Satisfactory results despite continued difficult market conditions
The Supervisory Board of DONG Energy A/S has today approved the interim
financial report for the first quarter of 2010, which developed as follows
compared with the first-quarter 2009 results:
• Revenue was up DKK 587 million, at DKK 16,203 million, particularly
reflecting high power prices in Eastern Denmark due to cold weather. Higher oil
prices were partly offset by lower gas prices. Power generation from new wind
farms made a positive contribution
• EBITDA was up DKK 1,690 million, at DKK 4,343 million, reflecting an increase
in revenue. EBITDA also benefited from the positive effect of timing
differences related to the huge fluctuations in market prices for oil, gas and
coal
• Profit after tax was DKK 2,013 million versus DKK 718 million
• Net cash inflow from operating activities increased by DKK 0.5 billion to DKK
3.9 billion, driven by the increase in EBITDA
• DONG Energy invested DKK 2.8 billion in new activities and existing
facilities, including wind farms, gas-fired power station projects in the UK
and the Netherlands, and gas and oil fields.
”DONG Energy delivered satisfactory first-quarter results, partly driven by
higher demand due to colder weather, and high power prices. The new wind farms,
which were taken into use at the end of 2009, also made a positive contribution
to the results. However, DONG Energy's earnings are still feeling the impact of
the financial crisis, with demand for gas and power still being lower than
previously”, says CEO Anders Eldrup.
Outlook for 2010
EBITDA for 2010 is still expected to be significantly ahead of 2009,
reaffirming the outlook in the annual report.
The interim report can be downloaded at:
http://www.dongenergy.com/en/investor/reports/pages/interimreports.aspx
Conference Call
A conference call for investors and analysts will be held at 11:00 CET.
Dial in numbers for the conference call:
Denmark: +45 3271 4767
International: +44 207 509 5139
The conference call can be followed live on the following address:
http://www.dongenergy.com/en/investor/presentations/pages/webcasts.aspx
Presentation slides will be available prior to the conference call on the
following address:
http://www.dongenergy.com/EN/Investor/presentations/
For additional information, please contact:
Media Relations
Louise Münter
+45 9955 9662
Investor Relations
Morten Hultberg Buchgreitz
+45 9955 9750
DONG Energy is one of the leading energy groups in Northern Europe. We are
headquartered in Denmark. Our business is based on procuring, producing,
distributing and trading in energy and related products in Northern Europe. We
have approximately 6,000 employees and generated just under DKK 50 billion (EUR
6.6 billion) in revenue in 2009. For further information, see
www.dongenergy.com.
