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.
In
recent
years,
the
state-owned
utility
has
invested
more
than
DKr80bn
($14.3bn)
transforming…
