DONG Energy half-year results 2016
Very satisfactory H1 2016, with 19% growth in operating profit
Operating profit (EBITDA) for H1 2016 increased by 19% to DKK 12.4 billion. Underlying profit, adjusted for one-off items, increased by 34%, driven by a 68% rise in Wind Power. The strong growth in Wind Power was partially offset by the impact of lower gas, oil and power prices
Adjusted ROCE (last 12 months) was 15% compared with 7% at the end of H1 2015
Net profit for the period was DKK 6.4 billion, up DKK 3.6 billion on H1 2015
In H1 2016, free cash flows amounted to DKK 5.3 billion compared with DKK -1.8 billion in H1 2015. The improvement was driven by higher EBITDA, a lower level of funds tied up in working capital and lower net investments
Net debt decreased from DKK 9.2 billion at the end of 2015 to DKK 3.8 billion at the end of June 2016. ….