Dong Energy Announces Financial Results for 2010 (Denmark)
— EBITDA was up DKK 5.3 billion (59%) at DKK 14.1 billion, reflecting higher energy prices, higher electricity generation, higher gas sales and lower fixed costs.
— Profit for the year was DKK 4.5 billion against DKK 1.1 billion in 2009.
— Cash flows from operating activities were DKK 14.2 billion compared with DKK 9.5 billion in 2009.
— Net investments amounted to DKK 8.6 billion in 2010 and were made up of gross investments of DKK 15.7 billion and disposals of DKK 7.1 billion.
— EBITDA in 2011 is expected to be in line with 2010.
— Net investments in 2011-2013 are expected to be DKK 40 billion.
Anders Eldrup, CEO: “2010 was a good year for DONG Energy. The sound improvement is a testimony to the many new initiatives put in place to boost earnings. Especially in the green area, the new offshore wind farms, Horns Rev 2 and Gunfleet Sands, are contributing to earnings, but the gas-fired Severn power station and the Nini Øst oil field are also expanding the business. At the same time, in 2010, we benefited from the full effect of the savings and efficiency improvements put in motion in 2009. We have thus made good progress in the transition to clean and reliable energy.”
Source: dongenergy, March 11, 2011