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Ørsted Annual Report 2018 Ørsted Annual Report 2018 Contents Ørsted Annual report 2018 Ørsted Annual report 2018 Contents Our vision Let’s create a world that runs entirely on green energy Ørsted Annual report 2018 Contents Content Management’s review Financial statements Overview 4 Consolidated financial statements 72 Chairman’s statement 5 Income statement 73 CEO’s review 6 Statement of comprehensive income 74 Performance highlights 10 Balance sheet 75 Outlook 2019 12 Statement of changes in equity 76 Financial estimates and policies 14 Statement of cash flows 77 Note summary 78 Our business 15 Notes 79 The green transformation 16 Our strategic playing field 18 Consolidated ESG statements (additional information) 167 Our markets 19 Basis of reporting 168 Our strategy 22 Environment 169 Our business model 25 Social 171 Strategic targets 26 Governance 172 Our geographic footprints 28 Parent company financial statements 175 Results 30 Income statement 176 Results 31 Balance sheet 176 Five-year summary 35 Statement of changes in equity 177 Fourth quarter 36 Notes 178 Quarterly summary, 2017-18 38 Management statement, Business units 39 auditor’s reports and glossary 185 Our business units 40 Statement by the Executive Board Offshore 41 and the Board of Directors 186 Onshore 46 Independent Auditors’ report 187 Bioenergy 49 Limited assurance report of the independent auditor 191 Customer Solutions 52 Glossary 192 Governance 55 Board of Directors 56 Group Executive Management 58 Corporate governance 59 Remuneration report 63 Risk and risk management 66 Shareholder information 70 3 / 193 Ørsted Annual report 2018 Contents Overview Chairman’s statement 5 CEO’s review 6 Performance highlights 10 Outlook 2019 12 Financial estimates and policies 14 Ørsted Annual report 2018 Management’s review Overview Contents Chairman’s statement Green light ahead in green energy, we are committed to providing that is recommended by climate scientists to in management, we implemented the ‘Female tangible and scalable solutions to transform stay below the 2°C-threshold defined in the Spotlight’ programme that prepares talented The UN’s 2030 Agenda for Sustainable Devel- global energy systems from black to green. Paris Agreement. We further commit ourselves women for senior leadership positions. opment calls for making significant progress on to reduce our carbon emissions in line with some of the world’s greatest challenges. Global In 2018, we continued our successful deploy- the recent scientific recommendation to limit Profit for the year amounted to DKK 19.5 climate change caused by man-made carbon ment of green energy, reaching 8.3GW of re- global temperature increases to no more than billion, Ørsted’s best result ever. The Board of emissions is one of the key threats to human newable energy capacity built by Ørsted. Over 1.5°C above pre-industrial levels. Directors recommends paying a dividend of societies and the planet, and urgent action is the past decade, Ørsted and our partners DKK 9.75 per share. needed. Human activity has already caused have invested approx DKK 165 billion in de- In 2018, we took important steps in shaping an increase of approx 1.1°C above pre-industrial ploying green energy. For the next seven years, our portfolio towards becoming one of the On behalf of the Board of Directors, I would levels. If emissions continue at the current rate, we plan to further accelerate our build-out. By world’s leading renewable energy companies. like to thank the employees and management global warming is likely to reach 1.5°C above 2025, more than 99% of our energy genera- We announced our intention to exit our power of Ørsted for their spirited commitment to pre-industrial levels at the earliest in 2030, tion will come from renewable sources, and distribution and residential customer busi- turning the vision of green energy into reality, crossing a key threshold set by climate science by 2030, our ambition is to reach more than nesses, which will allow us to focus entirely and for bringing green solutions to existing to avoid irreversible climate change. 30GW of green energy deployed, allowing on renewable energy generation and market and new markets that share our vision of a more than 50 million people to be powered access. We also announced the acquisition of world that runs entirely on green energy. The challenge of global warming requires a by green energy built by Ørsted. The ambi- Lincoln Clean Energy, which will serve as our profound transformation of our global energy tious decarbonisation of our power and heat platform for creating a leading North Amer- systems – from black to green energy. At generation puts the carbon reduction from our ican onshore renewables business, spanning Ørsted, our vision is a world that runs entirely own operations 27 years ahead of the decar- onshore wind, solar energy and storage. on green energy. As one of the global leaders bonisation trajectory for the energy industry Finally, we announced the acquisition of Deep- water Wind, creating a leading offshore wind platform in the US together with our existing US organisation. Our commitment to people remain strong. As one of the global leaders in Particularly, safety is a focus area for us, and in “ 2018, we once again improved workplace safe- green energy, we are committed ty with a total recordable injury rate per million working hours (TRIR) at a record low level of 4.7. to providing tangible and scalable Furthermore, we reaffirmed our commitment to being an inclusive workplace for all employ- solutions to transform global energy ees regardless of personal characteristics by joining the UN LGBTI Standards of Conduct for Thomas Thune Andersen systems from black to green. Business. To further support gender diversity Chairman 5 / 193 Ørsted Annual report 2018 Management’s review Overview Contents CEO’s review Strong operational and financial Financial results results and strategic acquisitions In 2018, we achieved a strong operating profit have strengthened our position as (EBITDA) which significantly exceeded our expectations at the beginning of the year. Towards 2030, it is our strategic ambition a world leader in green energy: “ EBITDA (excluding new partnerships) increased to reach an installed capacity of more — Operating profit (EBITDA) increased by 33% by 18% to DKK 15.0 billion. The good results were and totalled DKK 30.0 billion. driven by an increase in generation from our than 30GW renewable energy, provided — Operating profit from offshore wind farms offshore wind farms in operation, which led to an in operation increased by 29% to DKK 11.0 increase of 29% in EBITDA from these activities. that the build-out creates value for our billion. Including new partnerships, EBITDA increased by — Farm-down of 50% of Hornsea 1 was one 33% to DKK 30.0 billion, of which DKK 15.1 billion shareholders. of the largest renewable energy M&A came from the 50% farm-down of Hornsea 1. transactions ever and contributed DKK 15.1 billion to EBITDA. Return on capital employed (ROCE) was 32% — Green share of generation increased from compared to 25% in 2017. 64% to 75%. — Strong progress in the construction of our Net profit amounted to DKK 19.5 billion, which new wind projects. was DKK 6.2 billion higher than last year. By the end of 2018, our portfolio consisted of Our strategic ambition will be supported by an — New offshore wind projects awarded in the 12GW of offshore and onshore wind farms and extensive investment programme. From 2019 to US, Germany and Taiwan. Following the bioconversions of our CHP biomass-fired combined heat and power plants 2025, we currently expect total gross invest- — Acquisition of the US-based onshore wind plants and the continued ramp-up of our that are either in production, under construc- ments of approx DKK 200 billion. Investments developer Lincoln Clean Energy. offshore wind capacity, the green share of our tion or have obtained final investment decision in offshore wind farms are expected to consti- — Acquisition of the leading US-based off- heat and power generation increased from (FID). We also have projects with a capacity tute 75-85% of this programme. Onshore invest- shore wind developer Deepwater Wind. 64% to 75% in 2018. of 4.8GW for which we have been awarded ments are expected to constitute 15-20%, while — Decision to exit our Danish power distribu- the construction concessions or entered into our investments in Bioenergy and Customer tion and residential customer businesses. Strategic development offtake agreements, but are yet to make FID. In Solutions combined are expected to constitute — New ambitious targets for the Group’s long- Our vision is to create a world that runs entirely addition, we have a strong pipeline of projects 0-5%. The allocation reflects the changes we term strategic and financial development. on green energy. We expect the global mar- under development. Towards 2030, it is our made to our asset portfolio in 2018, including ket for renewable energy to more than triple strategic ambition to reach an installed ca- the two acquisitions in the US and the decision towards 2030. As one of the leading companies pacity of more than 30GW renewable energy, to exit our power distribution and residential within renewable energy, Ørsted has a strong provided that the build-out creates value for customer businesses. platform to take part in this build-out. In Novem- our shareholders. Contributing to this ambition, ber, we launched new, ambitious targets for our we raised our 2025 ambition for offshore wind long-term strategic and financial development. from 11-12GW to 15GW. 6 / 193 Ørsted Annual report 2018 Management’s review Overview Contents The strategic plan is subject to our four capital commissioned ahead of schedule, underpin- We continued our partnership model in 2018 key outstanding project milestones, such as allocation priorities.
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