FINANCIAL R EPORT FU LL YEAR 2014 5 February 2015 FY 2014 RESULTS 1
2014 highlights Financials FY 2014 RESULTS 3
Strong operating performance Highlights 2014 Group EBITDA EBITDA of DKK 16.4bn (up 9% y/y) (DKKbn) +9% 16.4 Strong earnings growth within Wind Power 15.0 14.1 13.7 Significant debt reduction 8.6 FFO/Adjusted net debt of 36% (23%…
Strong financial foundation Net debt development (DKKbn) 32.0 -85% 25.8 Significant improvement in credit metrics following 21.9 23.2 successful execution of Financial Action Plan Equity injection of DKK 13bn 4.0 Divestments of DKK…
Investment split and Group financial targets towards 2020 ROCE (%) ROCE excl. impairments ROCE 10 12 4.1 Utility business (TP and C&M) -8.0 10% 2014 Target 2016 Target 2020 EBITDA (DKKbn) 16.4 20 Accumulated E&P 30% net…
Strategy 2020 by Business Unit OFFSHORE WIND OIL AND GAS POWER STATIONS CUSTOMERS & MARKETS DONG Energy capacity1 Reserve/Production Ratio DONG Energy biomass share2 Customer satisfaction GW x times % Index 0-100 6.5 10 10 50 76 75…
Pipeline towards 2020 largely secured Strong pipeline towards 2020 named projects almost securing 6.5 GW Important breakthrough in 2014 with the award of CfD certificates for Burbo Bank Extension, Walney Extension and Hornsea The…
Current key priorities for DONG Energy 2014 2015 2016/2017 Financial Action Plan E&P: Laggan-Tormore on stream E&P: Hejre on stream Siri repair completed WP: Westermost R. on stream WP: Gode Wind 1+2 on stream WP: West of Duddon…
2014 highlights Financials FY 2014 RESULTS 10
Market conditions and prices OIL AND GAS PRICE UK POWER PRICE USD/bbl EUR/MWh EUR/MWh Oil price Gas TTF (rhs) 140 35 80 Forward prices Forward price 120 30 70 100 25 60 80 20 50 60 40 15 40 2012 2013 2014 2015 2012 2013 2014…
Selected financials (DKKm) 2013 2014 Financial highlights 2014 Revenue 73,105 67,048 EBITDA 15,004 16,389 Net finance costs -3,801 -1,710 EBITDA DKK 16.4bn (up 9% y/y) Net profit -993 -5,284 Higher oil & gas production (primarily due…
Oil & Gas exposure and hedging Group oil exposure, DKKbn Oil price exposure: 4.6 4.5 Natural hedge: Long position from oil 2.4 3.0 3.0 3.3 3.4 3.2 3.2 production offset by short oil position from 1.6 1.4 0.0 0.4 oil-indexed gas…
Hedging to secure after tax result ILLUSTRATIVE EXAMPLE DONG Energy conducts its financial hedging to Assumptions: achieve the desired cash flow impact after tax Norwegian gas exposure of DKK 1,000 million Gas price fully hedged…
Exploration & Production Oil & Gas production (mboe) Oil Gas 41.8 Operational highlights 2014 31.7 10.6 26.4 28.5 Production up 32% due to the redetermination of 24.4 8.2 9.3 10.0 9.0 the Ormen Lange field and increased field…
Wind Power Renewable production (TWh) 5.3 5.0 4.4 4.6 4.0 Operational highlights 2014 2.8 2.9 4.3 2.3 Lost production from divestments1 4.9 Positive impact from full-year effect from Anholt and 0.7 0.8 0.8 1.0 0.6 start-up of…
Thermal Power Thermal heat and power generation (PJ, TWh) 60 20 Operational highlights 2014 15 40 Declining power and heat generation 10 20 Declining power generation (-37% y/y) due to 5 warm weather and divestment of Severn power…
Customers & Markets Operational highlights 2014 Operational figures 2013 2014 Milder weather negatively impacting gas sales and Gas sales TWh 139.3 124.9 gas distribution Power sales TWh 16.8 30.9 Higher power sales y/y from increased…
Debt overview Net debt development 2014 Gross debt and hybrids 2014 -85% 1% 15% 25.8 Bonds Bank loans 10.7 15.0 15.4 57% Hybrids Other debt 26% 13.0 1.4 4.0 Net debt Operating Capex Divestments Equity Other 1 Net debt EoY 2013…
Outlook EBITDA DKK 15.5-17.5bn in 2015 Comments to guidance : - Hedging securing after tax result, not EBITDA - EBITDA for Q1 and Q2 in 2015 expected to be below corresponding quarters in 2014 where gains on divestments in Wind…
Q&A FY 2014 RESULTS 21
APPENDIX FY 2014 RESULTS 22
Comparison Q4 14 vs. Q4 13 Group selected financial figures (DKKm) Q4 13 Q4 14 EBITDA comparison by Business Units Revenue 19,915 17,127 EBITDA 3,789 3,364 E&P y/y Net finance costs -1,345 -71 Falling oil and gas prices partly…
Market prices Forwards as of Actual, Actual, 30 Jan. 2015 2014 2013 (rest of year) (average) Oil, Brent USD/bbl 99 109 53 Gas, TTF EUR/MWh 21 27 20 Gas, NBP EUR/MWh 21 27 20 Electricity, Nord Pool system EUR/MWh 30 38 28…
Investments Investments in 2014 Gross investments on Business Units in 2014 DKKm Cash flow from investing activities -14,796 11% E&P Thermal Power Wind Power Customers & Markets Purchase and sale of securities (reversal) 10,330 5%…
Calculation of FFO/Adjusted net debt 2014 2013 EBITDA (Business Performance) 16.4 15.0 Reversal of recognised lease payment 0.5 0.4 Adjusted net interest expenses -2.5 -2.8 Net interest expenses -1.1 -1.7 Capitalised interest -0.3 -0.3…
Financial targets by Business Units 2014 Target 2016 Target 2020 -8.0% (4.1% Group 10% 12% excl. writedowns) E&P -37.9% (3.9%) 12% on average for 2015-2020 WP 8.6% (8.6%) 6-8% 12-14% C&M -6.2% (-0.8%) 8% 10% TP Negative…
Power exposure and hedging Outright power exposure Group outright power exposure, DKKbn The Group's outright power price exposure stems 1.5 1.6 1.6 1.4 1.6 1.7 1.7 1.6 1.7 1.7 from offshore wind generation, which to a large 1.1 0.9…
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