ANNUAL REPORT 2011 - DONG Energy

More documents

Recommendations

Info

notes 24 Provisions DKK million 2011 2010 Decommissioning obligations Other total Decommissioning obligations Other total Provisions at 1 January 7,123 2,739 9,862 5,667 1,805 7,472 Foreign exchange adjustments 47 3 50 123 2 125 Provisions used during the year (7) (220) (227) (20) (80) (100) Provisions reversed during the year (50) (225) (275) - - 0 Provisions made during the year 1,417 677 2,094 363 1,012 1,375 Change in interest rate estimates 799 - 799 798 - 798 Change in estimates of other factors 311 - 311 62 - 62 Transfers to/from assets classifi ed as held for sale (349) 12 (337) (66) - (66) Reclassifi cations (81) 81 0 - - 0 Interest element of decommissioning obligations 176 - 176 196 - 196 provisions at 31 December 9,386 3,067 12,453 7,123 2,739 9,862 Decommissioning obligations relate to expected future costs for decommissioning of production facilities, including primarily decommissioning of power stations and wind farms, and restoration of gas and oil drilling sites. The equivalent value of these obligations is recognised in production assets (property, plant and equipment) and depreciated together with the production assets. The increase in the provision for decommissioning obligations in 2011 was primarily due to new wind farms and gas and oil drilling sites. Provisions, others, include guarantee obligations; expected repayments to electricity consumers, etc., relating to litigation; contractual disputes; and provisions for onerous contracts, etc. Provisions are determined as expected future payments with addition of a risk premium and discounted to present value. The discount rate applied refl ects the general risk-free interest rate level in the given country. The range is 1.75%-5.75% (2010: 2.75%-5.75%). DKK million 2011 2010 0 - 1 year 517 444 1 - 5 years 3,418 3,445 5 - 10 years 3,304 2,202 10 - 20 years 2,225 2,220 20 - 30 years 1,854 621 30 - 40 years 1,133 608 More than 40 years 2 322 provisions at 31 December 12,453 9,862 100 104 COnsOliDatED finanCial statEmEnts – DONG ENERGY GROUP ANNUAL ANNUAL REPORT REPORT 2011 2011
25 Loans and borrowings DKK million Current liabilities 2011 2010 non-derivative fi nancial instruments: Bond loans 3,717 18,961 22,678 3,737 22,833 26,570 Bank overdrafts 114 - 114 19 - 19 Other bank loans 1,681 15,754 17,435 641 10,673 11,314 Trade payables 9,377 - 9,377 6,148 - 6,148 Payables to associates 10 - 10 43 - 43 Other payables Derivative fi nancial instruments: Fair value of derivative fi nancial instruments, 6,793 616 7,409 7,416 54 7,470 see note 33 13,095 - 13,095 13,350 - 13,350 non-fi nancial liabilities: Construction contracts, see note 20 461 - 461 18 - 18 Deferred income 1,089 1,713 2,802 609 1,634 2,243 loans and borrowings before obligations relating to assets classifi ed as held for sale 36,337 37,044 73,381 31,981 35,194 67,175 Liabilities relating to assets classifi ed as held for sale 385 - 385 163 - 163 loans and borrowings at 31 December, incl. obligations relating to assets classifi ed as held for sale 36,722 37,044 73,766 32,144 35,194 67,338 At 31 December 2011, DONG Energy had loans totalling DKK 11,851 million (2010: DKK 9,097 million) from the European Investment Bank and the Nordic Investment Bank to fund certain assets, including marine gas pipelines, Avedøre power station and a number of offshore wind farms in Denmark and the UK. The loans offered by these multilateral fi nancial institutions include loans to co-fund infrastructure and energy projects on favourable terms and with maturities that often exceed those normally available in the commercial banking market. In connection with these loans, the Group may be met with demands concerning collateral in the event of a player other than the Danish State acquiring more than 50% of the share capital or voting rights in DONG Energy A/S (change of control), or in the event of Moody’s or Standard & Poor’s downgrading DONG Energy A/S’s rating to Baa3 or BBB- or less respectively. Non-current liabilities total Current liabilities Non-current liabilities total At 31 December 2011, the Group also had non-cancellable revolving credit facilities totalling EUR 1.6 billion (2010: EUR 1.0 billion). These revolving credit facilities are primarily used as cash resources and remained undrawn at 31 December 2011. In connection with these credit facilities, the Group may be met with demands concerning collateral in the event of other players than a group consisting of the Danish State and Danish electricity distribution companies acquiring more than 50% of the share capital or voting rights in DONG Energy A/S, or in the event of the Danish State ceasing to hold at least 20% of the share capital. The Group’s fi nancing agreements are not subject to any other unusual terms or conditions. Pledging of collateral in connection with loans is disclosed in note 36. DONG ENERGY DONG ENERGY GROUP ANNUAL REPORT 2011 – COnsOliDatED finanCial statEmEnts 105 101 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 and 102: 19 Receivables DKK million 2011 201
Page 103 and 104: 20 Construction contracts DKK milli
Page 105 and 106: Hybrid capital due 3005 Hybrid capi
Page 107: Change in temporary differences in
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

Create successful ePaper yourself

Delete template?

Save as template?