The board of directors of DONG Energy A/S has approved the interim financial report for H1 2015. EBITDA was DKK 10.4 billion in H1 2015 compared with DKK 9.8 billion in H1 2014.
The positive development in operations relative to the same period last year can be ascribed to higher generation from offshore wind farms, completed renegotiation of an oil-indexed gas purchase contract and lower costs in the E&P business, partly offset by the fall in oil prices and lower oil and gas production from the Ormen Lange field as a result of a planned 42-day shutdown. In H1 2014, EBITDA was positively affected by a DKK 2.0 billion gain on the divestments of offshore wind farms, while H1 2015 was positively affected by a DKK 1.5 billion gain on the sale of E&P licence interests, two amounts of insurance compensation as well as the settlement of dispute from 2005 and 2006 concerning CO2 emissions allowances. Net profit was DKK 2.8 billion, up DKK 1.3 billion on H1 2014. Cash flows from operating activities totalled DKK 6.5 billion, on a par with H1 2014. Higher tax payments were offset by reduced funds tied up in working capital, lower interest payments and higher EBITDA. Gross investments totalled DKK 8.8 billion, mainly relating to offshore wind activities (Borkum Riffgrund 1, Gode Wind 1+2, Westermost Rough and Hornsea 1) as well as oil and gas fields (Hejre, Syd Arne and Laggan-Tormore). The outlook for business performance EBITDA for 2015 is adjusted upwards with DKK 1.5 billion to DKK 17.0-19.0 billion relative to the announcement in the 2014 annual report on DKK 15.5-17.5 billion.