Today, Ørsted’s Board of Directors approved the interim report for the first quarter of 2024.
“We are working diligently on executing our business plan presented in February. A key milestone is our 924 MW Sunrise Wind project, which was selected for award in New York’s fourth offshore wind solicitation.
“With the ramp-up of generation from Greater Changhua 1 and 2a and South Fork and the high wind speeds in the first quarter of 2024, our operating profit (EBITDA) excluding new partnerships and cancellation fees amounted to
“During this quarter, we have been constructing 7.6 GW of offshore wind across our regions, and we have reached significant milestones by finalising the construction of Greater Changhua 1 and 2a in
“As part of our partnership and divestment programme, we have executed on two milestones. In the US, we have divested a share of four onshore wind farms with a total capacity of 957 MW to Stonepeak, and in
Guidance
We reiterate our 2024 guidance for EBITDA excluding new partnership agreements and cancellation fees of
Results for Q1 2024
Operating profit (EBITDA) excluding new partnerships and cancellation fees for the first quarter amounted to
Earnings from offshore sites amounted to
Net profit amounted to
Return on capital employed (ROCE) came in at -12 %, primarily due to the impairment losses and cancellation fees impacting EBIT during the 12-month period. ROCE adjusted for impairment losses and cancellation fees in Q1 2024 was 12.5 %.
DKK million | Q1 2024 | Q1 2023 | % |
EBITDA | 7,488 | 6,910 | 8 % |
- New partnerships | - | - | n.a. |
- Cancellation fees | - | - | n.a. |
- EBITDA excl. new partnerships and cancellation fees | 7,488 | 6,910 | 8 % |
Profit (loss) for the period | 2,609 | 3,202 | (19 %) |
Cash flow from operating activities | 3,608 | 10,119 | (64 %) |
Gross investments | (7,622) | (8,768) | (13 %) |
Divestments | (738) | (16) | n.a. |
Free cash flow | (4,752) | 1,335 | n.a. |
Net interest-bearing debt | 49,864 | 35,261 | 41 % |
FFO/adjusted net debt | 18.7 | 37.4 | (19 %p) |
ROCE | (12.2) | 13.8 | (26 %p) |
Earnings call
In connection with the presentation of the interim report for the first quarter of the year, an earnings call for investors and analysts will be held on Thursday,
The earnings call can be followed live at: Ørsted Interim report for the first quarter of 2024 (getvisualtv.net)
Presentation slides will be available prior to the earnings call at: Investors | Ørsted (orsted.com)
The interim report is available for download at: https://orsted.com/financial-reports
For further information, please contact:
Global Media Relations
+45 99 55 77 65
cabkj@orsted.com
Investor Relations
Rasmus Keglberg Hærvig
+45 99 55 90 95
ir@orsted.com
About Ørsted
The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs, and operates offshore and onshore wind farms, solar farms, energy storage facilities, renewable hydrogen and green fuels facilities, and bioenergy plants. Ørsted is recognised on the CDP Climate Change A List as a global leader on climate action and was the first energy company in the world to have its science-based net-zero emissions target validated by the Science Based Targets initiative (SBTi). Headquartered in
Attachments
- Company announcement_Interim report for the first quarter of 2024.pdf
- Ørsted - Q1 2024 Interim Report.pdf
- Ørsted - Q1 2024 - Investor Presentation.pdf
© Ritzau Denmark, source