ANNUAL REPORT 2011 - DONG Energy

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notes 14 Earnings per share DKK million 2011 2010 Profi t for the year 4,250 4,464 Coupon on hybrid capital after tax (269) (334) Attributable to non-controlling interests (185) 107 attributable to DOnG Energy Group 3,796 4,237 Average number of shares of DKK 10 293,709,900 293,709,900 Earnings per share (EPS) and diluted earnings per share (DEPS) of DKK 10, in DKK 12.92 14.43 15 Intangible assets DKK million Goodwill Cost at 1 January 2011 651 3,198 476 995 21 5,341 Foreign exchange adjustments (1) (1) - - 2 0 Additions - 86 652 15 34 787 Disposals - (26) (201) - (3) (230) Transfers - 22 - 13 (32) 3 Cost at 31 December 2011 650 3,279 927 1,023 22 5,901 Amortisation and impairment losses at 1 January 2011 - (1,658) (294) (638) - (2,590) Amortisation, disposals - 26 201 - - 227 Amortisation charge - (351) - (106) - (457) Impairment charge (277) (73) - - - (350) Transfers - (2) - - - (2) amortisation and impairment losses at 31 December 2011 (277) (2,058) (93) (744) 0 (3,172) Carrying amount at 31 December 2011 373 1,221 834 279 22 2,729 Rights CO2 emissions allowances 84 88 COnsOliDatED finanCial statEmEnts – DONG ENERGY GROUP ANNUAL ANNUAL REPORT REPORT 2011 2011 Completed development projects In-process development projects total
DKK million Goodwill Cost at 1 January 2010 663 3,163 597 827 144 5,394 Foreign exchange adjustments 1 - 29 - - 30 Adjustments relating to acquisition of enterprises (13) - - - - (13) Additions - - 384 6 131 521 Disposals - (4) (187) (34) (7) (232) Transfers - 39 - 196 (235) 0 Reclassifi cations - - (347) - (12) (359) Cost at 31 December 2010 651 3,198 476 995 21 5,341 Amortisation and impairment losses at 1 January 2010 - (1,474) (186) (582) - (2,242) Foreign exchange adjustments - - - 1 - 1 Amortisation, disposals - - 187 29 - 216 Amortisation charge - (184) (202) (86) - (472) Impairment charge - - (93) - - (93) amortisation and impairment losses at 31 December 2010 0 (1,658) (294) (638) 0 (2,590) Carrying amount at 31 December 2010 651 1,540 182 357 21 2,751 Impairment testing Goodwill and in-process development projects are tested for impairment annually. The carrying amounts of rights, CO2 emissions allowances and completed development projects are assessed annually to determine whether there is any indication of impairment. If any such indication exists, an impairment test is carried out. In an impairment test, the asset’s recoverable amount is compared with its carrying amount. An impairment loss is recognised whenever the carrying amount of an asset or its cashgenerating unit (CGU) exceeds its recoverable amount. The recoverable amount of an intangible asset is the higher of its fair value less expected disposal costs and the present value of the expected future net cash fl ows (value in use). Goodwill Testing for impairment is carried out for the business areas or activities that represent the lowest level of CGUs to which the carrying amount of goodwill can be allocated on a reasonable and consistent basis. Rights CO2 emissions allowances Completed development projects In-process development projects total Acquired enterprises are established either as new activities or are integrated as quickly as possible with existing activities to utilise potential synergies. For acquisitions that are not established as separate activities the implication of this is that, after a short time, it will no longer be possible to allocate the carrying amount of goodwill to the acquirees on a reasonable and consistent basis, and it will therefore no longer be possible to test goodwill from each acquisition for impairment. The recoverable amount of CGUs is determined as a value in use, where net cash fl ows are determined on the basis of business plans and budgets that have been approved by management. For some CGUs, value in use is determined on the basis of a defi nite period of years, while, for other CGUs, a terminal value after the budget period is determined based on the general growth outlook for the relevant markets. Net cash fl ows have been discounted using a discount rate before tax that refl ects the cost of capital associated with the activity. The goodwill allocation for each CGU and signifi cant assumptions applied in connection with the impairment tests carried out are set out below: DONG ENERGY DONG ENERGY GROUP ANNUAL REPORT 2011 – COnsOliDatED finanCial statEmEnts 89 85 notes
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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
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The photo shows the Siri platform i
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The photo shows the construction of
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The photo shows one of the Group’
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Strong market insight from experien
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The photo shows a meter technician
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monthly average 2011 2010 ∆ Oil,
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Net finance costs amounted to DKK 0
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New presentation of profit for the
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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 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: 13 Income tax expense DKK million 2
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
Page 121 and 122: securities 2011 DKK million Nominal
Page 123 and 124: trading portfolio, economic hedging
Page 125 and 126: Hedging of net investments in forei
Page 127 and 128: 35 Lease commitments 2011 DKK milli
Page 129 and 130: As a condition for approval of its
Page 131 and 132: 39 Events after the reporting perio
Page 133 and 134: Regulated companies that operate ac
Page 135 and 136: do not satisfy the criteria for hed
Page 137 and 138: translation reserve The translation
Page 139 and 140: eporting enterprise operates. Trans
Page 141 and 142: 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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