ANNUAL REPORT 2011 - DONG Energy

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