Interim financial report - Q1 2012 - sound performance

DONG Energy A/S  / Miscellaneous

11.05.2012 14:04

Dissemination of a UK Regulatory Announcement, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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The Board of Directors of DONG Energy has today approved the interim financial
report for the first quarter of 2012 with the following outlook and financial
highlights compared with the first quarter of 2011: 

  -- EBITDA was DKK 3.6 billion in the first quarter of 2012 compared with DKK
     4.8 billion in the first quarter of 2011, in line with expectations. The
     decline primarily reflected lower earnings from the gas activities, lower
     output and lower spreads at the power stations and higher costs for the
     repair of the Siri platform. By contrast, earnings from wind activities
     showed an increase
  -- Profit after tax was DKK 2.3 billion, DKK 0.8 billion ahead of the first
     quarter of 2011. Profit for the period included a gain on disposal of
     enterprises of DKK 2.0 billion after tax, primarily relating to Oil
     Terminals
  -- Cash inflow from operating activities decreased to DKK 1.1 billion from DKK
     4.2 billion in the first quarter of 2011, primarily reflecting increasing
     funds tied up in working capital and also the lower EBITDA
  -- Net investments were DKK 2.4 billion in the first quarter of 2012 versus
     DKK 3.3 billion in the same period the previous year. Gross investments
     were DKK 5.1 billion and primarily related to development of wind
     activities and gas and oil fields, while divestments primarily related to
     Oil Terminals
  -- Interest-bearing net debt increased by DKK 1.5 billion from the end of 2011
     to DKK 25.1 billion

Carsten Krogsgaard Thomsen, Acting CEO:
'We have delivered sound interim financial statements despite a mild winter
with falling earnings from our electricity and gas business and non-recurring
costs for the repair of the Siri platform. This does not change our outlook for
2012, nor does it change our ambitious target to double EBITDA in 2015 compared
with 2009.' 


Outlook

EBITDA for 2012 is expected to be in line with 2011. EBITDA for 2013 is
expected to be significantly ahead of 2012 due to the start-up of production of
new assets and the full-year effect of new assets in operation in 2012. This is
in accordance with the outlook in the annual report for 2011. 

Due to growing uncertainty over the timing of the completion of assumed
divestments, the outlook for net investments is changed from around DKK 40
billion for the period 2011-2013 to around DKK 45 billion. In 2012, this may
mean that the key ratio adjusted net debt/EBITDA could slightly exceed 2.5. It
is expected that this key ratio will again be met in 2013. 


In connection with the presentation of the interim financial report a
conference call for investors and analysts will be held on 11 May 2012 at
3.00pm CET: 

Denmark: +45 3271 4767
International: +44 207 509 5139


The conference call can be followed live at the following address:
http://www.dongenergy.com/en/investor/presentations/pages/webcasts.aspx 



Presentation slides will be available prior to the conference call at the
following address: 
http://www.dongenergy.com/en/investor/presentations/pages/financial_presentation
s.aspx 



The interim financial report can be downloaded at:
http://www.dongenergy.com/en/investor/reports/pages/interimreports.aspx



For further information, please contact:


Media Relations
Helene Aagaard
+45 9955 9330


Investor Relations
Morten Hultberg Buchgreitz
+45 9955 9750

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News Source: NASDAQ OMX



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Language:           English
Company:            DONG Energy A/S
                    
                     
                    Dänemark
Phone:              
Fax:                
E-mail:             
Internet:           
ISIN:               XS0253170335
Category Code:      MSC
LSE Ticker:         65XG
Sequence Number:    1087
Time of Receipt:    May 11, 2012 14:04:09
 
End of Announcement                             DGAP News-Service
 
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