ANNUAL REPORT 2011 - DONG Energy

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notes 01 Basis of reporting Dividends from investments in subsidiaries Dividends from investments in subsidiaries are credited to profit for the year in the financial year in which they are declared. property, plant and equipment Investment property is property that is held to earn rental income and is used for own purposes to an insignificant extent only. Investment property is measured at cost less accumulated 02 Critical accounting estimates and judgements In the process of preparing the parent company financial statements, management makes a number of estimates and judgements that affect the value of recognised assets and liabilities at the balance sheet date, the value of recognised income and expenses in the reporting period and disclosures on contingent assets and contingent liabilities at the balance sheet date. estimation uncertainties Estimates made are based on historical experience and other factors that are believed by management to be reasonable under the circumstances, but that, by their nature, are uncertain and unpredictable. The effect of such estimates and judgements may lead to results that differ significantly from those that would result from the use of other judgements and assumptions. Estimates and judgements relating to impairment testing of subsidiaries that are affected by the value in use 03 Revenue depreciation and impairment losses. Investment property is depreciated over 20 years. Fixtures and fittings, tools and equipment are depreciated over 3-5 years. investments in subsidiaries Investments in subsidiaries are measured at cost in the parent company financial statements. Impairment testing is carried out if there is any indication of impairment. Cost is written down to recoverable amount whenever the cost exceeds the recoverable amount. of property, plant and equipment, had a material effect on the parent company financial statements for 2011. Reference is made to the section on impairment testing in note 2 to the consolidated financial statements. Other areas that were affected by estimates and judgments were primarily the valuation of receivables, onerous contracts, other provisions and contingent assets and liabilities. For information on these areas, reference is made to note 2 to the consolidated financial statements. Judgements in connection with accounting policies As part of the parent company’s accounting policies, management makes judgements, apart from those involving estimations, that may have a significant effect on the parent company financial statements. These judgments are the methods of accounting for derivative financial instruments and hybrid capital. Reference is made to note 2 to the consolidated financial statements. DKK million 2011 2010 Rental income and sales of services 119 99 revenue 119 99 166 parEnt COmpany finanCial statEmEnts – DONG ENERGY ANNUAL REPORT 2011
04 Staff costs DKK million 2011 2010 Wages, salaries and remuneration (24) (16) Pensions (1) - staff costs (25) (16) DONG Energy A/S had an average of seven employees in 2011 (2010: seven employees). remuneration of Board of Directors and Executive Board in 2011 DKK ‘000 Salaries Bonus Pension total parent company Board of Directors: Chairman (500) - - (500) Deputy Chairman (300) - - (300) Other members1 (1,838) - - (1,838) audit and risk Committee: Chairman (100) - - (100) Other members2 (138) - - (138) remuneration Committee: Chairman (50) - - (50) Other member (44) - - (44) parent company Executive Board: CEO (5,006) (1,084) (2) (6,092) CFO (4,565) (1,141) (2) (5,708) remuneration (12,541) (2,225) (4) (14,770) 1 Annual remuneration was DKK 175 thousand per member in 2011. 2 Annual remuneration was DKK 50 thousand per member in 2011. A bonus plan has been established for the Executive Board. The service contract of the CEO includes a termination package under which he will be entitled to salary equivalent to 33½ months’ salary, including pension, if his service contract is terminated by the company (2010: 33½ months) consisting of salary during the notice period (12 months) and termination benefit (21½ months). The CFO will be entitled to 24 months’ salary, including pension, if his contract of service is terminated by the company (2010: 24 months) consisting of salary during the notice period (12 months) and termination benefit (12 months). DONG ENERGY ANNUAL REPORT 2011 – parEnt COmpany finanCial statEmEnts 167 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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Risk Price change Effect on profi t
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Page 121 and 122: securities 2011 DKK million Nominal
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Page 129 and 130: As a condition for approval of its
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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
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Page 147 and 148: significant licences and hydrocarbo
Page 149 and 150: 42 Company overview Segment/company
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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: 01 Basis of reporting The parent co
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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 185 and 186: fair value hierarchy of financial i
Page 187 and 188: 22 Related party transactions tradi
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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