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Dong Energy to cut up to 400 jobs

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Dong-Energy

Dong Energy has announced it will be axing between 350 and 400 jobs as part of a streamlining process to improve efficiency and “enhance the company’s competitiveness.

The company’s interim financial report for the first half of the year, revealed the job losses yesterday.

CEO Henrik Poulsen described the job cuts, due to take place in the coming weeks, as “a difficult, but unfortunately also necessary, process”.

According to the results, the group’s earnings (EBITDA) rose by 18% from DKK 6.6 billion (£0.76 billion) in the first half of 2012 to DKK 7.8 billion in the first half of 2013.

The report also demonstrated that operating cash inflow increased to DKK 4.6 billion from DKK 2.9 billion in the first half of 2012, primarily reflecting a decrease in funds tied up in working capital and the higher EBITDA.

However, the group’s profit after tax was DKK 0.4 billion, down DKK 0.3 billion on the first half of 2012, due to impairment losses on the company’s gas-fired power station Enecogen in the Netherlands and the fields in the Siri area in Denmark.

Poulsen said: “The first-half financial performance is a positive step in the right direction for Dong Energy. The Group’s earnings (EBITDA) are 18% ahead of the first half of 2012. The increase was mainly driven by earnings from the new offshore wind farms Anholt (DK) and London Array (UK) and also cost reductions.

“At the same time, the Group has improved its debt/earnings ratio since the end of 2012 as a result of its stronger earnings and a small reduction in Dong Energy’s net debt.”

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