ANNUAL REPORT 2011 - DONG Energy

27 Income tax receivable and payable
DKK million 2011 2010
Income tax payable at 1 January, net 594 (383)
Foreign exchange adjustments 4 12
Adjustments to current tax in respect of prior years (85) 65
Payments in respect of prior years (505) 451
Current tax for the year 2,294 1,713
Current tax for the year from other comprehensive income (170) (590)
Current tax for the year relating to hybrid capital (246) (117)
Payments for the year (1,142) (557)
income tax payable at 31 December, net 744 594
income tax at 31 December is recognised as follows:
Income tax receivable (assets) 19 27
Income tax payable (liabilities) (763) (621)
income tax payable at 31 December, net (744) (594)
28 Acquisition of enterprises
acquisition of enterprises in 2011
There were no business combinations in 2011 or 2010. Reversal
of provisions relating to acquisitions in previous years
amounted to DKK 22 million in 2011 (2010: DKK 33 million).
acquisition of enterprises in 2012
In January 2012, DONG Energy obtained control of CT Offshore
A/S when it exercised a purchase option. The ownership interest
was previously classifi ed as an associate and recognised
using the equity method.
Existing ownership interests are valued at fair value, with recognition
of the DKK 17 million fair value adjustment in gain on
disposal of enterprises. The allocation of the cost of identifi -
able assets, liabilities and contingent liabilities had yet to be
fi nalised at the time of publication of the consolidated fi nancial
statements for 2011, and the items in the opening balance
sheet may therefore subsequently be changed. The accounting
DKK million
Existing
ownership
interest
Ownership
interest
acquired
DONG
Energy
ownership
interest,
total
CT Offshore A/S 29% 37.67% 66.67%
treatment of the acquisition will be completed within one year
in accordance with IFRS 3.
The step acquisition of CT Offshore is in keeping with DONG
Energy’s strategy in offshore wind. Goodwill relates to employee
skills and expected cost synergies. The goodwill recognised
in respect of the transaction is not deductible for tax purposes.
The fair value of non-controlling interests is based on the
present value of the acquiree’s expected future cash fl ows. The
key assumptions applied are expected daily rates for vessels
and the level of activity.
Assets acquired in stages include trade receivables of DKK 38
million. None of the trade receivables acquired was deemed to
be uncollectible at the date of acquisition.
Acquisition
date
9 January
2012
Core
activity Cost
cash
purchase
price, net
Offshore
cable
installation 244 153
DONG ENERGY DONG ENERGY GROUP ANNUAL REPORT 2011 – COnsOliDatED finanCial statEmEnts
103 107
notes