DONG Energy's objective is for FFO to be around 30% of adjusted net debt from 2015 onwards.

The test is the reported FFO/adjusted net debt ratio from 2015 onwards, with 2015 as the main test year and later years checked where available. True: the 2015 ratio is around 30% or higher (at least 28%), and subsequent reported years generally also stay at or above about 28%. Mostly true: 2015 meets this but one later year dips slightly below 28%, or 2015 is 26-28% while later years meet it. Mostly false: 2015 is below 26% but later years recover to around 30%, or 2015 is about 26-28% and later years also fall short. False: the ratio is clearly below about 26% in 2015 and does not reach around 30% in following years.

Set before the research began.

1. E1 interim financial report first half year 2015 DONG Energy A/S · 19 August 2015 Own record

   “The funds from operations (FFO) to adjusted net debt for 2015 is expected to be above 30% (around 30% announced in the 2014 annual report).”

2. E2 interim financial report first half year 2015 DONG Energy A/S · 19 August 2015 Own record

   “The credit metric funds from operations (FFO) relative to adjusted net debt (rolling 12 months) was 38%, up 2%-point on the 2014 calendar year”

3. E3 CONSOLIDATED FINANCIAL STATEMENTS DONG Energy A/S · 2015 Own record

   “FFO/adjusted interest-bearing net debt”

DONG Energy's H1 2015 interim report gives a rolling 12-month FFO to adjusted net debt ratio of 38% at mid-2015 (E2) and raises the full-year 2015 outlook to above 30% (E1). Both are interim figures and forward guidance from the subject itself. The 2015 annual report excerpt (E3) names the relevant note but does not give the full-year 2015 ratio. Without the reported 2015 ratio or any independent confirmation, the main test year under the criteria cannot be settled, although the interim data point toward the target being met.