26The board of directors and the executive board have today discussed and approved the annual report of Ørsted Wind Power Holding A/S for the financial year 1 January - 31 December 2021.The annual report is prepared in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the company's financial position at 31 December 2021 and of the results of the company's operations for the financial year 1 January - 31 December 2021.In our opinion, management's review includes a fair review of the matters dealt with in the management's review.Management recommends that the annual report should be approved at the annual general meeting.Martin NeubertDaniel LerupchairmanHenriette Fenger Ellekrogdeputy chairmanIngrid Maryanne Till ReumertTo the shareholder of Ørsted Wind Power Holding A/SIn our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2021 and of the results of the Company's operations for the financial year 1 January - 31 december 2021 in accordance with the Danish Financial Statements Act.
We have audited the Financial Statements of Ørsted Wind Power Holding A/S for the financial year 1 January - 31 December 2021, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes ("financial statements").We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Statement on Management's Review
Management is responsible for Management's Review.
Our opinion on the financial statements does not cover Management's Review, and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read Management's Review and, in doing so, consider whether Management's Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.
Moreover, it is our responsibility to consider whether Management's Review provides the information required under the Danish Financial Statements Act.
Based on the work we have performed, in our view, Management's Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial statements Act. We did not identify any material misstatement in Management's Review.Management is responsible for the preparation of Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, Management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.
Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.Hellerup2022-06-17PricewaterhouseCoopersAnders Stig LauritsenState Authorised Public Accountantmne32800Seen over a 5-year period, the development of the Company may be described by means of the following financial highlights:
The financial ratios are calculated in accordance with ‘Recommendations & Financial Ratios’ published by the Danish Society of Financial Analysts. For definitions, see the summary of significant accounting policies.
793967700020368335000254326330003825233000373739200025403125000381303200037259260003965530900017776217000174716380003962563700017722511000174094790000000-0.110010099.999.799.6Business activities
The purpose of the company is to hold shares in subsidiaries.Business review
The company's income statement for the year ended 31 December 2021 shows a profit of TDKK 7.922.623, and the balance sheet at 31 December 2021 shows equity of TDKK 47.910.723.
Net profit (loss) relation to expected development assumed in previous report
Financial performance for 2021 are in line with what was assumed in last year's Annual Report.
Financial review
Profit before taxes for 2022 is expected to be approximately DKK 8 billion lower as less dividends from subsidiaries are expected.Recognition and measurement uncertainties
The recognition and measurement of items in the financial statements is not subject to any
uncertainty.Unusual matters
The company's financial position at 31 December 2021 and the results of its operations for the financial year ended 31 December 2021 are not affected by any unusual matters.Special risks apart from generally occurring risks in industry
There are no special risks apart from normal risks associated with the company's core activity.Environment
The company works with environmental management to continuously reduce its environmental impact through improved processes and procedures, set environmental priorities and targets, develop action plans as well as to ensure compliance with applicable laws and regulations.Statutory corporate social responsibility report
In pursuance of Section 99a (6) of the Danish Financial Statements Act, the Company has omitted information on corporate social responsibility. Reference is made to the Annual Report (www.orsted.com/en/investors/ir-material/financial-reports-and-presentations) and sustainability report (www.orsted.com/en/sustainability/esg-ratings-and-reporting) 2021 of Ørsted A/S.Policies on the underrepresented genderDescription of target figures for the underrepresented genderTarget figures for the underrepresented gender
Due to equal representation of men and women in the board of directors in accordance with the rules in Section 99b in the Danish Financial Statements Act, no targets for the share of the underrepresented gender have been set.Description of policies for the underrepresented genderStatement that the company is not required to publish policies on the underrepresented gender at other executive levels
The company has no or less than 50 employees and is therefore not required to prepare policies on the underrepresented gender at other executive levels.Supplementary reports
In pursuance of Section 99d of the Danish Financial Statements Act, the Company has omitted informantion on data ethics. Reference is made to the Data Ethics statement 2021 of Ørsted A/S: https://orsted.com/en/about-us/corporate-governance/data-ethics-reportThe annual report of Ørsted Wind Power Holding A/S for 2021 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large class C entities.
The accounting policies applied are consistent with those of last year.
The annual report for 2021 is presented in TDKK.Pursuant to sections §112, of the Danish Financial Statements Act, the company has not prepared consolidated financial statements.Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including depreciation and impairment losses, are also recognised in the income statement.
Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the company and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company and the value of the liability can be measured reliably.
On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item.
Certain financial assets and liabilities are measured at amortised cost using the effective interest method. Amortised cost is calculated as the historic cost less any installments and plus/less the accumulated amortisation of the difference between the cost and the nominal amount.
On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date.Other operating expenses comprise items of a secondary nature relative to the company's activities.Other external expenses include expenses related to administration etc.Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Net financials include interest income and expenses, financial expenses relating to finance leases, realised and unrealised capital/exchange gains and losses on securities and foreign currency transactions and surcharges and allowances under the advance-payment-of-tax scheme, etc.Dividend from investments is recognised in the reporting year in which the dividend is declared.The company is subject to the Danish rules on compulsory joint taxation of the Ørsted Group's Danish subsidiaries. Subsidiaries participate in the joint taxation arrangement from the time when they are included in the consolidated financial statements and until the time when they withdraw from the consolidation.
On payment of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed Danish entities in proportion to their taxable income. Danish entities with tax losses receive joint taxation contributions from the ultimate parent company (the management company), Ørsted A/S equivalent to the tax base of the tax losses utilised (full allocation), while Danish entities that utilise tax losses in other entities pay joint taxation contributions to the Ørsted A/S equivalent to the tax base of the utilised losses.
Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity.Investment in subsidiaries, associates and participating interests are measured at cost. If cost exceeds the recoverable amount, a write-down is made to this lower value.
Cost is written down to the extent that dividend distributed exceeds the accumulated earnings after the date of takeover.
Where the parent company has a legal or constructive obligation to cover the companies´ negative balances or obligations, such obligation is recognised in liabilities.The carrying amount of investments in subsidiaries and associates is reviewed for impairment, other than what is reflected through normal depreciation, on an annual basis.
Where there is evidence of impairment, an impairment test is performed for each individual asset or group of assets. Write-down is made if the recoverable amount is lower than the carrying amount.
The recoverable amount is the higher of the net present value and the value in use less expected costs to sell. The net present value is determined as the present value of the anticipated net cash flows from the use of the asset or group of assets and the anticipated net cash flows from the disposal of the asset or group of assets after the end of their useful life.Receivables, which include trade receivables, receivables from group entities and other receivables, are measured at amortised cost.
An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable is impaired, an impairment loss for that individual asset is recognised.Dividends
Proposed dividends are disclosed as a separate item under equity. Dividends are recognised as a liability when declared by the annual general meeting of shareholders.Provisions are recognised when as a result of a past event the company's has a legal or constructive obligation and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation.
Provisions, except for deferred taxes, are measured at fair value.Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account.
Deferred tax is measured according to the liability method in respect of temporary differences between the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use of the asset and settlement of the liability, respectively. Deferred tax is measured at net realisable value.
Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax adjustments resulting from changes in tax rates are recognised in the income statement, with the exception of items taken directly to equity.
Deferred tax assets, including the tax base of tax losses allowed for carry forward, are measured at the value to which the asset is expected to be realised, either as a set-off against tax on future income or as a set-off against deferred tax liabilities within the same legal tax entity. Any deferred net tax assets are measured at net realisable value.Liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value.On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as financial income or financial expenses. If foreign currency transactions are considered cash flow hedges, the value adjustments are taken directly to equity.
Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses.
Fixed assets acquired in foreign currencies are translated at the exchange rate at the transaction date.In pursuance of Section 86(4) of the Danish Financial Statements Act, the company has omitted preparing a cash flow statement as the company’s cash flow is included in the consolidated cash flow statement of Ørsted.In pursuance of Section 86(4) of the Danish Financial Statements Act, the company has omitted preparing a cash flow statement as the company’s cash flow is included in the consolidated cash flow statement of Ørsted.001368900004496000180009193000-18000009193000-180007797327000200000000002468300001197440003753440002077000700900079488700002036831700026247000585400079226230002036246300043011395000288879870000043011395000288879870004301139500028887987000431910700022542975000271295000270022000311143000310328000490154500023123325000987000049025320002312332500047913927000520113120001800000000180000000042110723000381881000004000000000120000000004791072300051988100000300000020554000300000020554000450003500020001114000157000150900020400026580002040002658000479139270005201131200018000000003818810000012000000000-12000000000392262300040000000001800000000421107230004000000000136890000Reversal of other provisionReversal of other provision11The executive board and board of directors have not been paid remuneration.4392400047337000726680007355900031520007103000024734500011974400037534400012200014100024400046200017110006406000207700070090002579900026614000448000-207600004000000000120000000003922623000836246300028951987000256455120001437939700033064750004333138400028951987000-64000000-64000000-2559890000-319989000-640000004301139500028887987000
Orsted Borkum Riffgrund I GmbH
Germany
100,0
11.528
-920
Orsted Burbo (UK) Limited
United Kingdom
100,0
464.343
116.411
Ørsted Horns Rev I A/S
Denmark
100,0
84.285
52.338
Nysted I A/S
Denmark
85,5
83.059
45.398
Borkum Riffgrund I Holding A/S
Denmark
100,0
5.224
-322
Orsted Borkum Riffgrund I HoldCo GmbH
Germany
100,0
-595.135
0
Borkum Riffgrund 3 GmbH
Germany
100,0
6.808
-5.169
Borkum Riffgrund 2 Holding GmbH
Germany
100,0
-578.927
-224.243
Orsted London Array Limited
United Kingdom
100,0
500.416
-12.540
Gunfleet Sands Limited
United Kingdom
100,0
1.054.546
17.064
Orsted Power (Gunfleet Sands) Ltd
United Kingdom
100,0
2.583.954
277.612
Gunfleet Sands Holding Ltd
United Kingdom
50,1
2.307.983
-146.959
Gunfleet Sands II Limited
United Kingdom
100,0
451.083
9.300
Ørsted Horns Rev 2 A/S
Denmark
100,0
495.247
137.782
Orsted Walney Extension Holdings Limited
United Kingdom
100,0
5.216.470
1.084.257
Orsted Gunfleet Sands Demo (UK) Ltd
United Kingdom
100,0
208.624
8.710
Orsted Wind Power Germany GmbH
Germany
100,0
154.695
9.440
UMBO GmbH
Germany
100,0
13.372
-1.691
Ørsted Nearshore Wind ApS
Denmark
100,0
85.889
2.626
Orsted Lincs (UK) Ltd.
United Kingdom
100,0
1.601.263
195.888
Orsted Hornsea 1 Holdings Limited
United Kingdom
100,0
10.305.755
1.171.188
Ørsted VE A/S
Denmark
100,0
476.663
-5.282
Ørsted Vind A/S
Denmark
100,0
1.959.254
1.732.308
Orsted Power (UK) Limited
United Kingdom
100,0
11.837.708
2.493.137
Orsted Westermost Rough Limited
United Kingdom
100,0
1.039.751
188.228
Walney (UK) Offshore Windfarms Limited
United Kingdom
50,1
4.113.918
58.651
Barrow Offshore Wind Limited
United Kingdom
100,0
305.815
27.422
Ørsted - Anholt Offshore A/S
Denmark
100,0
2.015.571
203.460
Orsted West of Duddon Sands (UK) Limited
United Kingdom
100,0
1.966.482
376.413
Orsted London Array II Limited
United Kingdom
100,0
1.714.434
161.878
Orsted UK III Limited
United Kingdom
100,0
0
0
Orsted Race Bank (Holding) Ltd.
United Kingdom
100,0
3.893.559
516.627
Breesea Limited
United Kingdom
100,0
240.133
-96.722
Optimus Wind Limited
United Kingdom
100,0
983.099
-115.780
Cygnus Wind Transmission Limited
United Kingdom
100,0
1.656
-47
Orsted Hornsea Project Four Limited
United Kingdom
100,0
-9.428
-5.535
Orsted Hornsea Project Three (UK) Limited
United Kingdom
100,0
-40.346
-41.937
Cerulea Limited
United Kingdom
100,0
1.838
-14
SMart Wind Limited
United Kingdom
100,0
27.878
-14
Sonningmay Wind Limited
United Kingdom
100,0
208.958
-95.407
Soundmark Wind Limited
United Kingdom
100,0
208.621
-95.743
Orsted Burbo Extension Holding Ltd
United Kingdom
100,0
3.526.365
276.315
Gode Wind 3 GmbH
Germany
100,0
6.676
0
Orsted Gode Wind 2 GmbH
Germany
100,0
101.659
-88.599
Ørsted Wind Power TW Holding A/S
Denmark
100,0
10.425.004
3.066.964
Greater Changhua Offshore Wind Farm SE Ltd.
Taiwan
100,0
4.008.463
-4.610
Greater Changhua Offshore Wind Farm SW Ltd.
Taiwan
100,0
2.016.679
6.502
Taiwan Orsted Financial Services Co., Ltd.
Taiwan
100,0
103.459
2.404
Orsted Taiwan Ltd.
Taiwan
100,0
1.234.266
97.375
Orsted InvestCo Limited
Taiwan
100,0
447.596
10.482
Orsted Wind Power Netherlands Holding B.V.
The Netherlands
100,0
2.954.271
-36.340
Orsted Borssele Holding B.V.
The Netherlands
100,0
8.521.732
5.468.363
Notos B.V.
The Netherlands
100,0
772.213
2.886
Boreas B.V.
The Netherlands
100,0
772.213
2.886
Orsted Hydrogen Netherlands Holding B.V.
The Netherlands
100,0
1.004
0
Orsted Singapore Pte. Ltd.
Singapore
100,0
78.167
7.631
Orsted Japan K.K.
Japan
100,0
-16.417
-23.018
Ørsted Wind Power Denmark A/S
Denmark
100,0
718.475
-1.152.030
Ørsted Wind Power A/S
Denmark
100,0
-5.012.798
-18.610.071
Orsted North America Inc.
United States
100,0
11.776.965
-55.928
Orsted Holdings N.A. Inc
United States
100,0
29.081.871
-79.091
Ocean Wind LLC
United States
100,0
2.486.377
-7.595
Orsted Venture N.A. LLC
United States
100,0
169.483
34.810
Orsted Energy Storage & Solar N.A. LLC
United States
100,0
0
30
Orsted Wind Power North America LLC
United States
100,0
1.669.007
-85.510
Ørsted North America Holding A/S
Denmark
100,0
12.587.156
-85.692
Orsted Renewables N.A. LLC
United States
100,0
20.205.022
-10.850
Orsted Gode Wind 1 Holding GmbH
Germany
100,0
-690.200
-123.459
Orsted Wind Power Netherlands B.V.
The Netherlands
100,0
53.789
-379
Nördlicher Grund GmbH
Germany
100,0
-26.692
-446
Ørsted Wind Power A/S, Taiwan Branch
Denmark
100,0
-31.363
-9.501
Orsted US East Coast Offshore Wind Holdco, LLC
United States
100,0
11.504.428
16.712
Deepwater Wind, LLC
United States
100,0
10.678
304
Deepwater Wind Rhode Island, LLC
United States
100,0
1.354.620
19.463
South Fork Wind, LLC
United States
100,0
1.329.058
1.848
Revolution Wind, LLC
United States
100,0
1.686.608
-5.211
Sunrise Wind, LLC
United States
100,0
1.566.223
-13.881
Deepwater Wind New Jersey, LLC
United States
100,0
1.091.393
-76
Skipjack Offshore Energy, LLC
United States
100,0
795.590
-340.031
Orsted Customer Solutions Holding LLC
United States
100,0
359.897
-26
Orsted US Trading LLC
United States
100,0
305.869
-101.199
Orsted Speicher R GmbH
Germany
100,0
-434.434
-122.686
Orsted HoldCo1 G.K.
Japan
100,0
66.503
-22.534
Orsted HoldCo 3 G.K.
Japan
100,0
379
-57
Choshi Orsted HoldCo G.K.
Japan
100,0
11.310
-151.148
Deepwater Wind Block Island Transmission LLC
United States
100,0
-11
-11
DWBI Class B Member LLC
United States
100,0
762.710
-1.394
Deepwater Wind Block Island Holdings LLC
United States
100,0
1.397.662
-2.899
Deepwater Wind Block Island LLC
United States
100,0
1.925.368
46.169
Orsted Korea Limited
Korea
100,0
8.398
-45.362
Orsted Onshore North America, LLC
United States
100,0
21.419.476
525.359
Orsted Onshore Development North America, LLC
United States
100,0
540.938
1.073
Orsted Onshore Asset Management Services, LLC
United States
100,0
28.300
16.834
Dermott Wind Class B Holdco LLC
United States
100,0
813.260
0
Dermott Wind Class B Member LLC
United States
100,0
704.542
3.474
Dermott Wind LLC
United States
100,0
1.882.447
-48.888
Willow Springs Class B Holdco LLC
United States
100,0
1.226.774
7
Willow Springs Class B Member LLC
United States
100,0
1.103.092
209.563
Willow Springs Project Holdings LLC
United States
100,0
1.796.280
-22.119
Willow Springs Windfarm LLC
United States
100,0
1.501.746
-477.726
Tahoka Wind Class B Holdco LLC
United States
100,0
2.000.708
876
Tahoka Wind Class B Member LLC
United States
100,0
1.917.667
454.828
Tahoka Wind Project Holdings LCC
United States
100,0
2.021.696
-59.456
Tahoka Wind LLC
United States
100,0
1.640.916
-1.166.537
Lockett Windfarm Class B Member, LLC
United States
100,0
369.454
-7.812
Lockett Windfarm Project Holdings LLC
United States
100,0
1.322.794
-1.545
Lockett Windfarm, LLC
United States
100,0
1.350.227
33.852
Sage Draw Wind, LLC
United States
100,0
2.174.572
-22.161
Plum Creek Wind, LLC
United States
100,0
1.961.230
-69.035
Willow Creek Wind Power, LLC
United States
100,0
1.004.081
11.088
NJ Oak Solar Finco LLC
United States
100,0
378
0
NJ Oak Solar Holdco LLC
United States
100,0
-41.665
-41.665
2W Permian Solar LLC
United States
100,0
2.977.262
-72.389
Orsted Onshore DevCo, LLC
United States
100,0
1.132.000
-8.835
Skåne Offshore Windfarm AB
Sweden
100,0
56.386
-77.761
Gotland Offshore Windfarm AB
Sweden
100,0
4.747
-327
Ørsted Hydrogen Green Fuels DK A/S
Denmark
100,0
380
-20
Orsted Greater Changhua SE Holdings Ltd.
Taiwan
100,0
1.967.310
-186.666
Greater Changhua SE Holdings Ltd.
Taiwan
100,0
4.008.442
-299.587
BSW Projectco LLC
United States
100,0
1.432.315
-441
Ocean Wind II, LLC
United States
100,0
-101.602
-153.930
Orsted Ocean Wind HoldCo, LLC
United States
100,0
2.203.652
426
Ocean Wind JV HoldCo, LLC
United States
75,0
2.893.287
-765
Orsted Onshore Services, LLC
United States
100,0
20.183
-148.324
Orsted Onshore Equipment Company, LLC
United States
100,0
150.225
-2.067
Orsted Onshore North America Power, LLC
United States
100,0
851
851
Muscle Shoals Solar Seller, LLC
United States
100,0
-17.200
-27.382
Muscle Shoals Solar, LLC
United States
100,0
1.972.238
-25.401
Muscle Shoals Land Holdings, LLC
United States
100,0
50.602
13.607
Sage Draw Wind Class B Member, LLC
United States
100,0
821.279
-27.582
Sage Draw Wind Project Holdings, LLC
United States
100,0
2.269.323
-385.674
Plum Creek and Willow Creek Class B Member, LLC
United States
100,0
1.422.431
-10.252
Plum Creek and Willow Creek Project Holdings, LLC
United States
100,0
3.091.630
-371
Orsted Onshore Equity Holdings, Inc.
United States
100,0
1.362.297
93
Orsted Onshore Equipment Holdings, Inc.
United States
100,0
7.787
-14
Orsted Onshore Dermott Holdings, Inc.
United States
100,0
18.963
-14
Orsted Onshore WS Holdings, Inc.
United States
100,0
13.753
-17
2W Permian Solar Class B Member, LLC
United States
100,0
1.711.367
-76
2W Permian Holdco, LLC
United States
100,0
2.862.412
-2.462
Muscle Shoals Solar Class B Parent, LLC
United States
100,0
1.254.531
-3
Muscle Shoals Solar Class B Member, LLC
United States
100,0
1.254.358
-176
Muscle Shoals Solar TE Partners, LLC
United States
100,0
2.085.196
-6
Orsted Onshore Real Estate Holdings, LLC
United States
100,0
83.332
13.331
Mastodon Solar Center, LLC
United States
100,0
2.686
-7.106
Firefly Solar Center, LLC
United States
100,0
2.858
-2.421
Western Trail Wind, LLC
United States
100,0
2.626.401
-10.704
Sparta Solar, LLC
United States
100,0
764.494
-17.095
Geranium Solar, LLC
United States
100,0
3.587
-1.198
Garland Wind, LLC
United States
100,0
3.308
-5.482
Bauer Solar, LLC
United States
100,0
2.269
-1.146
Old 300 Solar Center, LLC
United States
100,0
2.145.020
-20.277
OONA-SP Haystack Holdings, LLC
United States
100,0
2.547.699
-244
Haystack Owner, LLC
United States
100,0
2.547.600
-362
Haystack Wind Project, LLC
United States
100,0
3.416.245
-26.065
Armadillo Solar Center, LLC
United States
100,0
79.828
-16.682
Badger Wind, LLC
United States
100,0
7.602
-35.453
Barranca Wind Energy II, LLC
United States
100,0
0
0
Barranca Wind Energy, LLC
United States
100,0
0
0
Bedford Solar Center, LLC
United States
100,0
0
0
Bowen Solar Center, LLC
United States
100,0
0
0
Cabin Point Solar Center, LLC
United States
100,0
0
0
Camino Solar Center, LLC
United States
100,0
0
0
Canutillo Energy Center, LLC
United States
100,0
0
0
Casper Solar Center, LLC
United States
100,0
0
0
Choshi Offshore Wind Farm K.K.
Japan
100,0
23.600
-247.554
Coolidge Solar Center, LLC
United States
100,0
19.302
-14.878
Dunbar Solar, LLC
United States
100,0
0
0
Frog Solar Center, LLC
United States
100,0
0
0
Goose Solar Center, LLC
United States
100,0
0
0
Happy Hollow Solar Center, LLC
United States
100,0
0
0
Helena Wind Holdco, LLC
United States
100,0
517.940
-3
Holland Solar, LLC
United States
100,0
0
0
Holloman Solar Center, LLC
United States
100,0
0
0
Jones Solar Center, LLC
United States
100,0
0
0
Live Oak Solar Center, LLC
United States
100,0
0
0
Lux Solar Center, LLC
United States
100,0
0
0
Madden Solar Center, LLC
United States
100,0
0
0
McAlpin Solar Center, LLC
United States
100,0
0
0
Michaux Solar Center, LLC
United States
100,0
0
0
Mineola Wind, LLC
United States
100,0
0
0
Mockingbird Solar Center, LLC
United States
100,0
0
0
Napoleon Wind, LLC
United States
100,0
0
0
Newlands Solar, LLC
United States
100,0
0
0
Orchard Solar Center, LLC
United States
100,0
0
0
Orsted Helena Member, LLC
United States
100,0
0
0
Palacios Wind, LLC
United States
100,0
0
0
Piccadilly Solar Energy Center, LLC
United States
100,0
0
0
Placid Solar II, LLC
United States
100,0
0
0
Placid Solar, LLC
United States
100,0
0
0
Pyramid Lake Solar Center, LLC
United States
100,0
0
0
The Representative Office of Ørsted Wind Power Holding A/S in Hanoi City
Vietnam
100,0
-3.523
-4.090
SP Energy 1, LLC
United States
100,0
0
0
SP Energy DM, LLC
United States
100,0
0
0
SP Energy ET, LLC
United States
100,0
0
0
SP Energy GL, LLC
United States
100,0
0
0
SP Energy PV, LLC
United States
100,0
0
0
SP Energy TL, LLC
United States
100,0
0
0
Staked plains Energy, LLC
United States
100,0
0
0
Thalia Wind, LLC
United States
100,0
0
0
Tovey Wind, LLC
United States
100,0
0
0
Waukeenah Solar Center, LLC
United States
100,0
0
0
Webb East Solar Center, LLC
United States
100,0
0
0
Westwing Storage Center, LLC
United States
100,0
0
0
Eastern Trial Solar Center, LLC
United States
100,0
0
0
Sundown Wind, LLC
United States
100,0
0
0
Preparatory Office of Greater Changhua Offshore Wind Farm NE Ltd.
Taiwan
100,0
20.425
20.425
Greater Changhua Offshore Wind Farm NW Ltd.
Taiwan
100,0
24.228
24.110
Orsted HKN Holding B.V.
The Netherlands
100,0
-3
-2
Golden Melody B.V.
The Netherlands
100,0
-3
-2
Gavota B.V.
The Netherlands
100,0
-3
-2
Calgary Flames B.V.
The Netherlands
100,0
-3
-2
Varinas B.V.
The Netherlands
100,0
-3
-2
Acceber B.V.
The Netherlands
100,0
-3
-2
Blue Champion C.V.
The Netherlands
100,0
-4
-2
Orsted Power (Participation) Ltd.
United Kingdom
100,0
0
0
Orsted Hydrogen UK Holding Limited
United Kingdom
100,0
0
0
Orsted Isle of Man (UK) Limited
Isle of Man
100,0
-538
-1
Helena Wind, LLC
United States
100,0
327.245
-7.585
Antelope Flats Wind, LLC
United States
100,0
11.096
-10.541
Orsted Ventures Norway AS
Norway
100,0
8.264
-2.891
Ørsted Wind Power NL, branch of Ørsted Wind Power A/S Denmark
The Netherlands
100,0
0
0
Orsted Wind Power A/S (UK branch)
United Kingdom
100,0
0
0
Ørsted Japan Holding A/S
Denmark
100,0
-9.625
-164.232
Tohoku Offshore Wind Holding A/S
Denmark
100,0
161.215
-79
Ørsted Vietnam Holding A/S
Denmark
100,0
34.851
-149
Ørsted Hydrogen Holding A/S
Denmark
100,0
36.701
-4.299
North Sea Energy Island A/S
Denmark
100,0
26.445
-3.555
Ørsted Korea Holding A/S
Denmark
100,0
149.925
-75
Østed nr.1 2021 A/S
Denmark
100,0
400
0
Østed nr.2 2021 A/S
Denmark
100,0
400
0
Østed nr.3 2021 A/S
Denmark
100,0
400
0
Østed nr.4 2021 A/S
Denmark
100,0
400
0
Østed nr.5 2021 A/S
Denmark
100,0
400
0
Østed nr.6 2021 A/S
Denmark
100,0
400
0
Østed nr.7 2021 A/S
Denmark
100,0
400
0
Østed nr.8 2021 A/S
Denmark
100,0
400
0
Østed nr.9 2021 A/S
Denmark
100,0
400
0
Østed nr.10 2021 A/S
Denmark
100,0
400
0
Østed nr.11 2021 A/S
Denmark
100,0
400
0
Østed nr.12 2021 A/S
Denmark
100,0
400
0
Borkum Riffgrund 3 Orsted Holding GmbH
Germany
100,0
0
0
Borkum Riffgrund 3 Investor Holding GmbH
Germany
100,0
0
0
Orsted Scotland Renewables 1 Limited
United Kingdom
100,0
0
0
Orsted Scotland Renewables 2 Limited
United Kingdom
100,0
0
0
Orsted Scotland Renewables 3 Limited
United Kingdom
100,0
0
0
Orsted Scotland Renewables HoldCo 1 Limited
United Kingdom
100,0
0
0
Orsted Scotland Renewables HoldCo 2 Limited
United Kingdom
100,0
0
0
Orsted Polska OF Services sp. Z.o.o.
Poland
100,0
13.734
-866
Orsted Baltica 2 Holding sp. z o.o.
Poland
100,0
971
-3
Orsted Baltica 3 Holding sp. z o.o.
Poland
100,0
971
-3
Orsted Polska OF SPV 1 sp. z o.o.
Poland
100,0
979
-3
Orsted Polska OF SPV 2 sp. z o.o.
Poland
100,0
979
-3
Orsted Polska OF SPV 3 sp. z o.o.
Poland
100,0
979
-3
Orsted Polska OF SPV 4 sp. z o.o.
Poland
100,0
979
-3
Orsted Polska OF SPV 5 sp. z o.o
Poland
100,0
979
-3
Orsted Polska OF SPV 6 sp. z o.o.
Poland
100,0
979
-3
Orsted Polska OF SPV 7 sp. z o.o.
Poland
100,0
979
-3
Orsted Polska OF SPV 8 sp. z o.o.
Poland
100,0
979
-3
Orsted Greater Changhua NE Holdings Ltd.
Taiwan
100,0
2.364
0
Greater Changhua NE Holdings Ltd.
Taiwan
100,0
24.800
21.254
Orsted Xu Feng 1 Holdings Ltd.
Taiwan
100,0
1.891
0
Xu Feng 1 Holdings Ltd.
Taiwan
100,0
1.891
0
Xu Feng 2 Holdings Ltd.
Taiwan
100,0
1.891
0
Orsted Xu Feng 3 Holdings Ltd.
Taiwan
100,0
1.891
0
Xu Feng 3 Holdings Ltd.
Taiwan
100,0
1.891
0
Wo Neng Holdings Ltd.
Taiwan
100,0
1.891
0
Orsted Xu Feng 2 Holdings Ltd.
Taiwan
100,0
1.891
0
Orsted Vietnam LLC
Vietnam
100,0
0
0
Incheon Offshore Wind Power 1 Ltd.
Korea
100,0
27.510
0
Incheon Offshore Wind Power 2 Ltd.
Korea
100,0
27.510
0
Orsted Latvia SIA
Latvia
100,0
6.783
-4.396
Orsted HoldCo2 G.K.
Japan
100,0
51.864
-19.016
Western Trail and Helena Class B Member, LLC
United States
100,0
0
0
Western Trail and Helena Project Holdings, LLC
United States
100,0
0
0
Mockingbird Solar Center, LLC
United States
100,0
0
0
Expedition Wind LLC
United States
100,0
0
0
Old 300 Solar Center Class B Member, LLC
United States
100,0
0
0
Old 300 Solar Center Holdco, LLC
United States
100,0
0
0
Sparta Solar Class B Member, LLC
United States
100,0
0
0
Sparta Solar Holdco, LLC
United States
100,0
0
0
Haystack Wind Class B Member, LLC.
United States
100,0
0
0
Haystack Wind Project Holdings, LLC
United States
100,0
0
0
Lincoln Land Wind Holdings, LLC
United States
100,0
0
0
Lincoln Land Wind Equity Holdings, LLC
United States
100,0
0
0
Lincoln Land Wind, LLC
United States
100,0
0
0
Lincoln Land Wind Intermediate Holdco 1, LLC
United States
100,0
0
0
Lincoln Land Wind Intermediate Holdco 2, LLC
United States
100,0
0
0
Lincoln Land Wind Intermediate Holdco 3, LLC
United States
100,0
0
0
Orsted Hornsea Two Holdings Ltd
United Kingdom
100,0
0
0
GSOE I, LLC
United States
100,0
0
0
GW Offshore Wind LLC
United States
100,0
0
0
Orsted N.A. Transmission Holding, LLC
United States
100,0
0
0
Frenchman Solar Center 2
United States
100,0
0
0
Frenchman Storage, LLC
United States
100,0
0
0
Grasshopper Solar, LLC
United States
100,0
0
0
Grassy Creek Solar Center, LLC
United States
100,0
0
0
Hartman Wind, LLC
United States
100,0
0
0
Haswell Wind, LLC
United States
100,0
0
0
Inez Wind, LLC
United States
100,0
0
0
Kitwell Wind, LLC
United States
100,0
0
0
Longhorn Solar Center, LLC
United States
100,0
0
0
Orsted Onshore Solar Development North America, LLC
United States
100,0
0
0
Sutton Wind, LLC
United States
100,0
0
0
Trillium Solar Center, LLC
United States
100,0
0
0
Tripoint Wind, LLC
United States
100,0
0
0
White Oak Solar Center, LLC
United States
100,0
0
0382832000382832000-187500000364082000382832000-382832000-382832000187500000-364082000-38283200000Borssele Wind Farm C.V.
The Netherlands
50,0
3.079.617
124.216
Orsted Borssele 1 B.V.
The Netherlands
50,0
3.140
-490
Bay State Wind LLC
United States
100,0
834
-3.312
North East Offshore, LLC.
United States
50,0
0
0
H2 Westküste GmbH, Amtsgericht Pinneberg
Germany
24,0
125
-61
Scarweather Sands Limited
United Kingdom
50,0
0
0
Lyra Offshore Wind Farm Ltd
United Kingdom
33,3
0
0
Northern Cross Offshore Wind Farm Ltd
United Kingdom
33,3
0
0
Celtic Array Limited
United Kingdom
50,0
104.541
0
Formosa I International Investment Co., Ltd.
Taiwan
35,0
1.341.024
-238
Formosa I Wind Power Co., Ltd.
Taiwan
100,0
991.548
195.155
Garden State Offshore Energy LLC
United States
50,0
-2.592
-1.344
Lingen Green Hydrogen GmbH & Co. KG
Germany
50,0
0
0
Lingen Green Hydrogen Management GmbH
Germany
50,0
0
0
Elektrownia Wiatrowa Baltica 2 sp. z o.o
Poland
50,0
1.211.337
-3.241
Elektrownia Wiatrowa Baltica 3 sp. z o.o.
Poland
50,0
1.491.763
-1.876
Yurihonjo Offshore Wind Development Co. K.K.
Japan
45,0
-25.852
-67.369
Noshiro Mitane Oga Offshore Wind Development Co. K.K.
Japan
45,0
-69.505
-118.406
London Array Limited
United Kingdom
25,0
0
0
Hornsea Two Holdings Ltd
United Kingdom
50,0
0
0The company's receivables from group companies includes TDKK 4.218.065 in a cash pool scheme with the ultimate parent company, Ørsted A/S (2020: TDKK 22.536.365)The share capital consists of 1.800.000 share of a nominal value of TDKK 1. No shares carry any special rights.
There have been no changes in the share capital during the last 5 years.18000001Balance at beginning of year at 1 January 2021
20.554
28.477
Provision for the year
-13.689
0
Applied in the year
-3.865
-7.923
Balance at 31 December 2021
3.000
20.554
The expected due dates of other provisions are:
Within one year
0
17.554
Between 1 and 5 years
3.000
3.000
3.000
20.554205540002847700030000002055400001755400030000003000000No events have occured after the balance sheet date which could significantly affect the company's financial position.Liability in joint taxation
The group's Danish companies are jointly and severally liable for tax on group jointly taxes income, etc. Reference is made to the annual report for Ørsted A/S, the administration company in relation to joint taxation. The group's Danish companies are also jointly and severally liable for Danish withholding taxes on dividends, royalties and interests within the group of jointly taxed entities. Any subsequent corrections to income and withholding taxes may result in an increase in the entities' liability.
The group’s Danish entities have joint and several liability for joint VAT registration.Ørsted A/S, Kraftværksvej 53, 7000 Fredericia (parent company)
The Danish State represented by the Ministry of Finance
Group companies and associates
Board of directors, executive board and senior employees
According to the company’s register of shareholders, the following shareholder holds at least 5% of the votes or at least 5% of the share capital:Leasing of storage facilities, annual lease commitment DKK 1.0 million. Leased by BB and CC Jensen. The lease has been entered into on market terms.
In pursuance of Section 96(3) of the Danish Financial Statements Act, the company has omitted providing information on audit fees as the company is fully consolidated in Ørsted A/S's consolidated financial statements, in which the audit fees for the Group as a whole are disclosed.Årsrapport36213728Ørsted A/SKraftværksvej 537000 Fredericia2021-01-012021-12-312020-01-012020-12-3118936674Ørsted Wind Power Holding A/SKraftværksvej537000FredericiaDKDanmark1995-11-01Fredericia+45 99 55 11 11www.orsted.cominfo@orsted.dkPricewaterhouseCoopers33771231Anders Stig LauritsenState Authorised Public AccountantStrandvejen442900HellerupDKDanmark2022-06-23Vibeke RohdeRegnskabsklasse C, stor virksomhedRevisionspåtegningCaseWare-FSRfalsefalsefalsefalseReturn on assets
Profit/loss before financials x 100Average assets
Solvency ratio
Equity, end of year x 100Total assets at year-end189366742021-01-012021-12-31189366742021-01-012021-12-311189366742020-01-012020-12-31189366742021-01-012021-12-31e:TwoYearsAgoMember189366742021-12-31e:TwoYearsAgoMember189366742021-01-012021-12-31e:ThreeYearsAgoMember189366742021-12-31e:ThreeYearsAgoMember189366742021-01-012021-12-31e:FourYearsAgoMember189366742021-12-31e:FourYearsAgoMember189366742021-01-012021-12-31h:ProposedDividendRecognisedInEquityMember189366742020-01-012020-12-31h:ProposedDividendRecognisedInEquityMember189366742021-01-012021-12-31h:RetainedEarningsMember189366742020-01-012020-12-31h:RetainedEarningsMember189366742020-12-31189366742021-12-31189366742021-01-01h:InvestmentsInGroupEnterprisesMember189366742020-01-01h:InvestmentsInGroupEnterprisesMember189366742021-01-012021-12-31h:InvestmentsInGroupEnterprisesMember189366742020-01-012020-12-31h:InvestmentsInGroupEnterprisesMember189366742021-12-31h:InvestmentsInGroupEnterprisesMember189366742020-12-31h:InvestmentsInGroupEnterprisesMember189366742021-01-01h:InvestmentsInAssociatesMember189366742021-01-012021-12-31h:InvestmentsInAssociatesMember189366742021-12-31h:InvestmentsInAssociatesMember189366742020-01-01h:InvestmentsInAssociatesMember189366742020-01-012020-12-31h:InvestmentsInAssociatesMember189366742020-12-31h:InvestmentsInAssociatesMember189366742021-01-012021-12-311189366742021-01-012021-12-312189366742021-01-012021-12-313189366742021-01-012021-12-311189366742021-01-01h:ContributedCapitalMember189366742021-12-31h:ContributedCapitalMember189366742021-01-01h:RetainedEarningsMember189366742021-01-012021-12-31h:RetainedEarningsMember189366742021-12-31h:RetainedEarningsMember189366742021-01-01h:ProposedDividendRecognisedInEquityMember189366742021-01-012021-12-31h:ProposedDividendRecognisedInEquityMember189366742021-12-31h:ProposedDividendRecognisedInEquityMember189366742021-12-311189366742021-01-01189366742020-01-01189366742020-01-012020-12-314189366742021-01-012021-12-314189366742021-12-31h:OtherProvisionsLiabilitiesLongtermMember189366742020-12-31h:OtherProvisionsLiabilitiesLongtermMemberxbrli:sharesiso4217:DKKxbrli:pure