Q2 2020 Orsted A/S Earnings Call Transcript
Welcome to the Ãrsted Q2 2020 Earnings Call. (Operator Instructions) Today's speakers are CEO, Henrik Poulsen; and CFO, Marianne Wiinholt. Speakers, please begin.
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Thank you, and good afternoon, everyone, and welcome to the earnings call.
I'm pleased to say that we have had a solid second quarter, well in line with expectations, despite the continued COVID-19-related challenges.
During the quarter, our asset base remained fully operational at normal availability rates (inaudible) DKK 3 billion, an 18% decrease compared to second quarter last year. The decrease was expected and was driven by lower partnership earnings. Adjusting for the partnership effects, EBITDA increased by 29%.
Net profit for the quarter was negative with DKK 800 million due to 2 one-off effects, totaling DKK 1.2 billion. At the same time, we saw a strong positive cash flow in the quarter, leading to a reduction in net debt, partly supported by 1
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