Confirms FY guidance (Il Sole 24 Ore Radiocor) - Copenhagen, 02 May - The Danish renewable energy group Orsted said that in the first quarter net profit fell 19% year on year to 2.609 billion crowns, while EBITDA rose 8% to 7.488 billion.

Free cash flow was a negative 4.752 billion crowns against a positive 1.335 billion a year earlier.

Return on capital employed was a negative 12.2%, against a positive 13.8% a year earlier, primarily due to the impairment losses and cancellation fees impacting EBIT during the 12-month period. ROCE adjusted for impairment losses and cancellation fees was 12.5% in the first quarter.

The company reiterated its 2024 guidance for EBITDA excluding new partnership agreements and cancellation fees of 23-26 billion crowns, as well as gross investment of 48-52 billion.

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(RADIOCOR) 02-05-24 09:39:01 (0194) 5 NNNN