Slide 1: First half 2008 results
First half Klik 2008 for at results redigere titeltypografi i masteren
Slide 2: Disclaimer
Disclaimer Certain statements in this presentation are based on the beliefs of our management as well as assumptions made by and information currently available to the management. Forward-looking statements (other than statements of historical fact) regarding our future results of operations, financ
Slide 3: Financial highlights and key events
Highlights Financial highlights and key events Financial highlights: Key events since Q1 ► Revenue of DKK 27.8 billion Investments 26 May: Decision to develop the Nini East field, expecting to increase the ► EBITDA of DKK 6.7 billion lifespan of the Siri area until 2020. ► Profit after tax of DKK
Slide 4: E&P: Significant EBITDA increase fuelled by production ramp up and high prices
E&P Significant EBITDA increase fuelled by production ramp up and continued high oil and gas prices Operational figures Gas production 6 times higher than H1 2007 – primarily driven by Ormen Lange ramp up – H1-08 H1-07 and now accounts for 43% of total production (previously 12%) Oil & gas product
Slide 5: Generation: Drop in EBITDA due to lower thermal production and unfavourable margins
Generation Drop in EBITDA due to lower thermal production and unfavourable production margins Production Thermal power production down by 8% The Nord Pool system price averaged EUR H1-08 H1-07 36.4/MWh, 48% up on the first half of 2007 Power production (GWh) 8,914 9,720 (Danish price areas DK We
Slide 6: Distribution: Increased earnings from regulated activities
Distribution Increased earnings from regulated activities, caused by lower costs in the period Operational figures Distributed power and distributed gas on level with H1 2007. H1-08 H1-07 Distribution of power (GWh) 4,725 4,640 Distribution of gas (mbbl) 469 441 Financial development Earnings im
Slide 7: Markets: Significant growth compared to weak H1 2007
Markets Signicant growth compared to weak H1 2007 Operational figures Power sales 5% up with increasing sales outside Denmark H1-08 H1-07 Gas sales significantly up, due to higher sales on gas hubs as well as to export customers Power sales (GWh) 5,773 5,473 Gas sales (million m3) 4,554 3,431 Fi
Slide 8: Selected financial figures
Financials Selected financial figures DKK million H1-08 H1-07(1) Change Revenue 27,820 20,177 38% Depreciations down by 14%, primarily because depreciations in 2007 included amortisation of CO2 EBITDA 6,651 4,754 40% allocation Depreciation 1,969 2,296 (14%) Net financial expenses increased due
Slide 9: Outlook for 2008
Financials Outlook for 2008 Commodity Average price for the remainder of 2008: prices Oil: USD 100 per barrel (changed from USD 90 per barrel) Natural gas (TTF): EUR 25 per MWh (changed from EUR 24 per MWh) Power (Nord Pool): EUR 42 per MWh (changed from EUR 44 per MWh) Coal (API2): USD 14
Slide 10: Q&A
Q&A & A DONG energy