The Board of Directors at Ørsted approved the interim report for the first nine months of 2023. In this period, the operating profit (EBITDA) totalled DKK 19.4 billion. Excluding new partnerships, the EBITDA amounted to DKK 15.4 billion, indicating a rise of DKK 1.0 billion compared to the same period last year.
Earnings from offshore sites totalled DKK 13.0 billion, marking an increase of DKK 6.8 billion from the previous year. This surge was primarily due to the ramp-up at Hornsea 2 and Greater Changhua 1 and 2a, and the absence of the negative impact from hedges seen in 2022.
Due to adverse effects connected to supply chain delays, higher interest rates, and the absence of an OREC adjustment on Sunrise Wind, impairment losses of DKK 28.4 billion were recognised in 9M 2023. The largest portion (DKK 19.9 billion) of these losses is associated with the US offshore project Ocean Wind 1.
Net profit amounted to DKK -19.9 billion, with a return on capital employed (ROCE) at -14%. When excluding impairment losses, the net profit and ROCE stood at DKK 8.5 billion and 13%, respectively.
The previously guided EBITDA for 2023, excluding new partnership agreements, remains consistent at DKK 20-23 billion. This guidance excludes a provision of approximately DKK 8-11 billion related to potential cancellation fees following the decision to cease the development of Ocean Wind 1. Additionally, the anticipated gross investment for 2023 is now projected to be DKK 40-44 billion, reflecting a reduction of DKK 4 billion due to a later timing across the project portfolio and the discontinuation of investments in Ocean Wind 1.