Dong boosted operational pre-tax earnings by 14% in the first nine months of 2015 to what it described as “a positive development in the underlying business”.
The Danish company said EBITDA was Dkr14.8bn in the period, up from Dkr13bn in the corresponding segment of 2014.
“The positive development in operations . . . can mainly 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,” it said.
Net profit was Dkr3.2bn, up Dkr2.4bn on the year-ago totals. Gross investments were Dkr14.6bn mainly on offshore wind construction but also oil and gas fields.
Return on capital employed was 7% on an adjusted year-to-date basis.
Production from offshore wind was up 24% year-on-year with contributions from newbuild projects at Westermost Rough, West of Duddon Sands and Borkum Riffgrund 1. This was offset by sales of a stake in London Array and export cable issues at Anholt.
Dong is planning to pursue an IPO within the next 18 months with preparations already underway.
“The company continued to develop according to expectations during third quarter and we are very satisfied with the operational and financial performance,” said chief executive Henrik Poulsen (pictured).
Image: Dong
