u2019 for governance regarding our committees.We govern the accounting treatment and effectiveness 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 interest rate and currency 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 inputs, 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 inflation. 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 exposures 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 intermittent power generation from wind and solar PV assets. By nature, this is exposed to volume uncertainty, price uncertainty, and the often negative correlation between the two. We are also exposed to other energy price risks through our combined heat and power plants.Intermittent Offshore and Onshore power generationAround 15 % of the revenue from our power generation in Offshore and Onshore in 2025-2027 is exposed to power price uncertainty.Most of our Offshore assets receive government subsi-dies, which provide a high degree of revenue certainty for pre-determined periods of time. The majority of the offshore subsidies that we receive in the UK, Central Europe, the US, and Taiwan provide us with either floor prices or fixed prices per MWh for the power produced. Our UK ROC assets receive a fixed subsidy per MWh in addition to the revenue generated from selling the power generation in the market. Furthermore, some of our Offshore assets in Germany will see their floor price subsidies drop from EUR 184-194 per MWh to EUR 39 per MWh over the next three years. For a very small number of our assets in the UK, the government subsidies have expired or will expire by the end of 2027. From early 2025, all Danish assets will be with-out subsidy. We manage some of the revenue risks in Offshore using corporate power purchase agree-ments (CPPAs), which have fixed prices and floor prices. These CPPAs cover approx. 10 % of the expected Offshore revenue for the period 2025-2027.A large part of our income in Onshore comes from production tax credits (PTCs) or investment tax credits (ITCs) related to power generation or investments in the US (see note 3.8 \u2018Tax equity liabilities\u2019). The tax credits are not exposed to a power price risk. However, there is a price risk associated with the power produced by these assets. In Europe, we have a mixture of subsidised and subsidy-free Onshore assets. Like in Offshore, we manage some of the Onshore revenue risks using CPPAs. The current Onshore CPPAs cover approx. 62 % of the expected Onshore revenue for the period 2025-2027. In general, these 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 revenue risks, we use fixed-volume hedges. There can be mismatches between these hedges and the production profiles of our assets. In addition, there tends to be a negative correlation between power prices and generation volumes, which is driven by the periods when solar and wind generation exceeds demand. These risks are accounted for in our hedging strategy and poli-cies. For example, the maximum hedge ratio is 70 % when using fixed-volume hedges within the two-year horizon we actively manage. This maximum hedging level ensures a low probability for not having physical power generation behind fixed-volume hedges while also providing an adequate level of risk reduction. We may hedge beyond the two-year horizon if the price level is commercially attractive.Power generation at our CHP plantsOur portfolio of CHP plants primarily consists of biomass-fuelled units in Denmark. The profitability of power generation is determined by the difference between the selling price of power and the purchase price of biomass. If the spreads are attractive, we provide condensing power generation in addition to CHP generation. The total net price risk associated with power from CHP generation for the period 2025-2027 is DKK 4.8 billion after hedging, covering both heat-bound and condensing-based generation. We are not exposed to price risks related to heat generation.Risk after hedgingOur energy exposure after hedging for the years 2025-2027 can be summarised as shown in the table.Effect of price changeRisk after hedgingDKKbn+10 % -10 %Power: 16.5 sell position +1.7 -1.7Spread (power): 4.8 +0.5 -0.5A 10 % increase in the power price will result in a gain of DKK 1.7 billion over the period 2025-2027, all else remaining unchanged. Gas and oil activities have a limited risk after hedging of DKK 0.0 billion for the period 2025-2027.\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 EBITDAEnergy price cash flow hedge accounting 2024Contractual Recognised in DKKmprincipal amount2025 2026 After 2026 Asset Liabilitycomprehensive income2025 2026 After 2026EBITDA impactPower purchase agreements (sell pos.) 9,771 2,001 2,022 5,748 867 (5,413) (3,795) (72) (427) (3,296)Power swaps and futures (sell position) 3,750 2,277 1,473 - 897 (1,155) 287 79 208 -Gas swaps and options (sell position) 768 723 45 - 87 (206) 128 98 30 -Energy price cash flowhedge accounting 2023DKKm 2024 2025 After 2025 2024 2025 After 2025EBITDA impactPower purchase agreements (sell pos.) 5,378 1,288 973 3,117 135 (7,883) (6,973) (852) (1,066) (5,055)Power swaps and futures (sell position) 7,545 3,617 2,715 1,213 3,476 (6,465) 1,861 1,614 25 222Power 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) - -Part of the power swaps and futures hedge is managed with a dynamic hedge percentage. This relates to power sales sourced from purchase agreements with price caps and floors. The risk management objective is to protect the margin from price changes.Ineffective hedgesIn 2024, we recognised ineffective hedges with a gain of DKK 137 million (2023: loss of DKK 512 million) in other operating expenses, of which volume-related ineffectiveness related to Offshore amounted to DKK 0 million (2023: DKK -418 million), inflation- indexed-related ineffectiveness amounted to DKK 0 million (2023: A gain of DKK 105 million), and other ineffectiveness amounted to a gain of DKK 137 million (2023: DKK -199 million).2024 2023Contracts accounted for at fair value through profit or loss (EBITDA)ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueEnergy Power swaps (buy position) 3,071 (409) 245 2,126Power options (sell position) 830 (23) 2,279 (67)Power purchase agreements (sell pos.) 237 (94) - -Gas swaps and options (sell position) 2,734 406 1,528 2,395Oil swaps and options (buy position) 169 (147) 166 (492)Other (buy position) 740 - 175 -Inflation and interest rate risksNote 6.3Approximately 85 % of our revenue from Offshore and Onshore assets for the period 2025-2030 stem 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. Our risk management 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 principle for handling interest rate and inflation risks. Inflation riskWe prefer to invest in assets with inflation-linked revenue to mitigate our cost inflation risks. Our cost inflation mainly stems from OPEX, COGS, DEVEX, and CAPEX, which, to a large extent, increase with inflation. Operational costs are assessed together with the inflation-indexed revenue to reduce the net risk. In addition, CAPEX is exposed to the price development in a number of commodities, most significantly steel and copper for wind turbine, foundation, and cable contracts. Commodity price risks are first and foremost reduced by negotiating fixed-price CAPEX contracts and secondly by negotiating CAPEX price-linked to indexes or similar that can be hedged in the financial markets. The net commodity risk in CAPEX is hedged asset by asset following project FID.Interest rate risksWe actively match our debt with our assets per currency 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 percentage points. For example, the fixed nominal cash flows from our Taiwanese projects with an average of 7.7 % in modified duration are matched with fixed-rate NTD debt with roughly 8.3 % modified duration. For assets in operation and under construction, 60 % of the lifetime present value of fixed nominal cash flow, excluding CAPEX, are 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 GBP fixed-rate debt. As our portfolio of awarded assets mature, we actively consider executing interest rate swaps to lock in the interest rates before funding is secured.Finally, when we farm down part of an asset, we normally hedge part of the interest, inflation, and currency risks related to the divestment proceeds.Maturity analysis Market valueExpected transfers to income statementRecognised in Cash flow hedge accounting 2024 Contractual comprehensive DKKmprincipal amount2025-28 2029-34 After 2034 Asset Liabilityincome2025 2026 After 2026EBITDA impactInflation swap (pay variable/receive fixed \u2013 UK), revenue 22,503 5,231 13,439 3,833 - (3,024) (3,513) (216) (221) (3,076)Financial items impactInterest rate swap (pay fixed/receive variable \u2013 USD), future loan issuance 2,989 - - 2,989 26 - 702 - 70 632Interest rate swap (pay fixed/receive variable \u2013 NTD), future loan issuance - - - - - - 96 5 10 81Property, plant, and equipment under constructionMetals 1,456 1,456 - - - (181) n/a n/a n/a n/aCash flow hedge accounting 2023 DKKm 2024-27 2028-33 After 2033 2024 2025 After 2025EBITDA 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) - - - -We hedge our UK inflation risk related to inflation-indexed revenue from ROC and CfD subsidies at an average fixed rate of 3.4 %. 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 have recognised ineffectiveness of DKK 25 million (gain) (2023: ineffectiveness gain of DKK 2,297 million in financial income, mainly related to US interest rate hedges no longer needed after the termination of Ocean Wind 1).2024 2023Contracts accounted for at fair value through profit or loss (financial items) ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueInterest rate swaps (pay fixed/receive variable) 13,822 200 21,806 (369)Interest rate swaps are used to adjust the maturity of our bond portfolio. For 2023, this includes ineffective 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 deem EUR an insignificant 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 exposure, both in the short and long term. A 10 % increase in the GBP/DKK exchange rate will result in a gain of DKK 1.9 billion over the period 2025-2029, all else remaining unchanged.For USD, our portfolio of offshore and onshore devel-opment assets, operating assets, and expected farm-downs translate to a both short- and long-term net- positive USD exposure. We primarily manage currency risk by using structural risk management tools, such as using local currency sourcing contracts, netting income and expenses in the same currency, and issuing local currency debt to naturally balance our portfolio. More specifically, the currency denomination of new debt issuances is aimed at optimising the currency composition of net debt with that of forecasted FFO to ensure stability in FFO/adjusted interest-bearing net debt 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 debt and netting of exposures are managed via financial derivatives according to our desired risk appetite. Our overall hedge horizon is five years, covering only highly certain cash flows to reduce the risk of 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 horizon. The target is to hedge 100 % of highly certain cash flows in year 1, declining by 20 percentage points each year to 20 % in year 5. Our currency exposure from production, sales, invest-ment, and divestment after hedging for the years 2025-2029 can be summarised as shown in the table.Effect of price changeRisk after hedgingDKKbn+10 % -10 %GBP: 19.1 sell position +1.9 -1.9USD: 8.4 buy position -0.8 +0.8NTD: 18 sell position +1.8 -1.8Maturity analysis Market valueExpected transfers to income statementCurrency cash flow hedge accounting 2024 Contractual Recognised in DKKmprincipal amount2025 2026 After 2026 Asset Liabilitycomprehensive income2025 2026 After 2026EBITDA impactGBP forwards and cross-currency swaps 22,864 5,980 5,691 11,193 - (885) (942) (387) (235) (320)Currency cash flow hedge accounting 2023 DKKm 2024 2025 After 2025 2024 2025 After 2025EBITDA impactGBP forwards and cross-currency swaps 24,191 5,961 6,115 12,115 131 (481) (331) (218) (33) (80)USD forwards 3 3 - - - - - - - -The GBP exchange rates for hedges impacting EBITDA in 2025 and 2026 are hedged at an average of GBP/DKK 8.5 and 8.5, respectively. Ineffectiveness from currency cash flow hedges in 2024 amounts to a loss of DKK -82 million (2023: DKK -134 million), recognised in financial items.2024 2023Contracts accounted for at fair value through profit or loss (financial items)ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueCurrencyForward exchange contracts 21,180 1 24,504 (54)The table shows cash management positions which are not hedge accounted. Hedging of net investments in foreign subsidiariesOf which, Hedged Accumulated exchange DKKm Net non-controlling amount rate adjustments Currency 2024investmentinterestsin currency Net positionin equityGBP 62,675 (7,859) (46,688) 8,128 (1,877)EUR 31,702 - - 31,702 30USD 43,840 (2,498) (27,282) 14,060 619NTD 27,821 - (10,324) 17,497 102Other 5,704 - - 5,704 154To t a l 171,742 (10,357) (84,294) 77,091 (972)Currency 2023GBP 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)Maturity analysis Market valueNet investment hedges 2024Contractual DKKmprincipal amount2025 2026 After 2026 Asset LiabilityGBP issued senior bonds 27,960 - - 27,960 - -GBP forwards and cross-currency swaps 18,728 4,162 3,247 11,319 142 (604)USD bank loans 5,368 - - 5,368 - -USD forwards and cross-currency swaps 21,914 4,919 10,370 6,625 194 (997)NTD issued senior bonds 5,931 - 879 5,052 - -NTD forwards and cross-currency swaps 4,393 4,393 - - 4 -Net investment hedges 2023DKKm2024 2025 After 2025GBP 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 - -No ineffectiveness from net investment hedges in 2024. In 2023, ineffectiveness caused by impairments on our US activities was recognised with a gain of DKK 236 million in financial items..The net position expresses the accounting exposure. If, for example, the GBP/DKK exchange rate increased by 10 % on 31 December 2024, equity would have increased by DKK 813 million, corresponding to 10 % of DKK 8,128 million.Hedging of net investments in foreign subsidiariesOur foreign subsidiaries entail currency risks. We hedge these currency risks by raising loans in foreign currencies and by entering into forward exchange contracts, currency swaps, and options. On 31 December 2024, the accumulated exchange rate adjustments totalled DKK -972 million (2023: DKK -3,146 million), divided between the exchange rate adjustment of the net investment of DKK 4,791 million (2023: DKK -1,093 million) and the hedging thereof of DKK -5,763 million (2023: DKK -2,053 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 2024 Derivativesreceivables 2023Financial assets 6,795 9,614 16,409 17,775 21,728 39,503Financial liabilities, offset (2,402) (4,916) (7,318) (6,911) (16,849) (23,760)Financial assets in the balance sheet 4,393 4,698 9,091 10,864 4,879 15,743Amounts not offset in the balance sheetLiabilities with offsetting rights (1,543) - (1,543) (2,529) - (2,529)Collateral received (139) - (139) (468) - (468)Net 2,711 4,698 7,409 7,867 4,879 12,746 Offsetting of financial liabilitiesDKKmFinancial liabilities 11,153 9,246 20,399 17,864 20,981 38,845Financial assets, offset (2,402) (4,916) (7,318) (6,911) (16,849) (23,760)Financial liabilities in the balance sheet 8,751 4,330 13,081 10,953 4,132 15,085Amounts not offset in the balance sheetAssets with offsetting rights (1,543) - (1,543) (2,529) - (2,529)Collateral provided (5,082) - (5,082) (4,214) - (4,214)Net 2,126 4,330 6,456 4,210 4,132 8,342A 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. Credit quality of the Group\u2019s counterparties 1DKKm 2024 2023AAA/Aaa 12,485 27,301AA/Aa 17,623 7,518A/A 10,262 10,501BBB/Baa 4,583 9,020Other 7,962 9,198Total credit exposure 52,915 63,5381 The figures do not reflect our actual credit exposure, as the positions are calculated before offsetting our debt to such counterparties. At December 31, 2024 \u00d8rsted considered its maximum credit risk to be DKK 52,915 million (2023: DKK 63,538 million).We are exposed to credit risks from our hedging activities, construction activities, and all other activities where a counterparty\u2019s failure to meet their obligations may cause a loss. A large part of our credit risk is towards major international energy companies, suppliers, and banks. Our key credit risk management objective is to secure that credit decisions are well informed and takes into consideration potential future changes to relevant risk factors, and to monitor our counterparties closely. Our credit policy is to accept unsecured credit exposures to investment grade counterparties while we have limited or no credit appetite to lower rating classes. Some of our main methods for mitigating the credit risks are by having minimum rating requirements in our contracts, monitoring credit worthiness indicators closely to be able to react in due time, and requiring guarantees or other credit-risk-reducing measures if needed and deemed necessary. Where mitigation in accordance with our policies and principle is not commercially posible, credit risk can be accepted if deemed necessary and balanced.For the most significant counterparties, an internal rating is assigned in connection with establishing credit limits. The rating is based on information from external credit rating agencies, publicly available information, credit risk information systems, and our own analyses. We have not experienced any losses from a major counterparty in 2024. In 2023, we wrote down a loan to a US supplier amounting to DKK 571 million.\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) 2024(level 1)(level 2)(level 3) 2023Gas inventory 2,735 - - 2,735 1,513 - - 1,513Total inventory 2,735 - - 2,735 1,513 - - 1,513Bonds - 14,532 - 14,532 - 29,902 - 29,902Total securities - 14,532 - 14,532 - 29,902 - 29,902Energy derivatives 2,943 559 1,243 4,745 7,485 2,700 559 10,744Currency derivatives - 361 - 361 - 749 - 749Interest and inflation derivatives - 471 - 471 - 336 - 336Total derivative assets 2,943 1,391 1,243 5,577 7,485 3,785 559 11,829LiabilitiesEnergy derivatives 2,784 752 6,399 9,935 5,397 4,176 8,087 17,660Currency derivatives - 2,506 - 2,506 - 489 - 489Interest and inflation derivatives - 3,269 - 3,269 - 4,063 - 4,063Commodity derivatives - 181 - 181 - - - -Total derivative liabilities 2,784 6,708 6,399 15,891 5,397 8,728 8,087 22,212All 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. 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 Manage-ment function. We use external price providers to ensure a high quality of 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 (PPAs) 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 PPAs, 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 PPAs are normally settled on the actual production, and the power prices available in the market are based on a constant production (flat profile), we take into account that our expected production is not constant, and thus our PPAs will not be settled against a flat profile price. 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 2024 2023Market value at 1 January (7,528) (14,687)Value adjustments through profit or loss (4) (31)Value adjustments through other comprehensive income 3,501 3,766Sales/redemptions (516) 1,366Purchases/issues (294) 750Transferred from quoted prices and observable input (35) -Transferred to quoted prices and observable input (280) 1,308Market value at 31 December (5,156) (7,528)Unobservable input per commodity priceDKKmUS ERCOT power prices (2,375) (5,261)German power prices (1,406) (1,484)US MISO power prices (487) (737)Other power prices (735) (37)Gas prices (153) (9)To t a l (5,156) (7,528)Power price (DKK/MWh) Sensitivity (DKKm)Overview of significant unobservable inputs and WeightedMonthlyMonthlysensitivitiesaverageminimummaximum +25 % -25 %Intermittency-adjusted power priceUS ERCOT (2025-2033) 195 69 541 (2,577) 2,928Germany (2026-2035) 420 320 622 (1,200) 1,200US MISO (2025-2033) 282 183 460 (399) 595US SPP (2025-2035) 232 93 419 (436) 683Ireland (2025-2042) 493 408 842 (228) 228The 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 2024. The asymmetric sensitity on the US price areas is due to some US PPAs being structured with a minimum price per MWh and a mechanism where we retain most of the upside from high power prices.If intermittency-adjusted power prices in Germany as of 31 December 2024 increased/decreased by 25 %, the market value would decrease/increase by DKK 1,200 million. Valuation techniques and significant unobservable inputs We use a discounted cash flow model for the valuation 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\u2019s long-term power price forecast, assuming similar seasonality as in previous periods. As the majority of the remaining contract period is within the period when power prices are non-observable, we classify the contracts as based on non-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 PPAs 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 2024, we have recognised an income of DKK 148 million (2023: income of DKK 197 million) related to the initial fair value from PPAs. The total amount of initial fair value as of 31 December 2024 amounts to a negative value of DKK 1,157 million (2023: negative value of DKK 1,243 million), which will be recognised as revenue in a future period.\u00a7 Accounting policiesWhen the fair value at \u2018initial 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 6.72024 2023 Overview of the Group\u2019s energy trading portfolio 1Contractual Unrealised Contractual Unrealised DKKm principal amountgain (loss) principal amountgain/(loss)Power swaps (sell position) 4,389 229 3,305 (492)Power options (buy position) 3,778 972 5,906 1,406Gas swaps and options (sell position) 3,477 (704) 2,138 (312)Oil swaps and options (buy position) 169 (20) 156 (137)Other (sell position) 741 12 175 13Trading mandates 2VaR limit in 2024: DKK 100 million Stress limit in 2024: DKK 400 million Maximum open positions in trading portfolioVaR indicates the largest loss in one trading Stress indicates the largest daily loss we \u00b7 Max. 6 TWh of powerday at a probability of 95 %. VaR is based on risk sustaining with the given portfolio. \u00b7 Max. 9.5 TWh of gasdata for the past 45 trading days, with the Stress is based on data from 1 January 2006 \u00b7 Max. 1 million BOEheaviest weighting being assigned to the most to the present day.\u00b7 Max. 1.5 million tonnes of carbon emissionsrecent trading 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 unrealised gain/loss consists of both the received exposure from our assets with settlement at matu-rity and the external trades settled on a daily basis, including 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.).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 above. The overview of the Group\u2019s energy trading portfolio above 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 2024 2023Energy, currency, and interest derivatives 3,360 7,251Securities 14,532 29,902Financial assets measured at fair value via the income statement 17,892 37,153Energy derivatives 1,851 3,783Currency derivatives 340 795Interest and inflation derivatives 26 -Derivatives (assets) measured at fair value and used as hedging instruments 2,217 4,578Trade receivables 9,045 11,107Other accounts receivable 8,004 7,200Cash 23,444 10,626Financial assets measured at amortised cost 40,493 28,933Energy, currency, and interest derivatives 3,426 3,712Financial liabilities measured at fair value via the income statement 3,426 3,712Energy derivatives 6,774 14,661Currency derivatives 2,486 481Interest and inflation derivatives 3,024 3,358Commodity derivatives 181 -Derivatives (liabilities) measured at fair value and used as hedging instruments 12,465 18,500Bank loans and issued bonds 87,708 79,620Trade payables 20,827 14,915Other accounts payable 8,380 8,591Financial liabilities measured at amortised cost 116,915 103,126The 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 2024 31 December 2023 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 % (187) (6,736) (277) (8,119)-25 % 438 7,247 562 8,263Gas +25 % (741) 152 (588) (127)-25 % 741 (152) 588 127Oil +25 % (112) - (360) 260-25 % 112 - 360 (158)GBP +10 % (541) (2,636) 817 (2,965)-10 % 541 2,636 (817) 2,965USD +10 % (1,279) (259) (2,070) (662)-10 % 1,279 259 2,070 662NTD +10 % 155 - (386) (9)-10 % (155) - 386 9EUR +1 % 11 (13) (212) (15)-1 % (11) 13 212 15Inflation +1 %p - (1,795) - (2,059)Interest +1 %p 266 258 620 920The 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 financial 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 instruments that remained open at the balance sheet date, and which are value-adjusted directly in equity. Financial instruments include derivatives as well as receivables and payables in foreign currencies.The illustrated sensitivities only comprise the impact of our financial instruments. If the hedged exposure had been included in the sensitivity analysis, the effect of a price change would have been reduced or offset entirely.Net investments and associated hedging of net investments 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/decrease in the currencies hedged in connection with net investments would reduce/increase equity by DKK 8,430 million (2023: DKK 5,718 million).",
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"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 interest rate and currency 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.",
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"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 interest rate and currency 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 \u2018initial 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.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.",
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"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 interest rate and currency 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 \u2018initial 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.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.",
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"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 deem EUR an insignificant 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 exposure, both in the short and long term. A 10 % increase in the GBP/DKK exchange rate will result in a gain of DKK 1.9 billion over the period 2025-2029, all else remaining unchanged.For USD, our portfolio of offshore and onshore devel-opment assets, operating assets, and expected farm-downs translate to a both short- and long-term net- positive USD exposure. We primarily manage currency risk by using structural risk management tools, such as using local currency sourcing contracts, netting income and expenses in the same currency, and issuing local currency debt to naturally balance our portfolio. More specifically, the currency denomination of new debt issuances is aimed at optimising the currency composition of net debt with that of forecasted FFO to ensure stability in FFO/adjusted interest-bearing net debt 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 debt and netting of exposures are managed via financial derivatives according to our desired risk appetite. Our overall hedge horizon is five years, covering only highly certain cash flows to reduce the risk of 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 horizon. The target is to hedge 100 % of highly certain cash flows in year 1, declining by 20 percentage points each year to 20 % in year 5. Our currency exposure from production, sales, invest-ment, and divestment after hedging for the years 2025-2029 can be summarised as shown in the table.Effect of price changeRisk after hedgingDKKbn+10 % -10 %GBP: 19.1 sell position +1.9 -1.9USD: 8.4 buy position -0.8 +0.8NTD: 18 sell position +1.8 -1.8Maturity analysis Market valueExpected transfers to income statementCurrency cash flow hedge accounting 2024 Contractual Recognised in DKKmprincipal amount2025 2026 After 2026 Asset Liabilitycomprehensive income2025 2026 After 2026EBITDA impactGBP forwards and cross-currency swaps 22,864 5,980 5,691 11,193 - (885) (942) (387) (235) (320)Currency cash flow hedge accounting 2023 DKKm 2024 2025 After 2025 2024 2025 After 2025EBITDA impactGBP forwards and cross-currency swaps 24,191 5,961 6,115 12,115 131 (481) (331) (218) (33) (80)USD forwards 3 3 - - - - - - - -The GBP exchange rates for hedges impacting EBITDA in 2025 and 2026 are hedged at an average of GBP/DKK 8.5 and 8.5, respectively. Ineffectiveness from currency cash flow hedges in 2024 amounts to a loss of DKK -82 million (2023: DKK -134 million), recognised in financial items.2024 2023Contracts accounted for at fair value through profit or loss (financial items)ContractualMarketContractualMarketDKKmprincipal amountvalueprincipal amountvalueCurrencyForward exchange contracts 21,180 1 24,504 (54)The table shows cash management positions which are not hedge accounted. Hedging of net investments in foreign subsidiariesOf which, Hedged Accumulated exchange DKKm Net non-controlling amount rate adjustments Currency 2024investmentinterestsin currency Net positionin equityGBP 62,675 (7,859) (46,688) 8,128 (1,877)EUR 31,702 - - 31,702 30USD 43,840 (2,498) (27,282) 14,060 619NTD 27,821 - (10,324) 17,497 102Other 5,704 - - 5,704 154To t a l 171,742 (10,357) (84,294) 77,091 (972)Currency 2023GBP 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)Maturity analysis Market valueNet investment hedges 2024Contractual DKKmprincipal amount2025 2026 After 2026 Asset LiabilityGBP issued senior bonds 27,960 - - 27,960 - -GBP forwards and cross-currency swaps 18,728 4,162 3,247 11,319 142 (604)USD bank loans 5,368 - - 5,368 - -USD forwards and cross-currency swaps 21,914 4,919 10,370 6,625 194 (997)NTD issued senior bonds 5,931 - 879 5,052 - -NTD forwards and cross-currency swaps 4,393 4,393 - - 4 -Net investment hedges 2023DKKm2024 2025 After 2025GBP 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 - -No ineffectiveness from net investment hedges in 2024. In 2023, ineffectiveness caused by impairments on our US activities was recognised with a gain of DKK 236 million in financial items..The net position expresses the accounting exposure. If, for example, the GBP/DKK exchange rate increased by 10 % on 31 December 2024, equity would have increased by DKK 813 million, corresponding to 10 % of DKK 8,128 million.Hedging of net investments in foreign subsidiariesOur foreign subsidiaries entail currency risks. We hedge these currency risks by raising loans in foreign currencies and by entering into forward exchange contracts, currency swaps, and options. On 31 December 2024, the accumulated exchange rate adjustments totalled DKK -972 million (2023: DKK -3,146 million), divided between the exchange rate adjustment of the net investment of DKK 4,791 million (2023: DKK -1,093 million) and the hedging thereof of DKK -5,763 million (2023: DKK -2,053 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 2024 31 December 2023 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 % (187) (6,736) (277) (8,119)-25 % 438 7,247 562 8,263Gas +25 % (741) 152 (588) (127)-25 % 741 (152) 588 127Oil +25 % (112) - (360) 260-25 % 112 - 360 (158)GBP +10 % (541) (2,636) 817 (2,965)-10 % 541 2,636 (817) 2,965USD +10 % (1,279) (259) (2,070) (662)-10 % 1,279 259 2,070 662NTD +10 % 155 - (386) (9)-10 % (155) - 386 9EUR +1 % 11 (13) (212) (15)-1 % (11) 13 212 15Inflation +1 %p - (1,795) - (2,059)Interest +1 %p 266 258 620 920The 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 financial 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 instruments that remained open at the balance sheet date, and which are value-adjusted directly in equity. Financial instruments include derivatives as well as receivables and payables in foreign currencies.The illustrated sensitivities only comprise the impact of our financial instruments. If the hedged exposure had been included in the sensitivity analysis, the effect of a price change would have been reduced or offset entirely.Net investments and associated hedging of net investments 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/decrease in the currencies hedged in connection with net investments would reduce/increase equity by DKK 8,430 million (2023: DKK 5,718 million).",
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"s9__9__230": {
"value": "Credit risksNote 6.5 Offsetting of financial assetsTradeTradeDKKm Derivativesreceivables 2024 Derivativesreceivables 2023Financial assets 6,795 9,614 16,409 17,775 21,728 39,503Financial liabilities, offset (2,402) (4,916) (7,318) (6,911) (16,849) (23,760)Financial assets in the balance sheet 4,393 4,698 9,091 10,864 4,879 15,743Amounts not offset in the balance sheetLiabilities with offsetting rights (1,543) - (1,543) (2,529) - (2,529)Collateral received (139) - (139) (468) - (468)Net 2,711 4,698 7,409 7,867 4,879 12,746 Offsetting of financial liabilitiesDKKmFinancial liabilities 11,153 9,246 20,399 17,864 20,981 38,845Financial assets, offset (2,402) (4,916) (7,318) (6,911) (16,849) (23,760)Financial liabilities in the balance sheet 8,751 4,330 13,081 10,953 4,132 15,085Amounts not offset in the balance sheetAssets with offsetting rights (1,543) - (1,543) (2,529) - (2,529)Collateral provided (5,082) - (5,082) (4,214) - (4,214)Net 2,126 4,330 6,456 4,210 4,132 8,342A 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. Credit quality of the Group\u2019s counterparties 1DKKm 2024 2023AAA/Aaa 12,485 27,301AA/Aa 17,623 7,518A/A 10,262 10,501BBB/Baa 4,583 9,020Other 7,962 9,198Total credit exposure 52,915 63,5381 The figures do not reflect our actual credit exposure, as the positions are calculated before offsetting our debt to such counterparties. At December 31, 2024 \u00d8rsted considered its maximum credit risk to be DKK 52,915 million (2023: DKK 63,538 million).We are exposed to credit risks from our hedging activities, construction activities, and all other activities where a counterparty\u2019s failure to meet their obligations may cause a loss. A large part of our credit risk is towards major international energy companies, suppliers, and banks. Our key credit risk management objective is to secure that credit decisions are well informed and takes into consideration potential future changes to relevant risk factors, and to monitor our counterparties closely. Our credit policy is to accept unsecured credit exposures to investment grade counterparties while we have limited or no credit appetite to lower rating classes. Some of our main methods for mitigating the credit risks are by having minimum rating requirements in our contracts, monitoring credit worthiness indicators closely to be able to react in due time, and requiring guarantees or other credit-risk-reducing measures if needed and deemed necessary. Where mitigation in accordance with our policies and principle is not commercially posible, credit risk can be accepted if deemed necessary and balanced.For the most significant counterparties, an internal rating is assigned in connection with establishing credit limits. The rating is based on information from external credit rating agencies, publicly available information, credit risk information systems, and our own analyses. We have not experienced any losses from a major counterparty in 2024. In 2023, we wrote down a loan to a US supplier amounting to DKK 571 million.\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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"s9__9__231-1": {
"value": " Offsetting of financial assetsTradeTradeDKKm Derivativesreceivables 2024 Derivativesreceivables 2023Financial assets 6,795 9,614 16,409 17,775 21,728 39,503Financial liabilities, offset (2,402) (4,916) (7,318) (6,911) (16,849) (23,760)Financial assets in the balance sheet 4,393 4,698 9,091 10,864 4,879 15,743Amounts not offset in the balance sheetLiabilities with offsetting rights (1,543) - (1,543) (2,529) - (2,529)Collateral received (139) - (139) (468) - (468)Net 2,711 4,698 7,409 7,867 4,879 12,746 Offsetting of financial liabilitiesDKKmFinancial liabilities 11,153 9,246 20,399 17,864 20,981 38,845Financial assets, offset (2,402) (4,916) (7,318) (6,911) (16,849) (23,760)Financial liabilities in the balance sheet 8,751 4,330 13,081 10,953 4,132 15,085Amounts not offset in the balance sheetAssets with offsetting rights (1,543) - (1,543) (2,529) - (2,529)Collateral provided (5,082) - (5,082) (4,214) - (4,214)Net 2,126 4,330 6,456 4,210 4,132 8,342A 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.We only offset positive and negative values if we are entitled to and intend to settle several financial instruments net.",
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"s9__9__232-1": {
"value": " Offsetting of financial assetsTradeTradeDKKm Derivativesreceivables 2024 Derivativesreceivables 2023Financial assets 6,795 9,614 16,409 17,775 21,728 39,503Financial liabilities, offset (2,402) (4,916) (7,318) (6,911) (16,849) (23,760)Financial assets in the balance sheet 4,393 4,698 9,091 10,864 4,879 15,743Amounts not offset in the balance sheetLiabilities with offsetting rights (1,543) - (1,543) (2,529) - (2,529)Collateral received (139) - (139) (468) - (468)Net 2,711 4,698 7,409 7,867 4,879 12,746A 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.",
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"s9__9__233": {
"value": " Offsetting of financial liabilitiesDKKmFinancial liabilities 11,153 9,246 20,399 17,864 20,981 38,845Financial assets, offset (2,402) (4,916) (7,318) (6,911) (16,849) (23,760)Financial liabilities in the balance sheet 8,751 4,330 13,081 10,953 4,132 15,085Amounts not offset in the balance sheetAssets with offsetting rights (1,543) - (1,543) (2,529) - (2,529)Collateral provided (5,082) - (5,082) (4,214) - (4,214)Net 2,126 4,330 6,456 4,210 4,132 8,342A 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.",
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"s9__9__235": {
"value": "We only offset positive and negative values if we are entitled to and intend to settle several financial instruments net.",
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"s9__9__238": {
"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) 2024(level 1)(level 2)(level 3) 2023Gas inventory 2,735 - - 2,735 1,513 - - 1,513Total inventory 2,735 - - 2,735 1,513 - - 1,513Bonds - 14,532 - 14,532 - 29,902 - 29,902Total securities - 14,532 - 14,532 - 29,902 - 29,902Energy derivatives 2,943 559 1,243 4,745 7,485 2,700 559 10,744Currency derivatives - 361 - 361 - 749 - 749Interest and inflation derivatives - 471 - 471 - 336 - 336Total derivative assets 2,943 1,391 1,243 5,577 7,485 3,785 559 11,829LiabilitiesEnergy derivatives 2,784 752 6,399 9,935 5,397 4,176 8,087 17,660Currency derivatives - 2,506 - 2,506 - 489 - 489Interest and inflation derivatives - 3,269 - 3,269 - 4,063 - 4,063Commodity derivatives - 181 - 181 - - - -Total derivative liabilities 2,784 6,708 6,399 15,891 5,397 8,728 8,087 22,212All 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. 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 Manage-ment function. We use external price providers to ensure a high quality of 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 (PPAs) 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 PPAs, 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 PPAs are normally settled on the actual production, and the power prices available in the market are based on a constant production (flat profile), we take into account that our expected production is not constant, and thus our PPAs will not be settled against a flat profile price. 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 2024 2023Market value at 1 January (7,528) (14,687)Value adjustments through profit or loss (4) (31)Value adjustments through other comprehensive income 3,501 3,766Sales/redemptions (516) 1,366Purchases/issues (294) 750Transferred from quoted prices and observable input (35) -Transferred to quoted prices and observable input (280) 1,308Market value at 31 December (5,156) (7,528)Unobservable input per commodity priceDKKmUS ERCOT power prices (2,375) (5,261)German power prices (1,406) (1,484)US MISO power prices (487) (737)Other power prices (735) (37)Gas prices (153) (9)To t a l (5,156) (7,528)Power price (DKK/MWh) Sensitivity (DKKm)Overview of significant unobservable inputs and WeightedMonthlyMonthlysensitivitiesaverageminimummaximum +25 % -25 %Intermittency-adjusted power priceUS ERCOT (2025-2033) 195 69 541 (2,577) 2,928Germany (2026-2035) 420 320 622 (1,200) 1,200US MISO (2025-2033) 282 183 460 (399) 595US SPP (2025-2035) 232 93 419 (436) 683Ireland (2025-2042) 493 408 842 (228) 228The 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 2024. The asymmetric sensitity on the US price areas is due to some US PPAs being structured with a minimum price per MWh and a mechanism where we retain most of the upside from high power prices.If intermittency-adjusted power prices in Germany as of 31 December 2024 increased/decreased by 25 %, the market value would decrease/increase by DKK 1,200 million. Valuation techniques and significant unobservable inputs We use a discounted cash flow model for the valuation 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\u2019s long-term power price forecast, assuming similar seasonality as in previous periods. As the majority of the remaining contract period is within the period when power prices are non-observable, we classify the contracts as based on non-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 PPAs 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 2024, we have recognised an income of DKK 148 million (2023: income of DKK 197 million) related to the initial fair value from PPAs. The total amount of initial fair value as of 31 December 2024 amounts to a negative value of DKK 1,157 million (2023: negative value of DKK 1,243 million), which will be recognised as revenue in a future period.\u00a7 Accounting policiesWhen the fair value at \u2018initial 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__9__237": {
"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) 2024(level 1)(level 2)(level 3) 2023Gas inventory 2,735 - - 2,735 1,513 - - 1,513Total inventory 2,735 - - 2,735 1,513 - - 1,513Bonds - 14,532 - 14,532 - 29,902 - 29,902Total securities - 14,532 - 14,532 - 29,902 - 29,902Energy derivatives 2,943 559 1,243 4,745 7,485 2,700 559 10,744Currency derivatives - 361 - 361 - 749 - 749Interest and inflation derivatives - 471 - 471 - 336 - 336Total derivative assets 2,943 1,391 1,243 5,577 7,485 3,785 559 11,829LiabilitiesEnergy derivatives 2,784 752 6,399 9,935 5,397 4,176 8,087 17,660Currency derivatives - 2,506 - 2,506 - 489 - 489Interest and inflation derivatives - 3,269 - 3,269 - 4,063 - 4,063Commodity derivatives - 181 - 181 - - - -Total derivative liabilities 2,784 6,708 6,399 15,891 5,397 8,728 8,087 22,212All 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. 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 Manage-ment function. We use external price providers to ensure a high quality of 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 (PPAs) 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 PPAs, 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 PPAs are normally settled on the actual production, and the power prices available in the market are based on a constant production (flat profile), we take into account that our expected production is not constant, and thus our PPAs will not be settled against a flat profile price. 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 2024 2023Market value at 1 January (7,528) (14,687)Value adjustments through profit or loss (4) (31)Value adjustments through other comprehensive income 3,501 3,766Sales/redemptions (516) 1,366Purchases/issues (294) 750Transferred from quoted prices and observable input (35) -Transferred to quoted prices and observable input (280) 1,308Market value at 31 December (5,156) (7,528)Unobservable input per commodity priceDKKmUS ERCOT power prices (2,375) (5,261)German power prices (1,406) (1,484)US MISO power prices (487) (737)Other power prices (735) (37)Gas prices (153) (9)To t a l (5,156) (7,528)Power price (DKK/MWh) Sensitivity (DKKm)Overview of significant unobservable inputs and WeightedMonthlyMonthlysensitivitiesaverageminimummaximum +25 % -25 %Intermittency-adjusted power priceUS ERCOT (2025-2033) 195 69 541 (2,577) 2,928Germany (2026-2035) 420 320 622 (1,200) 1,200US MISO (2025-2033) 282 183 460 (399) 595US SPP (2025-2035) 232 93 419 (436) 683Ireland (2025-2042) 493 408 842 (228) 228The 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 2024. The asymmetric sensitity on the US price areas is due to some US PPAs being structured with a minimum price per MWh and a mechanism where we retain most of the upside from high power prices.If intermittency-adjusted power prices in Germany as of 31 December 2024 increased/decreased by 25 %, the market value would decrease/increase by DKK 1,200 million. Valuation techniques and significant unobservable inputs We use a discounted cash flow model for the valuation 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\u2019s long-term power price forecast, assuming similar seasonality as in previous periods. As the majority of the remaining contract period is within the period when power prices are non-observable, we classify the contracts as based on non-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 PPAs 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 2024, we have recognised an income of DKK 148 million (2023: income of DKK 197 million) related to the initial fair value from PPAs. The total amount of initial fair value as of 31 December 2024 amounts to a negative value of DKK 1,157 million (2023: negative value of DKK 1,243 million), which will be recognised as revenue in a future period.\u00a7 Accounting policiesWhen the fair value at \u2018initial 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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"value": "When the fair value at \u2018initial 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__9__241": {
"value": "Energy trading portfolioNote 6.72024 2023 Overview of the Group\u2019s energy trading portfolio 1Contractual Unrealised Contractual Unrealised DKKm principal amountgain (loss) principal amountgain/(loss)Power swaps (sell position) 4,389 229 3,305 (492)Power options (buy position) 3,778 972 5,906 1,406Gas swaps and options (sell position) 3,477 (704) 2,138 (312)Oil swaps and options (buy position) 169 (20) 156 (137)Other (sell position) 741 12 175 13Trading mandates 2VaR limit in 2024: DKK 100 million Stress limit in 2024: DKK 400 million Maximum open positions in trading portfolioVaR indicates the largest loss in one trading Stress indicates the largest daily loss we \u00b7 Max. 6 TWh of powerday at a probability of 95 %. VaR is based on risk sustaining with the given portfolio. \u00b7 Max. 9.5 TWh of gasdata for the past 45 trading days, with the Stress is based on data from 1 January 2006 \u00b7 Max. 1 million BOEheaviest weighting being assigned to the most to the present day.\u00b7 Max. 1.5 million tonnes of carbon emissionsrecent trading 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 unrealised gain/loss consists of both the received exposure from our assets with settlement at matu-rity and the external trades settled on a daily basis, including 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.).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 above. The overview of the Group\u2019s energy trading portfolio above 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.",
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__9__240": {
"value": "Energy trading portfolioNote 6.72024 2023 Overview of the Group\u2019s energy trading portfolio 1Contractual Unrealised Contractual Unrealised DKKm principal amountgain (loss) principal amountgain/(loss)Power swaps (sell position) 4,389 229 3,305 (492)Power options (buy position) 3,778 972 5,906 1,406Gas swaps and options (sell position) 3,477 (704) 2,138 (312)Oil swaps and options (buy position) 169 (20) 156 (137)Other (sell position) 741 12 175 13Trading mandates 2VaR limit in 2024: DKK 100 million Stress limit in 2024: DKK 400 million Maximum open positions in trading portfolioVaR indicates the largest loss in one trading Stress indicates the largest daily loss we \u00b7 Max. 6 TWh of powerday at a probability of 95 %. VaR is based on risk sustaining with the given portfolio. \u00b7 Max. 9.5 TWh of gasdata for the past 45 trading days, with the Stress is based on data from 1 January 2006 \u00b7 Max. 1 million BOEheaviest weighting being assigned to the most to the present day.\u00b7 Max. 1.5 million tonnes of carbon emissionsrecent trading 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 unrealised gain/loss consists of both the received exposure from our assets with settlement at matu-rity and the external trades settled on a daily basis, including 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.).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 above. The overview of the Group\u2019s energy trading portfolio above 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": {
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__9__242": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__326": {
"value": "the Danish state, represented by the Danish Ministry of Finance",
"dimensions": {
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"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__325": {
"value": "the Danish state, represented by the Danish Ministry of Finance",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
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},
"s9__9__249-1": {
"value": "Joint venturesDKKm 2024 2023Dividends received 99 86Capital transactions, net 94 (222)Sales of goods and services 26 64Receivables 109 9Other related parties are the Group\u2019s associates and joint ventures, members of the Board of Directors and the Executive Board, and other senior executives. See note 7.4 \u2018Company overview\u2019 for an overview of our joint ventures and associates.Company overviewNote 7.4Segment/company Country Type 1Ownership interestParent company\u00d8rsted A/S DenmarkOffshoreAnholt Havvindm\u00f8llepark I/S 4Denmark 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 %Borkum Riffgrund 3 GmbH & Co. oHG Germany JO 50 %Borssele Windfarm C.V. 2The Netherlands JO 50 %Breesea Ltd 2The UK JO 38 %Burbo Extension PSC Limited The UK S 75 %Elektrownia Wiatrowa Baltica 2 sp. z o.o Poland 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. oHG 2Germany JO 50 %Greater Changhua Offshore Wind Farm NW Ltd 2Taiwan JO 50 %Greater Changhua Offshore Wind Farm SE Ltd 2Taiwan JO 50 %Greater Changhua Offshore Wind Farm SW Ltd Taiwan S 100 %Hornsea 1 Limited 2The UK JO 38 %Hornsea 1 PSC Limited The UK S 75 %Hornsea Two PSC Limited The UK S 75 %Ocean Wind LLC The US S 100 %Orsted Borssele Holding B.V. The Netherlands S 100 %Orsted Greater Changhua SE Holdings Ltd. Taiwan S 100 %Orsted Hornsea Project Three (UK) Limited The UK S 100 %Orsted North America Inc The US S 100 %Orsted Power (UK) Ltd The UK S 100 %Orsted Race Bank (Holding) Ltd The UK S 100 %Orsted Taiwan Ltd Taiwan S 100 %Orsted 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 38 %Soundmark Wind Limited 2The UK JO 38 %South Fork, LLC 2The US JO 50 %Sunrise Wind, LLC The US S 100 %Walney (UK) Offshore Windfarms Limited 2The UK S 50 %Walney Extension Limited The UK JO 38 %Walney Extension PSC Limited The UK S 75 %Segment/company Country Type 1Ownership interestWest 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/S 3Denmark S 100 %Onshore2W Permian Solar, LLC The US S 100 %Badger Wind, LLC The US S 100 %Eleven Mile Solar Center, LLC 5The US S 100 %Haystack Wind Project, LLC The US S 100 %Helena Wind, LLC 2The US S 20 %Lincoln Land, LLC The US S 100 %Mockingbird Solar Center, LLC 2The US JO 50 %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 %Plum Creek Wind, LLC The US S 100 %Sage Draw Wind, LLC The US S 100 %Sparta Solar, LLC The US S 100 %Sunflower Energy, LLC 2The US S 20 %Tahoka Wind, LLC The US S 100 %Western Trail Wind, LLC 2The US S 20 %\u00d8rsted Onshore Holding A/S 3Denmark 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\u2019s ultimate ownership interest in the company.3 Subsidiaries owned directly by \u00d8rsted A/S.4 The company applies the provision in section 5 or section 6 of the Danish Financial Statements Act to omit presenting a separate annual report.5 One or more tax equity partners own an insignificant share of the company. See note 3.8 \u2018Tax equity liabilities\u2019.Companies without significant activities are not included in the list. A full comprehensive list of companies is available at: orsted.com/company-overview",
"dimensions": {
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"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__251-1": {
"value": "AssociatesDKKm 2024 2023Capital transactions, net (47) (54)Sale of goods and services 6 -Purchase of goods and services 181 (186)Payables (20) (25)Other related parties are the Group\u2019s associates and joint ventures, members of the Board of Directors and the Executive Board, and other senior executives. See note 7.4 \u2018Company overview\u2019 for an overview of our joint ventures and associates.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"s9__9__253": {
"value": "Auditor\u2019s feesNote 7.2PwC is \u00d8rsted\u2019s auditor appointed by the annual general meeting. PwC audits the consolidated financial statements of \u00d8rsted and our subsidiaries\u2019 statutory financial statements in all the countries where we are represented, and an audit is required. 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 limited assurance over the sustainabiity statements, 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 risk and performance mangement advice. Fees for services other than the statutory audit supplied by PwC Denmark to \u00d8rsted amounted to DKK 12 million (2023: DKK 8 million) and consisted of assurance services related to the issuance of bonds, due diligence, risk and performance management advice, limited assurance over the sustainability statements, and other general accounting, tax, and transfer pricing advice.Auditor\u2019s feesDKKm 2024 2023Audit and audit-related feesStatutory audit 38 43Other assurance engagements 5 5Non-audit servicesTax and VAT advice 1 2Other services 7 4Total fees to PwC 51 54Fee for non-audit services in percent of statutory audit fee 24 % 24 %PwC Denmark non-audit service ratio 57 % 74 %The non-audit services provided by the Group auditor in Denmark cannot exceed 70 %. The \u2018PwC Denmark non-audit service ratio\u2019 in 2023 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": {
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"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__9__255": {
"value": "Company overviewNote 7.4Segment/company Country Type 1Ownership interestParent company\u00d8rsted A/S DenmarkOffshoreAnholt Havvindm\u00f8llepark I/S 4Denmark 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 %Borkum Riffgrund 3 GmbH & Co. oHG Germany JO 50 %Borssele Windfarm C.V. 2The Netherlands JO 50 %Breesea Ltd 2The UK JO 38 %Burbo Extension PSC Limited The UK S 75 %Elektrownia Wiatrowa Baltica 2 sp. z o.o Poland 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. oHG 2Germany JO 50 %Greater Changhua Offshore Wind Farm NW Ltd 2Taiwan JO 50 %Greater Changhua Offshore Wind Farm SE Ltd 2Taiwan JO 50 %Greater Changhua Offshore Wind Farm SW Ltd Taiwan S 100 %Hornsea 1 Limited 2The UK JO 38 %Hornsea 1 PSC Limited The UK S 75 %Hornsea Two PSC Limited The UK S 75 %Ocean Wind LLC The US S 100 %Orsted Borssele Holding B.V. The Netherlands S 100 %Orsted Greater Changhua SE Holdings Ltd. Taiwan S 100 %Orsted Hornsea Project Three (UK) Limited The UK S 100 %Orsted North America Inc The US S 100 %Orsted Power (UK) Ltd The UK S 100 %Orsted Race Bank (Holding) Ltd The UK S 100 %Orsted Taiwan Ltd Taiwan S 100 %Orsted 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 38 %Soundmark Wind Limited 2The UK JO 38 %South Fork, LLC 2The US JO 50 %Sunrise Wind, LLC The US S 100 %Walney (UK) Offshore Windfarms Limited 2The UK S 50 %Walney Extension Limited The UK JO 38 %Walney Extension PSC Limited The UK S 75 %Segment/company Country Type 1Ownership interestWest 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/S 3Denmark S 100 %Onshore2W Permian Solar, LLC The US S 100 %Badger Wind, LLC The US S 100 %Eleven Mile Solar Center, LLC 5The US S 100 %Haystack Wind Project, LLC The US S 100 %Helena Wind, LLC 2The US S 20 %Lincoln Land, LLC The US S 100 %Mockingbird Solar Center, LLC 2The US JO 50 %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 %Plum Creek Wind, LLC The US S 100 %Sage Draw Wind, LLC The US S 100 %Sparta Solar, LLC The US S 100 %Sunflower Energy, LLC 2The US S 20 %Tahoka Wind, LLC The US S 100 %Western Trail Wind, LLC 2The US S 20 %\u00d8rsted Onshore Holding A/S 3Denmark 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\u2019s ultimate ownership interest in the company.3 Subsidiaries owned directly by \u00d8rsted A/S.4 The company applies the provision in section 5 or section 6 of the Danish Financial Statements Act to omit presenting a separate annual report.5 One or more tax equity partners own an insignificant share of the company. See note 3.8 \u2018Tax equity liabilities\u2019.Companies without significant activities are not included in the list. A full comprehensive list of companies is available at: orsted.com/company-overview",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"s9__9__254": {
"value": "Company overviewNote 7.4Segment/company Country Type 1Ownership interestParent company\u00d8rsted A/S DenmarkOffshoreAnholt Havvindm\u00f8llepark I/S 4Denmark 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 %Borkum Riffgrund 3 GmbH & Co. oHG Germany JO 50 %Borssele Windfarm C.V. 2The Netherlands JO 50 %Breesea Ltd 2The UK JO 38 %Burbo Extension PSC Limited The UK S 75 %Elektrownia Wiatrowa Baltica 2 sp. z o.o Poland 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. oHG 2Germany JO 50 %Greater Changhua Offshore Wind Farm NW Ltd 2Taiwan JO 50 %Greater Changhua Offshore Wind Farm SE Ltd 2Taiwan JO 50 %Greater Changhua Offshore Wind Farm SW Ltd Taiwan S 100 %Hornsea 1 Limited 2The UK JO 38 %Hornsea 1 PSC Limited The UK S 75 %Hornsea Two PSC Limited The UK S 75 %Ocean Wind LLC The US S 100 %Orsted Borssele Holding B.V. The Netherlands S 100 %Orsted Greater Changhua SE Holdings Ltd. Taiwan S 100 %Orsted Hornsea Project Three (UK) Limited The UK S 100 %Orsted North America Inc The US S 100 %Orsted Power (UK) Ltd The UK S 100 %Orsted Race Bank (Holding) Ltd The UK S 100 %Orsted Taiwan Ltd Taiwan S 100 %Orsted 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 38 %Soundmark Wind Limited 2The UK JO 38 %South Fork, LLC 2The US JO 50 %Sunrise Wind, LLC The US S 100 %Walney (UK) Offshore Windfarms Limited 2The UK S 50 %Walney Extension Limited The UK JO 38 %Walney Extension PSC Limited The UK S 75 %Segment/company Country Type 1Ownership interestWest 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/S 3Denmark S 100 %Onshore2W Permian Solar, LLC The US S 100 %Badger Wind, LLC The US S 100 %Eleven Mile Solar Center, LLC 5The US S 100 %Haystack Wind Project, LLC The US S 100 %Helena Wind, LLC 2The US S 20 %Lincoln Land, LLC The US S 100 %Mockingbird Solar Center, LLC 2The US JO 50 %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 %Plum Creek Wind, LLC The US S 100 %Sage Draw Wind, LLC The US S 100 %Sparta Solar, LLC The US S 100 %Sunflower Energy, LLC 2The US S 20 %Tahoka Wind, LLC The US S 100 %Western Trail Wind, LLC 2The US S 20 %\u00d8rsted Onshore Holding A/S 3Denmark 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\u2019s ultimate ownership interest in the company.3 Subsidiaries owned directly by \u00d8rsted A/S.4 The company applies the provision in section 5 or section 6 of the Danish Financial Statements Act to omit presenting a separate annual report.5 One or more tax equity partners own an insignificant share of the company. See note 3.8 \u2018Tax equity liabilities\u2019.Companies without significant activities are not included in the list. A full comprehensive list of companies is available at: orsted.com/company-overview",
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"s9__9__329": {
"value": "\u00d8rsted A/S",
"dimensions": {
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"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
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},
"s9__9__330": {
"value": "A/S",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:W9NG6WMZIYEU8VEDOG48",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"s9__9__332": {
"value": "Kraftv\u00e6rksvej 53DK-7000 Fredericia",
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"language": "en",
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},
"tfn-3": {
"value": "1 See note 5.2 \u2018Equity\u2019 for more information on reserves. In addition to the total reserves of DKK -5,164 million, a loss ofDKK 513 million is recognised as part of non-controlling interests.The loss is related to the hedging of revenue belonging to the non controlling interests.",
"dimensions": {
"concept": "xbrl:note",
"noteId": "tfn-3",
"language": "en"
}
},
"tfn-1": {
"value": "Value adjustments for the year for cash flow hedging amounting to DKK 3,426 million mainly consist of gains related to the hedging of power, partly countered by losses related to the hedging of GBP. In 2023, gains related to the hedging of power was primarily attributable to value adjustments amounting to DKK 25,017 million. The gain of DKK 1,269 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"
}
},
"tfn-2": {
"value": "In 2024, foreign exchange gains relating to net investments in foreign enterprises amounting to DKK 6,041 million were primarily attributable to an increase in the USD and GBP exchange rate of 6.7 % and 4.8 %, respectively. A part of the net investment was hedged, resulting in losses of DKK 3,698 million.",
"dimensions": {
"concept": "xbrl:note",
"noteId": "tfn-2",
"language": "en"
}
}
}
}