ANNUAL REPORT 2011 - DONG Energy

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