ANNUAL REPORT 2011 - DONG Energy

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consolIdated STATEMENT OF CASH FLOWS Year ended 31 December DKK million Note 2011 2010 Operating profi t before depreciation, amortisation and impairment losses (EBITDA) 15,595 14,089 Other adjustments (1,413) (364) Interest income and similar items 5,979 3,743 Interest expense and similar items (6,808) (4,864) Income tax paid 27 (1,647) (106) Cash fl ows from operating activities before change in net working capital (ffO) 11,706 12,498 Change in inventories (1,144) 305 Change in trade receivables 1,976 (1,501) Change in other receivables (949) 696 Change in trade payables 749 1,072 Change in other payables 286 1,144 Change in net working capital 918 1,716 Cash fl ows from operating activities 12,624 14,214 Purchase of intangible assets and property, plant and equipment (17,851) (15,209) Sale of intangible assets and property, plant and equipment 1,936 939 Acquisition of enterprises 28 (22) (33) Disposal of enterprises 29 45 2,279 Acquisition of associates 17 (133) (57) Acquisition of other equity investments 17 (63) (248) Purchase of securities (8,124) (3,680) Sale of securities 6,061 1,303 Change in other non-current assets (166) 99 Financial transactions with associates (1,081) (245) Dividends received and capital reduction 17 60 59 Cash fl ows from investing activities (19,338) (14,793) Proceeds from raising of loans 9,371 5,226 Instalments on loans (7,121) (2,928) Coupon payments on hybrid capital (515) (451) Repurchase of hybrid capital (3,802) - Proceeds from issuing of hybrid capital 5,127 - Dividends paid (2,203) (481) Transactions with non-controlling interests 30 3,945 330 Change in other non-current liabilities 116 (574) Cash fl ows from fi nancing activities 4,918 1,122 net increase (decrease) in cash and cash equivalents (1,796) 543 Cash and cash equivalents at 1 January 3,625 2,915 Net increase (decrease) in cash and cash equivalents (1,796) 543 Cash classifi ed as held for sale, etc. (352) - Foreign exchange adjustments of cash and cash equivalents (37) 167 Cash and cash equivalents at 31 December 31 1,440 3,625 66 70 COnsOliDatED finanCial statEmEnts – DONG ENERGY GROUP ANNUAL ANNUAL REPORT REPORT 2011 2011
DKK million Note 2011 2010 supplementary information Cash fl ows from investing activities (19,338) (14,793) Dividends received and capital reduction, reversal (60) (59) Purchase and sale of securities, reversal 2,063 2,377 Loans to jointly controlled entities, reversal Sale of property, plant and equipment and intangible assets as 865 - well as enterprises, reversal (1,981) (3,217) Gross investments (18,451) (15,692) Transactions with non-controlling interests, change in interestbearing balances 19 (535) 3,615 Transactions with non-controlling interests, other 30 3,945 330 Sale of property, plant and equipment and intangible assets as well as enterprises 1,981 3,217 net investments 1 (13,060) (8,530) Dividends, net (2,152) (422) Coupon payments on hybrid capital (515) (451) Dividends and hybrid capital coupon (2,667) (873) analysis of change in interest-bearing net debt Interest-bearing net debt at 1 January 22,139 26,929 Cash fl ows from operating activities (12,624) (14,214) Net investments 13,060 8,530 Dividends and hybrid capital coupon 2,667 873 Repurchase and issuing of hybrid capital (1,325) - Foreign exchange adjustments of interest-bearing net debt (302) 21 interest-bearing net debt at 31 December 23,615 22,139 50% of hybrid capital due in 3005 2,206 4,044 adjusted interest-bearing net debt at 31 December 25,821 26,183 1 Net investments are defi ned as the effect on DONG Energy’s interest-bearing net debt of investments and acquisitions and disposals of enterprises. Defi nitions of fi nancial highlights are set out on the inside of the back cover. DONG ENERGY DONG ENERGY GROUP ANNUAL REPORT 2011 – COnsOliDatED finanCial statEmEnts 67 71 consolIdated STATEMENT OF CASH FLOWS
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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
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The ambitious business strategy mea
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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
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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: DKK million Share capital Hedging r
Page 77 and 78: 02 Critical accounting estimates an
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Page 81 and 82: • wind power: Development, constr
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Page 85 and 86: econciliations DKK million 2011 201
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Page 93 and 94: DKK million Goodwill Cost at 1 Janu
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Page 97 and 98: DKK million Land and Impairment tes
Page 99 and 100: 17 Associates and other securities
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Page 103 and 104: 20 Construction contracts DKK milli
Page 105 and 106: Hybrid capital due 3005 Hybrid capi
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Page 115 and 116: Other capital transactions with non
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Page 119 and 120: Categories of fi nancial instrument
Page 121 and 122: securities 2011 DKK million Nominal
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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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