COPENHAGEN Oct 31 (Reuters) - Danish utility Dong Energy said on Friday its net losses in the third-quarter rose to 573 million Danish crowns ($97 million) from 378 million crowns a year ago, hit by warm weather which reduced the need to produce thermal energy. The company, Denmarks largest utility and expected to list by 2018, said divestments so far this year amounted to 8.1 billion crowns and helped it bring net interest-bearing debt down to 7.8 billion crowns from 18 billion at the end of 2013. Earnings before interest, tax, depreciation and amortisation (EBITDA) fell to 3.21 billion from 3.45 billion crowns but Dong adjusted its full-year forecast for EBITDA to exceed 16 billion crowns from the previously held 15 billion to 17 billion crowns. Electricity generation amounted to 9.4 terawatt hours for the first nine months compared with 14.1 terawatt hours for the same period a year ago. The decrease reflected lower thermal electricity generation at Danish power stations due to warm weather, it said in the statement. The loss of electricity generation from thermal, onshore and hydro power activities divested in 2013, was partly offset by higher offshore based electricity generation. Dong operates wind farms, power stations, has a gas distribution network but also owns stakes in oil and gas fields in the Danish North Sea. The Danish government sold a quarter of Dong Energy to a group of investors led by Goldman Sachs in January and the plan is to list the company on the Nasdaq Copenhagen stock exchange at the latest in 2018.
Posted on: Fri, 31 Oct 2014 11:23:51 +0000
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