Interim financial report - Q1 2011 - Sound and satisfactory results

The Board of Directors of DONG Energy has today approved the interim financial report for the first quarter of 2011 with the following outlook and key performance indicators compared with the first quarter of 2010: 

  • EBITDA was DKK 4.8 billion versus DKK 4.7 billion in the first quarter of 2010. Higher energy prices and electricity generation were offset by lower earnings from gas trading
  • Operating cash inflow was DKK 4.3 billion compared with DKK 3.9 billion in the first quarter of 2010 and was mainly driven by a reduction in net working capital
  • Profit after tax was DKK 1.4 billion versus DKK 2.3 billion in the first quarter of 2010. The decrease was mainly due to higher depreciation and a gain on disposal in 2010
  • Net interest-bearing debt decreased by DKK 2.3 billion from the end of 2010 to DKK 19.9 billion at 31 March 2011, as cash inflow from operating activities and the issuing of hybrid capital exceeded cash outflow from investing activities
  • Net investments were DKK 3.4 billion in the first quarter of 2011 and mainly related to development of wind activities and gas and oil fields. 


  • EBITDA for 2011 is still expected to be in line with 2010, matching the outlook in the 2010 annual report

Anders Eldrup: ”The results for the first quarter of 2011 were sound and satisfactory and in line with 2010. At the same time, the transition to greener generation continued at a rapid pace."

Telephone conference
A telephone conference for investors and analysts will be held today at 11.00 am CET:
Denmark: +45 3271 4767
International: +44 207 509 5139 

The telephone conference can be followed live at the following address:

The material for the conference will be available prior to the presentation at the following address:

See the interim report at:


For further information, contact:

Media Relations
Ulrik Frøhlke
+45 9955 9560 

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 approx. 6,000 employees and generated DKK 55 billion (EUR 7.3 billion) in revenue in 2010. For further information, see