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Ørsted’s operating profit (EBITDA), excluding new partnerships, increased by 17% to DKK 17.5 billion in 2019. Earnings from offshore and onshore wind farms in operation increased by 30% to DKK 14.8 billion in 2019 driven by ramp-up of generation from new offshore wind farms and a full year with contribution and ramp-up in their onshore wind business.
 
Net profit amounted to DKK 6.1 billion, and return on capital employed (ROCE) came in at 10.6%. The green share of their heat and power generation continued to increase to a new high of 86%, following continued ramp-up of offshore wind capacity, new onshore capacity and lower heat and power generation based on coal and gas.
 
EBITDA (business performance), excluding new partnerships, is expected to be DKK 15-16 billion in 2020 compared to DKK 17.5 billion in 2019. The decline relates to earnings from existing offshore wind partnerships which amounted to DKK 3.8 billion in 2019, but are expected to be very limited in 2020. Gross investments for 2020 are expected to amount to DKK 30-32 billion, reflecting a high level of construction activity related to offshore and onshore wind and solar PV projects.
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