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Lower operating profits for Dong

Dong’s accounts for the first quarter shows lower earnings for gas activities, lower production and lower spreads at the power plants as well as higher costs for the repair of the Siri platform.

The Board of Directors of DONG Energy has Friday approved the interim financial report for the first quarter of 2012 with the following outlook and financial
highlights compared with the first quarter of 2011.

EBITDA was DKK 3.6 billion in the first quarter of 2012 compared with DKK 4.8 billion in the first quarter of 2011, in line with expectations. The decline primarily reflected lower earnings from the gas activities, lower output and lower spreads at the power stations and higher costs for the repair of the Siri platform. By contrast, earnings from wind activities showed an increase
Profit after tax was DKK 2.3 billion, DKK 0.8 billion ahead of the first quarter of 2011. Profit for the period included a gain on disposal of enterprises of DKK 2.0 billion after tax, primarily relating to Oil Terminals. Cash inflow from operating activities decreased to DKK 1.1 billion from DKK 4.2 billion in the first quarter of 2011, primarily reflecting increasing funds tied up in working capital and also the lower EBITDA
Net investments were DKK 2.4 billion in the first quarter of 2012 versus DKK 3.3 billion in the same period the previous year. Gross investments
were DKK 5.1 billion and primarily related to development of wind activities and gas and oil fields, while divestments primarily related to Oil Terminals
-- Interest-bearing net debt increased by DKK 1.5 billion from the end of 2011 to DKK 25.1 billion

Carsten Krogsgaard Thomsen, Acting CEO:
”We have delivered sound interim financial statements despite a mild winter with falling earnings from our electricity and gas business and non-recurring
costs for the repair of the Siri platform. This does not change our outlook for 2012, nor does it change our ambitious target to double EBITDA in 2015 compared with 2009.”
 

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