Orsted Announces Annual Report 2020

Source: www.gulfoilandgas.com 2/3/2021, Location: Europe

Orsted’s Board of Directors approved the annual report for 2020. Our operating profit (EBITDA) amounted to DKK 18.1 billion, a 4 % increase compared to last year and above our most recent guidance of DKK 16-17 billion.

Earnings from offshore and onshore wind farms in operation increased by 14 % to DKK 16.9 billion, driven by the ramp-up of power generation from Hornsea 1, Borssele 1 & 2, Lockett, Sage Draw, Plum Creek, and Willow Creek. In addition, our year-on-year development was positively impacted by the receipt of CfDs of another 400 MW of Hornsea 1 from April, and higher wind speeds. This was partly offset by adverse COVID-19 impacts on especially the UK power market and lower earnings from trading activities.

We closed the divestment of our Danish power distribution, residential customer, and city light businesses. The transaction resulted in proceeds of DKK 20.5 billion and a gain of DKK 10.9 billion which will be deployed into our global renewable energy build-out plan.

Net profit amounted to DKK 16.7 billion, and return on capital employed (ROCE) came in at 10 %, in line with our target.

Our green share of heat and power generation continued to increase and reached an all-time high of 90 % in 2020, driven by continued ramp-up of our offshore and onshore wind farms.

The Board of Directors recommends a dividend of DKK 11.5 per share (DKK 4.8 billion in total), up 9.5 % and in line with our dividend policy.

Mads Nipper, Group President and CEO of Orsted, says in a comment to the annual report for 2020:

“Orsted delivered a strong set of results in 2020, both operationally and financially. Despite the challenges posed by COVID-19, our colleagues have done an outstanding job to keep our energy production assets fully operational at normal availability rates. During 2020, we’ve also commissioned five new wind farms and managed to move our construction projects forward. This demonstrates the resilience of our business model and the skills and spirit of our people. Safety continues to remain our key priority, and we continue to do our utmost to keep our colleagues safe across our locations.

In January 2021, we were named the world’s most sustainable energy company for the third consecutive year, and our focus on sustainability remains stronger than ever. We are fully on track with our plan to reduce our greenhouse gas emissions to become carbon-neutral as a company in 2025.

I am grateful for the support and professionalism of our customers and partners. I am keenly aware that only together, we can do great things and move towards our vision of a world that runs entirely on green energy.”

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