The Supervisory Board of DONG Energy A/S has today approved the company's
annual report for 2008.
DONG Energy took two important strategic steps in 2008 towards sustained growth
and value creation. One was the investment of just over DKK 11 billion in new
activities, expansion of existing areas of activity, and efficiency improvement
and upgrading of existing plants. The other was the disposal of activities
outside the Group's strategic focus to the tune of DKK 2.4 billion.
The financial performance for 2008 showed strong progress:
• Revenue was 46% ahead, at more than DKK 60 billion, primarily as a result
of growing production from the Norwegian gas field Ormen Lange, higher gas
sales, and significantly higher oil and gas prices
• Operating profit (EBITDA) was up 42% at DKK 13.6 billion compared with
DKK 9.6 billion in 2007
• Profit for the year was DKK 4.8 billion compared with DKK 3.3 billion the
previous year
EBITDA and profit after tax for 2009 are expected to be significantly down on
2008, when profits benefited from time lag effect from contracts with
oil-indexed gas prices, gas purchase allocation and application of the FIFO
principle to coal inventories. These effects, which are in the nature of timing
differences, are expected to have an adverse impact in 2009.
In connection with the publication of the annual report, a press meeting will
be held at 01.30 pm CET at Nesa Allé 1 in Gentofte.
A telephone conference for investors will be held at 03.00 pm CET:
DK: +45 3271 4573
UK: +44 (0)20 3023 4423
The presentation for the conference will be available at the company's website
from 01.00 pm CET at the following address:
http://www.dongenergy.com/EN/Investor/presentations/
The annual report can be downloaded at:
http://www.dongenergy.com/EN/Investor/reports/annual+reports.htm
For further information, please contact:
Investor Relations
+45 9955 9750
Media Relations
Louise Münter
+45 9955 9662
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 5,500 employees and generated more than DKK 60 billion
(approx. EUR 8.2 billion) in revenue in 2008. For further information, see
www.dongenergy.com.