DONG Energy Reports “Highly Satisfactory” First Quarter Results
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Danish wind energy giant DONG Energy has reported a “Highly satisfactory start to the year” in its first quarter earnings report.
In its Interim financial report for Q1 2016, DONG Energy revealed EBITDA (Earnings before interest, taxes, depreciation and amortization) was up 35%, sitting at DKK 8.1 billion in Q1 2016 compared with DKK 6.0 billion in Q1’15. Specifically, DONG Energy concluded that “the underlying improvement was driven by a 53% increase in Wind Power.”
Net profit was DKK 5.2 billion, up DKK 3.5 billion on Q1’15.
“DONG Energy has had a very satisfactory start to 2016,” said Henrik Poulsen, DONG Energy CEO and President. “Our strategic shift towards renewables and green customer solutions is well under way and continues to support our strong financial performance – both short and longer-term, which has led us to increase our ROCE expectation for the Group from 12% by 2020 to 12%-14% in the period 2017-2020.”
DONG Energy is usually more reticent to provide financial information than Listed companies, though that is likely to change, as Henrik Poulsen confirmed that “The preparations for a planned IPO of DONG Energy proceed according to plan and the shareholders and the Board of Directors continue to target a listing of the company before the end of Q1 2017.”
Looking forward to the rest of 2016, DONG Energy expects its business performance to remain unchanged from previous outlooks, sitting steadily at between DKK 20 and 23 billion, though gross investments lowered to DKK 18 to 21 billion, down from previous guidance of DKK 20-23 billion.
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