ANNUAL REPORT 2011 - DONG Energy

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eXPloRatIon & theRMal PRoductIon PoweR AT A GLANCE Transition to greener energy generation at the power stations Thermal Power generates electricity and heat from thermal power stations. Most electricity and heat is generated at central coal-fired, gas-fired and biomass-fired CHP plants in Denmark and at new gas-fired power stations in Norway, the Netherlands and the UK. In the years to come, it is expected that coal and gas can largely be replaced by biomass at the Danish power stations. This will reduce CO emissions significantly for a substantial part of the heat supply in large Danish 2 cities. Work is also in progress to make generation more flexible so that it can be better aligned to the varying generation by wind turbines. Biomass is an important resource in the energy system of the future. Based on new refining technologies, innovative solutions are being developed for efficient and flexible utilisation of waste and biomass for both energy and other resources, for example nutrients. Executive Vice President Thomas Dalsgaard EP - EN Wind Power - EN Thermal Power - EN Energy Markets - EN 22 manaGEmEnt’s rEviEw – DONG ENERGY GROUP ANNUAL ANNUAL REPORT REPORT 2011 2011 Read more about Thermal Power: www.dongenergy.com/EN/Thermal_Power SD - EN
The photo shows one of the Group’s central power stations – Skærbæk power station. rEvEnuE DKK 10.7Bn 15% EBitDa DKK 2.3Bn 17% EmplOyEEs (FTE) 1,285 21% The percentages indicate the proportion of the Group that each business area accounted for in 2011. DONG Energy offi ce Inbicon bioethanol plant Central power stations Electricity generation, gas-fi red power station 6,000 5,000 4,000 3,000 2,000 1,000 0 2006 Electricity and heat generation, gas-fi red power station A long-term lease has been entered into with Statoil as a result of which the plant is accounted for as held under a fi nance lease. Thermal power station capacity by fuel, MW 12 Coal 8 4 0 Oil Gas Biomass 2011 Electricity and heat generation Waste Electricity generation, TWh Heat generation, PJ 2015 estimate TWh PJ 16 56 2009 2010 2011 42 28 14 0 Zealand Small-scale CHP plants On 31/12 2011, DONG Energy was the owner of nine small-scale and three waste-fi red CHP plants in Denmark. Four of the small-scale CHP plants were sold on 1/1 2012. Affald Biomasse Gas Oile Kul DONG ENERGY DONG ENERGY GROUP ANNUAL REPORT 2011 – manaGEmEnt’s rEviEw 23 Elproduktion, Varmeproduk
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: The photo shows the construction of
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
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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
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translation reserve The translation
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eporting enterprise operates. Trans
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CO 2 emissions allowances Allocated
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Deferred tax is measured using the
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Definitions of performance highligh
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significant licences and hydrocarbo
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42 Company overview Segment/company
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Segment/company Type 1 Registered o
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Segment/company Type 1 Registered o
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DONG ENERGY ANNUAL REPORT 2011 - CO
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Accounting policies for data collec
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significant environmental incidents
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fInancIal stateMents 2011 PARENT CO
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DKK million Note 2011 2010 profit f
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Equity and liabilities DKK million
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DKK million Share capital Hedging r
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01 Basis of reporting The parent co
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04 Staff costs DKK million 2011 201
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06 Finance income DKK million 2011
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09 Property, plant and equipment DK
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12 Equity Share capital composition
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14 Loans and borrowings DKK million
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18 Financial risks DONG Energy A/S
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19 Financial instruments maturity a
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fair value hierarchy of financial i
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22 Related party transactions tradi
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Independent Auditor’s Report To t
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coMPany announceMents IN 2011 Compa
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glossaRy relatively low (off-peak).
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ANNUAL REPORT 2011 - DONG Energy

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