Ørsted posts H1 profit of EUR 492m, confirms guidance

Image by Dong Energy, now Ørsted, taken from dongenergy.com

August 8 (Renewables Now) - Danish energy major Ørsted A/S (CPH:ORSTED) today reported a profit of DKK 3.67 billion (USD 550.8m/EUR 491.7m) for the first half of 2019, confirmed its EBITDA guidance for the full year, and announced new emission reduction targets.

The company’s profit for the period was down by 6%, while earnings before interest, tax, depreciation and amortisation (EBITDA) inched up 2% to DKK 8.76 billion. It confirmed its guidance for 2019 EBITDA, excluding new partnerships, of DKK 15.5 billion-16.5 billion. 

The table below contains more details.

All in DKK million Q2 2019 Q2 2018 H1 2019 H1 2018
Revenue 16,443 18,593 33,682 38,401
EBITDA 3,625 3,079 8,755 8,598
- from offshore division 3,301 3,090 7,300 7,046
Profit (loss) for the period 1,075 857 3,671 3,897
Cash flows from operating activities 7,510 3,293 7,392 2,895
Gross investments (3,368) (3,109) (7,267) (5,180)

Offshore wind EBITDA in the period grew thanks to capacity additions, but power generation was lower than expected because of curtailments and outages.

Ørsted was successful in offshore wind auctions in New Jersey and New York and it has now secured a US offshore wind build-out portfolio of roughly 2.9 GW to be completed in 2022-2024. It said it is well on the way to reach its 15-GW offshore wind capacity goal by 2025.


The company has now reached a green share of 82% in power and heat generation, up from 71% in the first half of 2018. It said it is fully on track to meet its target for a 98% reduction of the carbon emission intensity from energy generation by 2025, as it has already reached a level of 83%. In addition to that, Ørsted is announcing today a target to cut its indirect emissions by 50% by 2032 from 2018 levels. Such emissions come mainly from the sale of natural gas and fossil-based power in the customer business, and from goods and services in the construction of wind farms.

The offshore wind major also presented a plan to fully convert its car fleet to electric vehicles by 2025.

(DKK 10 = USD 1.5/EUR 1.34)

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Browse all articles from Tsvetomira Tsanova

Tsvet has been following the development of the global renewable energy industry for almost nine years. She's got a soft spot for emerging markets.

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