ANNUAL REPORT 2011 - DONG Energy

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BoaRd of dIRectoRs 2011 54 58 BEnny GØBEl Employee representative b. 1967. Joined the board in 2011. Term of office expires in 2014. Education: MSc (Civil Engineering), Energy Resources Engineering, Technical University of Denmark (DTU), 1995. PhD, Technical University of Denmark, 2000. Remuneration, Board: DKK 175,000 Career and posts 2000-2005 Technical University of Denmark, Associate Professor 2005- Energi E2 A/S (now DONG Energy A/S), Engineer, Thermal Power JEns Kampmann b. 1937. Joined the board in 2005, re-elected 2011. Term of office expires in 2012. Member of Audit and Risk Committee and Remuneration Committee. Education: MSc (Economics), Copenhagen University, 1962 Remuneration, Board: DKK 175,000 Remuneration, Committees: DKK 75,000 Career and posts 1962-1964 Danish Ministry of Education 1964-1971 Danish Ministry of Finance (Ministry of Economic Affairs) 1966-1978 Member of Danish Parliament and, in 1971, 1972-1973 and 1977-1978, also Minister 1974-1977 Danish Ministry of Finance (Ministry of Economic Affairs) 1978-1990 Danish Environmental Protection Agency, Director 1990-2006 Invest Miljø A/S, CEO Other management positions Chairman: Frydenholm Holding A/S and a wholly-owned subsidiary, Dalum Holding A/S, Desmi A/S, Special Waste Systems A/S member: White Arkitekter A/S, JKC ApS, Retrocom Holding A/S, Genan A/S, Genan Business & Development A/S, Genan Global A/S, Kampus.NU ApS, Frydenholm Fødevarer A/S CEO: JKC ApS, Toftøje Invest ApS manaGEmEnt’s manaGEmEnt’s rEviEw rEviEw – – DONG ENERGY GROUP ANNUAL ANNUAL REPORT REPORT 2011 2011 JØrn pEtEr JEnsEn b. 1964. Joined the board in 2011. Term of office expires in 2012. Member of Audit and Risk Committee. Education: MSc (Economics and Business Administration), Copenhagen Business School, 1988. Remuneration, Board: DKK 175,000 Remuneration, Committees: DKK 50,000 Career and posts 1992-1993 Brüel & Kjær, Group Controller 1994-1999 Foss Electric A/S, CFO 1999-2000 Nilfisk Advance A/S, Executive Vice President and CFO 2000-2001 Carlsberg A/S, CFO 2001-2004 Carlsberg A/S, CEO 2004-2007 Carlsberg Breweries and Carlsberg A/S, CFO 2007- Carlsberg Breweries og Carlsberg A/S, Deputy CEO and CFO Other management positions member of the management: Member of the management of 27 wholly-owned Danish and foreign subsidiaries of the Carlsberg Group and member of the management of Boliginteressentskabet Tuborg Member of Committe on Corporate Governance CEO: Ekeløf Invest ApS JyttE KOED maDsEn Employee representative b. 1953. Joined the board in 2011. Term of office expires in 2014. Education: Commercial college, 1973, Technical Assistant, Faculty of Mechanical Engineering, 1988 Remuneration, Board: DKK 175,000 Career and posts 1988-2004 Skærbækværket, Technical Assistant 2004- Elsam A/S (now DONG Energy A/S), Technical Coordinator, Group Finance & Services
pOul arnE niElsEn b. 1944. Joined the board in 2006, re-elected 2011. Term of office expires in 2012. Education: Agricultural college, 1968, and MSc (Sports, Social Science and Business Economics), 1981 Remuneration, Board: DKK 175,000 Career and posts 1982-1998 Høje-Taastrup Upper Secondary School, Lecturer 1994-2007 Vallø Municipality, Mayor 2007- Stevns Municipality, Mayor Other management positions Chairman: SEAS-NVE A.m.b.a. and a wholly-owned subsidiary, SEAS-NVE Strømmen A/S, Sjællandske Medier A/S, Dansk Energi member: Sampension KP Livsforsikring A/S and a whollyowned subsidiary lars rEBiEn sØrEnsEn b. 1954. Joined the board in 2007, re-elected 2011. Term of office expires in 2012. Education: MSc (Forestry) (Royal Veterinary and Agricultural University, Copenhagen), 1981 Graduate Diploma in International Trade, Copenhagen Business School, 1983 Remuneration, Board: DKK 175,000 Career and posts 1982- Novo Nordisk A/S, CEO since 2000 Other management positions member: Bertelsmann AG (Germany), Thermo Fisher Scientific Inc. (US), Danmarks Nationalbank’s Board of Directors JEns nyBO stillinG sØrEnsEn Employee representative b. 1968. Joined the board in 2007. Term of office expires in 2014. Education: Unskilled Remuneration, Board: DKK 175,000 Career and posts 1990-2000 SK Power Company A/S 2000- Energi E2 A/S (now DONG Energy A/S) Semi-skilled Worker, Thermal Power mOGEns vintHEr b. 1947. Joined the board in 2010, re-elected 2011. Term of office expires in 2012. Education: LL.M. (Master of Laws), 1973. Lawyer 1976. Entitled to appear before the Danish High Court and Supreme C ourt. Remuneration, Board: DKK 175,000 Career and posts 1973 Advokatfirma Langberg & Vinther (law firm) 1980- Advokatfirma Langberg & Vinther, partner Other management positions Chairman: Fonden Det Gamle Apotek i Ribe, Foreningen Gammelt Præg - Ribe Bybevaring member: Syd Energi Holding A/S, Syd Energi A.m.b.a., Fonden Ribe Byferie, Fonden til Ribe Bys Forskønnelse DONG ENERGY DONG ENERGY GROUP ANNUAL REPORT 2011 – manaGEmEnt’s rEviEw 55 59
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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
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: lars nØrBy JOHansEn Deputy Chairma
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
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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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