Satisfactory results despite continued difficult market conditions The Supervisory Board of DONG Energy A/S has today approved the interim financial report for the first quarter of 2010, which developed as follows compared with the first-quarter 2009 results: • Revenue was up DKK 587 million, at DKK 16,203 million, particularly reflecting high power prices in Eastern Denmark due to cold weather. Higher oil prices were partly offset by lower gas prices. Power generation from new wind farms made a positive contribution • EBITDA was up DKK 1,690 million, at DKK 4,343 million, reflecting an increase in revenue. EBITDA also benefited from the positive effect of timing differences related to the huge fluctuations in market prices for oil, gas and coal • Profit after tax was DKK 2,013 million versus DKK 718 million • Net cash inflow from operating activities increased by DKK 0.5 billion to DKK 3.9 billion, driven by the increase in EBITDA • DONG Energy invested DKK 2.8 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. ”DONG Energy delivered satisfactory first-quarter results, partly driven by higher demand due to colder weather, and high power prices. The new wind farms, which were taken into use at the end of 2009, also made a positive contribution to the results. However, DONG Energy's earnings are still feeling the impact of the financial crisis, with demand for gas and power still being lower than previously”, 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. The interim report can be downloaded at: http://www.dongenergy.com/en/investor/reports/pages/interimreports.aspx Conference Call A conference call for investors and analysts will be held at 11:00 CET. Dial in numbers for the conference call: Denmark: +45 3271 4767 International: +44 207 509 5139 The conference call can be followed live on the following address: http://www.dongenergy.com/en/investor/presentations/pages/webcasts.aspx Presentation slides will be available prior to the conference call on the following address: http://www.dongenergy.com/EN/Investor/presentations/ For additional information, please 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 just under DKK 50 billion (EUR 6.6 billion) in revenue in 2009. For further information, see www.dongenergy.com.
INTERIM FINANCIAL REPORT - Q1 2010