ANNUAL REPORT 2011 - DONG Energy

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PeRfoRMance hIghlIghts, NON-FINANCIAL volumes 2011 2010 2009 2008 2007 Production: Oil and gas production million boe 26.4 24.4 24.0 18.5 11.3 - oil million boe 9.3 9.0 8.5 10.0 9.1 - gas million boe 17.1 15.4 15.5 8.5 2.2 Electricity generation TWh 20.4 20.2 18.1 18.5 20.5 - thermal TWh 16.0 16.2 15.3 16.0 17.3 - wind and hydro TWh 4.4 4.0 2.8 2.6 3.2 Heat generation Sales and distribution: PJ 42.6 53.2 46.7 46.4 47.3 Gas sales (excl. own consumption at power stations) TWh 115.6 108.5 94.0 99.4 78.8 Electricity sales TWh 9.9 10.4 10.7 10.9 10.9 Gas distribution TWh 9.9 11.4 10.0 10.3 10.2 Electricity distribution TWh 8.8 9.1 9.2 9.4 9.3 Oil transportation, Denmark million bbl 72 78 85 91 100 Environment EU ETS CO emissions 2 million tonnes of CO2 10.8 11.8 11.9 12.6 13.8 CO emissions per energy unit generated 2 (electricity and heat) 1 g/kWh 486 524 574 590 613 Green proportion of electricity and heat generation 1 % 29 30 27 25 24 Nitrogen oxides (NO ) x g/kWh 0.36 0.38 0.50 0.61 - Sulphur dioxide (SO ) 2 g/kWh 0.06 0.07 0.14 0.19 - Gas fl aring (offshore and at gas storage facility) million Nm3 9.0 33.0 7.3 8.6 9.7 Oil discharged to sea from production platforms tonnes 16 8 18 24 23 Reinjection of produced water on production platforms % 68 78 49 51 56 Recycling of waste in administration % 48 32 31 10 45 Recycling of waste in facilities % 59 57 57 52 45 Signifi cant environmental incidents number 5 6 5 1 2 working conditions Full time equivalents (FTE) number 6,098 5,874 5,865 5,644 5,042 Average age years 42 43 43 43 43 Employee turnover % 12 12 11 12 14 Lost time injuries number 74 93 129 112 112 Lost time injury frequency per one million hours (LTIF) worked 4.1 4.6 6.8 7.5 10.4 Fatalities number 3 3 1 1 0 1 Measured on a proportionate basis for all activities and consequently includes associates and non-consolidated enterprises. The accounting policies are set out in the complete annual report on pages 152-155. CSR report Being responsible and responsive are core values in DONG Energy. The Group believes that no company can achieve lasting success without ethical integrity, environmental stewardship and the development of positive relationships with the people, communities and organisations affected by its activities. In 2011, the Board of Directors adopted a responsibility policy that sets out the overall principles for the Group’s 6 manaGEmEnt’s rEviEw – DONG ENERGY GROUP ANNUAL ANNUAL REPORT REPORT 2011 2011 work on responsibility. Furthermore, DONG Energy adheres to the ten principles of the UN Global Compact and follows the guidelines set out in the Global Reporting Initiative. The DONG Energy Group’s policies, actions and results can be seen on the following page. Further information can be found on the responsibility page at dongenergy.com.
un Global Compact principle Climate and environment (principles 7-9) labour rights (principles 3-6) Human rights (principles 1-2) anti-corruption (principle 10) in line with the responsibility policy, DOnG Energy is committed to actions and implementation 2011 targets Reducing greenhouse gas emissions Minimising local environmental impacts Ensuring the safety of employees and suppliers Ensuring the longterm availability of suffi cient numbers of skilled employees Ensuring responsible supply chain management Preventing fraud and corruption DONG Energy is committed to reducing its CO 2 emissions from electricity and heat generation. Key initiatives include: • New investments in offshore wind farms • Increased use of biomass in energy production • Continued phasing-out of coal-fi red units DONG Energy continuously aims to increase energy effi ciency, partly through optimisation of production processes DONG Energy strives to limit local air pollution from SO 2 and NO x emissions from electricity and heat generation by, among other things, installing environmental facilities for fl ue gas treatment and taking the most obsolete power station units out of service DONG Energy increased its recycling of waste from facilities and administration in 2011 still further through continuous improvement and monitoring of waste handling Safety is the top priority in DONG Energy. In 2011, the Group continued its efforts to develop a strong safety culture focusing on risk assessment and proactive prevention as well as followup on all incidents DONG Energy has a strategic focus on recruitment and retention of skilled employees and long-term development of talent. Initiatives in 2011 included: • Implementation of a diversity policy • Follow-up on the results of the employee survey ‘People Matter’ 2010 DONG Energy is committed to countering any abuse of human rights from the Group’s as well as its suppliers’ activities. In 2011, the Group became a founding member of ‘Better Coal’, which aims to advance CSR issues in the coal supply chain In 2011, DONG Energy conducted a comprehensive analysis of selected management systems and business practices, which will help support the Group’s future efforts to prevent corruption • 320g/kWh by 2020 • 100g/kWh by 2040 10% improvement in energy effi ciency by 2015 (compared with 2010) By 2020 compared with 1990: • 95% reduction in SO 2 • 90%reduction in NO x 65% of waste from facilities and 50% of waste from administration must be recycled by 2012 No fatalities and LTIF of 5.2 in 2011. The LTIF target for 2012 is 4.1 Image and leadership are focus areas for 2011/2012 Updated supply chain audit strategy to be implemented in 2012 Continue to raise awareness of policy on good business conduct as well as the Group’s whistleblower system status at 31.11.2011 486g CO 2 /kWh Target was new for 2011. Status will be presented in 2012 annual report • SO 2 99% • NO x 89% 59% of waste from facilities and 48% of waste from administration recycled in 2011 Three fatalities and LTIF of 4.1 According to ‘People Matter’ 2011, the following aspects have improved compared with 2010: • Satisfaction and motivation • Perception of image • Employment security Follow-up audit in Colombia completed in December 2011 No data for 2011 as improved methodology for collecting data on training on good business conduct is in progress DONG ENERGY DONG ENERGY GROUP ANNUAL REPORT 2011 – manaGEmEnt’s rEviEw 7 coRPoRate socIal ResPonsIBIlIty
Page 1 and 2: MOVING ENERGY FORWARD ANNUAL REPORT
Page 3 and 4: More reliable and clean energy DONG
Page 5 and 6: More reliable and clean energy Mode
Page 7 and 8: Q3 17 August signing of Eur 1.3 bil
Page 9: ifrs statement of comprehensive inc
Page 13 and 14: Spearheading the development of the
Page 15 and 16: Waste is a valuable resource It is
Page 17 and 18: DONG Energy involves local operator
Page 19 and 20: The ambitious business strategy mea
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Page 23 and 24: The photo shows the Siri platform i
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Page 29 and 30: Strong market insight from experien
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Page 33 and 34: monthly average 2011 2010 ∆ Oil,
Page 35 and 36: Net finance costs amounted to DKK 0
Page 37 and 38: New presentation of profit for the
Page 39 and 40: Non-financial performance The Group
Page 41 and 42: volumes Generation from wind and hy
Page 43 and 44: was brought back online in October
Page 45 and 46: Further information on DONG Energy
Page 47 and 48: DONG Energy has a diversified loan
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Page 55 and 56: Environment As an energy company, D
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lars nØrBy JOHansEn Deputy Chairma
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pOul arnE niElsEn b. 1944. Joined t
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The Board of Directors and the Exec
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notes to the statement of cash flow
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DKK million Note Business perfor ma
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Equity and liabilities DKK million
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DKK million Share capital Hedging r
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DKK million Note 2011 2010 suppleme
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02 Critical accounting estimates an
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The excess of the cost of the acqui
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• wind power: Development, constr
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Geographical breakdown 2011 DKK mil
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econciliations DKK million 2011 201
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emuneration of Board of Directors,
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08 Fee to auditor appointed at the
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13 Income tax expense DKK million 2
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DKK million Goodwill Cost at 1 Janu
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The main criteria used for determin
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DKK million Land and Impairment tes
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17 Associates and other securities
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19 Receivables DKK million 2011 201
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20 Construction contracts DKK milli
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Hybrid capital due 3005 Hybrid capi
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Change in temporary differences in
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25 Loans and borrowings DKK million
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27 Income tax receivable and payabl
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29 Disposal of enterprises DKK mill
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Other capital transactions with non
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Risk Price change Effect on profi t
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Categories of fi nancial instrument
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securities 2011 DKK million Nominal
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trading portfolio, economic hedging
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Hedging of net investments in forei
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35 Lease commitments 2011 DKK milli
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As a condition for approval of its
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39 Events after the reporting perio
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Regulated companies that operate ac
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do not satisfy the criteria for hed
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translation reserve The translation
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eporting enterprise operates. Trans
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CO 2 emissions allowances Allocated
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Deferred tax is measured using the
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Definitions of performance highligh
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significant licences and hydrocarbo
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42 Company overview Segment/company
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Segment/company Type 1 Registered o
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Segment/company Type 1 Registered o
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DONG ENERGY ANNUAL REPORT 2011 - CO
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Accounting policies for data collec
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significant environmental incidents
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fInancIal stateMents 2011 PARENT CO
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DKK million Note 2011 2010 profit f
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Equity and liabilities DKK million
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DKK million Share capital Hedging r
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01 Basis of reporting The parent co
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04 Staff costs DKK million 2011 201
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06 Finance income DKK million 2011
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09 Property, plant and equipment DK
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12 Equity Share capital composition
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14 Loans and borrowings DKK million
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18 Financial risks DONG Energy A/S
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19 Financial instruments maturity a
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fair value hierarchy of financial i
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22 Related party transactions tradi
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Independent Auditor’s Report To t
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coMPany announceMents IN 2011 Compa
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glossaRy relatively low (off-peak).
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