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MarketScreener Homepage  >  Equities  >  NASDAQ OMX COPENHAGEN  >  Orsted A/S    ORSTED   DK0060094928

ORSTED A/S

(ORSTED)
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Orsted A/S : Oersted to Appeal Denmark's Backdated Taxation of UK Wind Farm Assets

12/01/2020 | 12:23pm EST

By Adriano Marchese

Oersted AS said Tuesday that it will appeal a decision by Danish tax authorities to be taxed in Denmark on its British offshore wind farms for the years 2015 and 2016.

The Danish power company said the Danish Tax Agency has decided that Oersted has to pay 5.1 billion Danish kroner ($817.1 million) plus interest of DKK1.5 billion.

According to the decision, the company is to be taxed in Denmark on the full future value of its two offshore wind farms, Walney Extension and Hornsea 1, "despite the fact that they are developed, owned, and operated by British subsidiaries of the Oersted group and are already taxed in the U.K.," Oersted said.

The company said it disagrees with the decision and will appeal it with the Danish Tax Appeals Agency, and added that it will take steps to ensure that Danish and U.K. tax authorities initiate negotiations to avoid double taxation.

"As early as 2015, we asked the Danish and U.K. tax authorities to clarify the taxing rights between the two countries, so that the offshore wind farms would not be taxed twice. However, the Danish tax authorities broke off negotiations and haven't since wanted to reopen them," Chief Financial Officer Marianne Wiinholt said.

Oersted said its net present value might be reduced by DKK4 billion if the final decision leads to an increase in Danish taxation.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

12-01-20 1222ET

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Financials
Sales 2020 61 609 M 10 079 M 10 079 M
Net income 2020 15 483 M 2 533 M 2 533 M
Net Debt 2020 21 276 M 3 481 M 3 481 M
P/E ratio 2020 32,3x
Yield 2020 0,90%
Capitalization 527 B 86 171 M 86 140 M
EV / Sales 2020 8,89x
EV / Sales 2021 9,16x
Nbr of Employees 6 120
Free-Float 44,8%
Chart ORSTED A/S
Duration : Period :
Orsted A/S Technical Analysis Chart | ORSTED | DK0060094928 | MarketScreener
Technical analysis trends ORSTED A/S
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 24
Average target price 1 067,48 DKK
Last Close Price 1 253,50 DKK
Spread / Highest target 35,6%
Spread / Average Target -14,8%
Spread / Lowest Target -55,7%
EPS Revisions
Managers and Directors
NameTitle
Mads Nipper Group President & Chief Executive Officer
Thomas Thune Andersen Chairman
Marianne Wiinholt Chief Financial Officer
Benny G°bel Non-Independent Director
Lene Skole-S°rensen Deputy Chairman
Sector and Competitors
1st jan.Capitalization (M$)
ORSTED A/S0.80%86 171
NEXTERA ENERGY9.15%164 974
ENEL S.P.A.0.83%103 242
IBERDROLA, S.A.-0.34%86 962
DUKE ENERGY CORPORATION-1.39%66 450
SOUTHERN COMPANY-2.52%63 522