The Board of Directors of DONG Energy A/S has today approved the interim financial report for the first nine months of 2010, which developed as follows compared with the results for the first nine months of 2009:
Revenue was up DKK 2,699 million at DKK 38,490 million. EBITDA was up DKK 3,202 million at DKK 10,032 million, reflecting higher energy prices and generation from new wind farms. Furthermore, EBITDA in 2009 was negatively impacted by the effects of timing differences. Profit after tax almost tripled to DKK 3,091 million.
EBITDA for 2010 is expected to be at a higher level than previously forecast. Fourth-quarter EBITDA is expected to be positive, but lower than the quarterly average in the first nine months of 2010. Adjusted net debt is still expected to amount to around three times cash flows from operating activities in 2010
Net investments for 2010 are expected to amount to DKK 11-12 billion compared with the previously forecast level of DKK 10 billion. Net investments in 2011 are expected to amount to around DKK 15 billion compared with the previously forecast level of between DKK 10 billion and DKK 15 billion. For 2012 and 2013, annual net investments are expected to average max. DKK 15-20 billion.
“We are able to report strong results for the first nine months of 2010. The improved results reflect higher energy prices, generation from new wind farms, and cost reductions. DONG Energy made investments of approx. DKK 10 billion in the first nine months of the year, and is making speedy progress in the transition towards a greener company. Based on planned investments, our objective is to be able to double EBITDA in the period between 2009 and 2015”, says CEO Anders Eldrup.
A telephone conference for investors and analysts will be held on Thursday 11 November at 11.00am CET:
DK +45 3271 4767
International +44 (0) 207 509 5139
The material for the conference will be available prior to the presentation at the following address:
https://www.dongenergy.com/EN/Investor/presentations/
[mappress]
Source: dongenergy, November 11, 2010