ANNUAL REPORT 2011 - DONG Energy

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eXPloRatIon & PRoductIon AT A GLANCE sales & dIstRIButIon Efficient and reliable electricity and gas supply Sales & Distribution is Denmark’s largest energy supplier and is responsible for efficient and reliable supply to more than 1.2 million customers in Denmark, the Netherlands and Sweden. Value is created primarily via the sale of electricity and gas and via operation of distribution networks. To this should be added development of products and climate-friendly solutions for customers. Intelligent consumption and production methods of the future (Smart Energy) is an important focus area. With more than 100 climate partnerships, DONG Energy engages in close dialogue with large companies, organisations and municipalities on optimising their energy consumption. The Group is also expanding internationally and acquired the gas trading company Shell Gas Direct in the UK in the autumn. The acquisition date is 30 April 2012. Generation - EN Energy Markets - EN Executive Vice President Lars Clausen 26 manaGEmEnt’s rEviEw – DONG ENERGY GROUP ANNUAL ANNUAL REPORT REPORT 2011 2011 SD - EN Read more about Sales & Distribution: www.dongenergy.com/EN/SD
The photo shows a meter technician calling on a customer to replace an electricity meter. rEvEnuE DKK 13.0Bn 18% EBitDa DKK 2.0Bn 15% EmplOyEEs (FTE) 1,409 23% The percentages indicate the proportion of the Group that each business area accounted for in 2011. DONG Energy offi ce Oil pipeline owned by DONG Energy Gas storage facility 20 15 10 5 0 Oil processing plant Electricity distribution Gas distribution Sales and distribution of electricity and gas, TWh Gas sales Gas sales (from 2012) Gas and electricity sales 25 Elsalg 2009 Electricity sales Electricity distribution Gas sales by country in 2011 16% 37% 20.3 TWh Denmark (public regulation) Denmark (market terms) The Netherlands (market terms) Sweden (market terms) 2010 Gas distribution 9% 38% 2011 Electricity sales by country in 2011 8% Holland markedsvilkår 51% DK markedsvilkår 7.6 TWh DK forsyningspligt Denmark (public regulation) Denmark (market terms) The Netherlands (market terms) DONG ENERGY DONG ENERGY GROUP ANNUAL REPORT 2011 – manaGEmEnt’s rEviEw 27 41% Gassalg Eldistribu Gasdistri
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: Strong market insight from experien
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
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Geographical breakdown 2011 DKK mil
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econciliations DKK million 2011 201
Page 87 and 88:
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
Page 93 and 94:
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
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
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Change in temporary differences in
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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
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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
Page 123 and 124:
trading portfolio, economic hedging
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Hedging of net investments in forei
Page 127 and 128:
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
Page 143 and 144:
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
Page 151 and 152:
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
Page 157 and 158:
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
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
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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 and 190:
Independent Auditor’s Report To t
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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