ANNUAL REPORT 2011 - DONG Energy

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notes 20 Leasing Operating leases DKK million 21 Contingent assets and liabilities Contingent assets In previous financial years, DONG Energy A/S has concluded agreements on the disposal of enterprises that feature contingent consideration, the consideration depending in part on several uncertain future events outside DONG Energy A/S’s control. Contingent liabilities Guarantees DONG Energy A/S has provided guarantees in connection with participation by subsidiaries and participation by joint ventures in which subsidiaries are partners in natural gas and oil exploration and production, construction and operation of wind farms, 2011 2010 Minimum lease payments Subleasing net Minimum lease payments Subleasing net 0-1 year (98) 85 (13) (106) 95 (11) 1-5 years (97) 87 (10) (34) 31 (3) More than 5 years (77) 77 0 - - 0 minimum lease payments (272) 249 (23) (140) 126 (14) DONG Energy A/S has entered into operating leases for leasing of office premises until 2022 and vehicle leasing on behalf of the Group’s companies. There are no significant restrictions in the leases. In 2011, an amount of DKK 102 million (2010: DKK 86 million) was recognised in profit for the year in respect of operating lease payments. 182 parEnt COmpany finanCial statEmEnts – DONG ENERGY ANNUAL REPORT 2011 DONG Energy A/S has entered into operating leases with subsidiaries for subleasing of office premises and leasing of investment property. There are no significant restrictions in the leases. In 2011, an amount of DKK 104 million (2010: DKK 89 million) was recognised in profit for the year in respect of rental income. and geothermal plants and natural gas installations. DONG Energy A/S has also provided guarantees in respect of leases, decommissioning obligations, purchase and sales contracts, etc. DONG Energy A/S acts as guarantor with primary liability for bank balances in subsidiaries for DKK 1,294 million (2010: DKK 3,236 million). litigation DONG Energy A/S is a party to a number of litigation proceedings and legal disputes that do not have any effect on the company’s financial position, either individually or collectively.
22 Related party transactions trading with subsidiaries DKK million 2011 2010 Rental income and services to subsidiaries 119 99 Purchases of goods and services from subsidiaries (195) (101) Interest, subsidiaries (net income) 1,601 1,448 Capital transactions and balances with subsidiaries and jointly controlled entities at 31 December DKK million 2011 2010 Receivables from subsidiaries 62,752 55,661 Receivables from jointly controlled entities 328 - Payables to subsidiaries (10,509) (10,206) Dividends received from subsidiaries 3,113 1,703 Remuneration to the Board of Directors and the Executive Board is disclosed in note 4. For a description of related parties, reference is made to note 38 to the consolidated financial statements. For a list of subsidiaries, reference is made to note 23. DONG ENERGY ANNUAL REPORT 2011 – parEnt COmpany finanCial statEmEnts 183 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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Categories of fi nancial instrument
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securities 2011 DKK million Nominal
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trading portfolio, economic hedging
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Hedging of net investments in forei
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35 Lease commitments 2011 DKK milli
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As a condition for approval of its
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39 Events after the reporting perio
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Regulated companies that operate ac
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ANNUAL REPORT 2011 - DONG Energy

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