Ørsted achieved an operating profit (EBITDA) of DKK 8.6 billion in H1 2018, up 11% compared to H1 2017. This was partly due to a 32% increase in operating profits from wind farms in operation. Ørsted’s green share of generation increased from 59% in H1 2017 to 71% in H1 2018.
Ørsted’s solid underlying financial performance continued in Q2 2018 with operating profits (EBITDA) amounting to DKK 3.1 billion. The 31% decrease compared to Q2 2017 was expected and was primarily due to a deferred gain of DKK 1.4 billion in Q2 2017 regarding the 2016 Race Bank farm-down, as well as lower earnings in their Markets business. Profits from offshore wind farms in operation increased by 8% to DKK 1.8 billion, primarily due to ramp-up at Walney Extension and Race Bank, partly offset by lower wind than in Q2 2017. Earnings from partnerships in Wind Power was lower than in Q2 2017, due to the above-mentioned deferred gain regarding Race Bank. Income from partnerships in Q2 2018 mainly related to the construction of Walney Extension and Borkum Riffgrund 2.
Ørsted now see full-year EBITDA excluding new partnerships skewing towards the upper end of the guidance range of DKK 12.5-13.5 billion. In addition, the company now consider it likely that they will divest 50% of Hornsea 1 during the second half of 2018. Should the divestment materialise in H2 2018, EBITDA, including new partnerships, is expected to be significantly higher than the DKK 22.5 billion achieved in 2017.
