The Board of Directors of Dong Energy A/S today approved the interim financial report for H1 2014.
Thanks to higher earnings from wind activities, including a gain from the divestment of 50% of Dong Energy’s ownership interest in the UK offshore wind farms London Array and Westermost Rough as well as higher production in E&P, Dong EBITDA was up 26% to DKK 9.8 billion in H1 2014 comparing to the same period last year.
On the other hand, earnings decreased in Thermal Power due to warm and windy weather, and in Customers & Markets due to lower gas sales and falling gas prices.
Net profit amounted to DKK 1.4 billion comparing to the DKK 0.4 last year.
CEO Henrik Poulsen said: ”Dong Energy saw a strong earnings improvement in the first half of the year, driven by the two growth areas Wind Power and E&P. With an increase in EBITDA of 26% and a significant improvement in ROCE compared to last year, the Group is continuing to move in the right direction. The transformation of Dong Energy’s business continues according to plan, with an increasing part of earnings coming from the investment focus areas Wind Power and E&P. Also, the transition of the Group’s electricity generation to renewable energy is making good progress.
In Wind Power, the award of subsidies to the three UK offshore projects Burbo Extension, Walney Extension and Hornsea has provided security for our pipeline up to 2020, which will allow us to focus on our objective of significantly reducing the costs of electricity generation from offshore wind. At the same time, the partial divestment of the Westermost Rough and, most recently, Gode Wind 2 offshore projects has confirmed the strong market interest in Ddong Energy’s industry-leading partnership model.
E&P reached an important milestone in July, when the repair work on the Siri platform was completed. Now, we are awaiting regulatory approval of the solution.”