The Board of Directors of DONG Energy A/S has approved the interim financial report for Q1 2014. EBITDA was DKK 6.3 billion in Q1 2014 compared with DKK 4.6 billion in Q1 2013.
The increase relative to the same period last year was due to higher earnings from wind activities, higher production in Exploration & Production, lower costs as well as a gain from the divestment of 50% of DONG Energy's ownership interest in the UK offshore wind farm London Array. The positive trends were partly offset by decreasing earnings in Thermal Power, due to warm and windy weather, and in Customers & Markets, due to lower gas sales and falling gas prices. Net profit was DKK 1.6 billion, up DKK 1.1 billion on Q1 2013. Gross investments totalled DKK 3.8 billion, mainly related to offshore wind activities and oil and gas fields. Divestments amounted to DKK 6.2 billion in Q1 2014, primarily relating to the ownership interest in London Array.