ANNUAL REPORT 2011 - DONG Energy
ANNUAL REPORT 2011 - DONG Energy
ANNUAL REPORT 2011 - DONG Energy
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Spearheading the development<br />
of the energy of the future<br />
The strategy will push <strong>DONG</strong> <strong>Energy</strong> to the forefront in the transition<br />
to the energy of the future<br />
<strong>DONG</strong> <strong>Energy</strong>’s ambitious business strategy takes as its<br />
starting point some of the world’s biggest challenges in the<br />
energy market, as <strong>DONG</strong> <strong>Energy</strong> aims to create value by delivering<br />
ever cleaner and more reliable energy with no emissions<br />
of CO . 2<br />
The global population passed the seven billion mark in <strong>2011</strong><br />
and this number will continue to grow. As the growing global<br />
population strives to secure a share in the world’s prosperity,<br />
the world’s energy needs will grow. These two challenges also<br />
present the world with a third challenge: to reduce emissions of<br />
CO so that man-made climate change can be reduced.<br />
2<br />
By 2020, <strong>DONG</strong> <strong>Energy</strong> wants to halve its CO emissions<br />
2<br />
from electricity and heat generation compared with 2006.<br />
At the same time, <strong>DONG</strong> <strong>Energy</strong> wants to double EBITDA<br />
by 2015 compared with 2009 by means of organic investments.<br />
The Group is well on the way to achieving these targets.<br />
The investments will increase <strong>DONG</strong> <strong>Energy</strong>’s production<br />
of energy and are being made primarily in the two business<br />
areas in which <strong>DONG</strong> <strong>Energy</strong> has the greatest competitive<br />
edge and strong capabilities: design, construction and<br />
operation of offshore wind farms, and oil and gas exploration<br />
and production.<br />
To retain its ability to gauge, at an early stage, the<br />
changes in the market and society that are of importance to<br />
<strong>DONG</strong> <strong>Energy</strong>’s strategic priorities, the Group works concertedly<br />
on innovation to retain its lead.<br />
The four main strategic directions<br />
<strong>DONG</strong> <strong>Energy</strong> pursues four main strategic directions to achieve<br />
the Group’s ambitious objectives. They are illustrated below<br />
and will be explained in further detail on the following pages.<br />
<strong>DONG</strong> <strong>Energy</strong>’s strategic directions<br />
Wind and biomass growth<br />
Growth in the production<br />
and sourcing of oil and gas<br />
Halving CO 2 emissions, g CO 2 per kWh<br />
650<br />
600<br />
550<br />
500<br />
450<br />
400<br />
350<br />
300<br />
2006<br />
Doubling EBITDA, DKK billion<br />
18<br />
16<br />
14<br />
12<br />
10<br />
8<br />
6<br />
4<br />
2<br />
0<br />
Realised Target<br />
638<br />
613<br />
590<br />
Realised Target Trend<br />
8.8<br />
2009<br />
2008<br />
2010<br />
574<br />
2010<br />
524<br />
486<br />
13.8<br />
<strong>2011</strong><br />
2012<br />
Robustness via the<br />
integrated business model<br />
Development of the flexible<br />
energy system of the future<br />
<strong>DONG</strong> ENERGY <strong>DONG</strong> ENERGY GROUP <strong>ANNUAL</strong> <strong>REPORT</strong> <strong>2011</strong> – manaGEmEnt’s rEviEw 9<br />
2012<br />
2014<br />
2013<br />
2016<br />
2014<br />
2018<br />
17.6<br />
2015<br />
320<br />
2020<br />
BusIness AND STRATEGY<br />
524<br />
Mål<br />
Realisere<br />
EBITDA Likvider<br />
Bindende