Ørsted presents operating profit (EBITDA) for 2022 based on preliminary and unaudited reporting.
It has been a year with unusual market conditions, not least very volatile energy prices and a substantial increase in inflation. Despite this, we achieved 2022 results (EBITDA) within our latest guidance from
EBITDA including new partnership agreements is expected to total
EBITDA excluding new partnership agreements is expected to be
Preliminary and unaudited EBITDA
DKK billion | 2022 | 2021 | ∆ |
Group EBITDA | 32.1 | 24.3 | 7.8 |
Group EBITDA excl. new partnerships | 21.1 | 15.8 | 5.3 |
Offshore | 19.6 | 18.0 | 1.6 |
- New partnerships | 11.0 | 8.5 | 2.5 |
- EBITDA excl. new partnerships | 8.6 | 9.5 | (0.9) |
Onshore | 3.6 | 1.3 | 2.3 |
Bioenergy & Other | 8.6 | 4.7 | 3.9 |
Other | 0.2 | 0.2 | 0 |
Impairment of Sunrise Wind
As a result of project-specific CAPEX increases, an unprecedented cost inflation, and rapidly rising interest rates in 2022, we will recognise an impairment of
EBITDA outlook for 2023
EBITDA excluding new partnership agreements is expected to be
“In a year with unusual market conditions, not least the very volatile energy prices and a substantial increase in inflation, we’re happy to achieve a record-high EBITDA for 2022 within our latest guidance and above our initial expectations for the year. The composition and development of our earnings mix was significantly different than expected and once again showed the benefits from having a diverse portfolio.
We expect that earnings from our operational renewable energy assets will increase significantly in 2023 and contribute to reaching a Group EBITDA excluding new partnerships of
Daniel Lerup, CFO of Ørsted, says:
“During the year, we have seen adverse impacts from overhedging, ineffective hedges, and delays at Hornsea 2 and Greater Changhua 1 & 2a, which is not satisfactory. As a response to the unintended impacts from hedges, we have established and are in the process of implementing a new risk management framework to reduce the volatility from financial instruments and bring back the inherent predictability of earnings that our contracted and regulated activities possess.”
Presentation slides are available at https://orsted.com/q4-conference-call-presentation.
Investor and analyst call
In connection with the publication of the preliminary results for 2022 and guidance for 2023, a call for investors and analysts will be held on Friday,
Dial in numbers for the call:
The
The US: +1 646 787 0157
PIN: 994005
The investor and analyst call can be followed live at https://orsted-events.eventcdn.net/events/conference-call-january-2023
Press briefing
In order to elaborate on today’s announcement and answer questions about the preliminary results for 2022 and guidance for 2023, a press briefing will be held for journalists on Friday,
Dial-in numbers for the press briefing:
Passcode: Ørsted
Ørsted will publish its annual report for 2022 on Wednesday,
For further information, please contact:
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
- Ørsted expects EBITDA excluding new partnership agreements of
DKK 21.1 billion for 2022.pdf
© Ritzau Denmark, source