Financial
Table of Contents (Hyperlinks)
Table of Contents
Offshore segment accounts
Onshore segment accounts
Markets & Bioenergy segment accounts
Income statement highlights
Balance sheet highlights
Business drivers highlights
Income statement_Business performance
Income statement_Adjustments
Income statement_IFRS
Assets
Liabilities
Statement of cash flows
OF segment accounts
Offshore
Business performance, DKKm FY 2019 FY 20182 FY 2017 FY 2016 FY 2015 FY 2014 FY 2013 Q2 2020 Q1 2020 Q4 2019 Q3 20192 Q2 20192 Q1 20192 Q4 20182 Q3 20182 Q2 20182 Q1 20182 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015 Q2 2015 Q1 2015
Income statement
External revenue 33,801 37,434 15,034 18,831 11,818 7,920 10,102 8,377 6,689 9,116 8,239 9,798 6,648 13,345 5,847 10,270 7,972 3,773 2,865 5,038 3,358 3,319 4,939 5,452 5,121 1,064 4,268 3,190 3,296
Intra-group revenue 6,415 5,676 5,318 3,597 4,687 1,808 1,858 987 1,286 1,797 1,590 1,309 1,719 1,789 1,464 1,168 1,255 1,785 1,048 1,165 1,320 1,096 817 1,044 640 3,107 450 492 638
Revenue 40,216 43,110 20,352 22,428 16,505 9,728 11,960 9,364 7,975 10,913 9,829 11,107 8,367 15,134 7,311 11,438 9,227 5,558 3,913 6,203 4,678 4,415 5,756 6,496 5,761 4,171 4,718 3,682 3,934
Cost of sales (18,981) (25,551) (6,565) (11,130) (7,930) (3,424) (4,915) (5,594) (2,259) (4,777) (5,082) (6,152) (2,970) (10,066) (4,049) (7,238) (4,198) (1,427) (1,177) (2,310) (1,651) (1,739) (3,258) (3,659) (2,474) (1,870) (2,744) (1,755) (1,561)
Employee costs and other external expenses (6,440) (5,435) (4,122) (3,626) (3,140) (2,149) (1,900) (1,512) (1,380) (1,855) (1,537) (1,616) (1,432) (1,639) (1,452) (1,237) (1,107) (1,004) (1,030) (1,078) (1,010) (761) (1,045) (774) (1,046) (1,026) (748) (727) (639)
Gain (loss) on disposal of non-current assets (106) 15,076 10,811 2,961 7 1,856 73 - 1,217 (418) - 178 134 15,153 (27) (19) (31) 9,448 (55) 1,380 38 2,694 (39) (44) 353 29 (9) (13) -
Additional other operating income and expenses 490 851 238 1,210 595 141 (255) 95 76 185 20 65 220 267 209 214 161 135 24 5 74 423 242 259 283 367 110 (16) 134
Share of profit (loss) in associates and joint ventures (18) (5) (119) 24 114 (95) (710) 8 3 - (7) (10) (1) (2) (5) 1 1 (119) (1) (9) 10 22 (13) (8) 23 23 57 5 29
EBITDA 15,161 28,046 20,595 11,867 6,151 6,057 4,253 2,361 5,632 4,048 3,223 3,572 4,318 18,847 1,987 3,159 4,053 12,591 1,674 4,191 2,139 5,054 1,643 2,270 2,900 1,694 1,384 1,176 1,897
Depreciation and amortisation (5,494) (4,456) (4,080) (3,565) (3,164) (2,574) (2,020) (1,452) (1,408) (1,499) (1,342) (1,355) (1,298) (1,267) (1,072) (1,098) (1,019) (1,041) (979) (1,154) (906) (1,034) (864) (861) (806) (853) (851) (748) (712)
Impairment losses - - (545) - (504) - (339) - - - - - - - - - - (545) - - - - - - - (504) - - -
Operating profit (loss) (EBIT) 9,667 23,590 15,970 8,302 2,483 3,483 1,894 909 4,224 2,549 1,881 2,217 3,020 17,580 915 2,061 3,034 11,005 695 3,037 1,233 4,020 779 1,409 2,094 337 533 428 1,185
Reversal of impairment losses for the period - - 545 - 504 - 339 - - - - - - - - - - 545 - - - - - - - 504 - - -
Adjusted operating profit (loss) 9,667 23,590 16,515 8,302 2,987 3,483 2,233 909 4,224 2,549 1,881 2,217 3,020 17,580 915 2,061 3,034 11,550 695 3,037 1,233 4,020 779 1,409 2,094 841 533 428 1,185
Key ratios
Intangible assets and property, plant and equipment 78,483 64,444 56,942 52,202 50,653 42,455 40,266 85,620 79,240 78,483 74,621 68,468 69,625 64,444 62,376 61,159 60,076 56,942 59,784 58,257 55,293 52,202 51,837 49,960 50,550 50,653 51,446 51,158 48,656
Equity investments and non-current receivables 650 269 114 865 1,227 1,139 1,368 1,849 1,889 650 363 373 271 269 242 130 116 114 194 169 131 865 825 1,080 1,126 1,227 1,203 1,231 1,236
Net working capital, work in progress 8,756 9,654 7,526 3,944 1,702 110 1,461 10,029 10,137 8,756 8,764 4,551 9,012 9,654 10,140 9,284 7,472 7,526 9,802 7,658 4,924 3,944 3,947 1,667 (207) 1,702 3,939 1,948 990
Net working capital, capital expenditures (3,123) (2,612) (2,901) (2,452) (2,598) (1,196) (519) (9,006) (2,757) (3,123) (5,423) (3,852) (2,965) (2,612) (3,407) (4,565) (4,581) (2,901) (3,580) (3,859) (2,587) (2,452) (3,449) (3,694) (3,604) (2,598) (2,582) (3,561) (2,937)
Net working capital, other items 3,441 3,567 1,860 166 1,375 495 1,168 3,777 5,668 3,441 3,803 4,421 5,812 3,567 2,802 1,984 3,330 1,860 584 543 622 166 (534) (157) (129) 1,375 867 594 1,486
Derivatives, net (961) (1,888) 1,025 1,723 479 (178) (224) 552 2,312 (961) (1,567) (1,043) (2,361) (1,888) (2,543) (980) 342 1,025 2,628 2,743 1,749 1,723 3,153 2,573 1,849 479 (299) (1,158) (973)
Decommissioning obligations (4,562) (4,010) (3,546) (2,785) (2,461) (2,074) (1,575) (4,797) (4,677) (4,562) (4,413) (4,239) (4,190) (4,010) (4,109) (3,953) (3,800) (3,546) (3,066) (2,969) (2,894) (2,785) (2,746) (2,633) (2,536) (2,461) (2,354) (2,360) (2,242)
Other provisions (3,878) (3,116) (2,074) (1,894) (1,648) (1,438) (696) (3,797) (3,996) (3,878) (3,336) (3,221) (3,125) (3,116) (1,915) (1,881) (2,046) (2,074) (1,771) (1,818) (1,850) (1,894) (1,916) (1,921) (1,749) (1,648) (1,602) (1,534) (1,500)
Tax, net 1,065 (1,944) (296) 980 (1,296) (1,031) (1,304) 717 624 1,065 1,486 1,882 1,946 (1,944) 2,945 2,936 3,390 (296) 178 220 721 980 (2,579) (2,365) (1,986) (1,296) (1,296) (1,106) (1,095)
Other receivables and other payables, net (424) 1,110 1,002 76 573 419 (10) (633) (483) (424) 215 5 (28) 1,110 29 26 7 1,002 139 1,389 76 76 (7) 9 36 573 483 429 429
Capital employed 79,447 65,474 59,652 52,825 48,006 38,701 39,935 84,311 87,957 79,447 74,513 67,345 73,997 65,474 66,560 64,140 64,306 59,652 64,892 62,333 56,185 52,825 48,531 44,519 43,350 48,006 49,805 45,641 44,050
Cash flow from operating activities 9,283 6,710 3,353 4,347 3,074 5,198 2,485 4,338 (1,553) 3,545 (335) 8,036 (1,963) 4,830 708 1,890 (718) 3,590 (549) (138) 450 (1,947) (178) 760 5,712 3,126 (954) 1,059 (157)
Gross investments (15,121) (15,081) (15,462) (12,426) (10,192) (7,827) (9,485) (2,802) (4,292) (5,407) (5,272) (1,563) (2,879) (7,228) (3,691) (2,458) (1,704) (4,983) (4,611) (3,875) (1,993) (4,001) (3,936) (1,717) (2,772) (2,085) (3,209) (1,933) (2,965)
Divestments 3,052 19,676 16,737 6,874 1,603 7,330 7,972 (150) 9 165 239 (45) 2,693 18,909 (20) (29) 816 14,810 1,838 127 (38) 4,990 (8) 4 1,887 1,673 (28) (45) 2
Free cash flow (FCF) (2,786) 11,305 4,628 (1,205) (5,515) 4,701 972 1,386 (5,836) (1,697) (5,368) 6,428 (2,149) 16,511 (3,003) (597) (1,606) 13,417 (3,322) (3,886) (1,581) (958) (4,122) (953) 4,827 2,714 (4,191) (919) (3,120)
1 Last 12 months' figures 2 Reportable segments are reorganised as of November 2019. 2018 and 2019 figures are restated.

&1#&"Arial Black"&11&K4099DAINTERNAL

ON segment accounts
Onshore
Business performance, DKKm FY 2019 FY 20182 Q2 2020 Q1 2020 Q4 2019 Q3 20192 Q2 20192 Q1 20192 Q4 20182 Q3 20182 Q2 20182 Q1 20182
Income statement
External revenue 670 80 165 137 123 299 134 114 80 - - -
Intra-group revenue - - (5) - - - - - - - - -
Revenue 670 80 160 137 123 299 134 114 80 - - -
Cost of sales (6) - 5 - (6) 2 (2) - - - - -
Employee costs and other external expenses (528) (121) (157) (158) (165) (148) (110) (105) (121) - - -
Gain (loss) on disposal of non-current assets 21 - 34 - 12 9 - - - - - -
Additional other operating income and expenses 629 85 270 208 201 146 140 142 85 - - -
Share of profit (loss) in associates and joint ventures - - - - - - - - - - - -
EBITDA 786 44 312 187 165 308 162 151 44 - - -
Depreciation and amortisation (351) (51) (109) (98) (105) (88) (78) (80) (51) - - -
Impairment losses (68) - - - (68) - - - - - - -
Operating profit (loss) (EBIT) 367 (7) 203 89 (8) 220 84 71 (7) - - -
Reversal of impairment losses for the period - - - - - - - - - - - -
Adjusted operating profit (loss) 367 (7) 203 89 (8) 220 84 71 (7) - - -
Key ratios - - -
Intangible assets and property, plant and equipment 17,616 10,913 18,819 18,776 17,616 15,062 12,757 11,768 10,913 - - -
Equity investments and non-current receivables - 5 - - - - - 5 5 - - -
Net working capital, work in progress - - - - - - - - - - - -
Net working capital, tax equity (4,587) (3,719) (7,588) (4,638) (4,587) (4,840) (3,528) (3,658) (3,719)
Net working capital, capital expenditures (67) (167) (89) (191) (67) (21) (23) (13) (167) - - -
Net working capital, other items 9 (125) 80 68 9 (73) (34) 13 (125) - - -
Derivatives, net 545 (722) (241) 23 545 278 525 363 (722) - - -
Assets classified as held for sale, net - - - - - - - - - - - -
Decommissioning obligations (306) (217) (383) (323) (306) (208) (275) (265) (217) - - -
Other provisions - (130) - - - (1) - (133) (130) - - -
Tax, net (1,409) (1,059) (1,990) (1,334) (1,409) (1,519) (1,242) (1,227) (1,059) - - -
Other receivables and other payables, net (67) - - - (67) (126) (147) - - - - -
Capital employed 11,734 4,779 8,608 12,381 11,734 8,552 8,033 6,853 4,779 - - -
Cash flow from operating activities 1,007 1,868 3,209 (47) (160) 1,183 78 (94) 1,868 - - -
Gross investments (6,158) (6,779) (733) (748) (2,897) (1,463) (1,258) (540) (6,779) - - -
Divestments 255 1 114 - 235 20 - - 1 - - -
Free cash flow (FCF) (4,896) (4,910) 2,590 (795) (2,822) (260) (1,180) (634) (4,910) - - -
1 Last 12 months' figures 2 Reportable segments are reorganised as of November 2019. 2018 and 2019 figures are restated.
MB segment accounts
Markets & Bioenergy
Business performance, DKKm FY 2019 FY 20182 Q2 2020 Q1 2020 Q4 2019 Q3 20192 Q2 20192 Q1 20192 Q4 20182 Q3 20182 Q2 20182 Q1 20182
Income statement
External revenue 33,357 39,566 4,003 7,624 9,738 6,564 7,525 9,530 10,194 9,074 8,321 11,977
Intra-group revenue (541) 270 (108) (115) (169) (138) (114) (120) 5 51 27 187
Revenue 32,816 39,836 3,895 7,509 9,569 6,426 7,411 9,410 10,199 9,125 8,348 12,164
Cost of sales (28,493) (34,241) (2,985) (5,721) (8,282) (5,546) (6,681) (7,984) (8,926) (7,874) (7,597) (9,844)
Employee costs and other external expenses (3,326) (3,467) (767) (868) (798) (833) (860) (835) (903) (997) (779) (788)
Gain (loss) on disposal of non-current assets (11) (81) 37 - (5) (2) 12 (16) (68) - (13) -
Additional other operating income and expenses 511 54 6 12 6 391 4 110 4 4 22 24
Share of profit (loss) in associates and joint ventures (2) (1) (1) 1 - - (1) (1) (3) 1 1 -
EBITDA 1,495 2,100 185 933 490 436 (115) 684 303 259 (18) 1,556
Depreciation and amortisation (798) (1,430) (208) (192) (213) (197) (203) (185) (371) (355) (351) (353)
Impairment losses (500) - - - (500) - - - - - - -
Impairment losses, reversal - 603 - - - - - - 603 - - -
Operating profit (loss) (EBIT) 197 1,273 (23) 741 (223) 239 (318) 499 535 (96) (369) 1,203
Reversal of impairment losses for the period - - - - - - - - - - - -
Adjusted operating profit (loss) 197 1,273 (23) 741 (223) 239 (318) 499 535 (96) (369) 1,203
Key ratios -
Intangible assets and property, plant and equipment 8,743 9,170 8,306 8,582 8,743 9,106 9,128 9,494 9,170 19,906 19,593 19,260
Equity investments and non-current receivables 263 336 239 284 263 235 291 332 336 373 378 376
Net working capital, work in progress - - 1 - - - - - - - - -
Net working capital, capital expenditures (114) (199) (26) (49) (114) (50) (82) (116) (199) (197) (275) (198)
Net working capital, other items (1,277) (2,322) (2,964) (2,123) (1,277) (3,422) (3,368) (3,759) (2,322) (3,874) (4,765) (3,363)
Derivatives, net 2,058 203 2,007 2,467 2,058 1,194 1,041 788 203 (1,213) (511) (147)
Assets classified as held for sale, net 8,211 10,372 8,182 8,092 8,211 10,851 11,098 10,950 10,372 2,075 2,040 2,018
Decommissioning obligations (1,290) (1,245) (1,310) (1,299) (1,290) (1,279) (1,267) (1,257) (1,245) (1,296) (1,204) (1,198)
Other provisions (1,836) (3,878) (1,639) (1,861) (1,836) (2,979) (3,596) (3,883) (3,878) (3,828) (3,974) (3,920)
Tax, net 951 576 856 316 951 923 907 790 576 13 (27) (195)
Other receivables and other payables, net 80 1 18 43 80 123 86 2 1 18 - 2
Capital Employed 15,789 13,014 13,670 14,452 15,789 14,702 14,238 13,341 13,014 11,977 11,255 12,635
Cash flow from operating activities 1,218 2,874 817 1,557 (280) 152 (641) 1,987 469 (915) 1,410 1,910
Gross investments (1,898) (2,522) (179) (244) (463) (473) (495) (467) (897) (625) (640) (360)
Divestments 25 320 81 (1) 4 1 35 (15) (105) 399 14 12
Free cash flow (FCF) (655) 672 719 1,312 (739) (320) (1,101) 1,505 (533) (1,141) 784 1,562
1 Last 12 months' figures 2 Reportable segments are reorganised as of November 2019. 2018 and 2019 figures are restated.
Income statement highlights
Consolidated financial highlights (continuing operations)
Income statement
Business performance, DKKm FY 2019 FY 20182 FY 2017 FY 2016 FY 2015 FY 2014 FY 2013 Q2 2020 Q1 2020 Q4 2019 Q3 20192 Q2 20192 Q1 20192 Q4 20182 Q3 20182 Q2 20182 Q1 20182 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015 Q2 2015 Q1 2015
Income statement
Revenue 67,842 76,946 59,504 61,201 65,444 61,280 68,555 11,625 15,376 18,679 15,481 16,443 17,239 23,527 15,018 18,593 19,808 15,598 11,869 15,540 16,497 15,678 13,114 15,001 17,408 14,319 16,004 17,312 17,809
Offshore 40,216 43,110 20,352 22,428 16,505 9,728 11,960 9,364 7,975 10,913 9,829 11,107 8,367 15,134 7,311 11,438 9,227 5,558 3,913 6,203 4,678 4,415 5,756 6,496 5,761 4,171 4,718 3,682 3,934
Onshore 670 80 160 137 123 299 134 114 80
Markets & Bioenergy 32,816 39,836 3,895 7,509 9,569 6,426 7,411 9,410 10,199 9,125 8,348 12,164
Bioenergy 5,864 5,149 5,178 6,338 9,658 1,788 776 1,053 2,247 1,956 602 749 1,842 1,447 683 995 2,054
Customers solutions 40,195 38,009 49,444 48,055 49,663 10,396 8,441 9,733 11,625 10,879 7,703 8,845 10,582 12,143 11,063 13,388 12,850
Other activities/eliminations (5,860) (6,080) (6,907) (4,385) (5,683) (2,841) (2,726) (1,794) (245) (1,926) (1,073) (2,209) (652) (1,886) (1,418) (1,193) (1,583) (2,144) (1,261) (1,449) (2,053) (1,572) (947) (1,089) (777) (3,442) (460) (753) (1,029)
EBITDA 17,484 30,029 22,519 19,109 8,730 7,798 7,680 2,956 6,805 4,613 4,116 3,625 5,130 19,206 2,225 3,079 5,519 13,032 1,757 4,442 3,288 6,310 3,099 2,615 7,085 1,947 1,552 2,747 2,484
Offshore 15,161 28,046 20,595 11,867 6,151 6,057 4,252 2,361 5,632 4,048 3,223 3,572 4,318 18,847 1,987 3,159 4,053 12,591 1,674 4,191 2,139 5,054 1,643 2,270 2,900 1,693 1,384 1,177 1,897
Onshore 786 44 312 187 165 308 162 151 44
Markets & Bioenergy 1,495 2,100 185 933 490 436 (115) 684 303 259 (18) 1,556
Bioenergy 152 100 283 422 744 240 (142) (153) 207 115 (128) (41) 154 (118) (194) 321 274
Customers solutions 2,082 7,108 2,173 1,404 2,348 179 202 516 1,185 1,243 1,507 452 3,906 362 46 1,476 289
Other activities/eliminations 42 (161) (310) 34 123 (85) 336 98 53 (90) 149 6 (23) 12 (21) (62) (90) 22 23 (112) (243) (102) 77 (66) 125 10 316 (227) 24
Depreciation and amortisation (6,864) (5,978) (5,739) (5,232) (5,673) (5,319) (5,030) (1,827) (1,754) (1,876) (1,681) (1,689) (1,618) (1,697) (1,437) (1,462) (1,382) (1,517) (1,385) (1,541) (1,296) (1,602) (1,239) (1,215) (1,176) (1,444) (1,489) (1,376) (1,364)
Impairment losses (568) - (545) - (1,184) (216) (1,344) - - (568) - - - - - - - (545) - - - - - - (1,184) - - -
Impairment losses, reversed - 603 - - - - - - - - - - - 603 - - - - - - -
EBIT 10,052 24,654 16,235 13,877 1,873 2,263 1,306 1,129 5,051 2,169 2,435 1,936 3,512 18,112 788 1,617 4,137 10,970 372 2,901 1,992 4,708 1,860 1,400 5,909 (681) 63 1,371 1,120
Profit (loss) for the period from continuing operations 6,100 19,486 13,279 12,161 967 1,901 693 (809) 3,346 925 1,443 1,093 2,639 15,160 418 876 3,032 9,350 209 2,506 1,214 3,988 2,520 673 4,980 (315) (62) 956 387
Profit (loss) for the period from discontinued operations (56) 10 6,920 1,052 (13,051) (7,185) (1,686) (16) (28) (29) 34 (18) (43) 34 (13) (19) 8 79 2,931 2,484 1,426 (473) 811 478 236 (15,004) 520 77 1,357
Profit (loss) for the period 6,044 19,496 20,199 13,213 (12,084) (5,284) (993) (825) 3,318 896 1,477 1,075 2,596 15,194 405 857 3,040 9,429 3,140 4,990 2,640 3,515 3,331 1,151 5,216 (15,319) 458 1,033 1,744
1 Last 12 months' figures 2 Reportable segments are reorganised as of November 2019. 2018 and 2019 figures are restated.
Balance sheet highlights
Consolidated financial highlights
Balance Sheet
DKKm FY 2019 FY 20182 FY 2017 FY 2016 FY 2015 FY 2014 FY 2013 Q2 2020 Q1 2020 Q4 2019 Q3 20192 Q2 20192 Q1 20192 Q4 20182 Q3 20182 Q2 20182 Q1 20182 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015 Q2 2015 Q1 2015
Balance sheet
Assets 192,860 174,575 146,521 136,489 147,457 149,914 145,672 193,124 193,636 192,860 194,521 185,949 182,783 174,575 150,909 149,149 147,739 146,521 126,190 133,550 132,030 136,489 141,197 140,700 155,915 147,457 157,663 155,073 160,346
Additions to property, plant and equipment 22,440 14,436 20,022 17,750 19,843 15,350 19,437 10,011 4,833 6,560 8,449 3,755 3,676 4,575 2,942 3,137 3,782 7,137 4,795 5,475 2,615 4,378 5,168 3,037 5,167 4,033 4,471 4,897 6,442
Interest-bearing assets 26,198 30,539 31,153 21,675 27,986 32,735 20,657 20,180 19,077 16,298 32,822 33,965 28,583 30,539 24,119 29,372 29,141 31,153 12,520 13,345 18,258 21,675 23,279 25,488 35,295 27,986 26,363 30,070 33,675
Interest-bearing debt 43,428 28,320 29,636 25,136 37,179 36,713 46,460 42,452 46,161 43,428 44,904 38,945 37,694 28,320 33,076 33,975 33,472 29,636 22,780 23,677 24,781 25,136 29,221 29,309 36,235 37,179 39,787 37,855 40,609
Interest-bearing net debt 17,230 (2,219) (1,517) 3,461 9,193 3,978 25,803 22,272 27,084 17,230 12,082 4,980 9,111 (2,219) 8,957 4,603 4,331 (1,517) 10,260 10,332 6,523 3,461 5,942 3,821 940 9,193 13,424 7,785 6,934
Adjusted interest-bearing net debt 30,575 15,516 15,900 18,047 25,505 23,813 43,382 36,106 40,371 30,575 24,910 17,755 22,008 15,516 26,541 21,870 21,623 15,900 26,412 26,258 22,737 18,047 26,461 25,364 22,749 25,505 34,540 29,738 28,782
Equity 89,562 85,115 71,837 57,500 51,736 61,533 51,543 85,930 89,015 89,562 87,369 86,446 85,843 85,115 68,701 69,744 70,823 71,837 64,203 62,160 58,112 57,500 57,517 54,694 56,682 51,736 64,973 63,152 62,937
Capital employed
Intangible assets and property, plant and equipment 106,685 84,832 76,534 71,137 81,363 87,275 93,689 114,496 108,381 106,685 100,748 92,364 92,918 84,832 82,590 81,071 79,666 76,534 78,681 77,066 74,200 71,137 82,943 80,477 81,211 81,363 94,828 97,998 94,556
Equity investments and non-current receivables 1,044 1,445 1,187 1,240 1,642 1,585 2,324 2,241 2,319 1,044 1,390 1,410 1,350 1,445 1,429 1,243 1,179 1,187 1,247 502 459 1,240 1,212 1,480 1,533 1,642 1,626 1,663 1,675
Net working capital, work in progress 8,756 9,654 7,526 3,944 1,702 110 1,461 10,030 10,137 8,756 8,764 4,551 9,012 9,654 10,140 9,284 7,472 7,526 9,802 7,658 4,924 3,944 3,947 1,667 (207) (2,887) 1,826 (1,202) 904
Net working capital, tax equity (4,587) (3,719) - - - - - (7,588) (4,638) (4,587) (4,840) (3,528) (3,658) (3,719) - - - - - - -
Net working capital, capital expenditures (3,304) (2,978) (3,039) (2,720) (3,772) (2,415) (1,551) (9,121) (2,997) (3,304) (5,494) (3,957) (3,094) (2,978) (3,604) (4,840) (4,779) (3,039) (3,725) (4,030) (2,742) (2,720) (4,088) (4,546) (4,719) (3,772) (3,857) (5,124) (4,288)
Net working capital, other items 2,540 1,489 (2,581) (4,948) (4,589) (1,742) 643 1,092 3,665 2,540 1,328 1,326 2,425 1,489 (911) (2,475) 124 (2,581) (3,760) (4,244) (4,741) (4,948) (5,105) (6,017) (6,005)
Derivatives, net 782 (2,626) 496 1,759 6,111 2,870 628 2,454 4,415 782 (572) 656 (1,895) (2,626) (3,813) (1,709) 79 496 2,824 3,305 2,842 1,759 6,960 6,480 8,970 6,111 3,420 (528) (70)
Assets classified as held for sale, net 8,211 10,372 2,012 1,680 1,452 (1) 278 8,182 8,092 8,211 10,851 11,098 10,950 10,372 2,075 2,040 2,018 2,012 2,072 2,771 1,512 1,680 840 1,675 1,572 1,452 2,688 (1) (1)
Decomissioning obligations (6,158) (5,472) (4,751) (3,649) (11,144) (10,367) (8,821) (6,490) (6,299) (6,158) (5,900) (5,781) (5,712) (5,472) (5,405) (5,157) (4,998) (4,751) (3,965) (3,858) (3,783) (3,649) (10,502) (10,143) (11,645) (11,144) (10,990) (11,068) (10,810)
Other provisions (6,443) (7,982) (6,770) (5,390) (8,044) (5,567) (4,789) (6,168) (6,468) (6,443) (7,031) (7,677) (7,989) (7,982) (6,587) (6,710) (6,860) (6,770) (6,179) (5,010) (5,318) (5,390) (7,009) (7,194) (7,451) (8,044) (5,483) (5,418) (5,645)
Tax, net (253) (2,629) (464) (1,721) (3,700) (6,041) (6,184) (334) (71) (253) 610 1,434 1,242 (2,629) 2,256 2,162 1,913 (464) (2,124) (2,657) (2,253) (1,721) (5,458) (5,034) (5,136) (3,700) (5,598) (5,306) (6,263)
Other receivables and other payables, net (481) 510 170 (371) (91) (196) (333) (591) (438) (481) (403) (470) (595) 510 (512) (562) (660) 170 (411) 988 (465) (371) (281) (330) (501) (91) (62) (77) (187)
Capital employed 106,792 82,896 70,320 60,961 60,930 65,511 77,345 108,203 116,098 106,792 99,451 91,426 94,954 82,896 77,658 74,347 75,154 70,320 74,462 72,491 64,635 60,961 63,459 58,515 57,622 60,930 78,398 70,937 69,871
Cash flow
Cash flows from operating activities 13,079 10,343 1,023 11,272 7,521 9,568 5,754 8,197 (428) 4,816 871 7,510 (118) 7,565 (117) 3,293 (398) 3,078 (1,095) (1,848) 888 1,752 (56) 1,215 8,361 4,463 (711) 2,865 904
Gross investments (23,305) (24,481) (17,744) (14,960) (12,709) (10,327) (11,623) (3,757) (5,308) (8,816) (7,222) (3,368) (3,899) (14,916) (4,385) (3,109) (2,071) (5,805) (5,150) (4,287) (2,502) (4,732) (4,658) (2,339) (3,231) (2,734) (4,037) (2,573) (3,365)
Divestments 3,329 19,950 16,982 9,055 1,982 10,559 15,329 45 7 402 260 (11) 2,678 18,749 380 (14) 835 14,875 1,882 160 65 5,013 2,139 (46) 1,949 1,624 (13) 349 22
Free cash flow (FCF) (6,897) 5,812 261 5,367 (3,206) 9,800 9,460 4,485 (5,729) (3,598) (6,091) 4,131 (1,339) 11,398 (4,122) 170 (1,634) 12,148 (4,363) (5,975) (1,549) 2,033 (2,575) (1,170) 7,079 3,353 (4,761) 641 (2,439)
Key financial ratios, %
FFO1 / adjusted interest-bearing net debt3 31.0% 69.0% 50.3% 64.2% 28.8% 31.6% 13.1% 23.1% 21.3% 31.0% 47.4% 57.5% 46.2% 69.0% 41.7% 44.3% 45.6% 50.3% 26.5% 32.0% 34.2% 64.2% 53.6% 54.8% 66.1% 28.7% 31.0% 35.6% 29.9%
Return on capital employed (ROCE)1, 4 10.6% 32.1% 25.2% 24.4% 3.6% 4.3% 2.2% 10.8% 11.0% 10.6% 29.3% 29.3% 28.2% 32.1% 23.0% 23.5% 26,7% 25.2% 15.0% 18.4% 17.4% 24.4% 14.6% 12.6% 12.8% 3.6% 4.3% 3.6% 1.6%
Stock market ratios
Number of shares in thousand, end of period 420,381 420,381 420,381 420,381 417,726 417,726 294 420,381 420,381 420,381 420,381 420,381 420,381 420,381 420,381 420,381 420,381 420,381 420,381 420,381 420,381 420,381 420,381 420,381 417,726 417,726 417,726 417,726 417,726
Number of shares in thousand, average for the period 420,381 420,381 420,381 419,010 417,726 399,855 294 420,381 420,381 420,381 420,381 420,381 420,381 420,381 420,381 420,381 420,381 420,381 420,381 420,381 420,381 420,155 420,155 417,968 417,726 417,726 417,726 417,726 417,726
Earnings per share (EPS) - IFRS, DKK (total) 15.6 42.4 44.5 18.1 (24.4) (7.4) (7.9) (5.2) 12.9 2.4 2.0 3.4 7.8 38.8 (2.1) (1.1) 6.8 20.3 6.4 10.2 7.6 0.8 7.3 (4.5) 14.3 (31.7) 6.7 0.2 0.4
Earnings per share (EPS) - BP, DKK (total) 12.8 45.3 46.4 30.6 (30.7) (14.9) (5.9) (2.7) 8.0 1.2 3.5 1.9 6.2 35.7 1.0 1.4 7.2 21.7 7.1 11.2 6.4 8.2 7.7 1.9 12.8 (36.7) 0.7 1.2 4.1
1 Last 12 months' figures, 2 Reportable segments are reorganised as of November 2019. 2018 and 2019 figures are restated. 3 Interest-bearing net debt plus 50% of the hybrid capital, cash, cash equivalents and securities not available for use with the exception of repo transactions, present value of lease obligations (operating lease obligations calculated as if they were finance lease obligations), and decommissioning obligations less deferred tax. 4 Return calculated as earnings as a percentage of average capital employed.
Business drivers highlights
Consolidated financial highlights (continuing operations)
Business drivers
Business drivers FY 2019 FY 20182 FY 2017 FY 2016 FY 2015 FY 2014 FY 2013 Q2 2020 Q1 2020 Q4 2019 Q3 20192 Q2 20192 Q1 20192 Q4 20182 Q3 20182 Q2 20182 Q1 20182 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015 Q2 2015 Q1 2015
Offshore
Decided (FID'ed) and installed capacity, offshore wind, GW 9.9 9.0 8.9 7.4 5.1 3.8 3.6 9.9 9.9 9.9 9.9 9.9 9.0 9.0 8.9 8.9 8.9 8.9 8.9 7.5 7.4 7.4 7.4 6.7 6.3 5.1 4.4 4.4 3.8
Installed capacity, offshore wind, GW 6.8 5.6 3.9 3.6 3.0 2.5 2.1 6.8 6.8 6.8 5.6 5.6 5.6 5.6 5.1 5.1 4.4 3.9 3.8 3.8 3.6 3.6 3.0 3.0 3.0 3.0 2.7 2.7 2.5
Generation capacity, offshore wind, GW 3.6 3.0 2.5 2.0 1.7 1.4 1.3 3.8 3.6 3.6 3.6 3.3 3.0 3.0 2.9 2.8 2.7 2.5 2.3 2.2 2.1 2.0 1.8 1.7 1.7 1.7 1.7 1.6 1.4
Wind speed5, m/s 9.2 9.1 9.3 8.9 9.7 9.2 9.0 8.0 12.1 10.0 8.5 8.0 10.4 10.3 7.7 7.9 10.3 11.0 7.9 8.5 9.9 9.4 8.1 7.8 10.2
Load factor1, % 42% 42% 44% 41% 45% 44% 42% 32% 60% 50% 37% 31% 51% 53% 32% 31% 55% 54% 34% 38% 50% 49% 35% 34% 46% 50% 36% 42% 55%
Availability2, % 93% 93% 93% 92% 93% 94% 93% 95% 93% 93% 93% 87% 96% 93% 92% 93% 94% 92% 92% 93% 93% 94% 92% 94% 89% 90% 93% 94% 94%
Power generation, TWh 12.0 10.0 8.5 6.0 5.8 5.0 5.3 2.6 4.6 3.9 2.8 2.2 3.1 3.3 1.9 1.8 3.0 2.9 1.7 1.8 2.1 1.8 1.3 1.2 1.7 1.5 1.3 1.4 1.6
Power sales7, TWh 27.6 27.4 5.5 8.8 7.7 7.0 5.7 7.2 7.7 5.2 5.4 9.2
Onshore
Decided (FID'ed) and installed capacity, offshore wind, GW 2.1 1.0 2.1 2.1 2.1 1.7 1.4 1.0 1.0
Installed capacity, wind and solar, GW 1.0 0.8 1.6 1.3 1.0 1.0 0.8 0.8 0.8
Generation capacity, wind and solar, GW 1.0 0.8 1.6 1.3 1.0 1.0 0.8 0.8 0.8
Wind speed5, m/s 7.3 7.3 8.0 7.5 7.3 6.6 7.7 7.8 7.3
Load factor1, wind, % 45% 41% 49% 44% 46% 39% 47% 47% 41%
Availability2, wind, % 98% 98% 96% 95% 98% 98% 97% 97% 98%
Power generation, wind and solar TWh 3.5 0.6 1.6 1.1 1.0 0.9 0.8 0.8 0.6
Markets & Bioenergy
Heat generation, TWh 8.3 8.8 1.0 3.1 3.0 0.5 1.1 3.7 2.8 0.3 0.9 4.8
Power generation, TWh 4.6 6.7 0.9 1.6 1.6 0.4 0.7 1.9 1.8 0.7 0.9 3.3
Power distribution, TWh 8.4 8.4 1.8 2.2 2.3 1.9 1.9 2.3 2.3 1.8 1.9 2.4
Gas distribution, TWh - - - - - - - - - - - -
Power sales7, TWh 14.7 15.3 3.0 3.6 4.1 3.3 3.3 4.0 4.3 3.5 3.5 4.1
Gas sales, TWh 125.0 131.1 20.1 26.7 36.7 30.8 31.7 25.8 25.5 31.3 33.9 40.4
Degree days3, number 2,399 2,526 436 1,065 882 108 269 1,140 884 76 149 1,417
Regulatory asset base (power)4, DKKm 11,431 10,957 11,431 11,431 11,431 10,957 10,957 10,957 10,957 10,623
Eliminations
Power sales6,7, TWh (15) (15) (3.0) (3.6) (3.3) (4.1) (3.3) (4.0) (4.3) (3.5) (3.5) (4.1)
Bioenergy
Degree days3, number 2,705 2,715 2,621 2,462 2,890 895 115 451 1,244 962 54 399 1,300 781 109 520 1,211
Heat generation, TWh 9.0 9.2 9.3 8.7 11.2 2.8 0.7 1.3 4.2 3.1 0.4 1.4 4.3 2.9 0.6 1.6 4.2
Power generation, TWh 8.2 8.4 7.1 8.7 13.8 2.3 1.2 1.5 3.2 3.0 1.3 1.1 3.0 2.5 0.4 1.2 3.0
Customers solutions
Regulatory asset base (power)4, DKKm 10,623 10,648 10,778 10,373 10,127 10,623 10,623 10,623 10,648 10,648 10,648 10,648 10,778 10,778 10,778 10,778 10,373
Power distribution, TWh 8.4 8.5 8.4 8.4 8.6 2.2 1.9 2.0 2.3 2.3 1.9 1.9 2.4 2.3 1.9 1.9 2.3
Gas distribution, TWh - 5.8 8.1 8.2 9.0 - - - - - 1.1 1.5 3.2 2.4 1.1 1.5 3.1
Power sales, TWh 37.7 36.7 35.5 34.5 25.5 10.6 8.2 8.8 10.1 9.2 8.3 8.5 10.7 9.9 9.3 7.8 8.5
Gas sales, TWh 136.1 150.4 159.1 151.3 131.7 36.9 29.4 28.3 41.5 36.1 37.1 35.6 41.6 36.2 42.2 36.8 43.9
Oil & Gas
Oil and gas production, million BOE 21.4 36.6 40.9 41.8 31.7 - 7.3 6.6 7.5 9.0 8.9 8.7 10.0
EBITDA 6,436 6,507 9,754 8,591 7,324 - 1,389 2,598 2,449 2,140 1,658 1,705 1,004
Free Cash Flow 8,475 1,106 655 452 (5,631) - 4,010 2,655 1,810 1,020 658 (1,049) 478
Capital employed 3,505 2,769 5,444 17,538 20,663 - - 1,301 2,204 2,769 4,976 4,981 5,281
Social & Environmental
Employees (FTE), number 6,526 6,080 5,638 5,775 5,947 5,751 5,807 6,731 6,608 6,526 6,454 6,312 6,176 6,080 5,882 5,741 5,662 5,638 5,641 5,802 5,787 5,775 5,890 5,881 6,019 5,947 5,956 5,911 5,817
Lost time injury frequency (LTIF)8, per 1 million hours worked 2.1 1,,5 1.6 1.8 2.0 2.5 3.5 2.1 1.9 2.1 2.1 1.4 1.5 1.5 1.5 2.0 1.7 1.6 1.5 1.5 1.6 1.8 2.1 1.9 2.1 2.0 2.1 2.0 2.3
Total recordable injury rate (TRIR)8, per 1 million houers worked 4.9 4.7 6.4 6.8 9.7 10.9 12.0 4.7 4.7 4.9 4.5 4.1 4.3 4.7 5.0 6.2 6.7 6.4 6.7 6.5 6.4 6.8 7.4 8.5 9.2
Fatalities, number 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Green share of energy generation, % 86 75 64 50 49 44 35 86 90 90 87 85 80 83 71 80 68 76 60 64 56 56 47 54 43
Greenhouse gas intensity, g CO2e/kWh 65 131 151 224 220 280 311 84 53 44 62 71 82
Jessica Wright: Jessica Wright: Should be 85% according to ESG Q1 2020 report p13
87 212 123 147 106 203 150 170 183 329 210 232 225 217 217 218
1 Load factor: The ratio between the actual generation over a period relative to the potential generation which is possible by continuously exploiting the maximum capacity over the same period. 2 Availability: Production-based availability is the ratio of actual production to the possible production, which is the sum of lost production and actual production in a given period. 3 Degree days: Number of degrees in absolute figures in difference between the average temperature and the official Danish average indoor temperature of 17 degrees Celcius. 4 The figures indicate values from the latest regulatory financial statements. 5 Wind Speed indicates how many metres per second the wind has blown in the areas where we have wind farms. The weigthing is based on our generation capacity. 6 Eliminations is equal to the internal sale from Offshore to Markets & Bioenergy. The Ørsted power sales is the sum of Offshore, Markets & Bioenergy and elimations. 7 Power sales volumes have been reduced compared to previously announced volumes as we eliminated for internally sourced power generation volumes in Germany and the UK due to the new presentation of power sales volumes in Offshore 812 months rolling
P&L_BP
Income statement
Business performance, DKKm FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017
Revenue 67,842 76,946 59,504 61,201 65,444 61,280 68,555 61,004 11,625 15,376 18,679 15,481 16,443 17,239 23,527 15,018 18,593 19,808 15,598 11,869 15,540 16,497
Cost of sales (41,816) (53,906) (40,544) (39,260) (51,435) (49,558) (54,334) (52,391) (6,816) (7,807) (11,292) (9,458) (10,703) (10,363) (17,129) (10,545) (13,642) (12,590) (10,169) (8,209) (10,579) (11,587)
Other external expenses and employee costs (10,043) (8,991) (7,438) (7,166) (6,573) (5,968) (6,012) (7,122) (2,300) (2,282) (2,753) (2,463) (2,505) (2,322) (2,632) (2,429) (2,073) (1,857) (1,890) (1,879) (1,909) (1,760)
Gain (loss) on disposal of assets (101) 14,995 10,835 2,940 (31) 1,904 348 140 71 1,217 (416) 7 190 118 15,085 (27) (32) (31) 9,468 (52) 1,381 38
Additional other operating income and expenses 1,622 991 281 1,369 1,213 233 (166) 461 369 297 395 556 211 460 360 212 231 188 144 29 18 90
Share of profit (loss) in associates and joint ventures (20) (6) (119) 25 112 (93) (711) (3) 7 4 - (7) (11) (2) (5) (4) 2 1 (119) (1) (9) 10
Operating profit (loss) before depreciation, amortisation and impairment losses (EBITDA) 17,484 30,029 22,519 19,109 8,730 7,798 7,680 2,089 2,956 6,805 4,613 4,116 3,625 5,130 19,206 2,225 3,079 5,519 13,032 1,757 4,442 3,288
Amortisation, depreciation and impairment losses on intangible assets and property, plant and equipment (7,432) (5,375) (6,284) (5,232) (6,857) (5,535) (6,374) (8,501) (1,827) (1,754) (2,444) (1,681) (1,689) (1,618) (1,094) (1,437) (1,462) (1,382) (2,062) (1,385) (1,541) (1,296)
Operating profit (loss) (EBIT) 10,052 24,654 16,235 13,877 1,873 2,263 1,306 (6,412) 1,129 5,051 2,169 2,435 1,936 3,512 18,112 788 1,617 4,137 10,970 372 2,901 1,992
Gain (loss) on divestment of enterprises (63) 127 (139) 1,250 56 1,258 2,045 2,675 (3) (14) (13) (15) (18) (17) (28) 181 (16) (10) (14) (108) (6) (11)
Share of profit (loss) in associates and joint ventures 2 1 (10) (8) (8) (484) (57) (699) 3 3 3 (5) 3 1 (3) 2 4 (2) 42 (7) (2) (43)
Financial income 7,718 3,179 4,253 8,179 9,297 5,021 3,056 3,576 552 805 4,112 1,008 938 1,660 1,538 215 73 1,353 1,703 1,158 663 729
Financial expenses (8,853) (4,457) (5,295) (8,946) (10,706) (5,859) (6,135) (4,148) (1,562) (1,581) (4,756) (1,055) (1,483) (1,559) (1,581) (651) (577) (1,648) (2,352) (1,136) (744) (1,063)
Profit (loss) before tax 8,856 23,504 15,044 14,352 512 2,199 215 (5,008) 119 4,264 1,515 2,368 1,376 3,597 18,038 535 1,101 3,830 10,349 279 2,812 1,604
Tax on profit (loss) for the period (2,756) (4,018) (1,765) (2,191) 455 (298) 478 1,473 (928) (918) (590) (925) (283) (958) (2,878) (117) (225) (798) (999) (70) (306) (390)
Profit (loss) for the period from continuing operations 6,100 19,486 13,279 12,161 967 1,901 693 (3,535) (809) 3,346 925 1,443 1,093 2,639 15,160 418 876 3,032 9,350 209 2,506 1,214
Profit (loss) for the period from discontinued operations (56) 10 6,920 1,052 (13,051) (7,185) (1,686) (486) (16) (28) (29) 34 (18) (43) 34 (13) (19) 8 79 2,931 2,484 1,426
Profit (loss) for the period 6,044 19,496 20,199 13,213 (12,084) (5,284) (993) (4,021) (825) 3,318 896 1,477 1,075 2,596 15,194 405 857 3,040 9,429 3,140 4,990 2,640
P&L_Adj
Income statement
Business performance adjustments, DKKm FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015 Q2 2015 Q1 2015
Revenue 2,556 (1,426) 205 (3,808) 1,264 586 (1,226) (965) (1,663) 2,856 1,136 (938) 834 1,524 2,638 (2,220) (1,734) (110) (887) (222) 385 929 (2,281) 85 (1,867) 255 1,252 1,581 (344) (1,225)
Cost of sales (1,020) (112) (150) 1,638 (106) (837) 101 (154) 299 (212) (489) 150 (34) (647) (930) 562 380 (124) 166 108 (50) (374) 543 39 739 317 (88) (349) 29 302
Other external expenses and employee costs - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Gain (loss) on disposal of assets - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Additional other operating income and expenses - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Share of profit (loss) in associates and joint ventures - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Operating profit (loss) before depreciation, amortisation and impairment losses (EBITDA) 1,536 (1,538) 55 (2,170) 1,158 (251) (1,125) (1,119) (1,364) 2,644 647 (788) 800 877 1,708 (1,658) (1,354) (234) (721) (114) 335 555 (1,738) 124 (1,128) 572 1,164 1,232 (315) (923)
Amortisation, depreciation and impairment losses on intangible assets and property, plant and equipment - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Operating profit (loss) (EBIT) 1,536 (1,538) 55 (2,170) 1,158 (251) (1,125) (1,119) (1,364) 2,644 647 (788) 800 877 1,708 (1,658) (1,354) (234) (721) (114) 335 555 (1,738) 124 (1,128) 572 1,164 1,232 (315) (923)
Gain (loss) on divestment of enterprises - - - - - (5) - - - - - - - - - - - - - - - - - - - - - - - -
Share of profit (loss) in associates and joint ventures - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Financial income - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Financial expenses - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Profit (loss) before tax 1,536 (1,538) 55 (2,170) 1,158 (256) (1,125) (1,119) (1,364) 2,644 647 (788) 800 877 1,708 (1,658) (1,354) (234) (721) (114) 335 555 (1,738) 124 (1,128) 572 1,164 1,232 (315) (923)
Tax on profit (loss) for the period (345) 318 (13) 476 (271) 63 286 279 303 (583) (143) 167 (175) (194) (396) 365 298 51 158 25 (76) (120) 382 (29) 249 (126) (271) (289) 73 216
Profit (loss) for the period from continuing operations 1,191 (1,220) 42 (1,694) 887 (193) (839) (840) (1,061) 2,061 504 (621) 625 683 1,312 (1,293) (1,056) (183) (563) (89) 259 435 (1,356) 95 (879) 446 893 943 (242) (707)
Profit (loss) for the period from discontinued operations - - (816) (3,584) 1,744 3,167 241 (265) - - - - - - - - - - 1 (223) (673) 79 (1,747) (231) (1,796) 190 1,184 1,562 (167) (835)
Profit (loss) for the period 1,191 (1,220) (774) (5,278) 2,631 2,974 (598) (1,105) (1,061) 2,061 504 (621) 625 683 1,312 (1,293) (1,056) (183) (562) (312) (414) 514 (3,102) (136) (2,676) 636 2,077 2,505 (409) (1,542)
P&L_IFRS
Income statement
IFRS, DKKm FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015 Q2 2015 Q1 2015
Revenue 70,398 75,520 59,709 57,393 66,708 61,866 67,329 60,039 9,962 18,232 19,815 14,543 17,277 18,763 26,165 12,798 16,859 19,698 14,711 11,647 15,925 17,426 13,396 13,200 13,134 17,663 15,571 17,585 16,968 16,584
Cost of sales (42,836) (54,018) (40,694) (37,622) (51,541) (50,395) (54,233) (52,545) (6,517) (8,019) (11,781) (9,308) (10,737) (11,010) (18,059) (9,983) (13,262) (12,714) (10,003) (8,101) (10,629) (11,961) (10,170) (8,322) (10,309) (8,821) (10,870) (13,383) (13,378) (13,910)
Employee costs and other external expenses (10,043) (8,991) (7,438) (7,166) (6,573) (5,968) (6,012) (7,123) (2,300) (2,282) (2,753) (2,463) (2,505) (2,322) (2,632) (2,429) (2,073) (1,857) (1,890) (1,879) (1,909) (1,760) (1,851) (1,846) (1,610) (1,859) (2,047) (1,585) (1,538) (1,403)
Gain (loss) on disposal of assets (101) 14,995 10,835 2,940 (30) 1,903 348 140 71 297 (416) 7 190 118 15,085 (27) (32) (31) 9,468 (52) 1,381 38 2,695 (116) 16 347 24 (21) (29) (5)
Additional other operating income and expenses 1,622 991 281 1,369 1,212 233 (166) 462 369 1,217 395 556 211 460 360 212 231 188 144 29 18 90 479 319 265 303 413 129 402 269
Share of profit (loss) in associates and joint ventures (20) (6) (119) 25 112 (93) (711) (3) 7 4 - (7) (11) (2) (5) (4) 2 1 (119) (1) (9) 10 23 (13) (9) 24 20 59 6 27
Operating profit (loss) before depreciation, amortisation and impairment losses (EBITDA) 19,020 28,491 22,574 16,939 9,888 7,546 6,555 970 1,592 9,449 5,260 3,328 4,425 6,007 20,914 567 1,725 5,285 12,311 1,643 4,777 3,843 4,572 3,222 1,487 7,657 3,111 2,784 2,431 1,562
Amortisation, depreciation and impairment losses on intangible assets and property, plant and equipment (7,432) (5,375) (6,284) (5,232) (6,857) (5,535) (6,375) (8,501) (1,827) (1,754) (2,444) (1,681) (1,689) (1,618) (1,094) (1,437) (1,462) (1,382) (2,062) (1,385) (1,541) (1,296) (1,602) (1,238) (1,216) (1,176) (2,628) (1,489) (1,376) (1,364)
Operating profit (loss) (EBIT) 11,588 23,116 16,290 11,707 3,031 2,011 180 (7,531) (235) 7,695 2,816 1,647 2,736 4,389 19,820 (870) 263 3,903 10,249 258 3,236 2,547 2,970 1,984 271 6,481 483 1,295 1,055 198
Gain (loss) on divestment of enterprises (63) 127 (139) 1,250 56 1,253 2,045 2,675 (3) (14) (13) (15) (18) (17) (28) 181 (16) (10) (14) (108) (6) (11) (80) 1,314 19 (3) (32) (12) 81 18
Share of profit (loss) in associates and joint ventures 2 1 (10) (8) (8) (484) (57) (699) 3 3 3 (5) 3 1 (3) 2 4 (2) 42 (7) (2) (43) (3) (4) 1 (1) (1) (3) (1) (3)
Financial income 7,718 3,179 4,253 8,179 9,297 5,022 3,057 3,577 552 805 4,112 1,008 938 1,660 1,538 215 73 1,353 1,703 1,158 663 729 5,123 845 1,442 768 2,958 915 1,584 3,842
Financial expenses (8,853) (4,457) (5,295) (8,946) (10,706) (5,859) (6,135) (4,149) (1,562) (1,581) (4,756) (1,055) (1,483) (1,559) (1,581) (651) (577) (1,648) (2,352) (1,136) (744) (1,063) (5,475) (959) (2,032) (480) (3,286) (1,066) (1,855) (4,499)
Profit (loss) before tax 10,392 21,966 15,099 12,182 1,670 1,943 (910) (6,127) (1,245) 6,908 2,162 1,580 2,176 4,474 19,746 (1,123) (253) 3,596 9,628 165 3,147 2,159 2,535 3,180 (299) 6,765 122 1,129 864 (445)
Tax on profit (loss) for the period (3,101) (3,700) (1,778) (1,715) 184 (235) 764 1,752 (625) (1,501) (733) (758) (458) (1,152) (3,274) 248 73 (747) (841) (45) (382) (510) 97 (565) 92 (1,339) 456 (249) (149) 126
Profit (loss) for the period from continuing operations 7,291 18,266 13,321 10,467 1,854 1,708 (146) (4,375) (1,870) 5,407 1,429 822 1,718 3,322 16,472 (875) (180) 2,849 8,787 120 2,765 1,649 2,633 2,615 (207) 5,426 578 880 715 (319)
Profit (loss) for the period from discontinued operations (56) 10 6,104 (2,532) (11,307) (4,018) (1,445) (751) (16) (28) (29) 34 (18) (43) 34 (13) (19) 8 80 2,708 1,811 1,505 (2,220) 580 (1,318) 426 (13,820) 2,082 (91) 522
Profit (loss) for the period 7,235 18,276 19,425 7,935 (9,453) (2,310) (1,591) (5,126) (1,886) 5,379 1,400 856 1,700 3,279 16,506 (888) (199) 2,857 8,867 2,828 4,576 3,154 413 3,195 (1,525) 5,852 (13,242) 2,962 624 203
Profit (loss) for the period is attributable to: - - -
Shareholders of Ørsted A/S 6,506 17,826 18,719 7,547 (10,198) (2,976) (2,327) (5,235) (2,201) 5,379 948 876 1,389 3,293 16,310 (858) (492) 2,866 8,552 2,680 4,297 3,190 337 3,084 (1,862) 5,988 (13,239) 2,793 93 155
Interests and costs, hybrid capital owners of Ørsted A/S 675 425 716 499 714 588 765 549 326 - 443 (24) 291 (35) 194 (24) 290 (35) 315 146 290 (35) 98 146 290 (35) 29 147 579 (41)
Non-controlling interests 54 25 (10) (111) 31 78 (29) (440) (11) - 9 4 20 21 2 (6) 3 26 - 2 (11) (1) (22) (35) 47 (101) (33) 23 (48) 89
Profit (loss) for the period 7,235 18,276 19,425 7,935 (9,453) (2,310) (1,591) (5,126) (1,886) 5,379 1,400 856 1,700 3,279 16,506 (888) (199) 2,857 8,867 2,828 4,576 3,154 413 3,195 (1,525) 5,852 (13,242) 2,962 624 203
Assets
Balance sheet
Assets, DKKm 30 June 2020 31 March 2020 31 December 2019 30 September 2019 30 June 2019 31 March 2019 31 December 2018 30 September 2018 30 June 2018 31 March 2018 31 December 2017 30 September 2017 30 June 2017 31 March 2017 31 December 2016 30 September 2016 30 June 2016 31 March 2016 31 December 2015 31 December 2014 31 December 2013 31 December 2012
Intangible assets 504 657 672 590 564 791 777 741 603 605 689 707 710 851 955 1,047 1,045 1,187 1,134 1,369 2,167 2,425
Land and buildings 5,073 5,029 5,177 5,293 4,897 4,954 969 1,524 1,540 1,494 1,501 1,494 1,516 1,533 1,505 1,550 1,570 1,598 1,490 1,656 1,979 3,806
Production assets 80,463 76,940 76,682 75,985 70,096 68,270 66,310 64,947 62,537 62,286 60,603 55,860 56,615 56,603 53,708 62,726 64,664 63,494 61,107 65,517 67,758 70,266
Exploration assets - - - - - - - - - - - - - - - 200 12 13 14 388 1,192 1,401
Fixtures and fittings, tools and equipment 588 590 652 652 711 729 342 355 379 401 413 409 425 429 438 420 431 443 474 291 296 266
Property, plant and equipment under construction 27,868 25,165 23,502 18,228 16,096 18,174 16,434 15,023 16,012 14,880 13,328 20,211 17,800 14,784 14,531 17,000 12,755 14,476 17,144 18,054 20,297 18,181
Property, plant and equipment 113,992 107,724 106,013 100,158 91,800 92,127 84,055 81,849 80,468 79,061 75,845 77,974 76,356 73,349 70,182 81,896 79,432 80,024 80,229 85,906 91,522 93,920
Investments in associates and joint ventures 542 558 497 463 527 461 457 462 345 340 339 376 333 282 1,060 1,018 1,279 1,326 1,421 1,315 2,013 4,459
Receivables from associates and joint ventures - - - - - 60 60 63 64 56 48 31 36 - 626 637 706 771 832 1,018 933 1,645
Other securities and equity investments 227 229 217 225 213 206 211 208 146 126 130 135 141 153 158 172 178 185 191 242 261 382
Deferred tax 8,441 7,058 6,847 5,799 5,753 4,166 4,588 2,692 3,015 2,205 2,865 732 793 529 88 298 412 322 274 632 130 265
Other receivables 3,019 2,891 1,713 1,960 2,144 2,604 2,670 2,025 2,024 1,953 1,955 1,999 529 531 515 586 609 730 751 513 278 2,307
Other non-current assets 12,229 10,736 9,274 8,447 8,637 7,497 7,986 5,450 5,594 4,680 5,337 3,273 1,832 1,495 2,447 2,711 3,184 3,334 3,469 3,720 3,615 9,058
Non-current assets 126,725 119,117 115,959 109,195 101,001 100,415 92,818 88,040 86,665 84,346 81,871 81,954 78,898 75,695 73,584 85,654 83,661 84,545 84,832 90,995 97,304 105,403
Inventories 11,417 14,960 14,031 14,335 13,087 15,194 13,943 17,790 14,364 15,477 3,853 3,719 2,393 3,120 3,451 3,273 3,004 3,887 3,567 2,938 3,560 3,765
Derivatives 7,841 12,041 7,740 4,909 6,303 5,353 5,468 7,509 5,451 3,799 4,870 5,909 5,651 5,842 8,689 11,679 13,632 17,570 15,642 11,193 9,147 12,582
Contract assets 1,216 1,006 739 1,978 - 343 1,451 547 1,623 1,013 10,817 11,031 9,838 7,578 6,453 6,536 4,316 3,599 3,864 1,811 1,890 853
Trade receivables 4,723 7,517 8,140 6,327 7,303 9,726 10,741 7,457 7,013 9,429 9,170 6,554 6,269 6,358 7,286 6,491 5,169 7,578 7,739 8,346 8,875 7,873
Other receivables 4,294 4,235 5,253 4,082 3,609 4,709 4,390 2,936 2,347 2,323 3,519 2,690 3,454 1,276 1,710 2,195 2,214 2,137 2,657 3,357 4,929 4,471
Receivables from associates and joint ventures - - - - - - - - - - - - - - 49 69 48 30 56 100 506 465
Income tax 1,176 19 346 6,812 6,308 6,155 1,525 1,618 1,330 1,232 296 898 244 372 430 319 322 312 329 192 169 181
Securities 12,327 12,941 16,552 25,702 25,485 21,576 25,501 20,333 24,854 23,711 25,280 7,521 10,627 15,099 16,533 19,233 21,498 25,004 21,221 24,948 16,118 14,914
Cash 6,754 4,899 7,148 5,371 6,968 3,737 3,515 1,976 2,832 3,754 4,203 3,308 1,257 1,911 2,931 2,588 2,434 8,608 4,965 6,034 2,894 3,351
Current assets 49,748 57,618 59,949 69,516 69,063 66,793 66,534 60,166 59,814 60,738 62,008 41,630 39,733 41,556 47,532 52,383 52,637 68,725 60,040 58,919 48,088 48,455
Assets classified as held for sale 16,651 16,901 16,952 15,810 15,885 15,575 15,223 2,703 2,670 2,655 2,642 2,606 14,919 14,779 15,373 3,160 4,402 2,645 2,585 - 280 3,631
Assets 193,124 193,636 192,860 194,521 185,949 182,783 174,575 150,909 149,149 147,739 146,521 126,190 133,550 132,030 136,489 141,197 140,700 155,915 147,457 149,914 145,672 157,489
Liabilities
Balance sheet
Equity and liabilities, DKKm 30 June 2020 31 March 2020 31 December 2019 30 September 2019 30 June 2019 31 March 2019 31 December 2018 30 September 2018 30 June 2018 31 March 2018 31 December 2017 30 September 2017 30 June 2017 31 March 2017 31 December 2016 30 September 2016 30 June 2016 31 March 2016 31 December 2015 31 December 2014 31 December 2013 31 December 2012
Share capital 4,204 4,204 4,204 4,204 4,204 4,204 4,204 4,204 4,204 4,204 4,204 4,204 4,204 4,204 4,204 4,204 4,204 4,177 4,177 4,177 2,937 2,937
Reserves (1,585) (906) 413 (731) (881) (323) (1,827) (2,041) (2,044) (1,554) (1,524) 20,537 20,130 20,269 20,218 20,486 20,584 20,372 20,855 20,428 8,431 7,903
Retained earnings 67,170 69,430 68,465 67,504 66,637 65,312 62,012 49,866 50,724 51,211 48,328 22,309 19,656 15,355 12,162 14,339 11,159 13,065 7,058 17,131 20,231 22,581
Proposed dividends - - - - - - 4,099 - - - 3,783 - - - 2,522 - - - - - - -
Equity attributable to shareholders in Ørsted A/S 69,789 72,728 73,082 70,977 69,960 69,193 68,488 52,029 52,884 53,861 54,791 47,050 43,990 39,828 39,106 39,029 35,947 37,614 32,090 41,736 31,599 33,421
Hybrid capital 13,232 13,232 13,232 13,239 13,239 13,239 13,239 13,239 13,239 13,239 13,239 13,248 13,248 13,248 13,248 13,248 13,248 13,248 13,248 13,236 13,236 9,538
Non-controlling interests 2,909 3,055 3,248 3,153 3,247 3,411 3,388 3,433 3,621 3,723 3,807 3,905 4,922 5,036 5,146 5,240 5,500 5,820 6,398 6,561 6,708 7,057
Equity 85,930 89,015 89,562 87,369 86,446 85,843 85,115 68,701 69,744 70,823 71,837 64,203 62,160 58,112 57,500 57,517 54,695 56,682 51,736 61,533 51,543 50,016
Deferred tax 3,903 2,508 3,371 5,175 4,695 3,818 4,025 1,782 1,880 1,216 2,128 2,640 3,324 2,632 2,185 2,855 2,827 1,488 1,646 4,281 5,496 6,917
Pensions 9 9 10 10 10 10 9 10 10 10 9 11 11 11 10 11 11 12 10 12 13 13
Provisions 12,194 12,229 12,053 12,339 12,850 13,012 12,765 11,421 11,296 11,273 10,831 9,499 8,236 8,418 8,327 16,211 16,031 17,508 17,744 15,385 12,878 12,395
Lease liabilities 4,444 4,533 4,728 4,826 4,479 4,623 - - - - - - - - - - - - - - - -
Issued bonds 31,507 32,011 32,804 29,341 29,116 22,060 21,623 21,679 21,734 23,876 23,757 19,797 19,838 20,187 20,119 19,988 20,372 24,572 25,487 28,414 27,601 31,567
Bank loans 1,468 3,251 3,235 3,302 3,284 3,512 3,472 1,826 1,824 1,960 1,958 1,967 1,944 2,038 2,045 2,061 3,847 6,279 6,288 7,435 9,166 16,106
Contract liabilities 3,703 3,721 3,762 3,852 3,720 3,703 3,642 5,676 5,482 5,338 - - - - - - - - - - - -
Tax equity liabilities 7,595 4,608 4,563 4,872 3,654 3,784 3,728 - - - - - - - - - - - - - - -
Other payables 463 493 469 247 242 225 409 386 316 362 5,714 6,961 6,824 6,714 6,622 6,664 6,489 6,246 5,913 4,599 3,958 3,300
Non-current liabilities 65,286 63,363 64,995 63,964 62,050 54,747 49,673 42,780 42,542 44,035 44,397 40,875 40,177 40,000 39,308 47,790 49,577 56,105 57,088 60,126 59,112 70,298
Provisions 455 529 538 582 597 678 680 561 561 574 680 634 621 673 702 1,288 1,295 1,576 1,434 537 719 567
Lease liabilities 653 638 604 593 595 588 - - - - - - - - - - - - - - - -
Issued bonds - - 570 - - 2,092 2,091 2,090 5,813 3,814 3,810 - - - - 3,405 3,401 3,728 3,728 - 3,728 -
Bank loans 2,052 3,847 231 5,904 235 4,185 110 6,309 4,026 3,393 111 1,016 1,894 2,000 2,019 2,845 972 905 898 208 5,661 5,072
Derivatives 5,387 7,626 6,958 5,481 5,647 7,248 8,094 11,325 7,160 3,720 4,374 3,084 2,347 3,001 6,930 4,720 7,152 8,600 9,531 8,323 8,519 12,541
Contract liabilities 435 923 784 904 3,009 505 924 1,238 1,138 1,029 1,317 - - 499 171 - 323 1,444 671 1,667 415 68
Trade payables 12,933 8,846 10,832 14,037 12,291 13,011 13,082 12,218 13,208 14,338 11,499 10,435 10,543 9,231 10,024 10,134 10,686 12,224 10,673 9,031 7,329 9,531
Tax equity liabilities 630 646 632 625 446 453 445 - - - - - - - - - - - - - - -
Other payables 4,846 4,738 4,247 3,245 3,915 3,547 4,793 4,787 4,023 5,067 6,368 4,295 4,165 4,872 6,277 7,959 6,933 9,298 7,908 5,905 7,658 7,390
Income tax 6,048 4,640 4,075 6,826 5,931 5,261 4,717 272 304 309 1,498 1,113 370 522 54 3,220 2,940 4,280 2,657 2,584 986 1,825
Current liabilities 33,439 32,433 29,471 38,197 32,666 37,568 34,936 38,800 36,233 32,244 29,657 20,577 19,940 20,798 26,177 33,571 33,702 42,055 37,500 28,255 35,015 36,994
Liabilities 98,725 95,796 94,466 102,161 94,716 92,315 84,609 81,580 78,775 76,279 74,054 61,452 60,117 60,798 65,485 81,361 83,279 98,160 94,588 88,381 94,127 107,292
Liabilities relating to assets classified as held for sale 8,469 8,825 8,832 4,991 4,787 4,625 4,851 628 630 637 630 535 11,273 13,120 13,504 2,319 2,726 1,073 1,133 - 2 181
Equity and liabilities 193,124 193,636 192,860 194,521 185,949 182,783 174,575 150,909 149,149 147,739 146,521 126,190 133,550 132,030 136,489 141,197 140,700 155,915 147,457 149,914 145,672 157,489
CF
Statement of cash flows
DKKm FY 2019 FY 2018 FY 2017 FY 2016 FY 2015 FY 2014 FY 2013 FY 2012 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015 Q2 2015 Q1 2015
Operating profit (loss) before depreciation, amortisation and impairment losses (EBITDA), IFRS 19,020 28,491 22,574 16,939 9,888 7,546 6,555 970 1,592 9,449 5,260 3,328 4,425 6,007 20,914 567 1,725 5,285 12,311 1,643 4,777 3,843 4,571 3,223 1,487 7,657 3,111 2,784 2,431 1,562
Change in derivatives, business performance adjustments (1,536) 1,538 (55) 2,170 (1,158) 251 1,125 1,118 1,364 (2,644) (647) 788 (800) (877) (1,708) 1,658 1,354 234 721 114 (335) (555) 1,738 (124) 1,129 (572) (1,164) (1,232) 315 923
Change in derivatives, other adjustments (1,040) 369 (528) 806 (155) 250 888 (785) 680 (1,194) (352) (464) (358) 134 (658) 741 596 (310) 470 304 (1,181) (121) 847 (5) 531 (567) 53 (99) (181) 72
Change in provisions 727 (278) 98 (366) (299) (235) (253) 830 (349) (16) 934 (240) 39 (6) (122) (237) (144) 225 461 (50) (211) (102) (275) (127) 4 32 (134) 40 (142) (63)
Reversal of gain (loss) on divestment of assets 101 (14,995) (10,835) (2,939) 30 (1,903) (348) (139) (71) (1,217) 416 (7) (190) (118) (15,085) 26 33 31 (9,468) 52 (1,381) (38) (2,695) 117 (16) (345) (24) 21 28 5
Other items 86 203 297 217 (8) 58 668 639 (43) 36 (10) 13 85 (2) 209 18 29 (53) 333 (158) 22 100 24 189 31 (26) 56 (38) (17) (9)
Interest received and similar items 4,094 6,648 3,508 5,177 7,686 4,372 3,262 3,232 694 1,632 1,348 605 1,402 739 4,481 454 510 1,203 561 1,037 1,097 813 2,154 737 1,029 1,257 3,165 789 1,834 1,898
Interest paid and similar items (5,143) (7,348) (3,472) (6,038) (7,935) (4,795) (5,640) (3,424) (1,328) (2,161) (1,610) (618) (2,085) (830) (4,237) (758) (1,009) (1,344) (697) (693) (1,019) (1,063) (2,228) (668) (1,240) (1,902) (3,156) (985) (1,871) (1,923)
Income tax paid (4,800) (3,367) (2,660) (3,182) (1,115) (130) 49 (286) (86) (1,267) 57 - (30) (4,827) (264) (14) (5) (3,084) (2,652) (17) (3) 12 (3,231) 8 (74) 115 (1,066) 4 (1) (52)
Cash flows from operating activities before change in net working capital 11,509 11,261 8,927 12,784 6,934 5,414 6,306 2,155 2,453 2,618 5,396 3,405 2,488 220 3,530 2,455 3,089 2,187 2,040 2,232 1,766 2,889 904 3,350 2,881 5,649 841 1,284 2,396 2,413
Change in net working capital 1,570 (918) (7,904) (1,512) 587 4,154 (552) 138 5,744 (3,046) (580) (2,534) 5,022 (338) 4,035 (2,572) 204 (2,585) 1,038 (3,327) (3,614) (2,001) 848 (3,406) (1,666) 2,712 3,623 (1,996) 467 (1,507)
Cash flows from operating activities 13,079 10,343 1,023 11,272 7,521 9,568 5,754 2,293 8,197 (428) 4,816 871 7,510 (118) 7,565 (117) 3,293 (398) 3,078 (1,095) (1,848) 888 1,752 (56) 1,215 8,361 4,464 (712) 2,863 906
Purchase of intangible assets and property, plant and equipment (22,445) (14,655) (17,592) (14,980) (12,749) (9,818) (11,429) (11,481) (3,770) (5,238) (8,825) (6,738) (3,100) (3,782) (5,290) (4,201) (3,089) (2,075) (5,725) (5,135) (4,228) (2,504) (4,745) (4,664) (2,329) (3,242) (2,739) (4,044) (2,586) (3,380)
Sale of intangible assets and property, plant and equipment 3,424 19,639 16,333 7,105 1,753 7,401 3,980 1,379 57 23 425 316 8 2,675 18,799 (26) 16 850 14,873 1,343 108 9 4,984 116 20 1,985 1,689 10 52 2
Acquisition of enterprises (764) (5,602) (83) (16) - (429) (3) (353) (3) 4 - (493) (149) (122) (5,602) - - - (59) (24) - - - - (16) - - - - -
Divestment of enterprises (89) 363 588 1,999 261 3,133 9,184 2,922 (5) (17) (21) (28) (19) (21) (13) 403 (18) (9) (9) 537 (7) 67 (10) 2,022 (7) (6) (70) (4) 316 19
Acquisition of associates - - 28 32 - - - - - - - - - - - - - - 28 - - - 14 6 7 - - - - -
Purchase of other equity investments - (78) - - - - (6) - (2) (9) - - - - (1) (61) (16) - - - - - - - - - - - - -
Divestment of other equity investments (5) - - - 48 - 1,990 38 - - 4 (7) (8) 6 - - (5) 5 (23) 6 12 5 - - - 5 7 8 16 17
Purchase of securities (20,503) (40,444) (21,162) (8,278) (8,119) (22,983) (13,569) (10,184) (593) (3,540) (1,066) (6,655) (10,175) (2,607) (20,199) (8,211) (6,435) (5,599) (20,650) - - (512) (935) (50) (941) (6,352) (1,943) (1,095) (1,468) (3,613)
Sale/maturation of securities 29,452 39,849 11,965 12,842 11,356 12,653 12,365 5,184 1,373 6,877 10,130 6,404 6,289 6,629 14,980 12,643 5,058 7,168 2,845 2,988 4,219 1,913 3,457 2,227 4,486 2,672 1,813 3,162 3,932 2,449
Change in other non-current assets - (1) (5) 3 (8) 35 42 (96) - - 2 - (1) (1) (8) 7 - - 2 - (4) (3) (1) (2) 6 (2) (1) (3) (2)
Transactions with associates and joint ventures (88) (122) (139) 211 33 130 532 (1,648) 18 (65) 5 17 (110) - 22 (126) (10) (8) (44) 9 (103) (1) 30 48 46 86 10 22 31 (30)
Dividends received and capital reduction 21 25 13 22 20 15 39 30 - - - 15 6 - - 24 - 1 - - 13 - 11 - 11 - 10 (1) 11 -
Cash flows from investing activities (10,997) (1,026) (10,054) (1,060) (7,405) (9,863) 3,125 (14,209) (2,925) (1,965) 654 (7,169) (7,259) 2,777 2,688 452 (4,499) 333 (8,762) (276) 10 (1,026) 2,805 (295) 1,275 (4,846) (1,225) (1,943) 301 (4,538)
Proceeds from capital injection 10,174 - - - - 13,007 - - - - 10,174 - - - - - - - - - - - - - - - - - - -
Proceeds from raising of loans - - 5,468 - 406 520 4,722 19,280 (3,311) 3,639 (13,471) 5,632 3,550 4,289 (6,158) 2,159 677 3,322 4,564 904 - - - - - - (2,408) 2,814 (2,876) 2,876
Instalments on loans (2,043) (6,429) (4,069) (11,097) (848) (9,122) (11,157) (7,678) (407) (570) 159 - (2,202) - (2,686) (3,637) (106) - (1,708) (2,148) (129) (84) (3,818) 237 (7,308) (207) (489) - (211) (148)
Instalments on leases (664) - - - - - - - (112) (114) (314) (153) (102) (95) - - - - - - - - - - - -
Coupon payments on hybrid capital (556) (545) (640) (640) (822) (754) (675) (648) (326) - (229) - (327) - (219) - (326) - (133) (182) (325) - (134) (181) (325) - (68) (182) (572) -
Repurchase of hybrid capital (4,005) - 3,668 - (4,476) - (695) - - - (4,005) - - - - - - - 3,668 - - - - - - - - - (4,476) -
Proceeds from issuance of hybrid capital 4,416 - - - 4,424 - 4,094 - - - 4,416 - - - - - - - - - - - - - - - - - 4,424 -
Paid dividends to shareholders of Ørsted A/S (4,096) (3,781) (2,521) - - - - (1,457) - (4,410) (2) 2 - (4,096) 2 - - (3,783) 1 - - (2,522) - - - - - - - -
Purchase of own shares (99) (48) - (53) - - - - (58) - - - (99) - (48) - - - - - - - - (53) - - - - - -
Transactions with non-controlling interests (462) (391) (431) (527) (621) (621) (476) 2,434 (89) (139) (63) (195) (61) (143) (25) (160) (46) (160) (69) (209) 7 (160) (136) (58) (190) (143) (196) (74) (194) (157)
Net proceeds from tax equity partners 1 78 - - - - - - 23 (20) (34) 44 (8) (1) 78 - - - - - - - - - - -
Collateral related to derivatives and change in other liabilities (1,332) 422 (11) 28 23 1 47 (81) 586 1,790 (441) (932) 2,266 (2,225) (620) 463 150 429 1 4 (16) - 16 4 5 3 12 11 1 (1)
Cash flows from financing activities 1,334 (10,694) 1,464 (12,289) (1,914) 3,031 (4,140) 11,850 (3,694) 176 (3,810) 4,398 3,017 (2,271) (9,676) (1,175) 349 (192) 6,324 (1,631) (463) (2,766) (4,072) (51) (7,818) (347) (3,149) 2,569 (3,904) 2,570
Cash flows from discontinued operations 174 209 9,025 1,466 675 323 (5,325) 595 102 (146) (28) 202 (2) 2 337 (1) (2) (125) 431 5,052 1,732 1,810 1,037 993 (1,042) 478 1,237 (564) (119) 121
Total net change in cash and cash equivalents 3,590 (1,168) 1,458 (611) (1,123) 3,065 (586) 529 1,680 (2,363) 1,632 (1,698) 3,266 390 914 (841) (859) (382) 1,071 2,050 (569) (1,094) 1,522 591 (6,370) 3,646 1,327 (650) (859) (941)
Cash and cash equivalents at the beginning of the period 2,663 3,891 2,628 3,677 4,770 1,431 1,952 1,361 4,223 6,459 4,743 6,311 3,120 2,663 1,740 2,628 3,524 3,891 3,000 900 1,582 2,628 1,187 761 7,109 3,677 2,464 3,100 3,934 4,770
Cash flows for the period from assets classified as held for sale - (27) (140) (433) (115) 29 92 33 - - - - - - 48 (38) (27) (10) 7 (25) (58) (64) (43) (140) (71) (179) (126) 11 - -
Other change in cash and cash equivalents (17) 5 33 - - - - - 1 79 1 (11) (7) - 4 1 (3) 3 (162) 86 (4) 113 - - - - - - - -
Exchange rate adjustments of cash and cash equivalents 223 (38) (88) (5) 145 245 (27) 29 (25) 48 83 141 (68) 67 (43) (10) (7) 22 (25) (11) (51) (1) (38) (25) 93 (35) 12 3 25 105
Cash and cash equivalents at the end of period 6,459 2,663 3,891 2,628 3,677 4,770 1,431 1,952 5,879 4,223 6,459 4,743 6,311 3,120 2,663 1,740 2,628 3,524 3,891 3,000 900 1,582 2,628 1,187 761 7,109 3,677 2,464 3,100 3,934

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Ørsted A/S published this content on 12 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 August 2020 08:32:12 UTC