ANNUAL REPORT 2011 - DONG Energy
ANNUAL REPORT 2011 - DONG Energy
ANNUAL REPORT 2011 - DONG Energy
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notes<br />
19 Receivables<br />
assets held under fi nance leases with DOnG <strong>Energy</strong> as lessor<br />
DKK million<br />
Present<br />
value Interest<br />
<strong>2011</strong> 2010<br />
Minimum<br />
lease<br />
income<br />
Present<br />
value Interest<br />
Minimum<br />
lease<br />
income<br />
0 - 1 year 38 (120) 158 73 (122) 195<br />
1 - 5 years 207 (454) 661 183 (466) 649<br />
More than 5 years 1,849 (902) 2,751 1,844 (1,069) 2,913<br />
assets held under fi nance<br />
leases 2,094 (1,476) 3,570 2,100 (1,657) 3,757<br />
Assets held under fi nance leases with <strong>DONG</strong> <strong>Energy</strong> as the<br />
lessor comprise a gas-fi red power station constructed for Statoil<br />
in Mongstad in Norway. The lease has a 20-year term, but<br />
includes an option for two fi ve-year extensions.<br />
receivables that are past due but not individually impaired<br />
The present value of the lease has been calculated applying<br />
the interest rate implicit in the lease. There is no contingent<br />
rent under the lease.<br />
DKK million <strong>2011</strong> 2010<br />
Days past due:<br />
Up to 30 days 442 653<br />
30 - 90 days 108 92<br />
More than 90 days 715 173<br />
General write-offs (152) (148)<br />
trade receivables that are past due but not individually impaired 1,113 770<br />
General write-downs on trade receivables are assessed on the<br />
basis of due date and historical experience. Write-downs are<br />
recorded on a summary account.<br />
movements in general and individual write-downs<br />
The Group’s trade receivables at 31 December <strong>2011</strong> include receivables<br />
totalling DKK 26 million (2010: DKK 171 million) that<br />
have been written down to DKK 11 million following individual<br />
assessment (2010: DKK 130 million). The individual writedown<br />
on trade receivables was DKK 15 million (2010: DKK 41<br />
million).<br />
DKK million <strong>2011</strong> 2010<br />
Write-downs at 1 January 189 183<br />
Write-downs for the year 60 72<br />
Reversal of previous write-downs (6) (3)<br />
Receivables written off (76) (63)<br />
write-downs at 31 December 167 189<br />
94 98 COnsOliDatED finanCial statEmEnts – <strong>DONG</strong> ENERGY GROUP <strong>ANNUAL</strong> <strong>ANNUAL</strong> <strong>REPORT</strong> <strong>REPORT</strong> <strong>2011</strong><br />
<strong>2011</strong>