ANNUAL REPORT 2011 - DONG Energy

More documents

Recommendations

Info

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
20 Construction contracts DKK million 2011 2010 Selling price of construction contracts 481 43 Progress billings (901) - net value of construction contracts at 31 December (420) 43 which can be broken down as follows: Construction contracts (assets) 41 61 Construction contracts (liabilities) (461) (18) net value of construction contracts at 31 December (420) 43 Selling price and progress billings at 31 December 2011 relate primarily to the construction of 50% of Anholt offshore wind farm, which is owned by external parties. The offshore wind farm is scheduled for completion and start-up in autumn 2013. 21 Assets classifi ed as held for sale Construction contracts are recognised as receivables, see note 19, and payables, see note 25. DKK million 2011 2010 Property, plant and equipment 320 805 Other non-current assets - 13 non-current assets 320 818 Current assets 364 27 assets classifi ed as held for sale at 31 December 684 845 Non-current liabilities 355 66 Current liabilities 30 97 liabilities relating to assets classifi ed as held for sale at 31 December 385 163 Assets classifi ed as held for sale at 31 December 2011 comprise DONG Energy’s oil terminals and the small-scale CHP plants Ringsted CHP plant, Masnedø CHP plant, Slagelse CHP plant, Køge CHP plant, Haslev CHP plant, Grenå CHP plant and DTU CHP plant. The oil terminals and three of the CHP plants have been sold and transferred in 2012 (Thermal Power segment). Assets classifi ed as held for sale at 31 December 2010 comprise certain completed offshore transmission networks in the UK (Wind Power segment), Odense CHP plant and Frederikshavn Affaldskraftvarmeværk (Thermal Power segment) as well as DONG Energy’s ownership interest in DELPRO (Sales & Distribution segment), which was sold in 2011. Reference is made to note 29. DONG ENERGY DONG ENERGY GROUP ANNUAL REPORT 2011 – COnsOliDatED finanCial statEmEnts 99 95 notes
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 and 10:
ifrs statement of comprehensive inc
Page 11 and 12:
un Global Compact principle Climate
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
Page 21 and 22:
DONG Energy contributes to green gr
Page 23 and 24:
The photo shows the Siri platform i
Page 25 and 26:
The photo shows the construction of
Page 27 and 28:
The photo shows one of the Group’
Page 29 and 30:
Strong market insight from experien
Page 31 and 32:
The photo shows a meter technician
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
Page 49 and 50:
Market and credit risks The Group
Page 51 and 52: isk and risk policy Exposure and he
Page 53 and 54: isk and risk policy Exposure and he
Page 55 and 56: Environment As an energy company, D
Page 57 and 58: Under Danish legislation, the Group
Page 59 and 60: information and communication DONG
Page 61 and 62: lars nØrBy JOHansEn Deputy Chairma
Page 63 and 64: pOul arnE niElsEn b. 1944. Joined t
Page 65 and 66: The Board of Directors and the Exec
Page 67 and 68: notes to the statement of cash flow
Page 69 and 70: DKK million Note Business perfor ma
Page 71 and 72: Equity and liabilities DKK million
Page 73 and 74: DKK million Share capital Hedging r
Page 75 and 76: DKK million Note 2011 2010 suppleme
Page 77 and 78: 02 Critical accounting estimates an
Page 79 and 80: The excess of the cost of the acqui
Page 81 and 82: • wind power: Development, constr
Page 83 and 84: Geographical breakdown 2011 DKK mil
Page 85 and 86: econciliations DKK million 2011 201
Page 87 and 88: emuneration of Board of Directors,
Page 89 and 90: 08 Fee to auditor appointed at the
Page 91 and 92: 13 Income tax expense DKK million 2
Page 93 and 94: DKK million Goodwill Cost at 1 Janu
Page 95 and 96: The main criteria used for determin
Page 97 and 98: DKK million Land and Impairment tes
Page 99 and 100: 17 Associates and other securities
Page 101: 19 Receivables DKK million 2011 201
Page 105 and 106: Hybrid capital due 3005 Hybrid capi
Page 107 and 108: Change in temporary differences in
Page 109 and 110: 25 Loans and borrowings DKK million
Page 111 and 112: 27 Income tax receivable and payabl
Page 113 and 114: 29 Disposal of enterprises DKK mill
Page 115 and 116: Other capital transactions with non
Page 117 and 118: Risk Price change Effect on profi t
Page 119 and 120: Categories of fi nancial instrument
Page 121 and 122: securities 2011 DKK million Nominal
Page 123 and 124: trading portfolio, economic hedging
Page 125 and 126: Hedging of net investments in forei
Page 127 and 128: 35 Lease commitments 2011 DKK milli
Page 129 and 130: As a condition for approval of its
Page 131 and 132: 39 Events after the reporting perio
Page 133 and 134: Regulated companies that operate ac
Page 135 and 136: do not satisfy the criteria for hed
Page 137 and 138: translation reserve The translation
Page 139 and 140: eporting enterprise operates. Trans
Page 141 and 142: CO 2 emissions allowances Allocated
Page 143 and 144: Deferred tax is measured using the
Page 145 and 146: Definitions of performance highligh
Page 147 and 148: significant licences and hydrocarbo
Page 149 and 150: 42 Company overview Segment/company
Page 151 and 152: Segment/company Type 1 Registered o
Page 153 and 154:
Segment/company Type 1 Registered o
Page 155 and 156:
DONG ENERGY ANNUAL REPORT 2011 - CO
Page 157 and 158:
Accounting policies for data collec
Page 159 and 160:
significant environmental incidents
Page 161 and 162:
fInancIal stateMents 2011 PARENT CO
Page 163 and 164:
DKK million Note 2011 2010 profit f
Page 165 and 166:
Equity and liabilities DKK million
Page 167 and 168:
DKK million Share capital Hedging r
Page 169 and 170:
01 Basis of reporting The parent co
Page 171 and 172:
04 Staff costs DKK million 2011 201
Page 173 and 174:
06 Finance income DKK million 2011
Page 175 and 176:
09 Property, plant and equipment DK
Page 177 and 178:
12 Equity Share capital composition
Page 179 and 180:
14 Loans and borrowings DKK million
Page 181 and 182:
18 Financial risks DONG Energy A/S
Page 183 and 184:
19 Financial instruments maturity a
Page 185 and 186:
fair value hierarchy of financial i
Page 187 and 188:
22 Related party transactions tradi
Page 189 and 190:
Independent Auditor’s Report To t
Page 191 and 192:
coMPany announceMents IN 2011 Compa
Page 193 and 194:
glossaRy relatively low (off-peak).
show all

ANNUAL REPORT 2011 - DONG Energy

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?