ANNUAL REPORT 2011 - DONG Energy
ANNUAL REPORT 2011 - DONG Energy
ANNUAL REPORT 2011 - DONG Energy
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notes<br />
20 Leasing<br />
Operating leases<br />
DKK million<br />
21 Contingent assets and liabilities<br />
Contingent assets<br />
In previous financial years, <strong>DONG</strong> <strong>Energy</strong> A/S has concluded<br />
agreements on the disposal of enterprises that feature contingent<br />
consideration, the consideration depending in part on<br />
several uncertain future events outside <strong>DONG</strong> <strong>Energy</strong> A/S’s<br />
control.<br />
Contingent liabilities<br />
Guarantees<br />
<strong>DONG</strong> <strong>Energy</strong> A/S has provided guarantees in connection with<br />
participation by subsidiaries and participation by joint ventures<br />
in which subsidiaries are partners in natural gas and oil exploration<br />
and production, construction and operation of wind farms,<br />
<strong>2011</strong> 2010<br />
Minimum lease<br />
payments Subleasing net<br />
Minimum lease<br />
payments Subleasing net<br />
0-1 year (98) 85 (13) (106) 95 (11)<br />
1-5 years (97) 87 (10) (34) 31 (3)<br />
More than<br />
5 years (77) 77 0 - - 0<br />
minimum lease<br />
payments (272) 249 (23) (140) 126 (14)<br />
<strong>DONG</strong> <strong>Energy</strong> A/S has entered into operating leases for leasing<br />
of office premises until 2022 and vehicle leasing on behalf<br />
of the Group’s companies. There are no significant restrictions<br />
in the leases. In <strong>2011</strong>, an amount of DKK 102 million (2010:<br />
DKK 86 million) was recognised in profit for the year in respect<br />
of operating lease payments.<br />
182 parEnt COmpany finanCial statEmEnts – <strong>DONG</strong> ENERGY <strong>ANNUAL</strong> <strong>REPORT</strong> <strong>2011</strong><br />
<strong>DONG</strong> <strong>Energy</strong> A/S has entered into operating leases with<br />
subsidiaries for subleasing of office premises and leasing of<br />
investment property. There are no significant restrictions in<br />
the leases. In <strong>2011</strong>, an amount of DKK 104 million (2010: DKK<br />
89 million) was recognised in profit for the year in respect of<br />
rental income.<br />
and geothermal plants and natural gas installations. <strong>DONG</strong><br />
<strong>Energy</strong> A/S has also provided guarantees in respect of leases, decommissioning<br />
obligations, purchase and sales contracts, etc.<br />
<strong>DONG</strong> <strong>Energy</strong> A/S acts as guarantor with primary liability for<br />
bank balances in subsidiaries for DKK 1,294 million (2010: DKK<br />
3,236 million).<br />
litigation<br />
<strong>DONG</strong> <strong>Energy</strong> A/S is a party to a number of litigation proceedings<br />
and legal disputes that do not have any effect on the<br />
company’s financial position, either individually or collectively.
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