ANNUAL REPORT 2011 - DONG Energy

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notes 16 Property, plant and equipment DKK million Land and buildings Production assets Exploration assets Fixtures and ttings, tools and equipment Property, plant and equipment under construction Cost at 1 January 2011 3,507 86,249 975 482 19,161 110,374 Foreign exchange adjustments 1 472 39 - 466 978 Additions 126 3,339 1,073 79 17,490 22,107 Disposals (54) (322) (476) (16) (188) (1,056) Transfers to assets classi ed as held for sale (25) (1,642) - (5) (120) (1,792) Transfers 1,521 12,073 - 158 (13,755) (3) Cost at 31 December 2011 5,076 100,169 1,611 698 23,054 130,608 Depreciation and impairment losses at 1 January 2011 (648) (28,747) - (277) (17) (29,689) Foreign exchange adjustments - (64) - - - (64) Depreciation and impairment losses, disposals 1 34 - 10 - 45 Depreciation charge (199) (6,115) - (81) - (6,395) Impairment charge - (527) - - - (527) Impairment losses reversed - 59 - - - 59 Transfers to assets classi ed as held for sale 2 466 - 3 - 471 Transfers (90) 163 - (71) - 2 Depreciation and impairment losses at 31 December 2011 (934) (34,731) 0 (416) (17) (36,098) Carrying amount at 31 December 2011 4,142 65,438 1,611 282 23,037 94,510 88 92 COnsOliDatED finanCial statEmEnts – DONG ENERGY GROUP ANNUAL ANNUAL REPORT REPORT 2011 2011 Total
DKK million Land and Impairment testing DONG Energy tests property, plant and equipment for impairment if there is any indication of impairment. 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 cash-generating unit (CGU) exceeds its recoverable amount. The recoverable amount of property, plant and equipment is the higher of the assets’ fair value less expected disposal costs and the present value of the expected future net cash fl ows (value in use). production assets Oil and gas fi elds Producing oil and gas fi elds in the Exploration & Production segment were tested for impairment in 2011. Based on the impairment testing of oil and gas-producing fi elds, it was estimated that the recoverable amount exceeded the carrying buildings Production assets Exploration assets Fixtures and ttings, tools and equipment Property, plant and equipment under construction Cost at 1 January 2010 3,482 74,257 2,997 473 13,043 94,252 Foreign exchange adjustments 2 1,426 49 - 433 1,910 Additions 20 2,840 386 12 13,046 16,304 Disposals (27) (744) (100) (13) (196) (1,080) Transfers to assets classi ed as held for sale (4) (1,046) - (1) (1) (1,052) Transfers 6 9,516 (2,357) 11 (7,176) 0 Reclassi cations 28 - - - 12 40 Cost at 31 December 2010 3,507 86,249 975 482 19,161 110,374 Depreciation and impairment losses at 1 January 2010 (469) (23,430) - (206) (17) (24,122) Foreign exchange adjustments - (324) - (1) - (325) Depreciation, disposals 11 171 - 13 - 195 Depreciation charge (141) (5,111) - (84) - (5,336) Impairment charge (23) (294) - - - (317) Transfers to assets classi ed as held for sale 2 241 1 - 244 Reclassi cations (28) - - - - (28) Depreciation and impairment losses at 31 December 2010 (648) (28,747) 0 (277) (17) (29,689) Carrying amount at 31 December 2010 2,859 57,502 975 205 19,144 80,685 Total amount, and no impairment losses were therefore recognised on the Group’s producing oil and gas fi elds in 2011. The main criteria used for determining the recoverable amount are the expectations concerning reserves, oil and gas prices, exchange rates and discount rates. Electricity distribution network The electricity distribution network was tested for impairment in 2011. The electricity distribution network is recognised in the Sales & Distribution segment. Based on the impairment testing of the electricity distribution network, it is estimated that the recoverable amount exceeds the carrying amount. No impairment loss was consequently recognised on the Group’s electricity distribution network in 2011. The main criteria in connection with the determination of the recoverable amount are the regulatorily permitted return, discount rates, expected volume of transported kWh, operation and maintenance as well as the associated investment level. DONG ENERGY DONG ENERGY GROUP ANNUAL REPORT 2011 – COnsOliDatED finanCial statEmEnts 89 93 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
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volumes Generation from wind and hy
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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
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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
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Page 69 and 70: DKK million Note Business perfor ma
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Page 73 and 74: DKK million Share capital Hedging r
Page 75 and 76: DKK million Note 2011 2010 suppleme
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Page 79 and 80: The excess of the cost of the acqui
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Page 85 and 86: econciliations DKK million 2011 201
Page 87 and 88: emuneration of Board of Directors,
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Page 93 and 94: DKK million Goodwill Cost at 1 Janu
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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
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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
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Page 129 and 130: As a condition for approval of its
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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
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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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