ANNUAL REPORT 2011 - DONG Energy
ANNUAL REPORT 2011 - DONG Energy
ANNUAL REPORT 2011 - DONG Energy
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DKK million Note <strong>2011</strong> 2010<br />
supplementary information<br />
Cash fl ows from investing activities (19,338) (14,793)<br />
Dividends received and capital reduction, reversal (60) (59)<br />
Purchase and sale of securities, reversal 2,063 2,377<br />
Loans to jointly controlled entities, reversal<br />
Sale of property, plant and equipment and intangible assets as<br />
865 -<br />
well as enterprises, reversal (1,981) (3,217)<br />
Gross investments (18,451) (15,692)<br />
Transactions with non-controlling interests, change in interestbearing<br />
balances 19 (535) 3,615<br />
Transactions with non-controlling interests, other 30 3,945 330<br />
Sale of property, plant and equipment and intangible assets as<br />
well as enterprises 1,981 3,217<br />
net investments 1 (13,060) (8,530)<br />
Dividends, net (2,152) (422)<br />
Coupon payments on hybrid capital (515) (451)<br />
Dividends and hybrid capital coupon (2,667) (873)<br />
analysis of change in interest-bearing net debt<br />
Interest-bearing net debt at 1 January 22,139 26,929<br />
Cash fl ows from operating activities (12,624) (14,214)<br />
Net investments 13,060 8,530<br />
Dividends and hybrid capital coupon 2,667 873<br />
Repurchase and issuing of hybrid capital (1,325) -<br />
Foreign exchange adjustments of interest-bearing net debt (302) 21<br />
interest-bearing net debt at 31 December 23,615 22,139<br />
50% of hybrid capital due in 3005 2,206 4,044<br />
adjusted interest-bearing net debt at 31 December 25,821 26,183<br />
1 Net investments are defi ned as the effect on <strong>DONG</strong> <strong>Energy</strong>’s interest-bearing net debt of investments and acquisitions and disposals of enterprises.<br />
Defi nitions of fi nancial highlights are set out on the inside of the back cover.<br />
<strong>DONG</strong> ENERGY <strong>DONG</strong> ENERGY GROUP <strong>ANNUAL</strong> <strong>REPORT</strong> <strong>2011</strong> – COnsOliDatED finanCial statEmEnts<br />
67 71<br />
consolIdated STATEMENT OF CASH FLOWS