ANNUAL REPORT 2011 - DONG Energy

volumes
Generation from wind and hydro was 11% ahead at 4.4
TWh in 2011. Generation from offshore wind farms increased
due to the start-up of production at Walney 1, more
turbines in operation at Gunfleet Sands and higher output
from Horns Rev 2. Generation from onshore wind farms in
Poland and Denmark also increased, while hydro output in
Sweden was less than in 2010.
Generation from wind and hydro represented 22% of
the Group’s overall electricity generation in 2011 compared
with 20% in 2010.
financial performance
Revenue was up DKK 1.4 billion at DKK 4.3 billion in 2011.
Around 2/3 of revenue came from government revenue
schemes, the key elements of which were fixed tariffs (primarily
Denmark) and guaranteed minimum prices for
green certificates (primarily the UK). The rest of revenue in
2011 was sold at market prices, but as a large portion had
been hedged at fixed prices, the development in the electricity
price only had limited effect on revenue.
EBITDA was DKK 0.1 billion ahead at DKK 1.8 billion in
2011, driven by higher revenue, whereas higher costs due
to the higher operating activity and building up of the
business area had an adverse impact on EBITDA.
EBIT amounted to DKK 0.9 billion and was marginally
lower than in 2010, as the higher EBITDA was offset by
higher depreciation on the new wind farms.
Revenue 2011
18%
47%
56.8
DKK billion
14%
6%
15%
Exploration & Production
Wind Power
Thermal Power
Energy Markets
Sales & Distribution
Thermal Power
performance highlights 2011 2010
Volumes
Electricity generation,
thermal TWh 12.6 15.3
Heat generation PJ 42.6 53.2
Financial performance
Revenue DKK million 10,665 11,731
EBITDA DKK million 2,255 2,228
EBIT
Adjusted operating
DKK million 752 557
profi t DKK million 720 511
Gross investments DKK million (714) (3,853)
Capital employed
Capital employed DKK million 17,882 19,085
PPE under construction DKK million
Production assets
transferred from PPE
under construction in
(214) (3,596)
the past six months DKK million (3,883) (5,345)
Adjusted capital
employed DKK million 13,785 10,144
Environment
EU ETS CO2 emissions
EBITDA 2011
15%
14%
17%
million
tonnes 9.5 11.1
volumes
Both electricity and heat generation were lower in 2011
than the previous year due to a milder winter. Electricity
generation was thus 12.6 TWh, down 18% on 2010, while
heat generation was down 20% at 42.6 PJ.
13.8
DKK billion
41%
13%
Exploration & Production
Wind Power
Thermal Power
Energy Markets
Sales & Distribution
DONG ENERGY DONG ENERGY GROUP ANNUAL REPORT 2011 – manaGEmEnt’s rEviEw 37