Rigsrevisionen has today published its report on DONG Energy. The report has
been prepared at the request of the Danish Public Accounts Committee.
In its report, Rigsrevisionen attaches importance to the fact that, since the
merger in 2006, DONG Energy has been pursuing a strategy designed to realign
the company’s business model to secure its future revenue base. This has taken
the form of investment in building up two new business units, in offshore wind
and in oil and gas production. It is against this background that the company’s
large investments and financial performance should be viewed.
“In our opinion, Rigsrevisionen has prepared a thorough report and its
conclusions tally largely with our own impression of DONG Energy. The report
points out that DONG Energy is in the middle of a major transformation and that
the company’s financial position has worsened due to extensive investments and
unforeseen losses in the gas market in 2012, putting key ratios under
pressure," says DONG Energy CEO Henrik Poulsen.
Rigsrevisionen concludes that DONG Energy's equity ratio in the period
2007-2011 was satisfactory, but also concludes that 2012 was a problem year,
with DONG Energy’s earnings being unsatisfactory.
Henrik Poulsen responds:
“It is correct that 2012 seems a problem year for DONG Energy. As we explained
in connection with our quarterly financial statements in November 2012, DONG
Energy has been hit hard by the trend in the gas market, like other large
energy companies, and has therefore had to recognise a number of impairment
losses that have affected the company’s provisions, profitability and equity
ratio in 2012."
Henrik Poulsen stresses that management has already put various initiatives in
place that are to strengthen DONG Energy's earnings and capital structure:
“In connection with our new strategy, which we will be presenting on 27
February, we will also provide an update on our efforts regarding the financial
“We are now going to study Rigsrevisionen’s report in order to handle the areas
in which we can improve our performance," says Henrik Poulsen.
Read DONG Energy's more detailed comments to Rigsrevisionen’s report in the
For additional information, please contact:
Karsten Anker Petersen
+45 9955 9662
Allan Bødskov Andersen
+45 9955 9769
DONG Energy is one of the leading energy groups in Northern Europe. We are
headquartered in Denmark. Our business is based on procuring, producing,
distributing and trading in energy and related products in Northern Europe. We
have approximately 7,000 employees and generated DKK 57 billion (EUR 7.6
billion) in revenue in 2011. For further information, see www.dongenergy.com.
130122_DONG Energys comments to the report by Rigsrevisionen.pdf
DONG Energy is one of the leading energy groups in Northern Europe. Our business is based on procuring, producing, distributing and trading in energy and related products in Northern Europe.