DONG Energy reveals strong interim results following flotation

Danish offshore wind group has won several large tenders

Lucie Rychla

Danish energy giant DONG Energy has reported satisfactory financial results for the first half of 2016 – its first figures since its flotation in June.

DONG increased its operating profit by 19 percent to 12.4 billion kroner thanks in part to strong growth in its wind power division, which was responsible for about 70 percent of its earnings.

“In June, we decided to invest in the German offshore wind farm Borkum Riffgrund 2, and in July, we were awarded the right to build the Dutch offshore wind farms Borssele 1 and 2,” stated the DONG chief executive and president, Henrik Poulsen.

Compared to the first half of 2015, Dong’s net profit nearly doubled from 3.6 to 6.4 billion kroner, while the company’s net debt fell from 9.2 billion kroner in December to 3.8 billion at the end of June.

READ MORE: DONG Energy becomes first offshore wind power operator to get ISO 55001

Nevertheless, the company’s shares have fallen by 2.9 percent this afternoon in the light of the interim results, which were lower than experts had expected.

On June 9, DONG Energy was listed on Nasdaq Copenhagen, while other significant milestones this year have included a 2.3 billion kroner deal with Energinet.dk regarding the sale of the gas distribution grid.

The EBITDA outlook (earnings before interest, taxes, depreciation and amortisation) for this year is estimated to amount to 20-23 billion kroner.

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