Denmark

Denmark

Dong earnings climb despite revenue fall

DENMARK: Dong Energy has increased earnings from its wind division by 50% in the first nine months of the year, despite a fall in revenues.

Dong's Anholt offshore wind farm came online during the period
Dong's Anholt offshore wind farm came online during the period

Earnings before interest, tax, depreciation and amortisation (Ebitda) came in at DKK 5.2 billion (EUR 699 million). This contrasted with a 17% fall in revenues to DKK 7.5 billion.

But the utility and developer's earnings were not boosted by increased electricity production or construction contracts, but rather by gains made on the sale of 50% of the company's stakes in the operating London Array and under-construction Westermost Rough offshore wind farms in the UK.

While the 400MW Anholt wind farm in Demark became fully operational during the period, this was offset by lower generation elsewhere, and lower revenues from construction contracts with co-investors.

But the importance of wind energy to Dong's performance was highlighted by the fact that the division accounted for only 13% of the company's total revenues, yet provided 40% of its Ebitda.

Company-wide investments totalled DKK 11.2 billion over the period, with 55% of this going into offshore wind.

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Sign up now
Already registered?
Sign in

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus

Windpower Offshore Events

Latest Offshore Wind Jobs