ANNUAL REPORT 2011 - DONG Energy

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notes 23 Deferred tax DKK million 2011 2010 Deferred tax at 1 January 7,784 6,385 Foreign exchange adjustments 29 179 Addition on acquisition of individual assets (59) - Deferred tax for the year recognised in profi t for the year 1,460 1,258 Deferred tax for the year recognised in other comprehensive income 1 (1) Adjustments in respect of prior years (19) (38) Transfers to assets classifi ed as held for sale (45) 2 Effect of reduction of income tax rate 4 (1) Deferred tax at 31 December 9,155 7,784 Deferred tax is recognised in the balance sheet as follows: Deferred tax (assets) (181) (404) Deferred tax (liabilities) 9,336 8,188 Deferred tax at 31 December, net 9,155 7,784 Deferred tax relates to: Intangible assets (10) 479 Property, plant and equipment 11,597 9,785 Other non-current assets 27 89 Current assets 158 (154) Non-current liabilities (3,311) (3,063) Current liabilities (125) (6) Retaxation 2,548 1,701 Tax loss carryforwards (1,729) (1,047) Deferred tax at 31 December 9,155 7,784 Deferred tax assets not recognised in the balance sheet relate to: Temporary differences (2,626) (1,305) Tax loss carryforwards 15,973 12,114 unrecognised deferred tax assets at 31 December 13,347 10,809 Of the deferred tax totalling DKK 9,155 million (2010: DKK 7,784 million), DKK 9,155 million is due for payment after 12 months (2010: DKK 7,784 million). The tax base of taxable losses includes DKK 0 million (2010: DKK 144 million) relating to unutilised deductible net fi nance costs. 98 102 COnsOliDatED finanCial statEmEnts – DONG ENERGY GROUP ANNUAL ANNUAL REPORT REPORT 2011 2011 Unrecognised deferred tax assets relate primarily to unutilised losses in hydrocarbon income. It is considered unlikely that the losses will be utilised in the foreseeable future.
Change in temporary differences in 2011 DKK million Balance sheet at 1 January Foreign exchange adjustments Additions, individual assets Recognised in profi t for the year Recognised in other comprehensive income Adjustments in respect of prior years Transfers to assets classifi ed as held for sale Intangible assets 479 - - (444) - - (45) - (10) Property, plant and equipment 9,785 61 - 1,187 2 566 - (4) 11,597 Other non-current assets 89 (1) - (12) - (49) - - 27 Current assets (154) - - 209 65 38 - - 158 Non-current liabilities (3,063) (8) - (242) 63 (61) - - (3,311) Current liabilities (6) (2) - (162) (95) 140 - - (125) Retaxation 1,701 - - 839 - 8 - - 2,548 Tax loss carryforwards (1,047) (21) (59) 85 (34) (661) - 8 (1,729) Deferred tax 7,784 29 (59) 1,460 1 (19) (45) 4 9,155 Change in temporary differences in 2010 DKK million Balance sheet at 1 January Foreign exchange adjustments Additions, individual assets Recognised in profi t for the year Recognised in other comprehensive income Adjustments in respect of prior years Transfers to assets classifi ed as held for sale Intangible assets 470 - - 32 - (23) - - 479 Property, plant and equipment 8,380 210 - 1,280 - (50) (28) (7) 9,785 Other non-current assets 27 - - 144 - (82) - - 89 Current assets (125) - - (20) - (7) (2) - (154) Non-current liabilities (2,646) (35) - (328) (69) 6 9 - (3,063) Current liabilities (1) (1) - (116) 102 (13) 23 - (6) Retaxation 1,049 - - 549 - 103 - - 1,701 Tax loss carryforwards (769) 5 - (283) (34) 28 - 6 (1,047) Deferred tax 6,385 179 0 1,258 (1) (38) 2 (1) 7,784 DONG ENERGY DONG ENERGY GROUP ANNUAL REPORT 2011 – COnsOliDatED finanCial statEmEnts 103 99 Effect of change in tax rate Effect of change in tax rate Balance sheet at 31 december Balance sheet at 31 Decembe notes
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MOVING ENERGY FORWARD ANNUAL REPORT
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More reliable and clean energy DONG
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More reliable and clean energy Mode
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Q3 17 August signing of Eur 1.3 bil
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ifrs statement of comprehensive inc
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un Global Compact principle Climate
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Spearheading the development of the
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Waste is a valuable resource It is
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DONG Energy involves local operator
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The ambitious business strategy mea
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DONG Energy contributes to green gr
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The photo shows the Siri platform i
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The photo shows the construction of
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The photo shows one of the Group’
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Strong market insight from experien
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The photo shows a meter technician
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monthly average 2011 2010 ∆ Oil,
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Net finance costs amounted to DKK 0
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New presentation of profit for the
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Non-financial performance The Group
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volumes Generation from wind and hy
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was brought back online in October
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Further information on DONG Energy
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DONG Energy has a diversified loan
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Market and credit risks The Group
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isk and risk policy Exposure and he
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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
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Page 65 and 66: The Board of Directors and the Exec
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Page 69 and 70: DKK million Note Business perfor ma
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Page 73 and 74: DKK million Share capital Hedging r
Page 75 and 76: DKK million Note 2011 2010 suppleme
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Page 79 and 80: The excess of the cost of the acqui
Page 81 and 82: • wind power: Development, constr
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Page 85 and 86: econciliations DKK million 2011 201
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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 and 102: 19 Receivables DKK million 2011 201
Page 103 and 104: 20 Construction contracts DKK milli
Page 105: Hybrid capital due 3005 Hybrid capi
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
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Page 121 and 122: securities 2011 DKK million Nominal
Page 123 and 124: trading portfolio, economic hedging
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Page 129 and 130: As a condition for approval of its
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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
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Page 147 and 148: significant licences and hydrocarbo
Page 149 and 150: 42 Company overview Segment/company
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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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