Strong financial results
The Supervisory Board of DONG Energy A/S has today approved the interim
financial report for the first nine months of 2008, which developed as follows
compared with the first nine months of 2007:
o Revenue was DKK 41,612 million versus DKK 27,401 million
o EBITDA was DKK 10,993 million compared with DKK 6,443 million, with the
following distribution between DONG Energy's four business segments:
o Exploration & Production DKK 4,106 million, up from DKK 1,469 million
due to higher production and higher oil and gas prices
o Generation DKK 2,454 million, down from DKK 2,788 million due to lower
thermal production and lower positive effect of price hedging
o Distribution DKK 1,311 million, up from DKK 1,137 million, mainly
reflecting lower costs
o Markets DKK 3,268 million, up from DKK 1,345 million due primarily to
increased gas sales, higher gas selling prices and a positive time lag
effect driven by rising oil prices.
o Profit after tax was DKK 5,177 million versus DKK 2,211 million
"For the first nine months of 2008 earnings increased in almost all DONG
Energy's business segments. Growth was particularly strong in Exploration &
Production and Markets, predominantly reflecting increasing production from the
Norwegian gas field Ormen Lange and a substantial positive time lag effect
driven by the high oil prices during the period under review,” says CEO Anders
Eldrup, continuing: ”Based on the strong financial development in the third
quarter we expect our 2008 results to be significantly better than 2007 -
despite anticipated lower prices in international markets in the last quarter
of the year.”
Outlook for 2008
EBITDA and profit after tax for 2008 are expected to be significantly higher
than 2007, when EBITDA was DKK 9.6 billion and profit after tax
DKK 3.3 billion. The results reported for the third quarter exceeded the outlook
expressed in the interim financial report for the first half and more than make
up for the fact that the fourth-quarter results are expected to be lower than
forecast due to recent sharp falls in oil prices.
Further information:
Louise Münter
Media Relations
Telephone: +45 9955 9662
Steen Juul Jensen
Investor Relations
Telephone: +45 9955 9724
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DONG Energy is one of Northern Europe's leading energy groups. We are
headquartered in Denmark. Our business is based on procuring, producing,
distributing, trading and selling energy and related products in Northern
Europe. The company delivered revenue of DKK 41.6 billion in 2007 (approx. EUR
5.6 billion or USD 7.6 billion). DONG Energy has approx. 5,000 employees.
For further information, see www.dongenergy.com