ANNUAL REPORT 2011 - DONG Energy

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notes 16 Property, plant and equipment Other production assets As described under rights in note 15, a DKK 527 million impairment loss was recognised on the offshore gas pipelines from the North Sea to Denmark in 2011. The impairment was recognised in the Energy Markets segment. Other signifi cant production assets were tested for impairment, including primarily power stations and wind farms. It is estimated that the recoverable amount of other production assets exceeds the carrying amount, and no impairment losses were consequently recognised in respect of other production assets. In 2010, a DKK 317 million impairment loss was recognised, including DKK 299 million in respect of small-scale power stations. Part of this impairment loss related to the small-scale Maribo- Sakskøbing CHP plant, which was subsequently sold in 2011. Therefore, of the impairment loss recognised in 2010, DKK 59 million has been reversed. Exploration assets Exploration assets are tested for impairment when suffi cient data have been obtained to assess each asset’s technical and commercial potential and if there is any indication of impairment. Impairment testing is also carried out at the time commercial fi nds of oil and/or gas have been identifi ed, and when exploration assets are reclassifi ed to assets under construction. 90 94 COnsOliDatED finanCial statEmEnts – DONG ENERGY GROUP ANNUAL ANNUAL REPORT REPORT 2011 2011 Signifi cant parameters in connection with the determination of the recoverable amount of exploration assets are expectations concerning reserves, oil and gas prices, exchange rates and discount rates. There were no indications of impairment in 2011, and no impairment losses were therefore recognised in 2011 on the Group’s exploration assets. property, plant and equipment under construction Signifi cant items of property, plant and equipment under construction, including wind farms and oil and gas fi elds, were tested for impairment. It is estimated that the recoverable amount of property, plant and equipment under construction exceeds the carrying amount. Other property, plant and equipment The carrying amounts of other property, plant and equipment are assessed annually to determine whether there is any indication of impairment. If any such indication exists, an impairment test is carried out. Based on the impairment testing of other property, plant and equipment, it is estimated that the recoverable amount exceeds the carrying amount. No impairment losses were consequently recognised in 2011 in respect of the Group’s other property, plant and equipment.
17 Associates and other securities Investments in associates Other equity investments Other securities DKK million 2011 2010 2011 2010 2011 2010 Cost at 1 January 3,317 4,143 517 269 - 1,173 Foreign exchange adjustments 5 7 - - - - Additions 133 57 63 248 - 130 Disposals - - (19) - - (1,303) Disposal on disposal of associates - (1,103) - - - - Capital contributions 259 232 - - - - Capital reductions (9) - - - - - Transfers to assets classifi ed as held for sale - (19) - - - - Cost at 31 December 3,705 3,317 561 517 0 0 Value adjustments at 1 January (398) (538) (143) (68) - - Foreign exchange adjustments 17 309 - - - - Share of profi t for the year 36 77 - - - - Disposal on disposal of associates - (196) - - - - Dividends received (51) (59) - - - - Impairment charge - - - (75) - - Value adjustments carried directly in equity of associates (83) - - - - - Transfers to assets classifi ed as held for sale - 9 - - - - value adjustments at 31 December (479) (398) (143) (143) 0 0 Carrying amount at 31 December 3,226 2,919 418 374 0 0 Investments in associates include rights with indefi nite useful lives. These rights have been tested for impairment. There was deemed to be no need to write down rights with indefi nite useful lives in 2011 and 2010. Other equity investments comprise investments in unlisted securities classifi ed as assets available for sale. The investments are measured at the lower of cost and recoverable amount, as the fair value of the assets cannot be determined reliably. No impairment losses were charged in respect of other equity investments in 2011. In 2010, DONG Energy recognised a DKK 75 million impairment loss on the Group’s participation in development project companies. DONG ENERGY DONG ENERGY GROUP ANNUAL REPORT 2011 – COnsOliDatED finanCial statEmEnts 95 91 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
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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 93 and 94: DKK million Goodwill Cost at 1 Janu
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Page 97: DKK million Land and Impairment tes
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
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Page 123 and 124: trading portfolio, economic hedging
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Page 135 and 136: do not satisfy the criteria for hed
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Page 139 and 140: eporting enterprise operates. Trans
Page 141 and 142: CO 2 emissions allowances Allocated
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Page 147 and 148: 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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