ANNUAL REPORT 2011 - DONG Energy
ANNUAL REPORT 2011 - DONG Energy
ANNUAL REPORT 2011 - DONG Energy
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
35 Lease commitments<br />
<strong>2011</strong><br />
DKK million<br />
Assets held under operating leases comprise land and seabed<br />
relating to wind farms in the UK, Poland and Germany until<br />
2037, natural gas storage facilities in Germany until 2023, a<br />
power station site in the Netherlands until 2037, offi ce premises<br />
until 2022 and vehicles etc.<br />
Lease payments in respect of leasing of sea bed relating to<br />
wind farms in the UK vary with the MWh generated, but with<br />
agreed minimum lease payments.<br />
The Group has concluded operating leases in respect of an installation<br />
vessel for the construction of wind farms for the period<br />
2013-2015, a port in Belfast in Northern Ireland for the period<br />
2013-2017 and seabed for wind farms in the UK from 2012<br />
and up to 50 years thereafter (including options for extension).<br />
The lease relating to the port includes an option under which it<br />
may be extended by fi ve years.<br />
Operating leases Finance leases<br />
Minimum<br />
lease<br />
payments Subleasing net<br />
Minimum<br />
lease<br />
payments Interest<br />
Present<br />
value<br />
0-1 year 306 - 306 30 (3) 27<br />
1-5 years 850 - 850 28 (8) 20<br />
More than 5 years 1,257 - 1,257 29 (27) 2<br />
minimum lease payments 2,413 0 2,413 87 (38) 49<br />
2010<br />
DKK million<br />
Operating leases Finance leases<br />
Minimum<br />
lease<br />
payments Subleasing net<br />
Minimum<br />
lease<br />
payments Interest<br />
present<br />
value<br />
0-1 year 415 (177) 238 40 (2) 38<br />
1-5 years 692 - 692 156 (20) 136<br />
Over 5 years 813 - 813 46 (33) 13<br />
minimum lease payments 1,920 (177) 1,743 242 (55) 187<br />
The minimum lease payments under these leases amount to<br />
DKK 1,153 million and have not been recognised in the above<br />
calculation of minimum lease payments under lease arrangements<br />
commenced.<br />
In <strong>2011</strong>, operating lease payments totalling DKK 414 million<br />
were recognised (2010: DKK 529 million) in profi t for the year.<br />
Obligations relating to assets held under fi nance leases are<br />
recognised in bank loans. The present value of minimum lease<br />
payments has been calculated using the interest rate in the<br />
respective leases. There is no contingent rent under the leases.<br />
Assets held under fi nance leases are recognised as property,<br />
plant and equipment in the balance sheet at 31 December,<br />
with the following carrying amounts:<br />
DKK million <strong>2011</strong> 2010<br />
Production assets 18 32<br />
Property, plant and equipment under construction 98 91<br />
Carrying amount at 31 December 116 123<br />
<strong>DONG</strong> ENERGY <strong>DONG</strong> ENERGY GROUP <strong>ANNUAL</strong> <strong>REPORT</strong> <strong>2011</strong> – COnsOliDatED finanCial statEmEnts<br />
123 119<br />
notes