Orsted has booked a “strong financial performance” for the first quarter of 2018, with operating profit (EBITDA) hitting Dkr5.5bn, up 68% from Dkr3.3bn in the same period a year ago.
The Danish developer said operating profit was driven by higher generation from operational projects, up 43% on the first quarter in 2017, including the recently commissioned 573MW Race Bank in the UK.
Corresponding operating profit from the wind power division went up 51% to Dkr3.2bn, according to Q1 results published on Thursday.
Overall company net profit more than doubled from Dkr1.2bn to Dkr3bn.
Return on capital employed went up from 17% in quarter one 2017 to 27% in the same period this year, mainly due to the farm-downs of 50% of the 659MW Walney 3 and 450MW Borkum Riffgrund 2 wind farms, as well as the higher profits from projects in operation.
Orsted has meanwhile increased EBITDA guidance for 2018 by Dkr500m. Operating profit is now expected to be between Dkr12.5bn and Dkr13.5bn.
The increase is due to an operationally strong start to the year, it said, as well as a positive outcome of an arbitration related to a gas purchase contract.
“The offshore wind business has performed very well in the first quarter with high yields from our operating assets and good progress on our construction projects,” said chief executive Henrik Poulsen.
Image: Orsted
Orsted pockets Q1 profits
By EBS