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:
[mappress]
Source: dongenergy, August 19, 2010