ANNUAL REPORT 2011 - DONG Energy

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PaRent coMPany STATEMENT OF CASH FLOWS Year ended 31 December DKK million 2011 2010 Operating profit (loss) before depreciation, amortisation and impairment losses (EBITDA) (182) (58) Other adjustments 1,010 205 Interest income and similar items 11,056 11,980 Interest expense and similar items (11,215) (11,756) Income tax paid 15 715 317 Cash flows from operating activities before change in net working capital (ffO) 1,384 688 Change in trade receivables (4) (69) Change in other receivables 183 (76) Change in trade payables 77 (397) Change in other payables (198) 191 Change in net working capital 58 (351) Cash flows from operating activities 1,442 337 Disposal of enterprises 16 - 471 Financial transactions with subsidiaries (7,033) (5,360) Financial transactions with jointly controlled entities (328) - Purchase of securities (8,124) (6,199) Sale of securities 6,160 2,426 Other investments (105) (5) Dividends received 3,113 1,703 Cash flows from investing activities (6,317) (6,964) Proceeds from raising of loans 8,985 10,522 Instalments on loans (6,426) (3,856) Coupon payments on hybrid capital (515) (451) Repurchase of hybrid capital (3,802) - Proceeds from issuing of hybrid capital 5,127 - Dividends paid (2,203) (481) Receivables from Group business partner (1,713) - Cash flows from financing activities (547) 5,734 net increase (decrease) in cash and cash equivalents (5,422) (893) Cash and cash equivalents at 1 January 1,506 2,399 Net increase (decrease) in cash and cash equivalents (5,422) (893) Cash and cash equivalents at 31 December 17 (3,916) 1,506 164 parEnt COmpany finanCial statEmEnts – DONG ENERGY ANNUAL REPORT 2011
01 Basis of reporting The parent company financial statements are prepared pursuant to the requirements in the Danish Financial Statements Act concerning preparation of separate parent company financial statements for companies applying IFRS. The parent company financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU and also comply with International Financial Reporting Standards issued by the IASB. The annual report has been prepared in accordance with Danish disclosure requirements for annual reports of listed and State-owned public limited companies, see the statutory order on adoption of IFRS issued pursuant to the Danish Financial Statements Act. The annual report is presented in Danish kroner (DKK), rounded to the nearest million, unless otherwise stated. Implementation of new standards and interpretations Reference is made to the description in note 1 to the consolidated financial statements. Description of accounting policies Changed presentation DONG Energy A/S has changed the presentation of its statement of comprehensive income so that it is now classified by nature instead of function, which means that EBITDA features directly in the statement of comprehensive income. This ensures better coherence with Management’s review, in which EBITDA is used as one of the Group’s most important performance measures. Changed presentation of income statement, 2010 DKK million Classified by function Revenue 99 Production costs (96) Gross profit 3 Management and administration (66) Operating profit (loss) (EBit) (63) DKK million Classified by nature Revenue 99 Other external expenses (141) Staff costs (16) Operating profit (loss) before depreciation, amortisation and impairment losses (EBitDa) (58) Depreciation and impairment losses on property, plant and equipment (5) Operating profit (loss) (EBit) (63) The parent company’s accounting policies deviate from the accounting policies described for the consolidated financial statements, see note 40 in the complete annual report, on the following points: foreign currency translation Foreign exchange adjustments of balances accounted for as part of the total net investment in enterprises that have a functional currency other than DKK are recognised in profit for the year as finance income and costs in the parent company financial statements. Likewise, foreign exchange gains and losses on the portion of loans and derivative financial instruments that has been entered into to hedge the net investment in these enterprises are recognised directly in profit for the year as finance income and costs. revenue Rental income comprises income from commercial leases and is recognised over the term of the lease. Income from services is recognised when delivery has taken place. DONG ENERGY ANNUAL REPORT 2011 – parEnt COmpany finanCial statEmEnts 165 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
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Equity and liabilities DKK million
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DKK million Share capital Hedging r
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DKK million Note 2011 2010 suppleme
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02 Critical accounting estimates an
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The excess of the cost of the acqui
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• wind power: Development, constr
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Geographical breakdown 2011 DKK mil
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econciliations DKK million 2011 201
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emuneration of Board of Directors,
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08 Fee to auditor appointed at the
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13 Income tax expense DKK million 2
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DKK million Goodwill Cost at 1 Janu
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The main criteria used for determin
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DKK million Land and Impairment tes
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17 Associates and other securities
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19 Receivables DKK million 2011 201
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20 Construction contracts DKK milli
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Hybrid capital due 3005 Hybrid capi
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Change in temporary differences in
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25 Loans and borrowings DKK million
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27 Income tax receivable and payabl
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29 Disposal of enterprises DKK mill
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Other capital transactions with non
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Page 167: DKK million Share capital Hedging r
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Page 173 and 174: 06 Finance income DKK million 2011
Page 175 and 176: 09 Property, plant and equipment DK
Page 177 and 178: 12 Equity Share capital composition
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Page 181 and 182: 18 Financial risks DONG Energy A/S
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Page 189 and 190: Independent Auditor’s Report To t
Page 191 and 192: coMPany announceMents IN 2011 Compa
Page 193 and 194: glossaRy relatively low (off-peak).
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ANNUAL REPORT 2011 - DONG Energy

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