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Annual Report DONG Energy DONG Energy Annual Report Contents Annual report DONG Energy DONG Energy Annual report Contents Our vision is to lead the energy transformation. Our mission is to develop energy systems that are green, independent and economically viable. DONG Energy Annual report Management's review Contents Contents Management's review Financial statements Overview 4 Consolidated financial statements 62 Chairman's statement 5 Income statement 63 At a glance 6 Statement of comprehensive income 64 CEO's review 10 Balance sheet 65 Outlook 2017 13 Statement of changes in equity 67 Financial medium-term targets and financial policies 15 Statement of cash flows 69 Note summary 70 Group 16 Notes 71 Market situation 17 Our strategy 20 Consolidated non-financial statements 163 Strategic targets 21 Address profound societal challenges 164 Results 23 Serve the energy needs of our customers 167 Five-year summary 27 Be a great and safe place to work 170 Fourth quarter 28 Basis of reporting 173 Quarterly summary (2015-2016) 31 Parent company financial statements 174 Business units 32 Income statement 175 Our business units 33 Balance sheet 175 Wind Power 34 Statement of changes in equity 176 Bioenergy & Thermal Power 38 Notes 177 Distribution & Customer Solutions 41 Oil & Gas (discontinued operations) 44 Management statement, auditor's reports and glossary 183 Statement by the Executive Board and the Board of Directors 184 Governance 45 Independent auditor's report 185 Risk and risk management 46 Glossary 190 Corporate governance 51 Remuneration report 55 Shareholder information 57 Group Executive Management 59 Board of Directors 60 3 / 191 DONG Energy Annual report Contents Our carbon emissions: 462 g CO2e/kWh 2006 224 g CO2e/kWh 2016 Overview 20 g CO2e/kWh Chairman's statement / At a glance / CEO's review 2023 target Outlook 2017 / Financial medium-term targets and financial policies Avedøre Power Station DONG Energy Annual report Management's review Overview Contents Chairman's statement Making great progress in In June 2016, we completed an IPO, the the green transformation biggest in Danish history, and in December 2016, DONG Energy was included in the OMX For the third year running, 2016 was C20 index on Nasdaq Copenhagen. I would the warmest year ever, and the global like to thank both Danish and international concentration of CO2 in the atmosphere has investors for the trust which they have shown never been higher. Halting climate change our company. requires a fundamental transformation of the world's energy systems from fossil fuels to In November 2016, we decided to initiate a renewable energy sources. process aimed at divesting the Group's oil and gas production activities. The decision DONG Energy is the energy company in should be seen in light of our desire to become Europe which has come the furthest in the world-leading in green energy. We have created transition to renewable energy, and 2016 was a strong and competitive oil and gas business yet another important milestone. The Group's in the North Sea. The time has now come to find earnings from Wind Power doubled to DKK new owners who can provide the best possible 11.9 billion and for the first time exceeded conditions for developing this business area. earnings from oil and gas production. We installed 0.6GW of new offshore wind Our efforts to improve safety continued capacity and completed the conversions of in 2016, and the injury frequency was at a two CHP plants in Aarhus and Copenhagen record low. Making DONG Energy an even to sustainable biomass. The Group's CO2 safer workplace is a key priority for the Board emissions have been halved relative to 2006, of Directors. We will therefore continue our and our goal is for DONG Energy to phase out efforts to improve safety standards to ensure coal completely by 2023. that everybody working for DONG Energy – our employees and our business partners – get The transformation of our business to safely through their working day. DONG Energy is the energy increasingly more renewable energy also company in Europe which has means becoming more international. Today, Profit after tax for the year was DKK 12.2 come the furthest in the transition we are constructing and operating offshore billion for the continuing operations – the best to renewable energy, and 2016 was wind farms in Denmark, the UK, Germany and result ever in the history of DONG Energy and the Netherlands, while also maturing new a significant increase compared to 2015. On yet another important milestone projects in the USA and Taiwan. behalf of the Board of Directors, I would like to thank our management and employees for the Thomas Thune Andersen significant results achieved in the past year. Chairman of the Board of Directors 5 / 191 DONG Energy Annual report Management's review Overview Contents DONG Energy at a glance ° Headquarters in Denmark ° 6,200 employees (including Oil & Gas) ° Revenue in 2016 DKK 61 billion 4%* Bioenergy & Thermal Power Generates and sells power and heat to cus- to mers in Denmark and Northwestern Europe. 4%* Oil & Gas (discontinued operations) Produces oil and gas from fields in Denmark, Norway and the UK. * 12%* 80% Distribution & Wind Power Customer Develops, constructs, owns and operates Solutions offshore wind farms in Denmark, Germany, Power distribution grid on Zealand and the Netherlands and the UK. sale of power and gas to customers in Development projects in Taiwan and the USA. Northwestern Europe. * Share of the Group's capital employed 6 / 191 DONG Energy Annual report Management's review Overview Contents Our geographic Sweden Anholt (400MW) footprint Denmark ° Herning Studstrup Kyndby Middelgrunden (20MW) Horns Rev 1 (160MW) ° Asnæs ° Skærbæk 2x Horns Rev 2 (209MW) ° Esbjerg Svanemøllen H.C. Ørsted Avedøre 1 & 2 Nysted (165MW) ° Walney Extension (659MW) ° ° Barrow (90MW) ° Westermost Rough (210MW) Walney 1 & 2 (367MW) ° ° Gode Wind 1 (330MW) West of Duddon Sands ° Gode Wind 2 (252MW) ° ° Burbo Bank Extension (258MW) Hornsea 1 (1,200MW) (389MW) ° ° Burbo Bank (90MW) ° Borkum Riffgrund 1 (312MW) Race Bank (573MW) Borkum Riffgrund 2 (450MW) REnescience Northwich ° ° ° Lincs (270MW) Germany UK Netherlands Symbols Gunfleet In operation ° ° Borssele Sands 1 & 2 (173MW) 1 & 2 (700MW) Enecogen Under construction ° London United States Taiwan Array 1 (630MW) Business development Business development Business development (MW) Total wind farm capacity In operation ° Formosa 1 Under construction ° Bay State Wind Sale of power and/or gas ° Ocean Wind Power distribution in Denmark 7 / 191 DONG Energy Annual report Management's review Overview Contents Business model We are active across the entire power and heat value chain. We create value for our customers, shareholders, employees and society in large by building market-leading competitive positions. Key resources Core activities Value created Financial capital Financial return We finance our large investments through cash Develop and Operate and Sell and optimise Growing operating profit and increasing investor flow from operations, debt and divestment of construct maintain returns create a robust financial platform for future partnership interests. growth. Energy assets Develop and build Own 21 offshore wind farms Utilise our partnership Energy products We are leading the green transformation by offshore wind farms of which we operate 16. In model and crystalise Our assets produce energy for society, while a investing in new renewable technologies. Wind Power addition, we have six wind value reliable grid ensures high security of supply to our farms under construction customers. Natural resources We rely on natural resources such as biomass, as Sustainable energy well as locations with attractive wind speeds and By developing green energy sources, we reduce seabed conditions. carbon emissions and contribute to mitigating climate change. Human resources Convert our CHP plants Own and operate ten Enter into long-term heat We rely on a highly skilled workforce to operate our Bioenergy & from coal or gas to plants in Denmark contracts with our heat Highly skilled work force business. Thermal Power sustainable biomass and one plant in the customers and sell power By investing in our employees, we get safe, healthy, Netherlands into the market engaged and skilled employees. Innovative culture We continuously develop price competitive energy Innovative solutions solutions through innovation. Innovation to reduce the cost of electricity from offshore wind ensures the competitiveness of the Stakeholder engagement Modernise our power Operate and maintain our Manage the Group's technology and development of new sustainable We depend on constructive relations with our key distribution grid in grid infrastructure overall energy portfolio solutions. stakeholders to ensure supportive framework Distribution Denmark and provide gas, power conditions for our business. & Customer and energy solutions for Stakeholder support Solutions our customers More satisfied and loyal customers and broader stakeholder support. See pages 21-22 for our strategic targets. Our value creation enables us to maintain and develop our key resources. 8 / 191 DONG Energy Annual report Management's review Overview Contents Strong progress in consolidated results (continuing operations) Operating profit (EBITDA), DKK billion Net profit, DKK billion Return on capital employed Gross investments, DKK billion The increase was due partly to one-off pay- The increase was primarily due to higher (Adjusted ROCE1), % The increase in investments was due to ments from completed
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