Dong Energy’s EBITDA amounted to DKK 6.3 billion (EUR 844 million) in the first quarter of 2014, which is a large increase compared with DKK 4.6 billion (EUR 616 million) in the same period last year, mainly due to the company’s wind business.
Dong Energy released its results for Q1 today, saying that it had higher earnings from wind activities, higher production in Exploration & Production, lower costs as well as a gain from the divestment of 50% of its ownership interest in the London Array offshore wind farm.
The company’s CEO Henrik Poulsen said:
“The implementation of our strategy is proceeding according to plan. In Q1, we completed our financial action plan, which has raised a total of DKK 33 billion through divestments and injection of additional equity. This contributed to a significant reduction of our debt and has created the foundation for our ability to continue our growth investments and the development of DONG Energy’s strong market positions in North West Europe.
“Earnings were further strengthened by a DKK 1.7 billion increase in EBITDA relative to Q1 2013. The improvement was driven by a higher output in E&P and Wind Power, lower costs and a gain on the partial divestment of the London Array offshore wind farm.
“It is particularly gratifying to see the major progress in Wind Power, where we are currently developing our global leading position within the development, construction and operation of offshore wind farms. The positive trends were partly offset by a decrease in earnings in Thermal Power and Customers & Markets, not least driven by warm weather in Q1.”
Source: Dong Energy, May 1, 2014; Image: Dong Energy