ANNUAL REPORT 2011 - DONG Energy

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notes 23 Company overview Name Registered office Ownership interest subsidiaries DE nr. 1 2003 A/S Fredericia, Denmark 100% DONG E&P A/S Fredericia, Denmark 100% DONG El A/S Fredericia, Denmark 100% DONG Energy Ayrshire Holdco Ltd. London, England 100% DONG Energy Infrastruktur Holding GmbH Hamburg, Germany 100% DONG Energy Oil & Gas A/S Fredericia, Denmark 100% DONG Energy Pipelines GmbH Kiel, Germany 100% DONG Energy Power Holding A/S 1 Fredericia, Denmark 57% DONG Energy Power A/S 2 Fredericia, Denmark 17% DONG Energy Sales & Distribution A/S Fredericia, Denmark 100% DONG Gas Distribution A/S Fredericia, Denmark 100% DONG Insurance A/S Fredericia, Denmark 100% DONG Naturgas A/S Fredericia, Denmark 100% DONG Oil Pipe A/S Fredericia, Denmark 100% DONG Storage A/S Fredericia, Denmark 100% DONG Sverige Distribution AB Gothenburg, Sweden 100% DONG VE A/S Fredericia, Denmark 100% 1 The remaining part of the company is owned by EnergiGruppen Jylland El A/S, which is wholly-owned by the DONG Energy Group. 2 The remaining part of the company is owned by DONG Energy Power Holding A/S and DONG Energy Sales & Distribution, which are wholly-owned by the DONG Energy Group. 184 parEnt COmpany finanCial statEmEnts – DONG ENERGY ANNUAL REPORT 2011
Independent Auditor’s Report To the Shareholders of DONG Energy A/S report on Consolidated financial statements and parent Company financial statements We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of DONG Energy A/S for the financial year 1 January to 31 December 2011, which comprise statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes, including summary of significant accounting policies, for the Group as well as for the Parent Company. The Consolidated Financial Statements and the Parent Company Financial Statements are prepared in accordance with International Financial Reporting Standards as adopted by the EU and Danish disclosure requirements for listed companies and State-owned public limited companies. Management’s Responsibility for the Consolidated Financial Statements and the Parent Company Financial Statements Management is responsible for the preparation of Consolidated Financial Statements and Parent Company Financial Statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and Danish disclosure requirements for listed companies and State-owned public limited companies, and for such internal control as Management determines is necessary to enable the preparation of Consolidated Financial Statements and Parent Company Financial Statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on the Consolidated Financial Statements and the Parent Company Financial Statements based on our audit. We conducted our audit in accordance with International Standards on Auditing and additional requirements under Danish audit regulation. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the Consolidated Financial Statements and the Parent Company Financial Statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Consolidated Financial Statements and the Parent Company Financial Copenhagen, 9 March 2012 pricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Fin T. Nielsen Mogens Nørgaard Mogensen Statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the Consolidated Financial Statements and the Parent Company Financial Statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company’s preparation of Consolidated Financial Statements and Parent Company Financial Statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as evaluating the overall presentation of the Consolidated Financial Statements and the Parent Company Financial Statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. The audit has not resulted in any qualification. Opinion In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the Group’s and the Parent Company’s financial position at 31 December 2011 and of the results of the Group’s and the Parent Company’s operations and cash flows for the financial year 1 January to 31 December 2011 in accordance with International Financial Reporting Standards as adopted by the EU and Danish disclosure requirements for listed companies and State-owned public limited companies. statement on management’s review We have read Management’s Review in accordance with the Danish Financial Statements Act. We have not performed any procedures additional to the audit of the Consolidated Financial Statements and the Parent Company Financial Statements. On this basis, in our opinion, the information provided in Management’s Review is consistent with the Consolidated Financial Statements and the Parent Company Financial Statements. State Authorised Public Accountant State Authorised Public Accountant DONG ENERGY ANNUAL REPORT 2011 – inDEpEnDEnt auDitOr’s rEpOrt 185 IndePendent audItoR’s REPORT
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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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do not satisfy the criteria for hed
Page 137 and 138: translation reserve The translation
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
Page 145 and 146: Definitions of performance highligh
Page 147 and 148: significant licences and hydrocarbo
Page 149 and 150: 42 Company overview Segment/company
Page 151 and 152: Segment/company Type 1 Registered o
Page 153 and 154: Segment/company Type 1 Registered o
Page 155 and 156: DONG ENERGY ANNUAL REPORT 2011 - CO
Page 157 and 158: Accounting policies for data collec
Page 159 and 160: significant environmental incidents
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 and 170: 01 Basis of reporting The parent co
Page 171 and 172: 04 Staff costs DKK million 2011 201
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
Page 179 and 180: 14 Loans and borrowings DKK million
Page 181 and 182: 18 Financial risks DONG Energy A/S
Page 183 and 184: 19 Financial instruments maturity a
Page 185 and 186: fair value hierarchy of financial i
Page 187: 22 Related party transactions tradi
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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