Dong Energy’s EBITDA was DKK 8.1 billion in Q1 2016 compared with DKK 6.0 billion in Q1 2015, corresponding to an increase of 35% on both reported and underlying basis. The underlying improvement was driven by a 53% increase in Wind Power, partly offset by lower gas, oil and power prices. Net profit was DKK 5.2 billion, up DKK 3.5 billion on Q1 2015.
This improvement was primarily due to the higher EBITDA and lower depreciation and net financial expenses. Gross investments totalled DKK 4.2 billion, mainly related to offshore wind activities (Gode Wind 1 & 2, Walney Extension, Burbo Bank Extension, Race Bank and Hornsea 1) as well as oil and gas fields (Hejre and Syd Arne in Denmark as well as the West of Shetland area). Wind Power continues to grow on the back of new offshore wind farms being constructed. They are currently working on six offshore wind farms in the UK and Germany and they are all well on track. Theycontinue to build their pipeline of wind farm projects beyond 2020. Dong Energy acquired GW offshore project rights in the US taking their total US project rights to 2.5GW. Furthermore they have taken initiatives to expand their geographic scope by establishing a presence in Taiwan in order to explore offshore wind opportunities in the Asia-Pacific region.