Obligation Orsted Energia A/S 4.875% ( XS0943371194 ) en EUR

Orsted Energia A/S

100 % ▼

Danemark

XS0943371194 ( en EUR )

4.875% par an ( paiement annuel )

Perpétuelle

Prospectus brochure de l'obligation Orsted A/S XS0943371194 en EUR 4.875%, échéance Perpétuelle

1 000 EUR

500 000 000 EUR

08/07/2026 ( Dans 355 jours )

Orsted A/S est une société énergétique danoise leader mondial dans l'énergie éolienne offshore, développant, construisant et exploitant des parcs éoliens en mer ainsi que des solutions énergétiques durables.

L'Obligation émise par Orsted Energia A/S ( Danemark ) , en EUR, avec le code ISIN XS0943371194, paye un coupon de 4.875% par an.
Le paiement des coupons est annuel et la maturité de l'Obligation est le Perpétuelle

Prospectus dated 1 July 2013

DONG ENERGY A/S
(incorporated as a public limited company in Denmark with CVR number 36213728)
[]
Callable Subordinated Capital Securities due 3013
ISIN XS0943371194
The [] Callable Subordinated Capital Securities due 3013 (the "Securities") will be issued by DONG Energy A/S (the "Issuer" or "DONG") on 8 July 2013
(the "Issue Date"). The Securities will bear interest from (and including) 8 July 2013 (the "Interest Commencement Date") to (but excluding) 8 July 2018 (the
"First Par Call Date") at rate of [] per cent. per annum (the "First Fixed Rate"). Thereafter, unless previously redeemed, the Securities will bear interest
from (and including) the First Par Call Date to (but excluding) 8 July 2023 (the "First Step-up Date") at the 5-year swap rate for the Reset Period (as defined
herein) commencing on the First Par Call Date plus a margin of [] basis points per annum (no step-up) (the "First Reset Fixed Rate"). From (and including)
the First Step-up Date to (but excluding) the next subsequent Reset Date (as defined herein) and thereafter from (and including) each Reset Date to (but
excluding) the next subsequent Reset Date until the Reset Date falling on 8 July 2038 (the "Second Step-up Date") the Securities bear interest at the 5-year
swap rate for the relevant Reset Period in which the coupon period falls plus a margin of [] basis points per annum (including a step-up of 25 basis points).
From (and including) the Second Step-up Date to (but excluding) the next subsequent Reset Date and thereafter from (and including) each Reset Date to (but
excluding) the next subsequent Reset Date until 8 July 3013 (the "Maturity Date") the Securities bear interest at the 5-year swap rate for the relevant Reset
Period in which the coupon period falls plus a margin of [] basis points per annum (including a further step-up of 75 basis points). During each such period,
interest is scheduled to be paid annually in arrear on 8 July in each year (each a "Coupon Payment Date"), commencing on 8 July 2014, as described under
"Terms and Conditions of the Securities Coupons".
Payments of interest on the Securities may be deferred at the option of the Issuer (see "Terms and Conditions of the Securities Optional Coupon Deferral").
Payments on the Securities will be made without deduction for or on account of taxes of the Kingdom of Denmark to the extent described under the "Terms and
Conditions of the Securities Taxation".
Unless previously redeemed or purchased by the Issuer as provided below, the Securities will be redeemed on the Coupon Payment Date falling on or nearest to
the Maturity Date at their principal amount (together with accrued interest in respect of the coupon period ending on (but excluding) the Maturity Date). Any
Outstanding Payments (as defined in the Conditions) will be cancelled on the Maturity Date.
The Securities are redeemable at the option of the Issuer in whole but not in part on the First Par Call Date or any Coupon Payment Date falling after the First
Par Call Date at their principal amount (together with accrued interest and any Outstanding Payments). In addition, the Securities are redeemable at the option
of the Issuer in whole but not in part at the amount specified in the Conditions upon the occurrence of (i) a Tax Event, (ii) an Accounting Event, (iii) a Ratings
Event or (iv) in the event that the Issuer has purchased and cancelled 90 per cent. or more of the initial principal amount of the Securities, all as more fully
described in "Terms and Conditions of the Securities Redemption and Purchase".
The Securities and the Coupons will constitute direct, unsecured and subordinated obligations of the Issuer. See "Terms and Conditions of the Securities --
Status".
This prospectus in respect of the Securities (the "Prospectus") constitutes a prospectus within the meaning of Article 5.3 of Directive 2003/71/EC of the
European Parliament and of the Council of 4 November 2003 (as amended, inter alia, by Directive 2010/73/EU) (the "Prospectus Directive"). This Prospectus
will be published in electronic form together with all documents incorporated by reference on the website of the Luxembourg Stock Exchange (www.bourse.lu).
This Prospectus has been approved by the Commission de Surveillance du Secteur Financier (the "CSSF") in its capacity as competent authority under the
Luxembourg Act dated 10 July 2005 relating to prospectuses for securities (the "Luxembourg Law"), for the purposes of the Prospectus Directive. By
approving this Prospectus, the CSSF gives no undertaking as to the economic and financial opportuneness of the transaction and the quality or solvency of the
Issuer in line with the provisions of Article 7(7) of the Luxembourg Law. The Issuer will prepare and make available on the website of the Luxembourg Stock
Exchange (www.bourse.lu) an appropriate supplement to this Prospectus if at any time the Issuer will be required to prepare a prospectus supplement pursuant
to Article 13 of the Luxembourg Prospectus Law. The Issuer has also requested the CSSF to provide the competent authorities in the Offer Jurisdictions (as
defined in "Subscription and Offer of the Securities") with a certificate of approval attesting that the Prospectus has been drawn up in accordance with the
Luxembourg Law. Application has also been made to the Luxembourg Stock Exchange for the Securities to be admitted to the official list of the Luxembourg
Stock Exchange (the "Official List") and to be admitted to trading on the Luxembourg Stock Exchange's regulated market. References in this Prospectus to the
Securities being "listed" (and all related references) shall mean that the Securities have been admitted to the Official List and admitted to trading on the
Luxembourg Stock Exchange's regulated market. The Luxembourg Stock Exchange's regulated market is a regulated market for the purposes of Directive
2004/39/EC of the European Parliament and of the Council on markets in financial instruments.
The issue price, the aggregate principal amount of Securities to be issued, the interest rate, the margin in respect to the First Reset Fixed Rate, the margin in
respect of the coupon period from the First Step-up Date to the Second Step-up Date, the margin in respect of the coupon period from the Second Step-up Date
to the Maturity Date, the issue proceeds and the yield to the First Par Call Date will be included in the Pricing Notice (as defined in the section "Subscription
and Offer of the Securities") which will be filed for publication with the OMX News Service and (in addition thereto) filed with the CSSF and published on the
website of the Luxembourg Stock Exchange (www.bourse.lu) on or prior to the Issue Date.
The principal amount of each Security shall be 1,000.
The Securities will initially be represented by a temporary global security (the "Temporary Global Security"), without interest coupons, which will be
deposited on or about the Issue Date with a common depositary for Euroclear Bank S.A./N.V. ("Euroclear") and Clearstream Banking, société anonyme
("Clearstream, Luxembourg"). Interests in the Temporary Global Security will be exchangeable for interests in a permanent global security (the "Permanent
Global Security" and, together with the Temporary Global Security, the "Global Securities"), without interest coupons, on or about 19 August 2013, upon
certification as to non-U.S. beneficial ownership. Interests in the Permanent Global Security will be exchangeable for definitive Securities ("Definitive
Securities") only in certain limited circumstances - see "Summary of Provisions relating to the Securities while represented by the Global Securities".
The Securities are expected to be rated BB+ by Standard & Poor's Ratings Services, a subsidiary of the McGraw-Hill Companies, Inc. ("S&P"), Baa3 by
Moody's Investors Service, Ltd. ("Moody's") and BBB- by Fitch Ratings Ltd. ("Fitch"). A rating is not a recommendation to buy, sell or hold securities and
may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency.
S&P defines BB+ as follows: An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing
uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial
commitment on the obligation. The ratings from 'AA' to 'CCC' may be modified by the addition of a plus or minus sign to show relative standing within the

major rating categories. Moody's defines Baa3 as follows: Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such
may possess certain speculative characteristics. Prime-3 means that the Issuer has an acceptable ability to repay short-term obligations. Fitch defines BBB- as
follows: A 'BBB' rating indicates that expectations of credit risk are currently low. The capacity for payment of financial commitments is considered adequate
but adverse business or economic conditions are more likely to impair this capacity. The modifiers plus or minus may be appended to a rating to denote relative
status within major rating categories.
Credit ratings included or referred to in this Prospectus have been issued by S&P, Moody's and Fitch, each of which is established in the European
Union and registered under Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating
agencies (the "CRA Regulation"). A list of credit rating agencies registered under the CRA Regulation is available for viewing at
http://www.esma.europa.eu/page/List-registered-and-certified-CRAs.
Prospective investors should have regard to the factors described under the section headed "Risk Factors" in this Prospectus.
Joint Lead Managers
BNP PARIBAS
DEUTSCHE BANK
MORGAN STANLEY
THE ROYAL BANK OF
Structuring Adviser
SCOTLAND

RESPONSIBILITY STATEMENT
The Issuer (the "Responsible Person") accepts responsibility for the information contained or incorporated
by reference in this Prospectus and hereby declares that, having taken all reasonable care to ensure that such
is the case, the information contained or incorporated by reference in this Prospectus is, to the best of its
knowledge, in accordance with the facts and contains no omission likely to affect its import.
NOTICE
This Prospectus is to be read in conjunction with any supplement hereto and the Pricing Notice, once
available, and with all the documents which are incorporated herein by reference (see "Documents
Incorporated by Reference").
The Issuer has confirmed to BNP Paribas, Deutsche Bank AG, London Branch, Morgan Stanley & Co.
International plc and The Royal Bank of Scotland plc (together, the "Joint Lead Managers" and each, a
"Joint Lead Manager") that (i) this Prospectus contains all information with respect to the Issuer and its
subsidiaries taken as a whole (the "Group") and to the Securities which is material in the context of the issue,
offering and listing of the Securities, including all information required by applicable laws and the
information which, according to the particular nature of the Issuer and of the Securities is necessary to enable
investors to make an informed assessment of the assets and liabilities, financial position, profits and losses,
and prospects of the Issuer and the Group and of the rights attached to the Securities; (ii) the statements
contained in this Prospectus relating to the Issuer, the Group and the Securities are in every material respect
true and accurate and not misleading; (iii) any opinions and intentions expressed by the Issuer herein are
honestly held and based on reasonable assumptions; (iv) there are no other facts in relation to the Issuer, the
Group or the Securities the omission of which would, in the context of the issue and offering of the Securities,
make any statement in the Prospectus misleading in any material respect and (v) all reasonable enquiries have
been made by the Issuer to ascertain such facts and to verify the accuracy of all such information and
statements.
The Securities will be offered to the public by the Joint Lead Managers in any of the Offer Jurisdictions as set
out below under "Subscription and Offer of the Securities".
Any offer of Securities in the Offer Jurisdictions, in any Member State of the European Economic Area or in
any other jurisdiction, must be made in compliance with all applicable securities laws. Neither the Issuer nor
any Joint Lead Manager has authorised, nor does it authorise, the making of any offer of Securities by any
other person or in any manner other than as described herein.
This Prospectus does not constitute an offer of, or an invitation by or on behalf of the Issuer or the Joint Lead
Managers to subscribe for or purchase, any of the Securities. The distribution of this Prospectus and the
offering of the Securities in certain jurisdictions may be restricted by law. Persons into whose possession this
Prospectus comes are required by the Issuer and the Joint Lead Managers to inform themselves about and to
observe any such restrictions.
For a description of further restrictions on offers and sales of Securities and distribution of this Prospectus,
see "Selling Restrictions" below. In particular, the Securities have not been and will not be registered under
the U.S. Securities Act of 1933 (the "Securities Act") and are subject to U.S. tax law requirements. Subject to
certain exceptions, Securities may not be offered, sold or delivered within the United States or to U.S.
persons.
No person is authorised to give any information or to make any representation not contained in this
Prospectus and any information or representation not so contained must not be relied upon as having been
authorised by or on behalf of the Issuer or the Joint Lead Managers or the Trustee. Neither the delivery of this
Prospectus nor any sale made in connection herewith shall, under any circumstances, create any implication

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that there has been no change in the affairs of the Issuer since the date hereof or the date upon which this
Prospectus has been most recently supplemented or that there has been no adverse change in the financial
position of the Issuer since the date hereof or the date upon which this Prospectus has been most recently
supplemented or that the information contained in it or any other information supplied in connection with the
Securities is correct as of any time subsequent to the date on which it is supplied or, if different, the date
indicated in the document containing the same.
Neither the Joint Lead Managers nor the Trustee have separately verified the information contained in this
Prospectus. Accordingly, no representation, warranty or undertaking, express or implied, is made as to the
accuracy, completeness or verification of the information contained or incorporated by reference in this
Prospectus or any other information supplied in connection with the Securities or the Prospectus. To the
fullest extent permitted by law, neither the Joint Lead Managers nor the Trustee accept responsibility
whatsoever for the contents of this Prospectus or for any other statement, made or purported to be made by a
Joint Lead Manager or on its behalf in connection with the Issuer or the issue and offering of the Securities.
Each Joint Lead Manager and the Trustee accordingly disclaims all and any liability whether arising in tort or
contract or otherwise (save as referred to above) which it might otherwise have in respect of this Prospectus
or any such statement.
This Prospectus is not intended to provide the basis of any credit or other evaluation and should not be
considered as a recommendation by the Issuer or the Joint Lead Managers or the Trustee that any recipient of
this Prospectus should purchase any of the Securities. Each investor contemplating purchasing Securities
should make its own independent investigation of the financial condition and affairs of, and its own appraisal
of the creditworthiness of the Issuer. Each investor should consult with his or her own advisers as to the legal,
tax, business, financial and related aspects of a purchase of the Securities.
All references in this Prospectus to (i) "Danish Krone" and "DKK" are to the lawful currency for the time
being of Denmark; (ii) "euro" and "" are to the currency introduced as the start of the third stage of
European economic and monetary union, as defined in Article 2 of Council Regulation (EC) No. 974/98 of 3
May 1998 on the introduction of the euro; and (iii) "U.S. dollars" and "USD" are to the lawful currency for
the time being of the United States of America, its territories and possessions, any state of the United States of
America and the District of Columbia.
In connection with the issue of the Securities, Deutsche Bank AG, London branch (the "Stabilising
Manager") (or any person acting on behalf of the Stabilising Manager) may over-allot Securities or effect
transactions with a view to supporting the market price of the Securities at a level higher than that which
might otherwise prevail. However, there is no assurance that the Stabilising Manager (or any person acting on
behalf of the Stabilising Manager) will undertake stabilisation action. Any stabilisation action may begin on
or after the date on which adequate public disclosure of the terms of the offer of the Securities is made and, if
begun, may be ended at any time, but it must end no later than the earlier of 30 days after the Issue Date and
60 days after the date of the allotment of the Securities. Any stabilisation action or over-allotment must be
conducted by the Stabilising Manager (or any person acting on behalf of the Stabilising Manager) in
accordance with all applicable laws and rules.

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Table of Contents
Page
Summary ............................................................................................................................................................ 5
Risk Factors .......................................................................................................................................................25
Terms and Conditions of the Securities .............................................................................................................39
Restrictions regarding redemption and repurchase of the Securities .................................................................55
Summary of Provisions relating to the Securities while in Global Form ..........................................................56
DONG Energy A/S ............................................................................................................................................58
Selected Financial Information..........................................................................................................................76
Taxation .............................................................................................................................................................79
Subscription and Offer of the Securities ............................................................................................................89
Selling Restrictions ...........................................................................................................................................92
General Information ..........................................................................................................................................94
Documents Incorporated by Reference .............................................................................................................97

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Summary
Summaries are made up of disclosure requirements known as " Elements". These elements are numbered in
Sections A E (A.1 E.7).
This summary contains all the Elements required to be included in a summary for this type of securities and
Issuer. Because some Elements are not required to be addressed, there may be gaps in the numbering
sequence of the Elements.
Even though an Element may be required to be inserted in the summary because of the type of securities and
Issuer, it is possible that no relevant information can be given regarding the Element. In this case a short
description of the Element is included in the summary with the mention of " not applicable".
Section A Introduction and warnings
Description of
Element
Element
Disclosure requirement
A.1
Warnings
This summary should be read as an introduction to the Prospectus.
Any decision to invest in the Securities should be based on
consideration of the Prospectus as a whole by the investor.
Where a claim relating to the information contained in the Prospectus
is brought before a court, the plaintiff investor might, under the
national legislation in its Member State, have to bear the costs of
translating the Prospectus before the legal proceedings are initiated.
Civil liability attaches only to those persons who have tabled the
summary including any translation thereof, but only if the summary is
misleading, inaccurate or inconsistent when read together with the
other parts of the Prospectus or it does not provide, when read together
with the other parts of the Prospectus, key information in order to aid
investors when considering whether to invest in such securities.
A.2
Consent to the use The Issuer consents to the use of the Prospectus by all financial
of the prospectus
intermediaries (general consent) and accepts responsibility for the
content of the Prospectus also with respect to subsequent resale or final
placement of the Securities by any financial intermediary which was
given consent to use the Prospectus.

Indication of the The subsequent resale or final placement of Securities by financial
offer period
intermediaries can be made from the later of the time of effectiveness
of the notifications (passporting) of the Prospectus into the eligible
jurisdictions and 2 July 2013 until 8 July 2013 (being the date of
issuance of the Securities).

Member States in Financial intermediaries may use the Prospectus for subsequent resale
which
the or final placement of the Securities in Austria, Denmark, Finland,
prospectus
may Germany, Luxembourg, the Netherlands, Norway, Sweden, and
be used
Switzerland.

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Description of
Element
Element
Disclosure requirement

Conditions
Any financial intermediary using the Prospectus has to state on its
attached to the website that it uses the Prospectus in accordance with the consent
consent
and the conditions attached thereto.

Notice in bold
In the event of an offer being made by a financial intermediary,
this financial intermediary will provide information to investors on
the terms and conditions of the offer at the time the offer is made.

Section B Issuer
Description of
Element
Element
Disclosure requirement
B.1
Legal and
DONG Energy A/S
commercial name
of the Issuer
B.2
Domicile /legal
DONG Energy A/S is a limited liability company (aktieselskab),
form /legislation
incorporated under the laws of Denmark and has its registered address
/country of
at Kraftværksvej 53, Skærbæk, DK-7000 Fredericia, Denmark.
incorporation of
the Issuer
B.4b
Trends affecting
In recent years, the European utility sector has been working under
the Issuer and the
difficult market conditions. The financial and bank debt crises that
industries in
erupted in 2008 and the following Eurozone sovereign debt crises
which it operates
continue to depress economic activity in most European countries
resulting in weak demand for natural gas and power.
In relation to natural gas and oil exploration and production activities,
the cost per produced barrel is generally on an increasing trend due to
the higher production costs of the marginal production from existing
mature fields, higher costs from application of new production
technologies and the more marginal new finds in mature geographical
areas driving oil and gas exploration and production activities to more
challenging and costly frontier areas and deeper waters.
The market for offshore wind is expected to continue its growth backed
by political support for a transformation of the energy system towards
more sustainable energy production. However, the growth is expected
to be more cautious due to political pressure for lower energy costs.
Going forward, sites will be located further from shore and in deeper
waters. This requires significant investments in new technology
solutions.
The trend in the domestic Danish thermal power business is directed

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Description of
Element
Element
Disclosure requirement
towards a continuing conversion of coal based thermal power and heat
production to a dual coal and biomass fuel basis. Furthermore, the role
of the domestic thermal power capacity is shifting from providing base
and peak load towards providing a flexible and efficient thermal power
generation base to accommodate the increasing penetration of
renewable energy with volatile supply patterns.
Reduced demand in the European power markets in combination with
low coal and CO2 certificate prices have caused the environmentally
more favourable gas fuelled power generation to rank among the high
marginal cost generation technologies. Furthermore, the European
utility sector is struggling with negative price differentials between
long term gas procurement contracts linked to oil price and wholesale
sales price, which in recent years to an increasing extent have been
linked to the hub-gas prices. Renegotiations of the terms on long term
gas procurement contracts are expected to mitigate this structural
problem in the short to medium term.
The trend in the domestic Danish energy supply and distribution
business is directed towards a continuing pressure from the regulator to
increase cost efficiency in regulated distribution activities.
B.5
Group/ Issuer's
DONG Energy A/S is the parent company of the DONG Energy Group.
position within
the Group
B.9
Profit forecast or
Not applicable. No forecasts or estimates are made public.
estimate
B.10
Qualifications in
Not applicable. There are no qualifications in the audited financial
the audit report
reports for the DONG Energy group.
B.12
Selected historical Selected historical financial information on the Issuer
key financial

information
Consolidated Income Statement
First 3

First 3

2011
20121 months, 2012 months, 2013

(DKK million)
(DKK million)

Revenue ................................................................

................................
56,842
67, ................
179

19,896
21,449
EBITDA ................................................................

................................
13,770
8, ................
639

3,564
4,627
Operating profit (EBIT) ................................

................................
6,100
........................
(3,324)

1,597
2,351

1 Reference is made to page 22 Note 01 "Notes-Basis of Reporting" and pages 34 to 39 Note 18 "Notes-Other Notes" of the Interim Financial
Report Q1 2013.

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First 3

First 3

2011
20121 months, 2012 months, 2013

(DKK million)
(DKK million)

Profit before tax ................................................................

6,07 ................................
9
(2,704)
....
3,831
1,719
Profit for the year ................................................................

2,882 ................................
(4,021)
..
2,257
474
Note: Unless otherwise stated all figures in the Consolidated Income Statement relate to business
performance.
Consolidated Balance Sheet at 31 December
Assets
First 3

First 3

2011
20122 months, 2012 months, 2013

(DKK million)
(DKK million)

Intangible assets ................................................................

2,72 ................................
9
2,425
....
3,110
2,381

Property, plant and equipment ................................

................................
94,510
93, ...............
920

95,002
94,767

Other non-current assets ................................

................................
7,139
........................
9,058

8,858
9,072

Non-current assets ................................................................

104,378 ................................
105,403
. 106,970
106,220

Current assets ................................................................

49, ................................
011
48,455 ........
55,663
46,307

Assets classified as held for sale ................................

................................
684
3,63 ...........
1

9
3,552

Assets ................................................................

................................
154,073
1 ....................
57,489
162,642
156,079

Equity and Liabilities

2011
20123
First 3

First 3

months,
months,
2012
2013

(DKK million)
(DKK million)

Equity attributable to the equity
40,250
33,421
41,212
33,311
holders of DONG Energy A/S ................................

................................

............

Equity ................................................................

................................
57,740
50.................
,016
58,394
49,608
Non-current liabilities ................................
................................
58,331
.........................
70,298
64,950
70,118
Current liabilities ................................................................

37,617 ................................
36,994
39,228
36,177
Liabilities ................................................................

9 ................................
5,948
107,29 ............
2
104,178
106,295
Liabilities associated with assets
385
181
70
176
classified as held for sale ................................

................................

....................

Equity and liabilities ................................
................................
154,073
...........................
157,489
162,642
156,079

2 Reference is made to page 22 Note 01 "Notes-Basis of Reporting" and pages 34 to 39 Note 18 "Notes-Other Notes" of the Interim Financial
Report Q1 2013.
3 Reference is made to page 22 Note 01 "Notes-Basis of Reporting" and pages 34 to 39 Note 18 "Notes-Other Notes" of the Interim Financial
Report Q1 2013.

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No
material There has been no material adverse change in the prospects of the
adverse change/ Issuer since 31 December 2012.
significant
There have been no significant changes in the financial or trading
changes
in position of the Issuer and its subsidiaries taken as a whole since
financial
or 31 March 2013.
trading position
B.13
Recent
events, Not applicable. There have been no material recent events following
which are to a the publication of the interim report for the first quarter of 2013.
material
extent
relevant to the
evaluation of the
Issuer's solvency
B.14
Description of the The Issuer is the ultimate parent company and holding company of the
Group/
Issuer's DONG Energy group.
position
within The business activities are placed in a large number of subsidiaries
the
Group/ including project companies, with a high degree of integration in the
Dependency
of management and business activities between the subsidiaries.
the Issuer upon
other
entities The Issuer divides its operations into five operating and reporting
within the group
segments, referred to as "E&P" (Exploration & Production), "Wind
Power", "Thermal Power", "Energy Markets" and "Sales &
Distribution". These operating segments are engaged principally in the
following activities:
E&P: E&P explores for and produces oil and gas. The activities are
focused in the waters around Denmark, Norway, the United Kingdom
(West of Shetland area), the Faroe Islands and Greenland.
Wind Power: Wind Power develops, constructs, operates and produces
power from wind farms in Denmark, the United Kingdom, Germany,
Norway, Sweden and France.
Thermal Power: Thermal Power produces power and heat from
thermal power stations, primarily in Denmark, but also in the UK, the
Netherlands and Norway.
Energy Markets: Energy Markets optimises the Issuer's energy
portfolio, forming the link between the Issuer's procurement and sale
of energy. Energy Markets trades in natural gas and power with
manufacturers and wholesale customers as well as on European energy
hubs and exchanges.
Sales & Distribution: Sales & Distribution sells gas, power and related
products to private customers, companies and public institutions in
primarily Denmark, Sweden, UK and the Netherlands. Sales &
Distribution also operates the Issuer's gas distribution network, power
grids, gas storage facility and oil pipeline, each of which are located in
Denmark and the revenues from which are regulated.

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