ANNUAL REPORT 2011 - DONG Energy
ANNUAL REPORT 2011 - DONG Energy
ANNUAL REPORT 2011 - DONG Energy
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39 Events after the reporting period<br />
Sterling-denominated bond issue<br />
In January 2012, <strong>DONG</strong> <strong>Energy</strong> issued a GBP 750 million bond<br />
with a maturity of 20 years. The bond carries a coupon of<br />
4.875%. The bond was issued under the company’s existing<br />
bond programme (EMTN programme) and the transaction will<br />
strengthen <strong>DONG</strong> <strong>Energy</strong>’s strong liquidity position.<br />
Disposal of Oil Terminals<br />
In June <strong>2011</strong>, <strong>DONG</strong> <strong>Energy</strong> and the Canadian energy infrastructure<br />
business Inter Pipeline Fund agreed that Inter<br />
Pipeline Fund would take over <strong>DONG</strong> <strong>Energy</strong> Oil Terminals.<br />
The selling price for <strong>DONG</strong> <strong>Energy</strong> Oil Terminals was DKK 2.9<br />
billion. The transaction was completed in January 2012, yielding<br />
a gain before tax of approx. DKK 2.6 billion.<br />
Development of the Danish Hejre fi eld<br />
<strong>DONG</strong> <strong>Energy</strong> and Bayerngas have decided to develop the<br />
Hejre fi eld in the Danish sector of the North Sea. <strong>DONG</strong><br />
<strong>Energy</strong> is the operator and has a 60% stake in the fi eld.<br />
Bayerngas owns 40%. <strong>DONG</strong> <strong>Energy</strong>’s investment totals DKK<br />
9.2 billion. The development of the fi eld represents DKK 7.3<br />
billion, equivalent to 60% of the total development costs. The<br />
remaining DKK 1.9 billion represents costs for the expansion of<br />
<strong>DONG</strong> <strong>Energy</strong>’s terminal in Fredericia, which will be processing<br />
the oil from the Hejre fi eld. <strong>DONG</strong> <strong>Energy</strong> estimates the<br />
total reserves of the Hejre fi eld at approx. 170 million barrels of<br />
oil equivalent and expects fi rst oil from the end of 2015.<br />
Disposal of stake in the German offshore<br />
wind farm Borkum Riffgrund 1<br />
In February 2012, the LEGO Group’s parent company, KIRKBI<br />
A/S, and the Oticon Foundation, via its wholly-owned investment<br />
company, William Demant Invest A/S, signed an<br />
agreement with <strong>DONG</strong> <strong>Energy</strong> to acquire 50% of the German<br />
Borkum Riffgrund 1 offshore wind farm for a sum of approx.<br />
DKK 4.7 billion. The transaction is subject to approval by the<br />
competition authorities and is expected to be completed in<br />
the second quarter of 2012. Borkum Riffgrund 1 will consist<br />
of 77 3.6 MW wind turbines from Siemens Wind Power. The<br />
wind farm will be able to supply CO2-free power equivalent<br />
to the annual electricity consumption of more than 285,000<br />
households. Construction of Borkum Riffgrund 1 is expected<br />
to commence in 2013, and fi rst power is expected to be generated<br />
in 2014.<br />
<strong>DONG</strong> ENERGY <strong>DONG</strong> ENERGY GROUP <strong>ANNUAL</strong> <strong>REPORT</strong> <strong>2011</strong> – COnsOliDatED finanCial statEmEnts<br />
123 127<br />
notes
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