Q3 2024 Oersted A/S Earnings Call Transcript
Key Points
- Orsted AS (DNNGY) achieved significant milestones, including CFD awards for 3.5 gigawatts in the UK and favorable contract settlements for Ocean Wind One.
- The company reported strong operational performance and progress on construction projects, with a total portfolio of 18.2 gigawatts.
- EBITDA excluding new partnerships and cancellation fees increased by 12% to DKK 17.2 billion, reflecting solid financial performance.
- Orsted AS (DNNGY) successfully divested a minority stake in four UK offshore assets, contributing DKK 15.7 billion to its farm down program.
- The company shut down its last coal-fueled CHP plant, marking a major step towards its goal of reducing emissions intensity by 98% by 2025.
- Unexpected challenges impacted the construction of a US offshore project, including issues with the installation of an offshore substation monopile.
- Orsted AS (DNNGY) recognized a net impairment loss of DKK 0.3 billion due to updated market assumptions and increased costs.
- The company faces higher than anticipated costs due to the extension of an installation vessel contract.
- Grid connection delays in Germany are expected to push the commissioning of a project to Q1 2026.
- The company has a remaining provision of DKK 3 billion for Ocean Wind One, indicating ongoing financial exposure.
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Good morning. Good afternoon, everyone. And thank you for joining our earnings call during the third quarter, we have continued the progress of our business plan and achieved a number of significant milestones including CFD awards for 3.5 gigawatts in the UK, favorable contract settlements for ocean wind one and signing of a partnership agreement.
We continue to see solid operational performance across our fleet of assets and good overall progress on our construction projects. Though, we have seen some unexpected challenges impacting the construction of one of our us offshore projects looking at our finances for the third quarter. Our underlying business continues to perform well and our operational portfolio have delivered strong earnings.
EBITDA excluding new partnerships and cancellation fees totaled DKK 4.4 billion in Q3 of 24 and earnings from offshore sites amounted to DKK 4 billion.
The reported EBITDA for the first nine months
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