ANNUAL REPORT 2011 - DONG Energy

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notes 30 Transactions with non-controlling interests transactions with non-controlling interests DKK million 2011 2010 Dividends paid to non-controlling interests (16) - Acquisition of equity investments from non-controlling interests (76) (138) Disposal of equity investments to non-controlling interests 1,541 119 Other capital transactions with non-controlling interests 2,496 349 transactions with non-controlling interests 3,945 330 acquisition of equity investments from non-controlling interests DKK million 2011 2010 Purchase price 76 138 Of which payable - - Cash purchase price 76 138 Acquisition of equity investments from non-controlling interests in 2011 comprises the acquisition of 16.43% of DONG Energy Germany AG and the payment of contingent consideration relating to Borkum Riffgrund I Holding A/S. Disposal of equity investments to non-controlling interests Acquisition of equity investments from non-controlling interests in 2010 comprises the acquisition of 25.1% of DONG Energy Kraftwerke Greifswald GmbH & Co. KG and 25% of DONG Energy Sales GmbH. DKK million 2011 2010 Selling price 1,767 1,666 Transaction costs (53) (41) Of which receivables (173) (1,506) Cash selling price 1,541 119 Disposal of equity investments to non-controlling interests in 2011 Disposal of equity investments to non-controlling interests comprises the disposal of 49.9% of Gunfl eet Sands Holding Limited and adjustments in respect of prior year disposals. The selling price for Gunfl eet Sands Holding Limited is contingent on certain future conditions. The selling price was determined based on management’s best estimate of the probability of these conditions being met. 106 110 COnsOliDatED finanCial statEmEnts – DONG ENERGY GROUP ANNUAL ANNUAL REPORT REPORT 2011 2011 Disposal of equity investments to non-controlling interests in 2010 Disposal of equity investments to non-controlling interests comprises the disposal of 24.8% of Walney (UK) Offshore Windfarms Ltd. and 14.5% of DONG Energy Nysted I A/S. The selling price for Walney (UK) Offshore Windfarms Ltd. is contingent on certain future conditions being met. The selling price was determined based on management’s best estimate of the probability of these conditions being met.
Other capital transactions with non-controlling interests DKK million 2011 2010 Capital contributions from non-controlling interests 2,668 2,613 Other payments from non-controlling interests 1,931 - Of which receivables (2,103) (2,264) Cash contribution 2,496 349 Cash contribution primarily represents contributions from non-controlling interests in respect of the construction of wind farms. 31 Cash and cash equivalents and securities DKK million 2011 2010 Available cash 1,554 3,644 Bank overdrafts that are part of the ongoing cash management, see note 25 (114) (19) Cash and cash equivalents at 31 December, see statement of cash fl ows 1,440 3,625 Cash can be broken down into the following balance sheet items: Available cash 1,554 3,644 Cash not available for use 788 503 Cash at 31 December 2,342 4,147 securities can be broken down into the following balance sheet items: Available securities 8,129 7,470 Securities not available for use 1,785 150 securities at 31 December 9,914 7,620 Cash not available for use primarily comprises cash and cash equivalents tied up for use in jointly controlled wind turbine projects, cash and cash equivalents pledged as collateral for trading in fi nancial instruments, cash and cash equivalents to cover insurance-related provisions, and cash and cash equivalents received from the users of the North Sea oil pipeline for use for pipeline maintenance. The securities are part of DONG Energy’s ongoing cash management. In accordance with IAS 7, cash fl ows from securities are recognised in cash fl ows from investing activities. The securities are primarily highly liquid AAA-rated Danish mortgage bonds that qualify for repos in the Danish Central Bank. Securities not available for use comprise securities that form part of genuine sale and repurchase transactions (repo transactions) amounting to DKK 1,536 million (2010: DKK 0 million) and securities used to cover insurance-related provisions. DONG ENERGY DONG ENERGY GROUP ANNUAL REPORT 2011 – COnsOliDatED finanCial statEmEnts 107 111 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
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Environment As an energy company, D
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Under Danish legislation, the Group
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information and communication DONG
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lars nØrBy JOHansEn Deputy Chairma
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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
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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 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 and 108: Change in temporary differences in
Page 109 and 110: 25 Loans and borrowings DKK million
Page 111 and 112: 27 Income tax receivable and payabl
Page 113: 29 Disposal of enterprises DKK mill
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
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Page 129 and 130: As a condition for approval of its
Page 131 and 132: 39 Events after the reporting perio
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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
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
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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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ANNUAL REPORT 2011 - DONG Energy

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