Q2 2021 Financial Highlights and Offshore Wind Build-Out Plan
Q2 2021 - Low wind speeds offset by strong performance from
Bioenergy & Other
Group EBITDA increased DKK 5.2 bn - Comparable EBITDA in line
DKKm
Effects impacting comparability
• No EBITDA from the divested Distribution, B2C, and city light businesses
Q2 2020
RBC divested
IFRS-9 one-off effect
2,955
-305
150
Comparable
2,800
Offshore sites
-410
Offshore partnerships
-103
Offshore DEVEX
124
Onshore
-109
Bioenergy & Other
Other
Q2 2021 excl.
new partnerships
Borssele 1&2 farm-down
Q2 2021 incl.
new partnerships
648
-109
2,841
•
Positive accounting effect as we ceased to report on business performance
principle in 20211
5,355
8,196
Underlying effects
Wind speeds in Q2 2021 (7.8 m/s) significantly lower than normal wind
speeds (8.6 m/s). Impact versus normal wind speed of DKK -0.9 bn. Positive
effect from ramp-up of Borssele 1 & 2 and addition of the last 400 MW of
Hornsea 1 receiving CfD
⚫ Partnership earnings in Q2 2021 related to adjustments to finalised
construction projects
• Increased Onshore generation driven by ramp-up more than offset by lower
wind speeds, higher fixed costs, minor subsequent credit loss related to the
winter storm in Texas, and the gain from Oak Solar divestment in Q2 2020
• Increased earnings from CHP plants due to higher power prices and sale of
ancillary services. Positive effect from revaluating our gas at storage from
increasing gas prices
New partnerships
⚫ DKK 5.4 bn farm-down gain from 50 % Borssele 1&2 divestment
7
1) DKK 0.2 bn in Offshore and DKK -0.05 bn between Onshore and Bioenergy & Other
OrstedView entire presentation