Q3 2023 Financial Highlights & Renewable Capacity Update
Net interest-bearing debt and credit metric
Net interest-bearing debt
DKKbn
43.9
-9.8
9.2
-6.1
1.3
42.9
4.4
FFO / Adj. net debt
%
35
21
24
•
30 Jun 2023
CFO
Capex
London Array
divestment
Lease area
500 acquisition
Other
30 Sep 2023
Net interest-bearing debt of DKK 42.9 bn, down DKK 1.0 bn
Positive operating cash flow from EBITDA as well as cash inflow from remaining 50% of the
Hornsea 2 OFTO, and release of collateral (net DKK 0.2 bn during Q3)
⚫ Gross investments relating to construction of offshore and onshore assets
• Divestments of remaining 25% minority interest in London Array
Acquisition of Eversource's ownership share of Lease Area 5002
30 Sep 2022
30 Sep 2023
FFO / Adj. net debt of 21 %¹
• Driven by lower FFO
• Committed to our long-term threshold of
-25%
10
1: See appendix p. 40 for detailed calculation of the FFO / Adj. net debt ratio. 2. As this acquisition is with a non-controlling shareholder, it is not
included in 'gross investments', but as part of 'Divestments'.
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