ANNUAL REPORT 2011 - DONG Energy

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notes 33 Financial instruments trading portfolio, economic hedging and cash fl ow hedging 2011 Total Trading portfolio and economic hedging DKK million Notional amount Fair value Notional amount Fair value commodities: Oil swaps 6,129 303 6,129 303 Oil options 1,192 413 1,192 413 Gas swaps 22,032 1,545 22,032 1,545 Electricity swaps 19,006 1,835 19,006 1,835 Electricity options 444 (506) 444 (506) CO2 emissions allowances 512 287 512 287 Coal forwards Currency: 1,636 (82) 1,636 (82) Forward exchange contracts 9,240 300 3,751 467 Currency swaps interest: 7,014 352 6,177 367 Interest rate swaps 10,033 (929) 550 (83) total derivative fi nancial instruments 77,238 3,518 61,429 4,546 Cash fl ow hedging DKK million Notional amount Fair value Recognised in equity Expected date of transfer to profi t for the year 2012 2013 2014 commodities: Oil swaps - - (184) (90) (39) (55) - Oil options - - 317 208 109 - - Gas swaps - - - - - - - Electricity swaps - - (69) (65) (4) - - Electricity options - - - - - - - CO2 emissions allowances - - - - - - - Coal forwards Currency: - - 56 45 11 - - Forward exchange contracts 5,489 (167) (1,457) (392) (486) (477) (102) Currency swaps interest: 837 (15) 153 20 34 64 35 Interest rate swaps 9,483 (846) (848) (6) (25) (5) (812) total derivative fi nancial instruments 15,809 (1,028) (2,032) (280) (400) (473) (879) 114 118 COnsOliDatED finanCial statEmEnts – DONG ENERGY GROUP ANNUAL ANNUAL REPORT REPORT 2011 2011 After 2014
trading portfolio, economic hedging and cash fl ow hedging 2010 Total Trading portfolio and economic hedging DKK million Notional amount Fair value Notional amount Fair value commodities: Oil swaps 11,603 175 9,794 557 Oil options 8,148 829 - - Gas swaps 1,272 (111) 1,272 (111) Electricity swaps 13,848 442 8,689 1,257 CO2 emissions allowances 258 34 258 34 Coal forwards Currency: 1,959 244 71 14 Forward exchange contracts 7,563 (141) - - Currency swaps interest: 10,778 221 5,305 53 Interest rate swaps 18,494 (386) 13,650 (126) total derivative fi nancial instruments 73,923 1,307 39,039 1,678 Cash fl ow hedging DKK million Notional commodities: amount Fair value Recognised in equity Expected date of transfer to profi t for the year 2011 2012 2013 Oil swaps 1,809 (382) (370) (186) (90) (39) (55) Oil options 8,148 829 493 176 208 109 - Gas swaps - - - - - - - Electricity swaps 5,159 (815) (552) (482) (65) (4) (1) CO 2 emissions allowances - - - - - - - Coal forwards 1,888 230 144 70 63 11 - Currency: Forward exchange contracts 7,563 (141) (1,280) (64) (220) (423) (573) Currency swaps interest: 5,473 168 339 163 73 (3) 106 Interest rate swaps 4,844 (260) (265) - - (26) (239) total derivative fi nancial instruments 34,884 (371) (1,491) (323) (31) (375) (762) After 2013 DONG ENERGY DONG ENERGY GROUP ANNUAL REPORT 2011 – COnsOliDatED finanCial statEmEnts 119 115 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
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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 and 120: Categories of fi nancial instrument
Page 121: securities 2011 DKK million Nominal
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
Page 171 and 172: 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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