ANNUAL REPORT 2011 - DONG Energy

notes
33 Financial instruments
reconciliation of fi nancial instruments based on non-observable inputs
DKK million
Derivative fi nancial
instruments
(assets)
34 Jointly controlled entities
DONG Energy has ownership interests in jointly controlled entities
that primarily comprise ownership and operation of wind
farms and power stations. The Group’s ownership interests in
jointly controlled entities appear from note 42 in the complete
annual report.
DONG Energy has assumed investment obligations through
its participation in jointly controlled entities and has made
2011 2010
Derivative fi nancial
instruments
(liabilities)
Derivative fi nancial
instruments
(assets)
Derivative fi nancial
instruments
(liabilities)
Opening at 1 January 1,642 (38) 1,600 (126)
Gains and losses recognised in profi t for
the year as revenue (54) (449) (421) 103
Purchases 561 (196) 12 (15)
Other transfers to and from Level 3 (56) (277) 451 -
Closing at 31 December 2,093 (960) 1,642 (38)
A loss in respect of assets and liabilities that are valued based
on non-observable inputs and were still recognised in the balance
sheet at 31 December 2011 was recognised with DKK 137
million (2010: loss of DKK 323 million) in profi t for the year as
revenue.
The fair value of fi nancial instruments based on non-observable
inputs is signifi cantly affected by the non-observable
inputs used. As a result of the long-term and illiquid nature
of the contracts, the fair value may change signifi cantly in the
event of a change in the Group’s reasonable expectations relating
to the non-observable inputs used.
capital commitments to jointly controlled entities, as shown in
note 36.
Contingent liabilities relating to jointly controlled entities are
shown in note 37.
The Group’s recognised share of the profi ts, costs, assets and
liabilities of jointly controlled entities is as follows:
DKK million 2011 2010
Income 854 570
Expenses (589) (421)
Non-current assets 15,160 5,823
Current assets 2,286 1,481
assets at 31 December 17,446 7,304
Non-current liabilities 4,299 378
Current liabilities 4,246 465
liabilities at 31 December 8,545 843
118 122 COnsOliDatED finanCial statEmEnts – DONG ENERGY GROUP ANNUAL ANNUAL REPORT REPORT 2011
2011