Today, the Danish Parliament's Finance Committee approved the final
implementation of the investment agreement between the Danish State, DONG
Energy, Goldman Sachs, Arbejdsmarkedets Tillægspension, PFA as well as existing
”I would like to welcome the new investors and am delighted that the company
will have the finances to realise its ambitious strategy," says Fritz Schur.
The approval signals the start of a new chapter for DONG Energy, and, after
nine years at the head of the company, Fritz Schur will step down as chairman
of the Board of Directors at the Annual General Meeting on 12 March 2014.
”I’ve been in the post for nine years, the company is developing well, a strong
management is in place and with the addition of the new shareholders a new
chapter will begin in the lead up to the initial public offering (IPO) in 2017
- 2018. It is a good time to hand over to a successor,” says Fritz Schur.
Fritz Schur took on the role in 2005 in order to complete the merger of the six
energy companies Elsam, Energi E2, Nesa, Københavns Energi, Frederiksberg
Forsyning and DONG. The merger was a success, and DONG Energy has become an
international energy company and one of Denmark’s largest companies. At the
same time, the company has embarked on an ambitious transformation to green
energy. From 2007 to 2013, DONG Energy has thus invested, among other things,
DKK 48.5 billion in wind energy and is a global leader when it comes to
installing offshore wind turbines.
”The merger provided DONG Energy with the financial muscle to go into
competition with international energy companies and at the same time create
significant values for Danish society,” says Fritz Schur.
Energy companies across the world were hit hard by the financial crisis. The
difficult development was exacerbated by US oil discoveries and extraction of
shale gas, which led to the USA becoming an energy exporter instead of the
world’s largest energy importer. The coal market collapsed, and coal prices
plummeted, with the result that Europe now uses far more coal than anyone had
anticipated when the climate agenda in the noughties set the scene for a
completely different development.
”DONG Energy has suffered financially from the fact that climate-damaging use
of coal has been continued in so many European countries. But I still believe
that DONG Energy should invest in being able to provide the green energy
solutions of the future. Although of course in a well-considered and balanced
way so that the company creates value for its owners,” says Fritz Schur.
Since Fritz Schur became chairman of the Board of Directors of DONG Energy, the
company has distributed dividends of DKK 9.5 billion and its equity has grown
from DKK 18.1 billion (2005) to DKK 33.4 billion (2012).
”DONG Energy has grown significantly and has created values for its owners and
jobs in both the company and in numerous subsuppliers. It is highly
satisfactory to have been part of this,” says Fritz Schur.
”I am also delighted that with Henrik Poulsen and his management team, the
company has a strong management, and with the capital injection the company
will have all the necessary prerequisites for realising its growth strategy,”
says Fritz Schur.
”It has been an exciting journey, and I would like to thank my colleagues on
the Board, the Executive Board, employees, the Danish Ministry of Finance and
the successive Ministers of Finance for good cooperation. I wish everyone –
especially DONG Energy - good luck on the onward journey,” ends Fritz Schur.
The information provided in this announcement does not change DONG Energy’s
previous financial guidance for the 2013 financial year or the announced
expected investment level for 2013-2014.
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. Our
business is based on procuring, producing, distributing and trading in energy
and related products in Northern Europe. DONG Energy has approximately 6,500
employees and is headquartered in Denmark. The Group generated DKK 67 billion
(EUR 9.0 billion) in revenue in 2012. For further information, see
140130_Fritz Schur to step down as chairman of DONG Energy_UK.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.