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Orsted A/S (DNNGY) CEO Henrik Poulsen on Q1 2020 Results - Earnings Call Transcript

May 01, 2020 8:53 AM ETØrsted A/S (DNNGY), DOGEF
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Orsted A/S (OTCPK:DNNGY) Q1 2020 Earnings Conference Call April 29, 2020 8:00 AM ET

Company Participants

Henrik Poulsen – Chief Executive Officer

Marianne Wiinholt – Chief Financial Officer

Conference Call Participants

Casper Blom – ABG Sundal Collier

Mark Freshney – Credit Suisse

John Musk – RBC

Rob Pulleyn – Morgan Stanley

Klaus Kehl – Nykredit

Peter Bisztyga Bank – America Securities

Marcus Bellander – Nordea

Sam Arie – UBS

Deepa Venkateswaran – Bernstein

Alberto Gandolfi – Goldman Sachs

Kristian Johansen – Danske Bank

James Brand – Deutsche Bank

Henrik Poulsen

Thank you so much and good afternoon everyone and welcome to this earnings call. I hope you're all safe and in good spirits despite these unusual and challenging times. Despite the COVID-19 crisis and its profound impact on societies around the world, we have had a very good start to the year with strong financial results and solid operational performance across the entire business.

I'll give you an update on the effects of COVID-19 shortly, but let me start by summarizing the first quarter highlights. EBITDA for the quarter amounted to DKK 6.8 billion which is an increase of 33% compared to last year. The increase in EBITDA was mainly driven by our offshore and onshore wind farms in operation where we see a year-on-year increase of 25% driven by ramp up in generation from mostly Hornsea 1, but also Lockett and Sage Draw. And that was further impacted by high wind speeds in Europe throughout the quarter.

The strong financial performance in first quarter keeps us well on track to reach our full year EBITDA guidance of DKK 16 billion to DKK 17 billion. And at this point in time we have no indication that the COVID-19 situation will significantly impact our full year earnings and thus we reiterate our

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