ANNUAL REPORT 2011 - DONG Energy
ANNUAL REPORT 2011 - DONG Energy
ANNUAL REPORT 2011 - DONG Energy
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consolIdated STATEMENT OF CASH FLOWS<br />
Year ended 31 December<br />
DKK million Note <strong>2011</strong> 2010<br />
Operating profi t before depreciation, amortisation and impairment<br />
losses (EBITDA) 15,595 14,089<br />
Other adjustments (1,413) (364)<br />
Interest income and similar items 5,979 3,743<br />
Interest expense and similar items (6,808) (4,864)<br />
Income tax paid 27 (1,647) (106)<br />
Cash fl ows from operating activities before change in<br />
net working capital (ffO) 11,706 12,498<br />
Change in inventories (1,144) 305<br />
Change in trade receivables 1,976 (1,501)<br />
Change in other receivables (949) 696<br />
Change in trade payables 749 1,072<br />
Change in other payables 286 1,144<br />
Change in net working capital 918 1,716<br />
Cash fl ows from operating activities 12,624 14,214<br />
Purchase of intangible assets and property, plant and equipment (17,851) (15,209)<br />
Sale of intangible assets and property, plant and equipment 1,936 939<br />
Acquisition of enterprises 28 (22) (33)<br />
Disposal of enterprises 29 45 2,279<br />
Acquisition of associates 17 (133) (57)<br />
Acquisition of other equity investments 17 (63) (248)<br />
Purchase of securities (8,124) (3,680)<br />
Sale of securities 6,061 1,303<br />
Change in other non-current assets (166) 99<br />
Financial transactions with associates (1,081) (245)<br />
Dividends received and capital reduction 17 60 59<br />
Cash fl ows from investing activities (19,338) (14,793)<br />
Proceeds from raising of loans 9,371 5,226<br />
Instalments on loans (7,121) (2,928)<br />
Coupon payments on hybrid capital (515) (451)<br />
Repurchase of hybrid capital (3,802) -<br />
Proceeds from issuing of hybrid capital 5,127 -<br />
Dividends paid (2,203) (481)<br />
Transactions with non-controlling interests 30 3,945 330<br />
Change in other non-current liabilities 116 (574)<br />
Cash fl ows from fi nancing activities 4,918 1,122<br />
net increase (decrease) in cash and cash equivalents (1,796) 543<br />
Cash and cash equivalents at 1 January 3,625 2,915<br />
Net increase (decrease) in cash and cash equivalents (1,796) 543<br />
Cash classifi ed as held for sale, etc. (352) -<br />
Foreign exchange adjustments of cash and cash equivalents (37) 167<br />
Cash and cash equivalents at 31 December 31 1,440 3,625<br />
66 70 COnsOliDatED finanCial statEmEnts – <strong>DONG</strong> ENERGY GROUP <strong>ANNUAL</strong> <strong>ANNUAL</strong> <strong>REPORT</strong> <strong>REPORT</strong> <strong>2011</strong><br />
<strong>2011</strong>