ANNUAL REPORT 2011 - DONG Energy

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notes 33 Financial instruments fair value of derivative fi nancial instruments 2011 2010 DKK million Positive Negative net Positive Negative net Commodities: Oil swaps 2,255 (1,952) 303 1,346 (1,171) 175 Oil options 514 (101) 413 829 - 829 Gas swaps 4,083 (2,538) 1,545 1,258 (1,369) (111) Electricity swaps 6,566 (4,731) 1,835 8,850 (8,407) 443 Electricity options 23 (529) (506) 6 (7) (1) CO2 emissions allowances 417 (130) 287 131 (126) 5 Coal forwards Currency: 715 (797) (82) 1,099 (855) 244 Forward exchange contracts 920 (939) (19) 368 (607) (239) Currency swaps interest: 423 (449) (26) 340 (199) 141 Interest rate swaps 144 (929) (785) 234 (609) (375) at 31 December 16,060 (13,095) 2,965 14,461 (13,350) 1,111 2011 2010 DKK million Positive Negative net Positive Negative net 0-6 months 7,612 (6,288) 1,324 6,808 (7,232) (424) 6-12 months 3,739 (3,018) 721 3,284 (3,310) (26) 1-2 years 2,495 (1,789) 706 2,049 (1,519) 530 2-3 years 936 (709) 227 829 (523) 306 More than 3 years 1,278 (1,291) (13) 1,491 (766) 725 at 31 December 16,060 (13,095) 2,965 14,461 (13,350) 1,111 The Group uses derivative fi nancial instruments as part of its risk management, trading and when position taking. The 112 116 COnsOliDatED finanCial statEmEnts – DONG ENERGY GROUP ANNUAL ANNUAL REPORT REPORT 2011 2011 maturity analysis for interest rate swaps refl ects the expected maturity for each contract.
securities 2011 DKK million Nominal value Carrying amount Avg. interest rate (%) Maturity 2012 2013 2014 2015 2016 Fixed-interest 4,929 4,968 2.94 205 559 2,125 206 1,148 725 Floating-rate 3,156 3,161 1.51 1,724 397 687 - 353 - Distributable securities 8,085 8,129 1,929 956 2,812 206 1,501 725 Fixed-rate securities forming part of repo transactions 1,502 1,536 2.00 - 509 - 1,027 - - Fixed-interest securities pledged as collateral in respect of insurancerelated provisions 250 249 2.60 249 - - - - - at 31 December 9,837 9,914 2,178 1,465 2,812 1,233 1,501 725 2010 DKK million Nominal value Carrying amount Avg. interest rate (%) Maturity 2011 2012 2013 2014 2015 Fixed-interest 5,551 5,569 3.20 4,014 - 502 - 483 570 Floating-rate 1,896 1,901 1.43 398 1,503 - - - - Distributable securities 7,447 7,470 4,412 1,503 502 0 483 570 Fixed-interest securities pledged as collateral in respect of insurancerelated provisions 150 150 4.00 150 - - - - - at 31 December 7,597 7,620 4,562 1,503 502 0 483 570 In 2011, DONG Energy started using genuine sale and repurchase transactions (repo transactions) in connection with the management of the Group’s ongoing cash fl ow management. After 2016 After 2015 In this connection, DONG Energy uses its bond portfolio as sales instrument. DONG ENERGY DONG ENERGY GROUP ANNUAL REPORT 2011 – COnsOliDatED finanCial statEmEnts 113 117 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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pOul arnE niElsEn b. 1944. Joined t
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The Board of Directors and the Exec
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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 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 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: Categories of fi nancial instrument
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
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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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