Q3 Earnings: DONG Energy Sees “Continued Positive Development”
DONG Energy released its interim financial report towards the end of last week for the first 9 months of 2014, and claimed the results proved “continued positive development.”
The company reported EBITDA (earnings before interest, taxes, depreciation, and amortization) of DKK 13 billion (Danish Krone) for the first 9 months of 2014, a 16% increase over the same 9 months a year earlier (DKK 11.2 billion), thanks to higher earnings from wind activities. However, the earnings were still not what they could have been due to falling gas prices.
“We continue to see good progress in the execution of DONG Energy’s strategic priorities, and the company’s financial improvements also remain firmly on track,” said DONG Energy CEO, Henrik Poulsen.
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Several key events were highlighted during the financial presentation. The inauguration of the 389 MW West of Duddon Sands Wind Farm took place on the 30th of October after having delivered its first power in January of 2014, and is now providing clean energy to 300,000 UK households.
DONG Energy also divested itself of several projects over the period — including 50% of its ownership in the London Array and Westermost Rough offshore wind farms, 50% of the Gode Wind 2 Wind Farm, and divestment of the Stenlille gas storage facility. In all, DONG Energy divestments over the period amounted to DKK 8.1 billion.
Reporting on the interim report last week, Reuters claimed that DONG Energy losses “rose to 573 million Danish crowns ($97 million) from 378 million crowns a year ago” as a result of “warm weather which reduced the need to produce thermal energy.” However, nowhere in the DONG Energy press release nor in the financial presentation (PDF) are such figures found — so either Reuters has access to information I don’t, or …
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