Zum Inhalt springen
Fleisch

Ørsted A/S (vormals: DONG ENERGY) EO-FLR SECS (Hybridanleihen)

Empfohlene Beiträge

Fleisch

DONG Energy A/S EO-FLR SECs

 

Da wir irgendwie keinen eigenen Thread für Dong Anleihen haben spendier ich mal einen

 

Stammdaten

Ausgabedatum 24.01.2011

Nominalzinssatz 7,750% bis 2021

Stückelung 1.000,00

Anleihevolumen 700 Mio.

Kupon-Art fix bis 2021, danach variabel

Zinszahlung Jahr bis 2021, danach variabel

Zinstermin 01.06.

Sitz Emitt. Dänemark

Währung EUR

ISIN XS0560190901

WKN A1GLC3

 

Prospekt

KLICK

 

Aktuelle Einschätzung von JyskeBank

JyskeBank-PDF

Diesen Beitrag teilen


Link zum Beitrag
Fleisch

Diesen Beitrag teilen


Link zum Beitrag
Fleisch

und wieder was neues von der JyskeBank, aber diesmal mit Ratingbericht

 

KLICK MICH

Diesen Beitrag teilen


Link zum Beitrag
Stift

und wieder was neues von der JyskeBank,

 

Strong 2011 results switch to 7.75% 3010

Diesen Beitrag teilen


Link zum Beitrag
Stift
· bearbeitet von Stift

und wieder was neues von der JyskeBank,

 

Wir halten an unserer Kaufempfehlung für DONG Energy 5,5% 3005 und 7,75% 3010 fest. DONG Energy stellt unseres Erachtens einen attraktiven Investment-Case dar, bei dem die Umstellung auf grüne Energie und die Zielsetzung in diesem Bereich marktführend zu sein, in Zukunft gute Wachstumsmöglichkeiten bieten wird. An-gesichts der jüngsten Entwicklung der Energiepreise kann das Ergebnis für das zweite Quartal positiv überraschen.

 

JyskeBank in Deutsch

 

in Englisch etwas informativer

Diesen Beitrag teilen


Link zum Beitrag
Andreas R.

Interessante Sache, wenn nur etwas mehr Umsatz und weniger gigantische Spreads wären. :unsure:

Diesen Beitrag teilen


Link zum Beitrag
Stift

Interessante Sache, wenn nur etwas mehr Umsatz und weniger gigantische Spreads wären. :unsure:

 

Stimmt, nix für ein schnelles rein und raus!

 

Läuft nur unter dem Motto: Limit setzen und Geduld haben.

 

In meinen Augen eine gute Beimischung für Kuponschnippler:

Ein Unternehmen in einer recht konstant verdienenden Branche und in einem Land außerhalb der Euro-Zone.

Diesen Beitrag teilen


Link zum Beitrag
ufr

Ein Unternehmen in einer recht konstant verdienenden Branche und in einem Land außerhalb der Euro-Zone.

 

Frage mich gerade, ob es im Falle eines Zerfalls der Euro-Zone etwas bringt, dass DONG in Dänemark sitzt.

Auf welche Währung würde die Euro-Anleihe dann umgestellt? Nord-Euro, Süd-Euro, Drachme, DM, ...?

Diesen Beitrag teilen


Link zum Beitrag
Stift

Ein Unternehmen in einer recht konstant verdienenden Branche und in einem Land außerhalb der Euro-Zone.

 

Frage mich gerade, ob es im Falle eines Zerfalls der Euro-Zone etwas bringt, dass DONG in Dänemark sitzt.

Auf welche Währung würde die Euro-Anleihe dann umgestellt? Nord-Euro, Süd-Euro, Drachme, DM, ...?

 

Das ist ganz sicher keine Absicherung eines Euro-Zusammenbruchs! Dazu bedarf es anderer Komponenten in der Anlagestrategie.

 

Es ging um Beimischung.

Diesen Beitrag teilen


Link zum Beitrag
Stift
· bearbeitet von Stift

Halbjahreszahlen

 

Carsten Krogsgaard Thomsen, Acting CEO:

"The results we delivered for the first half were not good. Our earnings

(EBITDA) matched expectations, but our net profit was affected by, in

particular, the fact that we had to write down the value of our gas-fired power

stations. This was due to the low coal and CO2 prices, which make gas-fired

power stations less profitable than coal-fired power stations. The unfavourable

gas price also means that we no longer expect to achieve the same EBITDA in

2012 as in 2011. However, it does not alter our outlook concerning

significantly improved earnings in 2013 compared with 2011 as a result of our

investments in offshore wind and oil and gas activities. We also reaffirm our

ambitious target to double our EBITDA in 2015 compared with 2009."

 

 

Reaktion Jyske-Bank (mit Google Translator aus dem Dänischen übersetzt):

Wir glauben immer noch, dass 2013 und die kommenden Jahre viel versprechend für DONG Energy suchen, und halten an unserer Kaufempfehlung.

 

Sobald ich die deutsche oder englische Ausgabe finde, werde ich sie posten.

Diesen Beitrag teilen


Link zum Beitrag
Stift
· bearbeitet von Stift

Sobald ich die deutsche oder englische Ausgabe finde, werde ich sie posten.

 

Auf Halbjahreszahlen geht Jyske hier ein

 

The problems from Q1 continued into Q2, and 2012 looks set to be a weak year for the energy group. Extraordinary events affect the results, but it is important that weak fundamentals within the gas division do not turn into a more structural nature. We still believe that 2013 and the years ahead look promising for DONG Energy, and we maintain our BUY recommendations.

 

Auf Halbjahreszahlen geht Jyske hier nicht ein

 

At a capacity of up to 900 MW, the purchase of the development project Gode Wind 1,2 and 3 in the German North Sea may be an investment in the range of DKK 15-23bn. We expect DONG Energy to sell 50% of the project to institutional investors and the rest to be financed through a credit issue in 2013-2014.

Diesen Beitrag teilen


Link zum Beitrag
Stift

DONG Energy to issue Eurobond

DONG Energy A/S announces its intention to issue a euro denominated bond of benchmark size with a maturity of 10 years under its existing debt issuance programme (EMTN programme). The proceeds of the transaction will be used for general corporate purposes.

 

The final size of the issue, coupon and maturity will be decided when the bookbuilding process closes.

 

DONG Energy A/S is rated 'A-' CreditWatch Negative with Standard & Poor's and 'Baa1' stable outlook with Moody's.

 

Barclays, Danske Bank, JP Morgan and Nordea are acting as joint bookrunners for this transaction.

 

Diesen Beitrag teilen


Link zum Beitrag
vanity

Da isser:

 

2,625% DONG Energy A/S EO MTN 2012(22)

 

mit WKN A0VND3 (die haben wohl eine alte WKN gehamstert) und Zwillingssicherung. Bei ziemlich engem Spread und Kurs um 98,7 ergibt das eine YtM von 2,8% p. a., was im Bereich ordentlicher Corporates dieser Laufzeit liegt (z. B. Total 2023 2,3%, Anheuser 2024 2,9% - letztere ausnahmsweise kleinteilig, dafür aber erst ab 18)

Diesen Beitrag teilen


Link zum Beitrag
kraftfutter

Da isser:

 

2,625% DONG Energy A/S EO MTN 2012(22)

 

mit WKN A0VND3 (die haben wohl eine alte WKN gehamstert) und Zwillingssicherung. Bei ziemlich engem Spread und Kurs um 98,7 ergibt das eine YtM von 2,8% p. a., was im Bereich ordentlicher Corporates dieser Laufzeit liegt (z. B. Total 2023 2,3%, Anheuser 2024 2,9% - letztere ausnahmsweise kleinteilig, dafür aber erst ab 18)

 

At a capacity of up to 900 MW, the purchase of the development project Gode Wind 1,2 and 3 in the German North Sea may be an investment in the range of DKK 15-23bn. We expect DONG Energy to sell 50% of the project to institutional investors and the rest to be financed through a credit issue in 2013-2014.

 

Gode Wind wurde der PNE Wind AG abgekauft.

Falls es jemanden interessiert: Der PNE Wandler A0Z1MR, Laufzeit bis 17.07.2014, 7% nom, wird in zu 102 in Stuttgart angeboten (14k, sind nicht meine).

Hält der PNE Vorstand die Hände ruhig, reicht das geflossene Dong Geld für die Tilgung.

Diesen Beitrag teilen


Link zum Beitrag
Stift

DONG Energy A/S

Company Announcement

 

DONG Energy's S&P rating downgraded to BBB+

Standard & Poor's (S&P) has today lowered DONG Energy's rating to 'BBB+' from 'A-'. The outlook is negative. The rating action is a consequence of the challenging gas and power markets.

 

 

"DONG Energy has a solid credit profile and even with this downgrade we are still in line with our minimum rating target of Baa1/BBB+. We remain strongly committed to this rating target and will take the actions necessary to maintain it", says Carsten Krogsgaard Thomsen, CFO of DONG Energy.

 

 

The information provided in this announcement does not change the previous financial guidance for the 2012 financial year or the announced expected investment level.

 

 

For further information, contact:

 

 

Media Relations

Helene Aagaard

+45 9955 9330

 

 

Investor Relations

Morten Hultberg Buchgreitz

+45 9955 9750

Diesen Beitrag teilen


Link zum Beitrag
Stift

 

Interim financial report for the first nine months of 2012 Lower full-year outlook

The Board of Directors of DONG Energy has today approved the interim financial report for the first nine months of 2012 with the following outlook and financial highlights compared with the first nine months of 2011:

 

 

  • EBITDA for the first nine months of 2012 was DKK 6.7 billion compared with DKK 11.7 billion in the first nine months of 2011, reflecting a DKK 2.3 billion provision for three long-term, loss-making gas storage facility contracts in Germany. These contracts were entered into in 2006/2007, when only companies that had access to storage capacity were able to operate in the market. The current market situation has significantly reduced the value of storage flexibility and the contracts are therefore loss-making. Furthermore, due to overcapacity in the market, a DKK 0.6 billion provision has been made relating to a loss-making contract from 2007 for capacity in the LNG terminal in the Netherlands. None of these provisions has any effect on cash flows. EBITDA also reflected the discontinuation of non-recurring income in 2011 from the renegotiation of gas contracts, low output and spreads for the thermal power stations and costs for the repair work to the Siri platform. By contrast, the wind activities generated higher EBITDA as did Exploration & Production, which reported higher production and prices
  • The result after tax was a loss of DKK 2.4 billion, down DKK 5.9 billion on the first nine months of 2011. The decline reflected lower EBITDA, impairment losses of DKK 2.7 billion and higher depreciation. A DKK 2.0 billion gain after tax on disposal of enterprises, on the other hand, had a positive effect
  • Operating cash inflow decreased to DKK 5.0 billion from DKK 8.2 billion in the first nine months of 2011, mainly due to lower EBITDA (before provisions) and an increase in funds tied up in working capital
  • Net investments were DKK 11.6 billion in the first nine months of 2012 compared with DKK 12.3 billion in the same period the previous year. Gross investments were DKK 14.8 billion and primarily related to the development of wind activities and oil and gas fields, while divestments primarily related to Oil Terminals
  • Interest-bearing net debt rose by DKK 9.6 billion from the end of 2011 to DKK 33.2 billion

Henrik Poulsen, CEO

 

"The results we have delivered for the first nine months of the year are unsatisfactory and so is the fact that we have had to lower our EBITDA outlook for 2012. This is due, in particular, to a European gas market marred by oversupply and low margins, partly because low CO2 and coal prices make the coal-fired power stations more competitive than the gas-fired power stations. This has been an instrumental factor in considerable provisions and a significant deterioration in the earnings trend in the Energy Markets business area. The other four business areas are performing in line with expectations. For example, we still see great potential in our two primary growth areas, Exploration & Production and Wind Power. The poor earnings performance in 2012 has intensified the need to significantly enhance DONG Energy's earnings, return on capital employed and capital structure. To that end, we are working on an action plan to cut costs by DKK 1 billion by the end of 2012, divest non-core activities, prioritise future investments and restructure our loss-making activities in the gas market."

 

Diesen Beitrag teilen


Link zum Beitrag
Stift
Given our expectations that renegotiation of the gas agreements and the announced cost-cutting plan

will strengthen DONGs credit metrics over the coming quarters, we maintain our BUY

recommendations.

011112DONG2+kommentarK-UK.pdf

Diesen Beitrag teilen


Link zum Beitrag
Stift
· bearbeitet von Stift

DONG Energy's S&P rating downgraded to BBB+

 

Das hat Jske Bank leider noch nicht mitbekommen (siehe vorheriges Posting):

 

S&P has an A- rating for Dong Energy with a stable

outlook, while Moody's rating is Baa1.

 

Fitch gibt dem Themenpapier immerhin BBB- :

DONG Energy A/S has a 'BBB+' rating with stable outlook from Fitch. The outstanding senior unsecured bonds issued by DONG Energy A/S are rated 'BBB+' and the outstanding hybrid bonds issued by DONG Energy A/S are rated 'BBB-'. All with stable outlook.

 

Diesen Beitrag teilen


Link zum Beitrag
Stift
S&P has an A- rating for Dong Energy with a stable

outlook, while Moody's rating is Baa1.

 

Fitch gibt dem Themenpapier immerhin BBB- :

DONG Energy A/S has a 'BBB+' rating with stable outlook from Fitch. The outstanding senior unsecured bonds issued by DONG Energy A/S are rated 'BBB+' and the outstanding hybrid bonds issued by DONG Energy A/S are rated 'BBB-'. All with stable outlook.

 

Fitch confirms rating on DONG Energy but revises outlook to negative

Fitch Rating has today affirmed their 'BBB+' rating on DONG Energy A/S, but changed the outlook from stable to negative. The revised outlook is a consequence of challenging market conditions and DONG Energy's unsatisfactory financial results in 2012.

Diesen Beitrag teilen


Link zum Beitrag
Stift
· bearbeitet von Stift

Vom Hoch bei 114 ist das Themenpapier auf knapp über 111 zurückgekommen.

 

Ein Grund dürften eine Untersuchung von Rigsrevisionen sein.

 

Dong's hat sich die Mühe gemacht, ausführlich zu antworten. Gern hätte ich das PDF hochgeladen, doch leider

 

Fehler Du hast keine Berechtigung, diese Art von Dateien hochzuladen.

 

pdf

Diesen Beitrag teilen


Link zum Beitrag
ceekay74
· bearbeitet von ceekay74

Gern hätte ich das PDF hochgeladen, doch leider

 

Fehler Du hast keine Berechtigung, diese Art von Dateien hochzuladen.

Bei mir klappt es, damit hier für die Ewigkeit archiviert:

 

130122_DONG Energys comments to the report by Rigsrevisionen.pdf

Diesen Beitrag teilen


Link zum Beitrag
Stift

Announcement of financial results for 2012

The Board of Directors of DONG Energy has today approved the 2012 annual report with the following financial highlights and outlook:

 

  • EBITDA was DKK 8.6 billion, down DKK 5.1 billion on 2011. In the Energy Markets business unit, EBITDA fell by DKK 6.6 billion from DKK 2.0 billion in 2011 to a loss of DKK 4.6 billion in 2012. EBITDA for the other four business units developed largely in line with expectations, and their combined EBITDA increased by DKK 1.5 billion from 2011 to 2012.
  • The loss in Energy Markets partly reflected provisions totalling DKK 2.9 billion for onerous contracts for gas storage capacity and capacity in an LNG terminal. The remainder of the fall in Energy Markets’ EBITDA reflected non-recurring income of around DKK 1 billion in 2011 from the renegotiation of gas contracts, lower earnings from gas-fired power stations abroad and a negative effect from a wider spread between oil and gas prices.
  • The result for the year was a loss of DKK 4.0 billion compared with a profit of DKK 2.9 billion in 2011. The decline reflected lower EBITDA, impairment losses of DKK 2.9 billion (of which DKK 2 billion on gas-fired power stations), higher depreciation and an increase in net finance costs. On the other hand, a gain on disposal of enterprises had a positive effect of DKK 2.0 billion after tax.
  • Cash inflow from operating activities was DKK 7.7 billion in 2012 compared with DKK 12.6 billion in 2011. The decrease was primarily due to the lower EBITDA before provisions for onerous contracts, payment of previously made provisions and higher taxes paid. In addition, the positive cash flow effect from a reduction in net working capital was lower than in 2011.
  • Net investments were DKK 14.6 billion in 2012 versus DKK 13.1 billion in 2011. Gross investments amounted to DKK 19.1 billion and related primarily to development of wind activities and oil and gas fields, while disposals primarily related to Oil Terminals and transmission assets related to the Walney 2 offshore wind farm.
  • Interest-bearing net debt increased by DKK 9.9 billion, standing at DKK 33.5 billion at the end of 2012.

 

CEO Henrik Poulsen

 

“DONG Energy’s financial statements for 2012 are not satisfactory, primarily due to heavy losses and provisions for our gas activities. Our other business activities delivered largely in line with expectations. To restore a robust financial platform for our continued growth, we have initiated an extensive action plan that includes divestment of non-core assets, cost cuts and injection of additional equity of at least DKK 6-8 billion.”

 

“DONG Energy must have a sharp focus on financial value creation in order to be able to continue its ambitious growth strategy and transformation to green energy. Going forward, the Group will therefore adopt return on capital employed (ROCE) as its core financial target. At the latest from 2016 onwards, the return must be at least 10%. The Group’s new strategy for the period leading up to 2020 will form the basis for this improvement.”

 

 

Outlook

 

  • Business performance EBITDA for 2013 is expected to amount to DKK 11.5-12.5 billion.
  • Net investments for 2013-2014 are expected to amount to DKK 25-30 billion.
  • The ratio adjusted net debt / EBITDA is expected to be reduced to around 2.5 at the end of 2014 compared with 4.1 at the end of 2012 (3.1 excluding the provision for gas storage capacity and LNG terminal capacity).

 

Conference call and meeting

 

A conference call and meeting for investors, analysts and media will be held today at 13:00 (CET) at DONG Energy’s office in Gentofte, Nesa Allé 1 (Conference hall). Those wishing to attend can register in advance at signup@dongenergy.dk. Those unable to attend at Nesa Allé can follow the conference via the following telephone numbers:

 

 

Denmark: +45 3272 8018

International: +44 145 255 5131

 

 

The publication will also be transmitted live at the following address: http://www.dongenerg...s/webcasts.aspx

 

 

Presentation slides will be available prior to the conference call at the following address:

http://www.dongenerg...sentations.aspx

 

 

Download annual report

 

The annual report can be downloaded at:

http://www.dongenergy.com/annualreport

 

Diesen Beitrag teilen


Link zum Beitrag

Erstelle ein Benutzerkonto oder melde dich an, um zu kommentieren

Du musst ein Benutzerkonto haben, um einen Kommentar verfassen zu können

Benutzerkonto erstellen

Neues Benutzerkonto für unsere Community erstellen. Es ist einfach!

Neues Benutzerkonto erstellen

Anmelden

Du hast bereits ein Benutzerkonto? Melde dich hier an.

Jetzt anmelden

×
×
  • Neu erstellen...