Dong Energy’s operating profit (EBITDA) from continuing operations totalled DKK 3.3 billion compared with DKK 7.1 billion in Q1 2016. The decrease was in line with expectations and was driven primarily by a positive impact in Q1 2016 from one-off payments from the renegotiation of gas purchase contracts, as well as the divestment of their gas distribution network to Energinet.dk in Q3 2016.
These non-recurring items totalled DKK 3.0 billion in Q1 2016. Underlying EBITDA declined as a result of a very strong Q1 2016 in Wind Power, which included a gain of DKK 0.6 billion on the divestment of 50% of Burbo Bank Extension and high activity related to the construction of the German wind farms Gode Wind 1 and 2. In 2017, partnership income in Wind Power is expected to materialise later in the year in connection with the expected divestment of 50% of Walney Extension and the construction of, among others, the Race Bank wind farm. Return on capital employed (ROCE) for the last 12 months increased from 15% in Q1 2016 to 17% in Q1 2017. Gross investments totalled DKK 2.5 billion, of which approximately 80% was invested in the continued expansion of offshore wind. The company maintains their financial guidance for 2017, with EBITDA expected to amount to DKK 15-17 billion and gross investments expected to total DKK 18-20 billion for the year.
