The Board of Directors of DONG Energy A/S has today approved the interim
financial report for the first half of 2010, which developed as follows
compared with the first-half 2009 results:
Revenue was down DKK 1,088 million at DKK 27,691 million, reflecting lower gas
selling prices, while the high power prices in Denmark in the first quarter and
higher oil prices had a positive effect. Power generation from new wind farms
made a positive contribution
EBITDA was up DKK 2,853 million at DKK 7,619 million, reflecting the fact that
the first half of 2009 was negatively impacted by timing differences related to
the huge fluctuations in market prices for oil, gas and coal. Renewables
generation was also up in the first half of 2010
Profit after tax doubled, amounting to DKK 2,950 million
DONG Energy invested DKK 5.9 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.
”The first half developed positively for DONG Energy. The cold winter and the
commissioning of new wind farms contributed positively to earnings. At the same
time, we are continuing at a rapid pace with the transition to a greener energy
production”, 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. Second-half EBITDA is also still
expected to be considerably lower than first-half EBITDA, which benefited from
the cold and dry winter, which led to increased gas sales, high power prices
and a high contribution margin from thermal power generation.
A conference call for investors and analysts will be held at 11:00. 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/pages/Financial_presentation
s.aspx
See the interim report here: www.dongenergy.com/interimreports
For further information, 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.
