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Denmark's Dong Energy posts 815 mln USD loss in 2014

Xinhua, February 5, 2015 Adjust font size:

Denmark's energy and utilities company, Dong Energy, made a loss of 5.3 billion Danish kroner (about 815 million U.S. dollars) in 2014 due to the lower oil and gas prices, the company announced Thursday.

Earnings before interest, tax, depreciation and amortization (EBITDA) for 2014 rose to 16.4 billion kroner, up 9 percent from 15 billion kroner in 2013, according to a financial statement issued by the firm.

"The increase in earnings came from the group's market-leading position within offshore wind and a record high production of oil and gas," Dong said in the statement.

However, net profits registered a loss of 5.3 billion kroner compared with a loss of 1 billion kroner in 2013.

Dong blamed the fall on "sharp decline in oil and gas prices," as the net profit was affected by post-tax impairments of 6.6 billion kroner in the exploration and production.

Meanwhile, cash flows from operating activities in 2014 increased to 15 billion kroner, up 54 percent from 9.7 billion kroner year-on-year.

Dong said the increase was mainly due to release of funds tied up in working capital, lower interest paid and improved earnings.

In 2015, Dong expects EBITDA to be between 15.5 and 17.5 billion kroner, warning that the EBITDA "will be negatively affected by the significant decline in oil and gas prices."

Net investments for 2015 to 2016 are expected to be 35 to 40 billion kroner, it added. (1 U.S. dollar = 6.5 Danish kroner) Endit