Table of Contents BUSINESS FOUNDATION page 02 2015 ANNUAL REPORT page 41 42 Accounting Policies Income Statement Balance Sheet – Assets Balance Sheet – Liabilities Statement of Changes in Equity Cash Flow Statement Notes Statement by the Board of Directors and the Executive Board Independent Auditor’s Report Trends 1999–2015 Organisational Chart Corporate Information Ownership Board of Directors and Management Corporate Information, Subsidiaries FINANCIAL HIGHLIGHTS FOR THE GROUP page 03 49 50 51 52 53 MANAGEMENT REVIEW 2015 page 04 04 06 08 11 14 16 17 19 20 20 22 29 30 37 37 37 38 Management Review 2015 The Year in Brief A Successful Year in Germany Complete Solutions across National Borders Fynsværket Power Plant – the Group’s Biggest Customer within Production & Balance Preparations to the Wholesale Model REMIT – Monitoring and Reporting on Wholesale Energy Markets 18 MW New Wind Turbines in the Portfolio Solar Power Increasing the Competitiveness of our Swedish Subsidiary Finnish Subsidiary also Introducing Solar Power The Energy Market 2015 Expectations in the Northern European Economy 2016 Trends in the Group’s Subsidiaries Proposed Distribution of Profits etc. Corporate Social Responsibility in the Energi Danmark Group Uncertainty during Recognition and Measurement Milestones in the Energi Danmark Group 54 64 65 67 68 69 70 71 72
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