ANNUAL REPORT 2011 - DONG Energy

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consolIdated BALANCE SHEET At 31 December assets DKK million Note 2011 2010 Goodwill 373 651 Rights 1,221 1,540 CO 2 emissions allowances 834 182 Completed development projects 279 357 In-process development projects 22 21 intangible assets 3, 15 2,729 2,751 Land and buildings 4,142 2,859 Production assets 65,438 57,502 Exploration assets 1,611 975 Fixtures and fi ttings, tools and equipment 282 205 Property, plant and equipment under construction 23,037 19,144 property, plant and equipment 3, 16 94,510 80,685 Investments in associates 17 3,226 2,919 Other securities and equity investments 17 418 374 Deferred tax 23 181 404 Receivables 19 3,314 2,862 Other non-current assets 7,139 6,559 non-current assets 104,378 89,995 Inventories 18 4,244 3,091 Receivables 19 32,492 31,614 Income tax 27 19 27 Securities 31 9,914 7,620 Cash 31 2,342 4,147 Current assets 49,011 46,499 assets classifi ed as held for sale 21 684 845 assets 154,073 137,339 62 66 COnsOliDatED finanCial statEmEnts – DONG ENERGY GROUP ANNUAL ANNUAL REPORT REPORT 2011 2011
Equity and liabilities DKK million Note 2011 2010 Share capital 2,937 2,937 Reserves 7,913 8,287 Retained earnings 27,943 26,278 Proposed dividends 1,457 2,203 Equity attributable to DOnG Energy a/s 40,250 39,705 Hybrid capital 9,538 8,088 Non-controlling interests 7,952 3,515 Equity 22 57,740 51,308 Deferred tax 23 9,336 8,188 Pension obligations 6 15 22 Provisions 24 11,936 9,418 Bond loans 25 18,961 22,833 Bank loans 25 15,754 10,673 Other payables 25 2,329 1,688 non-current liabilities 58,331 52,822 Provisions 24 517 444 Bond loans 25 3,717 3,737 Bank loans 25 1,795 660 Other payables 25 30,825 27,584 Income tax 27 763 621 Current liabilities 37,617 33,046 liabilities 95,948 85,868 liabilities associated with assets classifi ed as held for sale 21, 25 385 163 Equity and liabilities 154,073 137,339 DONG ENERGY DONG ENERGY GROUP ANNUAL REPORT 2011 – COnsOliDatED finanCial statEmEnts 63 67 consolIdated BALANCE SHEET
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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
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Spearheading the development of the
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Waste is a valuable resource It is
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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: DKK million Note Business perfor ma
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
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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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