ANNUAL REPORT 2011 - DONG Energy

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eXecutIVe BoaRd 2011 56 60 CarstEn KrOGsGaarD tHOmsEn Registered with the Danish Commerce and Companies Agency as CFO. b. 1957. CFO since 2002. Education: MSc (Economics), Copenhagen University, 1983 Remuneration: DKK 5,708,013 Career and posts 1983-1985 Danish Ministry of the Interior 1985-1986 Danish Ministry of Finance 1986-1988 Andelsbanken 1988-1991 McKinsey, Consultant 1991-1995 Rigshospitalet, Director of Finance 1995-2002 Danish State Railways, CFO 2002- DONG Energy A/S, CFO Other management positions Deputy Chairman: NNIT A/S member: GN Store Nord A/S and two whollyowned subsidiaries (GN ReSound and GN Netcom) Chairman of the Audit Committee of GN Store Nord A/S manaGEmEnt’s rEviEw – DONG ENERGY GROUP ANNUAL ANNUAL REPORT REPORT 2011 2011 anDErs ElDrup Registered with the Danish Commerce and Companies Agency as CEO b. 1948. CEO since 2001. Education: MSc (Political Science), Århus University,1972 Remuneration: DKK 6,092,882 Career and posts 1972-1973 Office of the Auditor General of Denmark 1973-1980 Danish Ministry of Finance, Principal 1980-1984 Danish Ministry of Finance, Personal Secretary to Minister 1984-1988 Danish Ministry of Finance, Head of Division 1988-1990 Danish Ministry of Finance, Deputy Permanent Secretary 1990-1991 Danish Ministry of Finance, Department of the Budget, Director 1991-2001 Danish Ministry of Finance, Permanent Secretary 2001- DONG Energy A/S, CEO Other management positions Chairman: Copenhagen Cleantech Cluster member: Technical University of Denmark - DTU Experimentarium - Center for formidling af natur videnskab og moderne teknik (foundation) Lindoe Offshore Renewables Center (fund) Rockwool Fonden Terma A/S
The Board of Directors and the Executive Board have today considered and approved the annual report of DONG Energy A/S for the financial year 1 January – 31 December 2011. The annual report is 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. In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position at 31 December 2011 of the Group and the Parent Company and of the results of the Group and Parent Company operations and cash flows for the financial year 1 January – 31 December 2011. In our opinion, Management’s Review includes a true and fair account of the development in the operations and financial circumstances of the Group and the Parent Skærbæk, 9 March 2012 Executive Board: Anders Eldrup Carsten Krogsgaard Thomsen CEO CFO Board of Directors: Company, of the results for the year and of the financial position of the Group and the Parent Company as well as a description of the most significant risks and elements of uncertainty facing the Group and the Parent Company. DONG Energy’s non-financial reporting has been prepared in accordance with the international guidelines for sustainability reporting from Global Reporting Initiative with application level B+ (GRI-G3 2006 Guidelines and the Electric Utilities Sector Supplement). In our opinion, the non-financial report represents a reasonable and balanced representation of the Company’s corporate responsibility and sustainability performance. We recommend that the annual report be approved at the Annual General Meeting. Fritz H. Schur Lars Nørby Johansen Hanne Steen Andersen* Jakob Brogaard Chairman Deputy Chairman Benny Gøbel* Jørn P. Jensen Jens Kampmann Jytte Koed Madsen* Poul Arne Nielsen Jens Nybo Stilling Sørensen* Lars Rebien Sørensen Mogens Vinther * Employee representative DONG ENERGY ANNUAL REPORT 2011 – manaGEmEnt’s rEviEw 61 stateMent BY THE ExECUTIVE BOARD AND THE BOARD OF DIRECTORS
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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
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: pOul arnE niElsEn b. 1944. Joined t
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
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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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