The Danish National Audit Office, Rigsrevisionen, points out that high levels of investment combined with falling earnings mean that Dong's key ratios are under pressure compared with its peers.
"It is therefore crucial that the company’s large investments, especially within wind, generate the expected return in coming years,” the auditors say.
Dong's equity ratio was satisfactory in 2007-2011, but with the exception of 2008 and 2011, earnings were not enough to ensure a positive direct return on capital costs.
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