ANNUAL REPORT 2011 - DONG Energy

More documents

Recommendations

Info

125 assuRance stateMent Assurance Statement Independent auditor’s Assurance Statement for DONG Energy’s stakeholders We have reviewed DONG Energy’s non-financial statements for 2011 for the purpose of expressing a conclusion on CSR data. Criteria used to prepare the non-financial statements The criteria used to prepare the non-financial statements are set out in the description of accounting policies on pages 152- 155 in the Annual Report. These contain information on which of the Group’s business areas and activities are included in the reporting and Management’s reasons for choosing the data included. Data are recognised in accordance with the description of applied accounting policies for non-financial data. Responsibilities Company Management is responsible for preparing the non-financial statements, including for establishing registration and internal control systems with a view to ensuring a reliable reporting basis, specifying acceptable reporting criteria and choosing data to be collected. Based on our review, it is our responsibility to express a conclusion on the CSR data in the non-financial statements. Scope We have planned and performed our work in accordance with the international standard on assurance engagements ISAE 3000 (assurance engagements other than audits or reviews of historical financial information) for the purpose of obtaining limited assurance that the CSR data presented on page 6 have been recognised in accordance with the criteria used to prepare the non-financial statements. The obtained assurance is limited as our engagement has been limited compared to an audit engagement. Based on an assessment of materiality and risk, our work has first and foremost comprised inquiries regarding applied instructions, registration and reporting systems, procedures with focus on inter- Copenhagen, 9 March 2012 pricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab nal controls, auditing analyses of the data basis used to prepare the non-financial statements, sample testing of data and underlying documentation, including visits at selected local entities, and control of compliance with the description of accounting policies for the 2011 non-financial statements. Conclusion Based on our work, nothing has come to our attention causing us to believe that the CSR data presented on page 6 of the Group Annual Report and the Annual Report for 2011 have not been recognised in accordance with the criteria used to prepare the non-financial statements. Special statement on reporting in accordance with GRI’s Sustainability Reporting Guidelines and opinion on social responsibility statement We have assessed the extent to which DONG Energy has applied GRI’s Sustainability Reporting Guidelines (GRI G3.0), application level B+, including Electric Utilities Sector Supplement, for the financial year 2011. Our work has primarily comprised a review of the documentation presented, including chosen inquiries and sample testing of information and data, to determine whether the documentation meets the requirements of GRI G3.0. Based on our work, nothing has come to our attention contradicting DONG Energy’s self assessment of the extent to which it in its reporting complies with GRI G3.0, including the Electric Utilities Sector Supplement. We are thus able to state that nothing has come to our attention causing us to believe that DONG Energy has not reported in a reasonable and balanced manner in accordance with GRI G3.0, application level B+, including the Electric Utilities Sector Supplement. We have furthermore assessed if, and can confirm that DONG Energy in its reporting complies with the requirements for presenting a social responsibility statement as set out in section 99(a) of the Danish Financial Statements Act. Fin T. Nielsen Mogens Nørgaard Mogensen State Authorised Public Accountant State Authorised Public Accountant 186 assuranCE statEmEnt – DONG ENERGY ANNUAL DONG REPORT ENERGY 2011 GROUP ANNUAL REPORT 2011 – assuranCE statEmEnt 125 assuRance stateMent
coMPany announceMents IN 2011 Company announcements in 2011 Q4 23 December Changes to previous announcement about the divestment of Oil Terminals 16 December DONG Energy acquires a stake in the first two projects in SMart Wind’s Hornsea zone 04 november DONG Energy acquires the right to further develop German offshore wind farm 04 november Interim financial report – Q3 2011 – Stable results for the first nine months of the year 01 november Completion of Marubeni Corporation’s acquisition of an ownership stake in Gunfleet Sands offshore windfarm 31 October DONG Energy to present first 9 months’ results 27 October Vestas and DONG Energy enter into agreement on testing of new 7 MW offshore wind turbine 21 October Divestment of the transmission assets at the offshore wind farm Walney 1 20 October Divestment of stakes in Anholt offshore wind farm has been approved 18 October DONG Energy enters into agreement to acquire UK Shell Gas Direct 03 October DONG Energy increases stake in Syd Arne field Q3 29 september DONG Energy appoints new Executive Vice President 27 september Disposal of Barrow offshore wind farm transmission assets 01 september Marubeni Corporation to become coowner of Gunfleet Sands offshore wind farm 31 august DONG Energy acquires Noreco’s stake in the Siri field 26 august DONG Energy co-founder of bioenergy consortium in Måbjerg 22 august Executive Vice President Niels Bergh- Hansen retires 17 august DONG Energy A/S signs a new EUR 1.3bn credit facility 16 august DONG Energy sells its stake in Nordkraft Vind 16 august Interim financial report - Q2 2011 – High energy prices ensured strong results 10 august DONG Energy to present first half results for 2011 25 July DONG Energy and Noreco make an agreement on the Siri field in the North Sea 19 July Terms in place for the divestment of the transmission assets at the Gunfleet Sands offshore wind farm Q2 28 June DONG Energy and Bladt Industries sign long-term cooperation agreement on wind turbine foundations 20 June DONG Energy enters into agreement to divest Oil Terminals to Inter Pipeline Fund 16 June DONG Energy and ScottishPower Renewables to build West of Duddon Sands offshore wind farm 15 June DONG Energy’s repair solution only sufficient solution for Siri 15 June Permanent solution for North Sea platform Siri 19 may Interim financial report - Q1 2011 – Sound and satisfactory results 16 may New and more transparent presentation of income statement 12 may DONG Energy to present first quarter results for 2011 126 aDDitiOnal infOrmatiOn – DONG ENERGY GROUP DONG ANNUAL ENERGY REPORT ANNUAL 2011 REPORT 2011 – aDDitiOnal infOrmatiOn Q1 28 march PensionDanmark and PKA to become co-owners of Denmark’s largest offshore wind farm 11 march DONG Energy A/S’ list of information published pursuant to Section 27b of the Danish Securities Trading Act 11 march Announcement of financial results for 2010 08 march DONG Energy to present full year 2010 results 24 february DONG Energy to build German offshore wind farm 18 february Change of reporting segments 27 January Notice to holders of GBP 500,000,000 5.75% securities due 2040, issued by DONG Energy on 9 April 2010 (ISIN xS0499449261) 21 January Announcement of final pricing regarding DONG Energy’s invitation to tender hybrid capital bonds for repurchase 20 January Announcement of results and acceptance regarding DONG Energy’s invitation to tender hybrid capital bonds for repurchase 13 January DONG Energy has successfully issued new hybrid capital bonds 13 January DONG Energy resumes intention to issue new hybrid capital bonds and announces invitation to tender existing hybrid capital bonds for repurchase 11 January Financial calendar 2011 187 coMPany announceMents IN 2011 126
Page 1 and 2:
MOVING ENERGY FORWARD ANNUAL REPORT
Page 3 and 4:
More reliable and clean energy DONG
Page 5 and 6:
More reliable and clean energy Mode
Page 7 and 8:
Q3 17 August signing of Eur 1.3 bil
Page 9 and 10:
ifrs statement of comprehensive inc
Page 11 and 12:
un Global Compact principle Climate
Page 13 and 14:
Spearheading the development of the
Page 15 and 16:
Waste is a valuable resource It is
Page 17 and 18:
DONG Energy involves local operator
Page 19 and 20:
The ambitious business strategy mea
Page 21 and 22:
DONG Energy contributes to green gr
Page 23 and 24:
The photo shows the Siri platform i
Page 25 and 26:
The photo shows the construction of
Page 27 and 28:
The photo shows one of the Group’
Page 29 and 30:
Strong market insight from experien
Page 31 and 32:
The photo shows a meter technician
Page 33 and 34:
monthly average 2011 2010 ∆ Oil,
Page 35 and 36:
Net finance costs amounted to DKK 0
Page 37 and 38:
New presentation of profit for the
Page 39 and 40:
Non-financial performance The Group
Page 41 and 42:
volumes Generation from wind and hy
Page 43 and 44:
was brought back online in October
Page 45 and 46:
Further information on DONG Energy
Page 47 and 48:
DONG Energy has a diversified loan
Page 49 and 50:
Market and credit risks The Group
Page 51 and 52:
isk and risk policy Exposure and he
Page 53 and 54:
isk and risk policy Exposure and he
Page 55 and 56:
Environment As an energy company, D
Page 57 and 58:
Under Danish legislation, the Group
Page 59 and 60:
information and communication DONG
Page 61 and 62:
lars nØrBy JOHansEn Deputy Chairma
Page 63 and 64:
pOul arnE niElsEn b. 1944. Joined t
Page 65 and 66:
The Board of Directors and the Exec
Page 67 and 68:
notes to the statement of cash flow
Page 69 and 70:
DKK million Note Business perfor ma
Page 71 and 72:
Equity and liabilities DKK million
Page 73 and 74:
DKK million Share capital Hedging r
Page 75 and 76:
DKK million Note 2011 2010 suppleme
Page 77 and 78:
02 Critical accounting estimates an
Page 79 and 80:
The excess of the cost of the acqui
Page 81 and 82:
• wind power: Development, constr
Page 83 and 84:
Geographical breakdown 2011 DKK mil
Page 85 and 86:
econciliations DKK million 2011 201
Page 87 and 88:
emuneration of Board of Directors,
Page 89 and 90:
08 Fee to auditor appointed at the
Page 91 and 92:
13 Income tax expense DKK million 2
Page 93 and 94:
DKK million Goodwill Cost at 1 Janu
Page 95 and 96:
The main criteria used for determin
Page 97 and 98:
DKK million Land and Impairment tes
Page 99 and 100:
17 Associates and other securities
Page 101 and 102:
19 Receivables DKK million 2011 201
Page 103 and 104:
20 Construction contracts DKK milli
Page 105 and 106:
Hybrid capital due 3005 Hybrid capi
Page 107 and 108:
Change in temporary differences in
Page 109 and 110:
25 Loans and borrowings DKK million
Page 111 and 112:
27 Income tax receivable and payabl
Page 113 and 114:
29 Disposal of enterprises DKK mill
Page 115 and 116:
Other capital transactions with non
Page 117 and 118:
Risk Price change Effect on profi t
Page 119 and 120:
Categories of fi nancial instrument
Page 121 and 122:
securities 2011 DKK million Nominal
Page 123 and 124:
trading portfolio, economic hedging
Page 125 and 126:
Hedging of net investments in forei
Page 127 and 128:
35 Lease commitments 2011 DKK milli
Page 129 and 130:
As a condition for approval of its
Page 131 and 132:
39 Events after the reporting perio
Page 133 and 134:
Regulated companies that operate ac
Page 135 and 136:
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 and 188: 22 Related party transactions tradi
Page 189: Independent Auditor’s Report To t
Page 193 and 194: glossaRy relatively low (off-peak).
show all

ANNUAL REPORT 2011 - DONG Energy

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?