Results affected by sustained low energy prices, as expected
The Supervisory Board of DONG Energy A/S has today approved the interim
financial report for the first half of 2009, which developed as follows
compared with the first-half 2008 results:
• Revenue was DKK 959 million ahead at DKK 28,779 million, reflecting higher
gas production from the Ormen Lange field, partly offset by significantly lower
oil and gas prices and lower Danish power prices
• EBITDA was down DKK 1,885 million at DKK 4,766 million, substantially due to
the effects of timing differences in connection with the huge fluctuations in
market prices for oil, gas and coal
• Profit after tax was DKK 1,335 million versus DKK 3,082 million
• DONG Energy invested DKK 8.5 billion in new activities and existing
facilities, including gas-fired power station projects in Wales and the
Netherlands, a Polish wind farm and the wind turbine installation company
A2SEA.
”We expect a 70% increase in our gas production in 2009, and we will be
commissioning five new wind farms in the coming months. Although the financial
crisis has taken a firmer hold, with declining energy prices and energy
consumption, we reaffirm our previous outlook for 2009”, says CEO Anders
Eldrup.
Outlook for 2009 reaffirmed
As already announced, EBITDA and profit after tax for 2009 are expected to be
significantly down on 2008, when EBITDA was DKK 13.6 billion and profit after
tax DKK 4.8 billion.
The interim report can be downloaded at:
http://www.dongenergy.com/en/investor/reports/pages/interimreports.aspx
Telephone conference
A telephone conference for analysts will be held on Tuesday 11 August at
15.00pm CET:
DK +45 3271 4573
UK +44 (0)20 3023 4423
The presentation for the conference can be downloaded from DONG Energy's
website from 8.30am CET at the following address:
http://www.dongenergy.com/DA/Investor/praesentationer/Telekonference.htm
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 more than DKK 60 billion (EUR
8.2 billion) in revenue in 2008. For further information, see
www.dongenergy.com.