ANNUAL REPORT 2011 - DONG Energy
ANNUAL REPORT 2011 - DONG Energy
ANNUAL REPORT 2011 - DONG Energy
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25 Loans and borrowings<br />
DKK million Current<br />
liabilities<br />
<strong>2011</strong> 2010<br />
non-derivative fi nancial instruments:<br />
Bond loans 3,717 18,961 22,678 3,737 22,833 26,570<br />
Bank overdrafts 114 - 114 19 - 19<br />
Other bank loans 1,681 15,754 17,435 641 10,673 11,314<br />
Trade payables 9,377 - 9,377 6,148 - 6,148<br />
Payables to associates 10 - 10 43 - 43<br />
Other payables<br />
Derivative fi nancial instruments:<br />
Fair value of derivative fi nancial instruments,<br />
6,793 616 7,409 7,416 54 7,470<br />
see note 33 13,095 - 13,095 13,350 - 13,350<br />
non-fi nancial liabilities:<br />
Construction contracts, see note 20 461 - 461 18 - 18<br />
Deferred income 1,089 1,713 2,802 609 1,634 2,243<br />
loans and borrowings before obligations relating<br />
to assets classifi ed as held for sale 36,337 37,044 73,381 31,981 35,194 67,175<br />
Liabilities relating to assets classifi ed as held for<br />
sale 385 - 385 163 - 163<br />
loans and borrowings at 31 December, incl.<br />
obligations relating to assets classifi ed as held<br />
for sale 36,722 37,044 73,766 32,144 35,194 67,338<br />
At 31 December <strong>2011</strong>, <strong>DONG</strong> <strong>Energy</strong> had loans totalling DKK<br />
11,851 million (2010: DKK 9,097 million) from the European<br />
Investment Bank and the Nordic Investment Bank to fund<br />
certain assets, including marine gas pipelines, Avedøre power<br />
station and a number of offshore wind farms in Denmark and<br />
the UK. The loans offered by these multilateral fi nancial institutions<br />
include loans to co-fund infrastructure and energy<br />
projects on favourable terms and with maturities that often<br />
exceed those normally available in the commercial banking<br />
market.<br />
In connection with these loans, the Group may be met with demands<br />
concerning collateral in the event of a player other than<br />
the Danish State acquiring more than 50% of the share capital<br />
or voting rights in <strong>DONG</strong> <strong>Energy</strong> A/S (change of control), or in<br />
the event of Moody’s or Standard & Poor’s downgrading <strong>DONG</strong><br />
<strong>Energy</strong> A/S’s rating to Baa3 or BBB- or less respectively.<br />
Non-current<br />
liabilities<br />
total<br />
Current<br />
liabilities<br />
Non-current<br />
liabilities<br />
total<br />
At 31 December <strong>2011</strong>, the Group also had non-cancellable<br />
revolving credit facilities totalling EUR 1.6 billion (2010: EUR<br />
1.0 billion). These revolving credit facilities are primarily used<br />
as cash resources and remained undrawn at 31 December<br />
<strong>2011</strong>. In connection with these credit facilities, the Group may<br />
be met with demands concerning collateral in the event of<br />
other players than a group consisting of the Danish State and<br />
Danish electricity distribution companies acquiring more than<br />
50% of the share capital or voting rights in <strong>DONG</strong> <strong>Energy</strong> A/S,<br />
or in the event of the Danish State ceasing to hold at least<br />
20% of the share capital.<br />
The Group’s fi nancing agreements are not subject to any other<br />
unusual terms or conditions. Pledging of collateral in connection<br />
with loans is disclosed in note 36.<br />
<strong>DONG</strong> ENERGY <strong>DONG</strong> ENERGY GROUP <strong>ANNUAL</strong> <strong>REPORT</strong> <strong>2011</strong> – COnsOliDatED finanCial statEmEnts<br />
105 101<br />
notes