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New offshore wind capacity drives Ørsted's Q2 EBITDA up 18%

Ørsted A/S reported EBITDA of 3.63 billion Danish kroner in the second quarter of 2019, up from 3.08 billion kroner in the prior-year period.

The 18% year-on-year increase was driven by the commissioning of several new offshore wind farms, the company said Aug. 8, including Borkum Riffgrund 2 in Germany and the Walney Extension and Hornsea 1 projects in the U.K.

Profit from continued operations improved 25% to 1.09 billion kroner from 876 million kroner in the year-ago quarter. Ørsted recorded cash flows from operating activities of 7.51 billion kroner, compared to 3.29 billion kroner in the corresponding quarter of 2018.

For the first half, the company posted EBITDA of 8.76 billion kroner in 2019, compared with 8.60 billion kroner in 2018.

Profit from continued operations fell year over year to 3.73 billion kroner from 3.91 billion kroner. Cash flows from operating activities improved by 155% to 7.39 billion kroner from 2.90 billion kroner.

Ørsted continues to expect EBITDA between 15.5 billion kroner and 16.5 billion kroner for the full year, and gross investments of between 21 billion kroner and 23 billion kroner.

As of Aug. 7, US$1 was equivalent to 6.65 Danish kroner.