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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

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