Annual Report 2009 - Falck

Annual Report 2009

Contents
Management review 2
Highlights of the year 6
Financial highlights 8
Business areas 11
Financial review 32
Corporate governance 42
Risk factors 46
Financial risks 48
CSR – report on corporate social responsibility 50
Management’s statement 54
Independent auditors’ report 55
Group financial statements 57
Income statement 58
Statement of recognised income and expense 59
Balance sheet 60
Equity statement 62
Cash flow statement 63
Notes to the financial statements 64
Parent company financial statements 103
Income statement 104
Statement of recognised income and expense 105
Balance sheet 106
Equity statement 108
Cash flow statement 109
Notes to the financial statements 110
Board of Directors, Executive Mangement Board and auditors 118
Legal entities in the Falck Group 120
Definitions of ratios 123
The Annual Report for 2009 is a translation of the original report in the Danish language (Årsrapport 2009).
In case of discrepancies, the Danish version prevails.

al revie
Contents
Norway
Assistance,
Taining,
Emergency,
Healthcare
Finland
473 employees
Assistance,
Emergency
80 employees
Falck worldwide Denmark
Sweden
Assistance,
Assistance,
Training,
Emergency,
Emergency,
Healthcare
Healthcare
1,379 employees
Estonia
United
9,122 employees
Assistance
Kingdom
22 employees
Training
90 employees
Russia
Training
United States
Training
268 employees Management
The
Netherlands
Training ,
Emergency
418 employees
Poland
Emergency,
Healthcare
2,117 employees
Review p.2 Belgium
Emergency
Slovakia
Thailand
Emergency,
Training
Healthcare
8 employees
Falck worldwide p.4
1,413 employees
241 employees
Germany
Training
Trinidad
Training
30 employees
Spain
Emergency
305 employees
Romania
Emergency
233 employees
United Arab
Emirates
Healthcare
Training
46 employees
lck lifted revenue by
Nigeria
6.6%
Training
Malaysia
46 employees
Training
75 employees
Brazil
Training
82 employees
Business areas p.11
hich was consistent with
f
4 Annual
organic
Report 2009
growth was 4.3% 659
growth
Financial
rate of 6-7%.
Financial
The
Review p.32 statements 23,235
p.57
enerated outside Denmark
the growth rate for
Singapore
Training
4 employees
Vietna
Training
5 emplo
3,436

Management review
2 Annual Report 2009

Falck’s international expansion continued as planned in
2009. At the end of the year, we had operations in 23
countries on five continents – up from 20 countries of
operation in 2008. In 2009, we continued to roll out the
services of our four business areas: Assistance, Emergency,
Healthcare and Training.
Thus, we further strengthened the basis for our mission:
to prevent accidents, diseases and emergency situations,
to rescue and assist people in emergencies quickly and
competently and to rehabilitate people after illness and
injury.
Consolidated revenue rose by 6.6% to DKK 7.5 billion in
spite of the global financial crisis. In recent years, revenue
from operations outside Denmark has constituted a
steadily increasing part of consolidated revenue; this trend
continued in 2009, as our foreign operations accounted
for 34.6% of revenue, up from 31.9% in 2008. The rate of
organic growth was 4.3%, composed of 8.3% outside
Denmark and 2.5% in Denmark.
Falck’s continuing expansion and the efforts to improve
our business procedures and processes were reflected in
the performance for the year, as EBITA increased by 22.8%
to DKK 721 million, which was consistent with our
forecasts.
Falck won several important new contracts during the
year, including in Slovakia, Poland and Norway, whilst the
tender rounds in all Danish regions ended up with Falck
still being the provider of ambulance services to approximately
85% of the Danish population. Falck also won a
tender for fire­fighting services at the airports of Arlanda
and Bromma near the Swedish capital, Stockholm. A
contract was signed with Denmark’s second­largest
International growth
– propelled by
empathy and drive
general insurer, Topdanmark, for road­side assistance to
their more than 200,000 customers in 2010. We also
succeeded in winning contracts with six Danish municipalities
for assistance to their job centres in their efforts
to get people with long periods on sickness benefits back
to work.
In the Assistance business, we succeeded in writing
50,000 new subscriptions for auto assistance in Sweden
and Norway. Six new training centres were opened on four
continents which provide training to offshore and other
staff in taking care of themselves and others. Moreover,
Falck set up in the market for private home care through
the acquisition of the company DanskHjemmePleje­
Service. In the Emergency business, the tendering organisa
tion was strengthened through the establishment of
Emergency Medical Services to put Falck in an even stronger
position to participate in the tenders expected in this
area in a number of countries in the years to come.
This business progress is based on our general vision
which we have pursued for more than 100 years: Falck
helps people through people. We stand united in a strong
desire to provide assistance with empathy and drive.
Falck is the combination of the strong spirit otherwise
found only in voluntary relief organisations and the dedication
seen in efficient commercial organisations.
We intend to retain this unique combination in 2010 and
the years ahead in our efforts to fulfil our vision and our
business targets in the communities we serve around the
world.
Lars Nørby Johansen Allan Søgaard Larsen
Chairman President and CEO
www.falck.com
3

Falck worldwide Denmark
Assistance,
Training,
Emergency,
4 Annual Report 2009
United States
Training
268 employees
Trinidad
Training
30 employees
Brazil
Training
82 employees
United
Kingdom
Training
90 employees
Belgium
Emergency
241 employees
The
Netherlands
Training ,
Emergency
418 employees
Healthcare
9,122 employees
Spain
Emergency
305 employees

Norway
Assistance,
Training,
Emergency,
Healthcare
473 employees
Germany
Training
Nigeria
Training
46 employees
Sweden
Assistance,
Emergency,
Healthcare
1,379 employees
Finland
Assistance,
Emergency
80 employees
Poland
Emergency,
Healthcare
2,117 employees
Romania
Emergency
233 employees
Estonia
Assistance
22 employees
Slovakia
Emergency,
Healthcare
1,413 employees
United Arab
Emirates
Healthcare,
Training
46 employees
Malaysia
Training
75 employees
Russia
Training
Thailand
Training
8 employees
Singapore
Training
4 employees
Vietnam
Training
5 employees
www.falck.com
5

Highlights of the year
February
Region Southern Denmark signs a four­year contract
with Falck for ambulance services, transport of stretcher
patients and operation of the related dispatch centre.
Region Southern Denmark has an option to extend the
contracts for an additional two years.
The agreement, including a potential extension, has a
value of almost DKK 3 billion and is the largest single
contract in Falck history.
February
Falck takes over the Nordic alarm centre in Stockholm,
Sweden, from French­based assistance company Europ
Assistance. This gives Falck a solid platform for its travel
assistance activities in the Nordic region as well as access
to Europ Assistance’s global network of partners and
local agents.
6 Annual Report 2009
April
Her Royal Highness Princess Benedikte attends the ope­
ning ceremony at Nibøl for a hangar for the emergency
helicopter Falck operates in collaboration with Germanbased
DRF Luftrettung and Region Southern Denmark.
The emergency helicopter operated 115 missions in the
southern part of Denmark in 2009.
May
Falck signs an agreement to operate a training centre in
Abu Dhabi in the United Arab Emirates. Training centres
for employees working in the offshore industry etc. were
also opened in Nigeria, Thailand, Germany, the
United States and Vietnam. Moreover, Falck has opened
a representative office in Moscow.

June
Falck wins a tender for fire and rescue services at Stockholm’s
Arlanda and Bromma airports. Falck will need to
hire some 55 employees for the services which, in addition
to fire­fighting, include first­aid services at the airports.
June
Falck signs a collaborative agreement with major Danish
insurer Topdanmark. Under the agreement, Falck will
provide services to Topdanmark’s more than 200,000
road­ side assistance customers in 2010. In addition to
road­side assistance, the agreement also comprises trans­
port of seated persons and patients as well as assistance
for salvaging machinery, transport of animals and rescue
services for animals.
September
Falck wins 18 new stations in the first of three tender
rounds in Slovakia. In a second and third tender round,
Falck increased the number of stations to be operated in
Slovakia to a total of 90 from the previous 74 stations.
November
Under the name of Falck Hjemmepleje, Falck begins to
offer people in Denmark both practical assistance and
personal care. Falck has initially acquired 80% of the
company Dansk HjemmePlejeService, which provides
home care services to 1400 people, primarily in the
Greater Copen hagen area.
December
In the Norwegian region Helse Midt, Falck starts up operations
of 13 new stations involving 17 ambulances and 112
full­time employees. Falck won the contracts for the stations
in a tender round earlier in the year when Falck was
awarded contracts for ambulance services in two out of
four areas. The contracts are three times the size of Falck’s
previous ambulance operations in Norway.
www.falck.com
7

Financial highlights (DKK million)
Falck Group
The Group focuses on a number of key figures and ratios which are not all derived directly from the income statement, cash flow statement and
balance sheet. These key figures and ratios are shown below.
INCOME STATEMENT 2005* 2006 2007 2008 2009
Revenue 4,728 5,382 6,271 7,066 7,529
Other operating income 25 52 61 28 41
Cost of sales, staff costs and other external costs (4,188) (4,745) (5,517) (6,252) (6,581)
EBITDA 565 689 815 842 989
Amortisation, depreciation and impairment (239) (244) (245) (255) (268)
EBITA 326 445 570 587 721
Amortisation and impairment of goodwill (162) ­ ­ ­ ­
Amortisation and impairment of intangible assets from acquisitions ­ (4) (9) (13) (19)
Operating profit before exceptional items 164 441 561 574 702
Net exceptional items 160 1 17 ­ ­
Profit before financials 324 442 578 574 702
Financials, etc. (269) (195) (176) (201) (114)
Profit before tax 55 247 402 373 588
Income taxes (20) (66) (91) (98) (171)
Profit for the year 35 181 311 275 417
Minority interests (15) (26) (25) (18) (15)
Profit attributable to Falck 20 155 286 257 402
KEY R ATIOS
Revenue growth (%) 12.1 13.8 16.5 12.7 6.6
Organic growth (%) 7.4 9.5 7.3 9.3 4.3
Operating margin (%) 6.9 8.3 9.1 8.3 9.6
Effective tax rate, normalised for change in tax rate in 2007 (%) 9.5 26.6 26.4 26.3 29.0
Earnings per share (EPS) DKK 0.2 1.7 3.2 2.9 4.4
Diluted earnings per share (DEPS) DKK 0.2 1.7 3.1 2.7 4.3
Number of employees at year­end 11,797 13,813 15,083 16,044 16,457
As opposed to the presentation in the financial statements, amortisation and impairment of intangible assets from acquisitions is stated
separately in the statements above. This provides a better opportunity to compare earnings independently of whether or not an operation
was obtained through acquisition or by establishment of a new business.
Revenue growth
%
18
16
14
12
10
8
6
4
2
0
2005
Revenue growth
Organic growth
2006
8 Annual Report 2009
Revenue
2007
2008
DKK million
2009
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
Operating margin
%
10
9
8
7
6
5
4
3
2
1
2005
2006
2007
2008
2009

Financial highlights (DKK million)
Falck Group
CASH FLOW STATEMENT 2005* 2006 2007 2008 2009
EBITA 326 445 570 587 721
Amortisation, depreciation and impairment 239 244 245 255 268
EBITDA 565 689 815 842 989
Change in working capital including operating provisions 27 143 (31) 6 379
Investments in intangible assets and property, plant and equipment (208) (232) (257) (295) (336)
Sales of non­current assets 14 35 21 13 64
Free cash flow 398 635 548 566 1,096
Exceptional items (30) (3) 4 ­ ­
Interest paid (158) (159) (219) (167) (129)
Income taxes paid (39) (66) (97) (99) (166)
Free cash flow after exceptional items, interest and tax 171 407 236 300 801
Investments in acquisitions (3,123) (390) (59) (460) (73)
Dividends paid, repayments and changes in interest­bearing debt 3,183 48 (99) 258 (528)
Change in cash and cash equivalents 231 65 78 98 200
KEY R ATIOS
Cash conversion rate (%) 122.1 142.7 96.1 96.4 152.0
Net capital investments less depreciation (45) (47) (9) 27 (8)
Cash flow from operating activities 358 565 449 575 1,063
In the Group, cash flows are divided into free cash flow, investments in acquisitions and dividends paid, repayments and change in interestbearing
debt. In the free cash flow, investment in intangible assets and property, plant and equipment is deducted as the Group invests in
vehicles, infrastructure and similar assets as part of ordinary operations. Thus, the free cash flow reflects the amount available for acquisitions,
and servicing of debt.
For definitions of ratios, see page 123
* Includes the period from inception on 23 August 2004 to 31 December 2005; the Falck Group is included from 1 January 2005. For the period from August to
December 2004, the statement only includes financial expense of DKK 12 million. The comparative figures before 2006 have not been restated to reflect the
transition to IFRS.
Cash conversion rate
%
160
140
120
100
80
60
40
20
0
2005
2006
2007
2008
2009
Net capital investments less depreciation
DKK million
30
20
10
0
-10
-20
-30
-40
-50
2005
2006
2007
2008
2009
www.falck.com
9

Financial highlights (DKK million)
Falck Group
BAL ANCE SHEET 2005* 2006 2007 2008 2009
Current assets excluding cash and cash equivalents, etc. 486 603 754 813 1,020
Liabilities excluding credit institutions, income taxes, etc. (1,353) (1,607) (1,706) (1,766) (2,365)
Operating provisions (85) (74) (74) (75) (68)
Non­current assets excluding goodwill 1,536 1,544 1,562 1,635 1,690
Net operating assets excluding goodwill 584 466 536 607 277
Goodwill 3,136 3,387 3,594 3,897 4,075
Intangible assets from acquisitions ­ 15 28 93 81
Income taxes (18) (19) (15) (24) (22)
Net operating assets including goodwill 3,702 3,849 4,143 4,573 4,411
Equity attributable to Falck Holding 225 424 694 885 1,346
Minority interests 83 118 140 23 61
Total equity 308 542 834 908 1,407
Net interest­bearing debt 3,245 3,336 3,139 3,377 2,577
Provisions for deferred tax 95 100 102 63 93
Non­operating assets and liabilities 54 (129) 68 225 334
Financing 3,702 3,849 4,143 4,573 4,411
KEY R ATIOS
Total assets 5,431 6,083 6,355 6,979 7,635
Equity ratio (%) 5.7 8.9 13.1 13.0 18.4
Return on equity (%) 22.2 63.8 60.1 32.6 36.0
Return on equity excluding exceptional items (%) 4.3 4.5 57.1 32.6 36.0
Net interest­bearing debt to EBITDA, normalised 5.76 4.46 3.85 3.76 2.64
For definitions of ratios, see page 123
* Includes the period from inception on 23 August 2004 to 31 December 2005; the Falck Group is included from 1 January 2005. For the period from August to
December 2004, the statement only includes financial expense of DKK 12 million. The comparative figures before 2006 have not been restated to reflect the
transition to IFRS.
Operating assets and liabilities
DKK million
2,400
2,000
1,600
1,200
800
400
10 Annual Report 2009
0
2005
2006
2007
2008
Operating assets Operating liabilities
2009
Net interest-bearing debt to EBITDA, normalised
7
6
5
4
3
2
1
2005
2006
2007
2008
2009

Business area
developments
www.falck.com
11

Assistance | Worldwide
Denmark, Estonia, Finland, Norway, Sweden.
12 Annual Report 2009
Assistance I Revenue
DKK million
2,400
2,100
1,800
1,500
1,200
900
600
300
0
2005
2006
2007
2008
2009

Morten Christiansen
Age 37, Assistance rescue officer
Denmark
Before he joined Falck in October 2008, Morten Christiansen worked as an auto
mechanic. He has always had a dream of working for Falck because he enjoys
the variation and unpredictability of the job.
“It is a huge satisfaction to me to help other people. People often give me a hug
when I can fix their car on the spot so that they don’t have to wait for a repair
and pay an expensive bill. It is really great to see how much people appreciate
my efforts,” he adds.
Morten has a big fleet at his disposal. He drives many different vehicles
ranging all the way from patient transport vehicles and breakdown vehicles.
Assistance I Organic growth
%
10
8
6
4
2
0
2005
2006
2007
2008
2009
Thousands
Assistance
Assistance I Subscribers
1,400
1,200
1,000
800
600
400
200
0
2005
2006
2007
2008
2009
www.falck.com
13

Assistance
Assistance
• 50,000 new subscribers in Norway and Sweden
• Topdanmark customers serviced by Falck since
1 January 2010
• Collaboration with Europ Assistance in the travel
assistance market
• Falck Alarm now also offered to minor corporate
customers
Did you know that …
14 Annual Report 2009
120,000 responses in Norway
is how busy the 150 Falck stations are every year.
Moreover, 450,000 Norwegians have a subscription
for road-side assistance, and 900,000 bicycles are registered
in the Falck bicycle register.
Falck provides a number of Assistance services with the
objective of giving subscribers the best possible degree of
security and peace of mind – either by preventing accidents
or by providing fast and competent assistance if an
accident should occur. It is a characteristic of the Falck services
that our subscribers get help to move on when ever
they have a problem or are in an emergency situation. The
services are usually based on subscriptions within the
areas of automobile, home/building, travel and health for
private customers or on contracts with insurance companies,
businesses and public institutions. Moreover, Falck
provides consultation on safety and working en vironment
and has extensive activities within preventive training and
education.
In the Assistance business, Falck is active mainly in Denmark,
Estonia, Finland, Norway and Sweden. In 2009,
Falck had more than1.2 million private customers and
approximately 100,000 customers among businesses and
public institu tions. The total number of responses provided
by Falck’s Assistance business in 2009 was 1,145,420.
The general economic downturn in 2009 put financial
pressure on many Falck customers. Nevertheless, Falck
succeeded in increasing its revenue from the Assistance
business as compared with 2008.
Falck expanded its collaboration with the insurance industry
in 2009. In Denmark, a new contract was signed with
Topdanmark for Topdanmark’s more than 200,000 road
assistance customers to be serviced by Falck in 2010.
Moreover, a five­year contract has been signed with a large
Nordic insurance company regarding auto assistance in
Finland, Norway and Sweden.
Falck TravelCare was established in late 2008 with a view
to helping insurance companies and businesses handle the
health, safety and security risks faced by travelling custo­

mers and their staff. Through the acquisition of the
Nordic control centre of French­based assistance company
Europ Assistance in 2009, Falck TravelCare has obtained a
solid platform in the Nordic region as well as access to
Europ Assistance’s global network of partners and local
agents.
Falck’s venture in the alarm market met expectations.
The positive trend is expected to continue in 2010, as
businesses can now also make use of the alarm solutions
from the beginning of 2010 because Falck’s alarm concept
has been approved for that segment.
In the business market, 2009 saw a breakthrough for Falck
Sirius Eco Drive, an efficient fleet management system
designed to help the transport sector reduce costs and its
negative environmental impact. One of the contracts signed
by Falck for this business is with one of Denmark’s largest
bus companies to install the system in 2,400 busses.
There was focus on product development again in 2009:
for instance, Falck has developed an improved heartstarter
concept which includes not only heartstarters but also
services such as courses and crisis therapy.
In 2009, Falck had more
than 1.2 million private
customers and approximately
100,000 customers
among businesses and
public institutions
Did you know that …
More than EUR 1 billion per year
is the revenue generated by Europ Assistance, which
collaborates with Falck TravelCare. Falck TravelCare
offers travel assistance to insurance companies and
corporate employees. The agreement with Europ
Assistance gives Falck access to a global network of
service providers.
www.falck.com
15

Emergency | Worldwide
Belgium, Denmark, Finland, the Netherlands, Norway, Poland, Romania, Slovakia,
Spain, Sweden.
16 Annual Report 2009
Emergency I Revenue
DKK million
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
2005
2006
2007
2008
2009

Agnieszka Piasecka
Age 33, Ambulance rescue officer,
Poland
Emergency I Organic growth
%
12
10
8
6
4
2
0
2005
2006
2007
2008
2009
Emergency I Falck ambulances
Numbers
1,000
800
600
400
200
0
Emergency
Agnieszka Piasecka is a trained nurse and has many years of experience with
emergency work. She describes herself as observant and analytical, and she
takes pride in making a difference.
”The job as a Falck rescue officer is sometimes extremely hard, especially in
situations when children have been injured. But it is an indescribable feeling to
assist people in need of help. Some time ago, a man came into our office to
thank us because we had helped him. As a Falck rescue officer, you see many
people every day, and I can’t even remember all the people I have helped, but
he remembered everything. It feels good when your work is remembered and
appreciated so much,” said Agnieszka.
2007
2008
2009
www.falck.com
17

Emergency
Emergency
• Won contracts for ambulance services in Slovakia,
Poland and Norway
• Renewed ambulance contracts in Denmark
• Won a fire­fighting contract for Swedish airports
• Signed contracts for a number of fire­fighting services
in Spain
Falck provides services to
up to one million sick or
injured persons
18 Annual Report 2009
Falck operates more than 900 ambulances and is Europe’s
largest private­sector provider of ambulance services. Each
year, Falck provides services to up to one million sick or
injured persons in seven countries. In addition, Falck
operates the world’s largest private fire brigade, providing
fire­fighting and fire­prevention services in five countries.
With the establishment of the Emergency Medical Services
Division in the summer of 2009, Falck put greater
focus on international activities by submitting tenders for
ambulance services, fire­fighting and airport services. The
initiative has led to the establishment of companies in a
number of new countries, making Falck ready to respond
to expected invitations for tenders in the years to come.
In Slovakia, Falck has been responsible for ambulance ser­
vices in about a third of the country during the past four
years. Tenders were invited again for all ambulance contracts
in 2009. The tender round was completed in early
2010 and Falck won contracts for 90 stations, equivalent
to 20% growth relative to the 74 stations already operated
by Falck.
Also in Slovakia, Falck signed a contract with the secondlongest
motor race track in Europe, Slovakia Ring, which is
used more than 200 days a year by 50­100 motor sports
drivers. Falck’s job is to provide ambulance services to the
drivers and their teams.
Falck ambulances have operated in Poland since 1993,
and in 2009 Falck strengthened its position in the Polish
market, among other things by winning new contracts for
five stations involving eight new ambulances. At the same
time, the standard of quality was further increased at
already existing Falck stations which operate 79 ambulances.

In Norway, Falck also won tenders for ambulance services:
in two out of four regions in the Helse Midt region and a
contract for Sykehuset Innland near Oslo. Altogether Falck
secured contracts for 20 ambulances and now operates 34
ambulances in Norway. In addition, Falck has won a
contract for up to 15 ambulances over three years in the
Telemark region.
In Belgium, Falck operates 100 ambulances and signed a
new contract covering 70% of the West Flanders Region,
which is expected to result in 23,000 ambulance responses
per year.
Did you know that …
25% of Swedes
are covered by Falck ambulance services. Falck has 39
ambulance stations in Sweden, 121 ambulances,
emergency response vehicles, doctors’ ambulances,
sea ambulances, busses, motorcycles and more than
500 employees.
The focus of Falck’s organisation in Sweden in 2009 was
on completing the integration of the Ulfab Group acquired
in 2008. Falck now provides ambulance services to 25% of
the population in Sweden. In a tender round in Scania in
southern Sweden, Falck won one of its existing two contracts
with effect from 2010.
Falck Foundation has been established by Falck and is
managed by an independent medical board consisting of
international experts in prehospital research. One of the
initiatives scheduled for 2010 will be the establishment of
“The Sophus Falck Award”, which will be awarded to the
winner of a prize paper competition in the prehospital
field. The prize subject will be announced in the spring of
2010.
Through the International Fire Services Division, Falck
operates and develops fire and rescue services for large
industrial corporations.
In Spain, Falck is the leading provider of industrial fire
services and saw a significantly higher level of activity in
2009, partly as a result of an inflow of jobs from existing
customers in the nuclear energy industry. Moreover, a
contract was signed for fire services for an aircraft spare
parts manufacturer in Getafe.
www.falck.com
19

Did you know that …
Denmark is third cheapest for
fire­fighting services
according to figures from a World Fire Statistics
report which also states; “The low Danish cost is
largely due to the private company, Falck.” For the
statistics, costs of fire-fighting services are measured
relative to GNP in 16 countries.
20 Annual Report 2009
In Romania and Slovakia, the focus in 2009 was on implementing
and upgrading the competencies under the industrial
services contracts taken over for Petrobrazi, Arpechim,
Bratislava and Martin. Falck currently has more than
250 fire fighters in those two countries.
The division furthermore has operations in the Nether­
lands, where it primarily provides consulting on and training
in preventing and handling fires. In 2009, the division
successfully retained its level of activity in spite of a
downturn in the market.
In 2009, Falck also won contracts for fire­fighting services
at the airports of Arlanda and Bromma near Stockholm,
Sweden. In 2008, Falck won a major contract on assisting
passengers with reduced mobility (PRMs) through Copenhagen
Airport, and Falck provided 118,911 of these
responses at the airport in 2009.
In 2009, contracts were allocated following tenders for
ambulance services and transport of stretcher patients in
three out of Denmark’s five regions. In the Southern Denmark
Region, Falck was awarded the contracts for ambu­

lance services, transport of stretcher patients as well as for
the dispatch centre. In the Northern Jutland Region, Falck
won all the contracts, namely for ambulance services and
transport of stretcher patients. In the Zealand Region,
Falck won four out of its five existing areas after a new tender
round. As Falck won most of the tendered contracts in
the Central Jutland Region and the Capital Region in 2008,
and Falck now also provides ambulance services in the
central Copenhagen area, Falck continues to provide ambulance
services to about 85% of the Danish population.
In 2009, Falck provided 444,649 emergency ambulance
responses in Denmark, up from 404,982 in 2008. For a
growing number of patients, treatment is completed on
site by ambulance rescue officers, paramedics or doctors.
In 2009, Falck won contracts for services on the Danish
motorways in 17 out of 18 areas for which the Danish
Road Directorate had invited tenders. Thus, Falck warns
road users of accidents ahead, clears accident sites and
picks up lost goods in all areas of Denmark except in
Southern Jutland. Falck also won the contract for
fire services at sea for the eastern part of Denmark when
tenders for the contract were invited by the Danish state.
Tenders have been invited for fire­fighting services in seve­
ral Danish municipalities and Falck both won and lost contracts
in the process. The largest new contract is a ten year
contract for the municipality of Gentofte in the Greater
Copenhagen area with a population of almost 70,000. By
the end of 2009, Falck provided fire­fighting services for
66 out of the 98 Danish municipalities, the same number
as a year earlier. The number of responses for fire incidents
was 13,993, down from 15,332 in 2008.
In 2009, Falck provided
444,649 emergency
ambulance responses
in Denmark, up from
404,982 in 2008
In collaboration with German­based DRF Luftrettung, Falck
DRF Luftambulance operates an emergency helicopter
service for the Southern Denmark Region. The helicopter
operated 115 missions on the Danish side of the border in
2009. In addition, Falck DRF Luftambulance won a tender
in early 2010 for operating an emergency helicopter in the
Zealand Region and the Capital Region during an
18­month to three­year trial period from May 2010.
www.falck.com
21

Healthcare | Worldwide
Denmark, Norway, Poland, Slovakia, Sweden, the United Arab Emirates.
22 Annual Report 2009
Healthcare I Revenue
DKK million
1,400
1,200
1,000
800
600
400
200
0
2005
2006
2007
2008
2009

Mohammad Daamesh
Age 39, Head Nurse
The clinic at Falck’s training centre, Abu Dhabi
Mohammad Daamseh is the head nurse at Falck’s training centre in Abu Dhabi.
He is a member of an interdisciplinary team of physicians, rescue officers and
nurses who receive patients with urgent needs for treatment.
”My job means everything to me. I am interested in the entire field of nursing,
but in particular, I think that work involving emergency treatment is very
exciting. I find it very rewarding to help people in situations of stress and
trauma and to see the joy and gratitude in their faces.”
Although it has been hard work to get the clinic at Abu Dhabi up and running,
Mohammad thinks it is worth all the efforts.
Healthcare I Organic growth
%
24
20
16
12
8
4
0
-4
-8
-12
2005
2006
2007
2008
2009
Numbers
Healthcare
Healthcare I Numbers of healthcare professionals
3,000
2,500
2,000
1,500
1,000
500
0
2005
2006
2007
2008
2009
www.falck.com
23

Healthcare
Healthcare
• Continued its international expansion
• Experienced a downturn in the staffing business as
regions insourced staffing services
• Signed job centre agreements with six municipalities
• Went into the market for private home care
Did you know that …
94 per cent
of all clients who visit Falck Healthcare’s health centres
are so satisfied that they would recommend them to
others. Furthermore, eight of ten were back on the
job earlier than they would otherwise have been.
Those are the findings of a survey among 1,700
persons who had received treatment at one of our
health centres.
24 Annual Report 2009
Each year, Falck’s network of physicians, nurses, psychologists,
physiotherapists and other healthcare experts help
tens of thousands of people avoid or overcome physical
and mental problems. It is Falck Healthcare’s vision to
provide quick access to preventive treatment in order to
ensure that early symptoms do not develop into chronic
problems.
Falck provides healthcare services to companies as well as
the public sector, pension funds and individuals.
The international roll­out of the Healthcare business continued
in 2009. Two medical and healthcare clinics were
opened in Abu Dhabi in the United Arab Emirates, and the
expansion of healthcare clinics in Slovakia continued. In
Poland, new contracts were signed with three insurance
companies. In Sweden, a major contract was signed with a
Norwegian insurance company, which will also lead to additional
activities in Sweden. And finally, contracts were
entered into for the establishment of two clinics for Falck’s
training centres in Aberdeen and Teeside in the
United Kingdom to test and examine course participants
who will be working on North Sea oil rigs.
Falck Healthcare continues to provide interdisciplinary
treatment at more than 200 health centres in Denmark.
Here, almost half a million people can be treated for pain
such as back and shoulder pain by Falck’s teams of physiotherapists,
chiropractors, massage therapists and zone
therapists.
Independent surveys of quality show a high level of satis­
faction with the interdisciplinary treatment, as 90% of
people receiving treatment wish to use the treatment
again. Measurements of the effect of Falck’s crisis therapy
services also show top quality.

In 2009, Falck Healthcare started a partnership with the
pharmaceutical industry regarding compliance and correct
use of pharmaceuticals.
Falck Jobservice supports municipal job centres in their
efforts to help their citizens get back to work after a long
period on sickness benefits or otherwise clarify such
people’s situation. In 2009, Falck signed contracts in this
respect with six Danish municipalities, and the number of
people on sickness benefits has already been successfully
reduced in several of the municipalities.
In both Denmark and Sweden, Falck helps companies and
public­sector institutions reduce sickness absence among
employees. Towards the end of the year, Falck Healthcare
won several new customers in this field, and activity is also
expected to grow in 2010.
Falck’s staffing service for the public healthcare sector
was affected by the decision by certain Danish regions to
insource staffing functions. In spite of this, Falck sees opportunities
in the area and acquired Danish­based staffing
agency Pleje og Omsorg, which primarily provides social
and healthcare assistance for municipalities in Jutland and
on Funen, but which also offers staffing services for nurses,
pre­school teachers and other professional groups.
Falck has furthermore acquired 80% of the shares in the
company Dansk HjemmePlejeService, which provides
home care to 1,400 citizens, primarily in the Greater
Copenhagen area. Under the name of Falck Hjemmepleje,
Falck intends to offer interested people in Denmark both
practical assistance and personal care.
Falck Healthcare provides
interdisciplinary
treatment at more than
200 health centres in
Denmark
Did you know that …
1,000 employees in Denmark
work for Falck Healthcare, which has been an inde-
pendent business unit since 2005. This makes Falck
Denmark the largest provider of healthcare services
under corporate healthcare packages. In 2001,
there were only 11 employees in Falck Healthcare.
www.falck.com
25

Training | Worldwide
Brazil, Denmark, Germany, Malaysia, the Netherlands, Nigeria, Norway, Russia, Singapore,
Thailand, Trinidad, United Arab Emirates, United Kingdom, USA, Vietnam.
26 Annual Report 2009
Training I Revenue
DKK million
1,200
1,000
800
600
400
200
0
2005
2006
2007
2008
2009

Ana Paula Pinho dos Anjos
Age 35, Assistant Instructor, Training
Falck, Brazil
Ana Paula Pinho dos Anjos is a trained nurse and diver and she has worked as an
instructor with Falck in Brazil since 2007.
Water has a special place in Ana’s life. She is a member of Falck’s specialised
team which trains offshore workers or helicopter crews in emergency landing
at sea.
”In our training courses, we train people who have never before been in a closed
compartment under water, in a safety belt and, even worse, upside down. It is
fantastic when we are able to win people’s confidence during the training course
and teach them to overcome their barriers,” said Ana Paula Pinho dos Anjos.
Training I Organic growth
%
24
20
16
12
8
4
0
-4
2005
2006
2007
2008
2009
Training I Number of course participants
Numbers in thousands
200
175
150
125
100
75
50
25
0
2005
Training
2006
2007
2008
2009
www.falck.com
27

Training
Training
• Continued its geographic expansion
• Opened six new training centres
• Obtained new customers in the wind turbine industry
Did you know that …
193,000 course participants on
five continents
attended a Falck course and were trained by some
1,000 Falck employees in 2009. Sophus Falck started
up systematic training activities in 1923 and, Falck
is currently the leading provider of courses in safety
training, fire fighting and rescue at sea, primarily
targeting the oil and gas sector.
28 Annual Report 2009
Falck is the world’s leading provider of rescue and safety
courses and related safety services for the offshore industry.
The maritime sector, the chemical industry, the aviation
industry and the armed forces in Denmark and Sweden
also use Falck’s knowhow for training of their staff to
take care of themselves and each other.
Falck’s training and safety activities are now represented
on five continents, in 15 countries and with a total of 27
training centres targeting the offshore industry and seven
centres for special industrial fire training in the Netherlands.
Course participants receive training in theoretical
issues and participate in practical exercises in the field of
safe conduct with a view to avoiding industrial accidents
and in how to handle any accidents that do occur, also under
extreme conditions. Falck’s training centres are designed
in such a way that it is possible to create an almost
perfect illusion of real disasters, fires and explosions.
Moreover, Falck offers training of fire­fighters and provides
safety and emergency analysis and crisis management for
industries involving high risk to employees and the
environment. To this should be added other services within
safety such as the supply of fire emergency forces and
highly skilled professionals to functions as safety managers
and special paramedic emergency staff.
It is Falck’s ambition to create a more standardised and
high level of quality within rescue and safety training
worldwide. Falck is therefore constantly involved in the
development of new training methods, including training
on offshore installations and on board vessels, internetbased
training (E­learning) and use of simulators in special
cases. All these activities reflect the latest requirements
from both customers and regulatory authorities.
Falck continued the expansion of its training activities in
2009. New centres were opened in the United Arab Emirates,
Nigeria, Thailand, Germany, the United States and Vietnam.
Moreover, Falck has opened a representative
office in Moscow.

In future, we will also be focused on global expansion on
selected markets. In January 2010, Falck acquired a minority
interest in a well­established OPITO (Offshore Petroleum
Industry Training Organisation) accredited training
centre in Indonesia. The new centres are located close to
oil and gas fields in order to provide the best possible service
to Falck’s customers among the international oil and
gas companies and related service companies. With these
initiatives, Falck has taken additional important steps
towards meeting its ambition of offering safety training in
all oil and gas producing regions of the world.
The new training centres in the United Arab Emirates and
Nigeria have not only increased our presence in important
markets; they have also contributed to raising the level of
safety training in those regions. These trainings centres
were accredited to OPITO standards when established,
and going forward this will be of great significance to both
the staff and companies operating in those countries as
they have not previously had providers of training accredited
to this international standard.
Falck’s training and safety activities are now
represented on five continents, in 15 countries
and with a total of 27 offshore training centres
www.falck.com
29

Did you know that …
Fifteen countries
currently have Falck training centres. Falck has most
recently set up a training centre in Abu Dhabi in the
United Arab Emirates. Falck has training centres in
European countries and in a number of Asian,
American and African countries.
30 Annual Report 2009
By opening an additional two new centres in 2009 in
Thailand and Vietnam respectively, Falck has gained a
strong position in Asia with a total of five training centres
in the region accredited to the OPITO standard. As Falck
wants to offer these internationally recognised courses
worldwide, the North American centres at Houma and
Maurice were also accredited to the OPITO standard in
2009. Fifteen training centres are currently accredited to
the standard, and more are expected to be accredited in
2010. In addition, five Norwegian training centres are
accredited to the highest quality level in Norway, the
so­called OLF standard. At centres not yet accredited to
OPITO, they nevertheless provide training according to
the standard.
In Germany, Falck established a training centre at Emden
in 2009. From this centre, Falck provides safety training for
employees in the offshore wind turbine industry. Moreover,
Falck provides training courses for international wind
turbine companies at the training centre at Esbjerg, Denmark
where a 26 metre wind turbine tower was recently
built to be used for practical training.

The number of participants in Falck courses continued to
grow at both new and already established centres. Falck
trained 193,000 people in 2009, up from 166,000 in 2008,
primarily due to the acquisition of activities in the United
States in late 2008. The remaining growth was primarily
generated in Brazil and the United Kingdom, where the
number of course participants rose by 10% and 26% respectively.
Moreover, the number of course participants
was affected by the loss of a major contract in Norway in
2009, for which reason the organisation in Norway has
been adjusted to match the new situation.
In 2009, Falck Training signed a number of important
contracts to provide training to oil and gas company employees
on their offshore installations. This saves customers
both time and money for travel and accommodation,
and Falck expects to enter into more of this kind of on­site
contracts in 2010.
Falck trained 193,000
people in 2009, up from
166,000 in 2008, primarily
due to the acquisition of
activities in the United
States in late 2008
www.falck.com
31

Financial review
In spite of the financial crisis, Falck increased the revenue
by 6.6% in 2009 to DKK 7,529 million, which was consistent
with the Group’s forecast. The rate of organic growth
was 4.3% as compared with an expected growth rate of
6-7%. The percentage of Group revenue generated outside
Denmark rose to 34.6% (2008: 31.9%), as the growth rate
for markets outside Denmark was 15.5%, of which organic
growth accounted for 8.3%. The rate of organic growth in
Denmark was 2.5% and was adversely affected by the
insourcing of staffing services by a number of regions.
Performance in the staffing business thus reduced the rate
of organic growth in Denmark by 3 percentage points and
by 2 percentage points for the Group.
Operating profit before amortisation and impairment of
intangible assets from acquisitions and exceptional items
(EBITA) was DKK 721 million (2008: DKK 587 million).
EBITA increased by 22.8%, which met Management’s
expectations and reflected the substantial efficiency
improvement measures and improvements of business
procedures and processes implemented in 2009, especially
in Denmark.
Profit attributable to Falck was DKK 402 million (2008:
DKK 257 million), equivalent to a growth rate of 56.4%.
Falck generated a free cash flow of DKK 1,096 million in
2009 (2008: DKK 566 million), representing a cash conversion
rate of 152.0% (2008: 96.4%) in terms of conversion
of EBITA into cash.
The ratio of net debt to EBITDA dropped from 3.76x in
2008 to 2.64x in 2009, which was attributable to the
increase in earnings and the high cash flow.
32 Annual Report 2009
BASIS OF PRESENTATION
The financial review is based on the financial highlights
and key ratios on pages 8-10 and cannot be derived
directly from the consolidated financial statements.
GROUP PERFORMANCE IN 2009
Consolidated income statement
Consolidated revenue for 2009 was DKK 7,529 million,
equivalent to a growth rate of 6.6%. Compared with performance
in 2008, revenue was reduced by 2.3 percentage
points as a result of lower exchange rates. During the
past five years, revenue has grown by an average of 12.3%.
Revenue
DKK million
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
2005
2006
2007
2008
2009
Other operating income amounted to DKK 41 million
(2008: DKK 28 million) and consisted of profit on the sale
of property, plant and equipment and rent from premises
at the Group’s stations in Denmark and the gain from a
partial sale of a subsidiary.

EBITA was DKK 721 million (2008: DKK 587 million), equivalent
to an EBITA margin of 9.6% (2008: 8.3%).
EBITA / Operating margin
DKK million %
800
700
600
500
400
300
200
100
0
2005
EBITA
Operating margin
2006
2007
2008
2009
Investments in associates generated a loss of DKK 1
million as was the case in 2008.
Financials amounted to a net expense of DKK 114 million
(2008: DKK 201 million). The fall in financial expenses was
mainly attributable to exchange rate gains on short-term
intercompany loans of DKK 30 million in 2008, whereas
corresponding exchange rate losses in 2009 amounted to
DKK 30 million. In addition, falling market rates of interest
and the high free cash flow resulted in lower financing
costs.
Profit before tax was DKK 588 million (2008: DKK 373 million).
The increase was due to an increase in EBITA and the
above mentioned exchange gains and losses.
Tax on the profit for the year was DKK 171 million (2008:
DKK 98 million), equivalent to an effective tax rate of
29.0% (2008: 26.3%). The increase in the tax rate was
12.0
10.5
primarily the result of non-capitalised tax losses and prior-
9.0
7.5
6.0
4.5
3.0
1.5
0.0
year adjustments of tax, whereas the adjustments were
positive in 2008.
Profit attributable to Falck increased by DKK 145 million to
DKK 402 million. The increase is primarily a result of the
increase in EBITA and the effect from exchange rate gains
in 2009 versus losses in 2008.
The trend of profit attributable to Falck is illustrated in the
chart below.
Profit attributable to Falck
DKK million
450
400
350
300
250
200
150
100
50
0
2005
2006
2007
2008
2009
Consolidated revenue
for 2009 was DKK 7,529
million, equivalent to a
growth rate of 6.6%
www.falck.com
33

Consolidated cash flow statement
The free cash flow was DKK 1,096 million (2008: DKK 566
million). The free cash flow as a proportion of EBITA (the
cash conversion rate) was 152.0% (2008: 96.4%).
Free cash flow / EBITA
DKK million %
1,200
1,000
800
600
400
200
Free cash flow
Cash conversion rate, %
The high free cash flow in 2009 was the result of increased
earnings and the Group’s focus on liquidity
optimisation. Moreover, the longer credit for payment of
tax collected at source in Denmark had a favourable
impact on the consolidated free cash flow.
In 2009, DKK 116 million (2008: DKK 49 million) was
invested in property, plant and equipment related to
expansion and start-up of activities relative to total invest-
ments of DKK 260 million (2008: DKK 282 million).
Income taxes paid amounted to DKK 166 million (2008:
DKK 99 million). Income taxes paid under Danish joint
taxation amounted to DKK 112 million (2008: DKK 56
million).
Interest paid amounted to DKK 129 million (2008: DKK
167 million). The reduction as compared with 2008 was
due to the lower level of interest rates and repayment of
the Group’s debt.
34 Annual Report 2009
0
2005
2006
2007
EBITA
2008
2009
180
150
120
90
60
30
0
Payments for acquisitions totalled DKK 73 million (2008:
DKK 460 million) and primarily concerned the acquisition
of training activities in Nigeria, healthcare activities in
Denmark, Travelcare in Sweden and acquisitions of minority
interests in Finland and the Netherlands.
Dividends paid, servicing of and changes in interestbearing
debt represented a cash outflow of DKK 528
million (2008: a cash inflow of DKK 258 million). The increased
cash outflow as compared with 2008 was attributable
to a reduction in the use of the Group’s credit facilities
and to a loan of DKK 392 million obtained in 2008 to
fund acquisitions.
Consolidated balance sheet
Net operating assets
Consolidated net operating assets excluding goodwill
stood at DKK 277 million (2008: DKK 607 million).
Net operating assets
DKK million
700
600
500
400
300
200
100
0
2005
2006
2007
2008
2009
The fall in net operating assets was primarily attributable
to the cash flow initiatives described above.
Consolidated net operating assets including goodwill
stood at DKK 4,411 million (2008: DKK 4,573 million), and
the fall in net assets was partly offset by an increase in
goodwill as a result of acquisitions made during the year.

Equity
Equity attributable to Falck Holding A/S increased by DKK
461 million in 2009 to DKK 1,346 million. This increase
was composed of profit attributable to Falck Holding A/S
of DKK 402 million, foreign exchange adjustments and
actuarial adjustments of pension provisions.
Minority interests totalled DKK 61 million (2008: DKK 23
million). The increase as compared with 2008 primarily
related to minority interests in the new training activities
in Nigeria and a new minority shareholder in the
Emergency business in Slovakia.
Provisions for acquisition of minorities
The provisions for acquisition of minorities are recognised
in the amount of DKK 286 million (2008: DKK 240 million)
based on expected earnings at the time they are used.
If a minority interest elects not to sell its shares, Falck has
a corresponding right to buy the shares in a subsequent
period. The increase as compared with 2008 concerned
additions of new minorities which balance out the payments
made in connection with the exercise of options.
Net interest-bearing debt
The Group’s net interest-bearing debt declined by DKK
800 million to DKK 2,577 million, from a starting point of
DKK 3,377 million at year-end 2008. The fall in net interest-bearing
debt was attributable to the high free cash
flow.
Equity attributable to
Falck Holding A/S
increased by DKK 461
in 2009 to DKK 1,346
million
www.falck.com
35

ACQUISITIONS AND DIVESTMENTS
Acquisitions of companies and operations
The Falck Group acquired the following companies in
2009:
Europ Assistance’s business in the Nordic region
As part of the strategy of becoming one of the leading
providers of travel assistance in the Nordic region, Falck
acquired the Nordic operations of the international assistance
company Europ Assistance in February 2009 and
entered into a number of collaborative agreements within
both travel and road-side assistance.
Falck OY
In June 2009, the Group acquired an additional 30% of the
shares in Falck OY, the Group’s assistance operation in
Finland. The acquisition increased the Group’s investment
to 100%.
Falck AVD
In June 2009, the Group acquired an additional 49% of the
shares in Falck AVD. The acquisition increased the Group’s
investment to 100%. Falck AVD owns 80% of the Group’s
fire training and consulting operation in the Netherlands.
Falck Prime Atlantic
In October 2009, the Group acquired 51% of the shares of
Falck Prime Atlantic, which is engaged in training activities
from its base in a newly built training centre in Nigeria.
36 Annual Report 2009
Pleje og Omsorg
In November 2009, the Group acquired 100% of the
shares in Danish-based company Pleje og Omsorg, which
provides staffing services in the Healthcare area.
Dansk HjemmePlejeService
In December 2009, the Group acquired the operations of
Dansk HjemmePlejeService, which provides services within
personal care and practical assistance in the Greater
Copenhagen and northern Zealand areas under the freechoice
scheme for home care services. In connection
with the transaction, 20% of the shares in the company
acquired were sold to the former owner.
Divestments
Tesia
In April 2009, the Falck Group sold 100% of the shares of
the Swedish-based Healthcare staffing service company
Tesia.
RISC Fire & Safety Services
In April 2009, the Falck Group sold the operations of the
Dutch-based company RISC Fire & Safety Services.
MSTS Malaysia
In March 2009, the Falck Group sold 10% of the shares in
the training operations in Malaysia.
Falck Emergency Slovakia
In December 2009, the Falck Group sold 49% of the shares
in the emergency operations in Slovakia. The divestment
reduced Falck’s investment to 51% of the shares.

Revenue and organic growth by business area
DKK million
1) Revenue in DKK for 2009 as a percentage of consolidated revenue
PERFORMANCE BY BUSINESS AREA
Assistance
Revenue from the Assistance business increased 5.5% to
DKK 2,183 million (2008: DKK 2,070 million) and accounted
for 29.0% of consolidated revenue. The organic growth
rate was 4.2%.
In the subscription business, Assistance in Denmark in
2009 experienced a market situation that had become
considerably more difficult, primarily due to the economic
crisis. However, this was offset by an increase in revenue
from ‘pay on use’ and the introduction of new product
initiatives, including the launch of residential alarms in
Denmark, comprising alarm systems for private customers
and small businesses.
In spite of these difficult conditions, Assistance in
Denmark succeeded in achieving a year-on-year increase
in earnings, primarily through cost reductions and a lower
frequency of responses during the first 11 months of the
year.
Revenue EBITA Operating margin (%)
% of Organic
total 1) 2009 2008 2009 2008 2009 2008 growth
Assistance 29.0 2,183 2,070 327 302 15.0 14.6 4.2
Emergency 56.7 4,271 3,878 221 77 5.2 2.0 11.4
Healthcare 15.1 1,139 1,283 49 85 4.3 6.6 (11.0)
Training 12.2 921 831 124 123 13.5 14.8 (1.4)
Elimination (13,0) (985) (996) - - - - -
Group total 100.0 7,529 7,066 721 587 9.6 8.3 4.3
Assistance in Sweden continued to generate growth in its
portfolio of private subscribers, whilst portfolio growth
was squeezed in Norway.
The travel assistance business TravelCare was launched in
February 2009 and showed satisfactory growth.
Emergency
Revenue from the Emergency business, which accounted
for 56.7% of consolidated revenue, rose to DKK 4,271 million
in 2009, equivalent to a growth rate of 10.1%. The
rate of organic growth was 11.4% as a result of high
growth rates in several markets.
The Emergency business in Denmark generated very satis-
factory revenue growth in 2009, which was attributable to
a high level of activity in the ambulance business and the
expansion from 1 September 2009 of the areas in the
Capital Region where Falck provides ambulance services.
In Region Central and Region Zealand, where Falck’s areas
of coverage were reduced, new ambulance contracts took
effect on 1 December 2009 and 1 February 2010 respectively.
When all contracts have been implemented, Falck’s
market share will be at the same level as before the tenders.
www.falck.com
37

In the Emergency business in Norway, the volume of activity
was increased by a total of 17 ambulances in December
2009. In Sweden, the Ulfab Group was consolidated for
the full year 2009 following the acquisition in 2008.
In Poland, additional ambulance contracts were won,
which were offset by a change in the DKK/PLN exchange
rate, whereas earnings showed strong growth following
efficiency improvements and better contract terms.
In the fire-fighting business, Falck saw a significant improvement
in Spain in 2009 due to extra work assignments
at nuclear power plants, the start-up of a new
contract in Slovakia and the full-year effect of the activity
started up in Romania in 2008. Growth was also achieved
in the Netherlands within the fire services and consulting
business.
The significant growth in revenue, including the full-year
effect of the start-up of new activities in Romania, also
contributed to revenue growth. In addition, a number of
improvements of business procedures and processes have
been initiated, which led to improvements in earnings,
especially in Denmark and Sweden, partly due to a
reduction of overtime through more efficient shift planning.
In Sweden, the growth in earnings was also attributable
to the integration of the Ulfab Group.
38 Annual Report 2009
Healthcare
Healthcare’s share of consolidated revenue fell to 15.1% in
2009 (2008: 18.2%). Revenue for the business area fell to
DKK 1,139 million (2008: DKK 1,283 million), of which the
rate of organic growth was negative by 11.0% (2008:
positive by 19.2%).
Healthcare in Denmark recorded an 11.2% fall in revenue
compared with 2008. The fall was attributable to the insourcing
of staffing services in a number of Danish regions
and a fall in the number of staff covered by Falck’s healthcare
scheme due to the general economic downturn and
falling employment. This was partly offset by new contracts
and products in Falck JobService.
The Healthcare activities in Sweden were integrated into a
single organisational entity in the course of 2009 in order
to achieve operating efficiencies and increase sales.
The new Healthcare activities in the United Arab Emirates
contributed positive organic growth.
EBITA was DKK 49 million (2008: DKK 85 million), primarily
due to developments in the staffing business in
Denmark and to the fact that, for some of the revenue
loss, it was not possible to reduce costs to the same
extent. Moreover, earnings were adversely affected by the
start-up of the new activities in Jobservice and in absence
management in Sweden.

Training
Revenue from the Training business rose to DKK 921
million (2008: DKK 831 million) and accounted for 12.2%
of consolidated revenue (2008 11.8%). Organic growth
was negative at the rate of 1.4%, which was mainly attributable
to a general downturn in the market of the Training
business due to a lower level of activity in the offshore
oil industry in the last part of 2009.
The Training business in Norway was also affected by the
loss of a major customer, and extensive restructuring was
therefore undertaken in 2009 to adjust the cost level,
which also had a negative impact on earnings in 2009.
Activity in the Netherlands was hit by a certain amount of
reluctance, both within the oil industry and the local
market for fire training.
Revenue in Malaysia was on a level with last year, whilst
the activity in Alford, USA, was consolidated for the full
year 2009 following the acquisition of the business in
November 2008.
Revenue furthermore included the new Training business
activities in the United Arab Emirates, Nigeria and
Thailand.
Earnings in the Training business were thus adversely
affected by lower activity levels in a number of countries
as described above.
Revenue from the Training business rose to
DKK 921 million (2008: DKK 831 million) and
accounted for 12.2% of consolidated revenue
(2008 11.8%)
www.falck.com
39

Revenue and operating profit (EBITA) by geographical area
DKK million
1) Revenue in DKK for 2009 as a percentage of consolidated recenue
PERFORMANCE BY AREA
Denmark
Revenue in Denmark was DKK 4,928 million (2008: DKK
4,814 million) and increased by 2.4%, of which 2.5% was
organic growth.
As a result of the above, EBITA increased to DKK 449
million (2008: DKK 375 million).
The operating margin in 2009 was 9.1% (2008: 7.8%)
which was attributable to the increase in revenue and
optimisation of operations in the Emergency and Assistance
businesses, which was to some extent offset by
lower activity in Healthcare.
Nordic region
Revenue from operations in the Nordic region (excluding
Denmark) increased by DKK 162 million, or 15.1%. The
rate of organic growth was 6.3% and was generated both by
Assistance and Emergency, whereas Training and Healthcare
saw a minor decline due to lower levels of activity.
EBITA was DKK 40 million (2008: DKK 36 million), equivalent
to an EBITA margin of 3.2% (2008: 3.5%). The lower
operating margin was mainly attributable to lower earn-
40 Annual Report 2009
Revenue EBITA Operating margin (%)
% of Organic
total 1) 2009 2008 2009 2008 2009 2008 growth
Denmark 65.4 4,928 4,814 449 375 9.1 7.8 2.5
Nordic region 16.4 1,233 1,071 40 36 3.2 3.5 6.3
Europe 13.8 1,040 1,045 156 138 15.0 13.2 9.5
Rest of the world 4.4 328 136 76 38 23.2 27.9 15.0
Group total 100.0 7,529 7,066 721 587 9.6 8.3 4.3
ings in the Training business as a result of the lower level
of activity and restructuring costs which, however, was
partially offset by improvements in the Emergency and
Assistance businesses.
Europe
Revenue from operations in Europe (excluding the Nordic
region) was DKK 1,040 million (2008: DKK 1,045 million)
equivalent to a minor fall by 0.5% caused by exchange rate
fluctuations and the divestment of operations in the
Netherlands. The rate of organic growth was 9.5%, which
was mainly attributable to a higher level of activity in
Spain and new contracts in Romania, whereas the Training
business in the Netherlands experienced a minor fall in the
level of activity.
EBITA was DKK 156 million (2008: DKK 138 million), equiv-
alent to an operating margin of 15.0% (2008: 13.2%). The
increase in the operating margin was mainly the result of
activities in Spain, Eastern Europe and the Emergency
business in the Netherlands.
Rest of the world
Revenue from operations in the rest of the world was DKK
328 million (2008: DKK 136 million) equivalent to a
growth rate of 141.2%, of which organic growth account-

ed for 15.0%, which was primarily attributable to the
Training business in Brazil.
EBITA was DKK 76 million (2008: DKK 38 million). The increase
was primarily achieved through consolidation of
the activities in the USA which was, however, offset to
some extent by costs incurred in connection with investments
in new training centres in a number of countries.
OUTLOOK FOR 2010
While the economic environment continues to be challenging
for some of our services, we expect the Group’s
revenue growth rate in 2010, including the positive effect
of acquisitions completed in 2009, to be above the revenue
growth rate realised in 2009.
The EBITA margin improvement experienced in 2009 is ex-
pected to continue in 2010, albeit at a lower improvement
rate.
FORWARD -LOOKING STATEMENTS
Certain statements in this financial review are forwardlooking
statements. Such statements are based on current
expectations and are by their nature subject to a number
of uncertainties that could cause actual results and performance
to differ materially from future results or performance,
expressed or implied, by the forward-looking
statements.
OTHER MAT TERS
In June 2009, 2,563,003 new shares were issued, equivalent
to a capital increase of DKK 39 million. Following
this increase, the company’s shareholders, each of whom
holds more than 5% of the shares, are:
Shareholders in Falck Holding A/S
Name Ownership
Falck L.P., Jersey 71.9%
ATP PEP I K/S, Copenhagen 10.5%
Furthermore, DKK 1 million was received in June 2009 in
connection with a change in the terms of warrants already
granted.
EVENTS AF TER THE BAL ANCE SHEET DATE
No material events of significance to the consolidated
financial statements for 2009 have occurred after the
balance sheet date.
Revenue from operations
in the Nordic region
(excluding Denmark)
increased by DKK 162
million, or 15.1%
www.falck.com
41

Corporate governance
The Management of Falck monitors corporate governance
on a regular basis. In this way, Management ensures that
the Group is managed, internally as well as externally, in a
manner that is consistent with national and international
rules and in line with the corporate mission and in a manner
which matches the expectations of the different stakeholder
groups, including the shareholders.
The Group complies
to a wide extent
with the applicable
corporate governance
recommedations
42 Annual Report 2009
Corporate governance
In Falck, corporate governance is considered a natural and
crucial element in the achievement of the Group’s goals
and strategy.
Although Falck is not a publicly listed company, the Group
complies to a wide extent with the corporate governance
recommendations applicable to companies listed on NAS-
DAQ OMX Copenhagen. However, certain recommendations
are considered to be more relevant to a company
with a broader ownership.
In June 2008, the Danish Venture and Private Equity Association
(dvca) issued guidelines for responsible ownership
and corporate governance for private equity funds and
their controlled enterprises.
The recommendations include, inter alia, guidelines on a
number of issues to be included in the Management’s
review, such as corporate governance, financial risks and
employee relations. The recommendations are accessible
on the association’s website at www.dvca.dk.
The Falck Group complies with the dvca’s recommendations.
Board of Directors
Pursuant to Danish legislation, Falck has a two-tier management
system encompassing a Board of Directors and
an Executive Management Board. The Board of Directors’
role is to supervise the Group’s activities, development,
management and organisation, whereas the Executive
Management Board is responsible for day-to-day developments
and operations. The two bodies are independent
and do not have overlapping members.

The Board of Directors acts in compliance with applicable
legislation and meets a minimum of five times per year
and in special cases.
Members of the Board of Directors are elected annually.
There are three employee representatives from the Group
on the Board of Directors of Falck Holding A/S. Moreover,
employee representatives on the Board of Directors of the
subsidiary Falck Danmark A/S are invited to and participate
in joint board meetings with Falck Holding A/S.
Audit Committee
Falck has set up an Audit Committee. The objective of the
Audit Committee is to evaluate the Group’s financial
reporting, accounting policies and the internal control and
risk management environment. In addition, the Committee
makes relevant recommendations in relation to these
issues to the Board of Directors and ensures follow-up on
the implementation of initiatives to be launched by the
Executive Management Board. The Committee receives
information from a number of Group functions and, when
necessary, from the Company’s auditor.
The Audit Committee meets a minimum of three times a
year. The members of the Audit Committee are three
members appointed by the Board of the Directors, the
Executive Management Board and the Chief Financial
Officer. The Company’s auditor attends Committee meetings
to the extent necessary.
ExECUTIVE MANAGEMENT BOARD
The Executive Management Board is responsible for the
day-to-day development and operations with a primary focus
on developing and implementing strategies and significant
initiatives for approval by the Board of Directors.
Moreover, the Executive Management Board is responsible
for ensuring that the Board of Directors is informed about
all material matters.
The Executive Management Board is made up of Allan
Søgaard Larsen, President and CEO, and Morten Reignald
Pedersen, Deputy CEO.
Employee investment
In order to attract and retain the Group’s management
competencies, the compensation of members of the
Executive Management Board and senior employees is
determined in view of their tasks, value creation and the
terms of peer companies. The compensation includes incentive
plans which are to ensure that the interests of the
company’s management and shareholders coincide as the
plans promote both short-term and long-term goals.
The incentive plans primarily consist of equity investments
based on market price for the members of the
Board of Directors, the Executive Management Board and
senior employees.
Moreover, all employees in Denmark were granted free
employee shares in 2006.
No members of the Executive Management Board or the
Board of Directors hold more than 5% of the share capital.
www.falck.com
43

RISK MANAGEMENT
In Falck, risk management is considered an important and
natural element of the work to realise Falck’s goals and
strategy. There are risks inherent in day-to-day activities,
in implementation of the strategy defined and in the
continuous exploitation of business opportunities, so the
handling of these risks is considered a natural and integral
part of day-to-day work and a way of ensuring stable and
reliable growth.
Falck’s management continuously discusses and regularly
considers the Group’s risks and how these should be handled
for the individual business areas and the Group as a whole
in order to ensure that risk management is efficient.
To assist the Executive Management Board and the rest of
the organisation, a Group Risk Management Department
has been established as well as a department for Group
Controlling, whose tasks include ensuring:
• that a proactive approach to risks and risk management
is rolled out in the organisation;
• that key risks are continuously identified, assessed and
handled;
• that systems are established to support the assessment,
handling, monitoring and reporting of risks and that
such systems are operational and in use;
• that implemented internal controls in respect of risks
are efficient; and
• that the companies comply with applicable law and
44 Annual Report 2009
regulations as required in relation to their activities;
• that knowledge about risk management is shared and
that similar risks are treated in a similar way throughout
the organisation.
The management of the individual business areas is
responsible for establishing and developing adequate risk
management and a sound and sufficient control environment.
The management of the individual business units is
responsible for identifying, assessing and handling risks
and for reporting on such risks to the Risk Management
Department and the Executive Management Board with a
view to ensuring continuing improvement of and transparency
of risk management across the Group.
Internal control
The management of the Falck Group requires the companies
of the Group to meet a certain standard with respect
to business procedures and internal control which, based
on an individual assessment of the activity of each company,
ensures that Management can use reporting from the
companies as a true and fair basis for making decisions.
Business procedures and internal controls include, among
other things, segregation of duties and areas of responsibility,
descriptions of functions, procedures, control measures
and analytical controls.
The Group finance function has defined a number of re-
porting requirements comprising financial data, specifications,
analytic basis and commenting thereon. This reporting
is required on a monthly basis from the individual
companies of the Group. Together with business procedures
and internal controls established in the companies
this has been defined with a view to ensuring that the
monthly reporting from the individual companies takes
place in a documented and well-planned manner.
The monthly reporting from all companies of the Group is
included in the consolidation. In addition to the consolidation
of relevant line items, this process includes an analytical
review of individual line items and a performance comparison
to the previous year and to forecasts. The analysis

is carried out at Group, company as well as business area
level, whereby it is ensured that the accounting policies
are consistently applied and there is correlation between
activity performance and the financial reporting. Based on
consolidation, information received, analyses and information
obtained, reporting to Group Management is prepared.
Both the consolidation and the analyses are carried out by
specialists with accounting experience who have insight
into the accounting context of the transactions included in
the consolidation. Most of the specialists have a professional
background in auditing. In addition, each business
area has business controllers who have a deeper insight
into the business aspects of the activity and its performance.
Quarterly follow-up is conducted by the management
of each business area with Group Management
during which the business and financial performance is
reviewed and discussed.
In addition to the processes described above, the group
finance function pays routine visits to the companies of
the Group in order to ensure that necessary business
procedures and internal controls have been established in
respect of the activity so as to ensure true and fair reporting
to the Group. The results of each visit are reported to
Group Management as well as the management of the individual
business area, and it is ensured that any improvements
proposed as a result of the visit are subsequently
implemented. Moreover, annual reporting is provided to
the Board of Directors’ Audit Committee containing a
review of the visits during the year, the results thereof and
the special areas of focus and the companies to receive
visits during the next period. This selection is based on an
overall three-year plan for all companies of the Group as
well as a risk assessment.
Business procedures and internal controls include,
among other things, segregation of functions and
areas of responsibility, descriptions of functions,
procedures, control measures and analytical
controls.
www.falck.com
45

Risk factors
The Board of Directors and the Executive Management
Board of Falck regularly monitors and assesses the Group’s
overall risk exposure relative to probability and implications
as well as established risk measures. A policy has
been established for material risks under which key
persons have been designated with a view to ensuring
necessary controls and monitoring of risks. The Board of
Directors and the Executive Management Board monitors
developments in risks relative to an established risk strategy.
This description of risk factors includes examples of the
risks which Management estimates may have an impact
on the Group’s future growth, activities, financial position
and results of operations. The following sections do not
contain an exhaustive description of all risks associated
with the activities of the Group. The risk factors are divided
into business risks and financial risks and are described
in random order.
BUSINESS RISKS
Political risks
Some of Falck’s activities are based on contracts with public
authorities. Falck’s opportunity of renewing existing contracts
and winning additional contracts is dependent on the
political decision-making process with regard to outsourcing
of public-sector operating activities. If Falck does not
have the opportunity to renew or successfully tender for
these contracts, or if contracts are terminated, it may therefore
have a material adverse impact on Falck’s business.
Image
Falck has a strong image built up over a long period of
time which to some extent is the product of Falck operating
in a number of areas that are subject to a high level of
public interest. This strong image is of material importance
to the Group’s ability to retain and develop Falck’s
activities. There is consequently very high focus on ensuring
that Falck operates morally and ethically correctly and
with a high quality of the services provided.
46 Annual Report 2009
Cost structure
Falck’s activities are labour-intensive and consequently
affected by the cost of labour, pensions, regulations on
working hours, social security contributions and other
employee benefits provided to Falck’s employees. Falck
may be affected by non-acceptance by the market of price
increases, including increases in payroll costs. However,
historically, it has been possible to include a large proportion
of increases in payroll costs in Falck’s pricing. Especially
in the Assistance business and to some extent in the
Healthcare business, the costs are also dependent on the
extent to which customers use the resources provided for
in the subscription contracts. For instance, increased use
of assistance by subscribers for roadside assistance will entail
increased costs related to such responses.
Attracting and retaining employees
Falck relies on being able to attract and retain employees
with special competencies and experience in order to
achieve its business goals. The special competencies are to
a great extent built up during the employment relationship.
The Group has historically had a low staff turnover
rate, but continually implements initiatives both locally
and in the Group as a whole aimed at ensuring that Falck
continues to be an attractive and well-reputed organisation.
A visible effect of these initiatives was the Danish
“Workplace of the Year 2008” award.
The table below shows a breakdown of the Group’s employees:
Full time equivalent employees (FTE) 2009 2008
Denmark 1 January 6,714 6,791
New employees 692 694
Dismissed employees -167 -137
Resigned and retired employees -487 -427
Change in temp staff -210 -207
Denmark total 6,542 6,714
Other countries 1 January 4,853 3,874
New employees 1,544 2,147
Dismissed employees -749 -585
Resigned and retired employees -553 -583
Other countries total 5,095 4,853
Total 11,637 11,567

The relatively large number of redundancies in other countries
and the increase thereof was attributable to changes
in the contract portfolio, primarily in Belgium, Poland and
Sweden, at the divestment of part of an operation in the
Training business in the Netherlands.
Growth
An important element of Falck’s business strategy is to
expand and grow in new markets or product areas, also
through acquisitions. However, persistently high growth
may result in pressure on management resources and other
factors. Thus Falck’s ability to generate growth depends
on its ability to retain and strengthen management, on attracting,
training and retaining its staff, and on the organisation’s
ability to continuously implement and optimise
operational, financial and other management information
systems in a timely manner.
Growth also depends on Falck’s ability to continue to attract
new customers and retain a substantial number of
its existing customers and on its continued ability to offer
products adapted to the conditions on the individual
markets. Falck has substantial market shares in certain
markets, such as in Denmark, which requires that products
must be competitive and provide added value to the
customers in order for Falck to be preferred over any
competitors in the market.
Environmental impact
To the extent possible, Falck endeavours to maintain a
standard that is better than statutory environmental
requirements. However, the Group’s activities imply to a
certain extent a potential risk of environmental hazards
and consequently of claims being lodged or orders issued
by public authorities or other interested parties.
Dependence on IT and communications systems
Falck’s business model and operations are to a great extent
dependent on well-functioning IT and communica-
tions systems. Falck’s central systems handling operations
are designed to withstand power and data line breakdowns
and similar events to the greatest possible extent.
Historically, the operational reliability of Falck’s systems
has been very high, and the individual systems are continuously
optimised.
Competition
One of the characteristics of Falck is that there are local or
global competitors within the individual business area, but
no competitor matches Falck’s product portfolio. However,
there is nevertheless a risk that a major competitor
with the necessary capital resources may set out to conquer
markets or business areas in which Falck operates.
In the field of the Assistance business, the existing
competitors are mainly marketing/franchise networks,
whereas in the rest of Europe there are a number of large
assistance operators run as membership clubs and by
business operators.
In the field of the Emergency business, there are very few
private ambulance operations, and none of them operate
internationally. The competition thus often consists of
small operators. Within fire-fighting, the competition
mostly consists of municipal fire services whereas, for
industrial fire services, the competition mainly consists
of in-house corporate fire services.
The Healthcare business is characterised by a number of
small competitors, especially in Denmark, whereas the
market in Sweden is more mature and thus characterised
by a number of large competitors.
In the Training business, there are only few global training
operators, whereas there are often small local training
centres in the local markets. Falck considers it an advantage
that it is able to serve customers globally according
to a uniform, high standard.
www.falck.com
47

Financial risks
Interest rate and foreign exchange risk
The Group’s interest rate risk is mainly affected by the
Group’s overall financing. Based on the current market
situation, the Executive Management Board and Board of
Directors have decided that the financing is to be based
on short-term interest rates.
Interest collars covering DKK 1,920 million with a floor of
3.25% and a cap of 5.5% have been entered into to hedge
interest rate risks.
Credit institutions, floating-rate loans
DKK million 2009 2008
DKK 1,595 2,272
EUR 999 1,108
USD 249 17
Other 30 35
Total 2,873 3,432
The Group is therefore sensitive to fluctuations in market
interest rates, and a fluctuation by 1% would change the
Group’s interest expense by DKK 10 million as the market
rate for the current year is below the floor of interest rate collars.
Without an interest rate collar, a fluctuation by 1% would
change the Group’s interest expense by DKK 29 million.
Sensitivity analysis, market-rate fluctuations 1%
DKK million 2009 2008
DKK 7 23
EUR 1 11
USD 2 0
Total 10 34
The Group monitors developments in market interest
rates closely in order to be able to react if the market
situation changes.
48 Annual Report 2009
The exchange rate exposure of the Group’s transactions is
limited since subsidiaries outside Denmark largely operate
in local currencies, to the effect that the revenues and
most of the expenses of the individual subsidiaries are
denominated in the same currency. The main exchange
rate exposure faced by the Group relates to the translation
into Danish kroner of the financial results and equity of
subsidiaries.
In the event of a concurrent fall in all exchange rates by
1%, this would reduce revenue by DKK 26 million, EBITA by
DKK 3 million and equity by DKK 15 million.
In the event of a change in the DKK/EUR exchange rate by
1%, the Group’s debt would change by DKK 10 million,
which would be recognised in the income statement. In
the event of a change in the DKK/USD exchange rate by
10%, the Group’s debt would change by DKK 25 million,
which would be recognised in equity as the loan has been
used to hedge net investments in foreign subsidiaries.
The Group regularly assesses its foreign exchange risks
in order to determine whether the exposure should be
hedged by loans in the same currencies or forward exchange
contracts.
Credit risk
When entering into significant contracts, the Group makes
a credit assessment of the customer in order to assess the
potential credit risk. Trade receivables are monitored and
evaluated on a continuing basis in order to assess any
need to make provisions for bad debts.
The Group’s credit exposure to large customers is considered
low as the Group’s large customers are, to a great
extent, public authorities.

Subscription sales to private and corporate customers are
not deemed to involve material risks to the Group as the
amounts are small for the individual subscription, and general
as well as individual write-downs are made for anticipated
bad debts. As at 31 December 2009, receivables
from such subscription sales were in the region of DKK 45
million (2008: DKK 70 million).
However, the economic situation means that the risk of
bad debts is rising. The Group has therefore increased its
focus on reducing credit times in order to reduce the risk
of bad debts.
Liquidity risk
The Group’s liquidity risk primarily concerns its ability to
meet its obligations to pay its employees and creditors
and to service its debts. The Group continuously monitors
its free cash flow in order to assess its liquidity risks.
Certain of the Group’s loans, including the debt of Falck
Holding A/S, are subject to certain loan covenants, and
the Group continuously monitors whether the covenants
are observed.
The Group’s cash reserve comprises cash and cash equivalents
and unused credit facilities. Management believes
that the Group’s cash resources are fully sufficient. The
Group aims to have sufficient cash resources to allow it to
continue to operate adequately in case of unforeseen
fluctuations in cash.
At year-end 2009, the Group’s unused credit facilities were
in the region of DKK 542 million. With the addition of
available cash and cash equivalents of DKK 625 million, total
cash resources were in the region of DKK 1,167 million.
In early 2010, an agreement was entered into with the
Group’s principal bankers for an additional facility of DKK
300 million to finance potential future acquisitions. This
facility falls due in 2013.
Capital structure
The Group is not generally subject to any capital requirements
other than standard statutory requirements. The
company’s share capital is not divided into share classes.
The capital structure has been determined based on an
assessment of how large a debt the Group is able to
service as well as the amounts of earnings and cash flows
generated in the Group while still providing opportunities
for investing in growth. The Group is financed by an overall
syndicated loan raised in the parent company. The outstanding
debt as at 31 December 2009 was DKK 2,787
million. The outstanding debt was reduced by DKK 250
million in 2009 due to debt repayment. Through regular
instalments payable on the syndicated loan in 2010-2012,
the debt will be reduced to DKK 1,882 million, which must
be repaid in full in 2013.
Moreover, the Group has mortgage loans totalling DKK
387 million and other interest-bearing debt of DKK 86
million.
The Group monitors and manages its capital structure
with a view to ensuring that it can meet its financing
obligations.
As at 31 December 2009, the Group’s net interest-bearing
debt stood at DKK 2,577 million, whilst equity stood at
DKK 1,346 million, which is deemed to be a reasonable
level relative to the desired financial flexibility.
The company’s Articles of Association do not include
special powers to the shareholders in general meeting or
to the Board of Directors to distribute the company’s
capital, and the company’s Articles of Association do not
include any restrictions on ownership interests.
www.falck.com
49

Report on corporate
social responsibility
Statutory report on corporate social responsibility. See
section 99 a of the Danish Financial Statements Act.
As a business and as a business partner, Falck’s activities
are based on basic principles of working to prevent accidents,
diseases and emergency situations, to rescue and
assist people in an emergency quickly and competently
and to rehabilitate people after illness and injury.
Falck is involved in a
number of partnerships
with hospitals, researchers
and authorities regarding
innovation with respect
to the health and safety
of people
50 Annual Report 2009
Pursuing this mission gives Falck a special responsibility to
show corporate social responsibility, as an employer,
service provider and as a customer.
In step with the growing internationalisation of the
Group’s activities, this has been made more visible
through the adoption and subsequent implementation of
a code of conduct describing the Falck Group’s social,
environmental and ethical guidelines. We expect and de-
mand that everybody, employees, suppliers and business
partners, adhere to these standards. The guidelines were
adopted by the Board of Directors in 2008 and were subsequently
confirmed by the Group’s Worldwide Workers
Council.
In its management strategy, the Group has established a
special task force to deal with the Group’s corporate social
responsibility which is to ensure that the rules are implemented
and that the activities are in accordance with
developments in the CSR field.
As part of the implementation, the Falck Group has introduced
a reporting structure designed to ensure that all
officers holding business responsibility in the respective
business areas report to the HR Department any incidents
that constitute a breach of the code of conduct.
Falck’s Code of Conduct
The rules adopted by the Falck Group are based on the
principles of the United Nations Global Compact, which
cover the following areas:
Human rights
The company should
• support and respect the protection of internationally
proclaimed human rights within the area in which it
operates and has influence;
• make sure that it is not complicit in human rights abuses.

Labour standards
The company should
• uphold the freedom of association and the effective
recognition of the right to collective bargaining;
• support the elimination of all forms of forced and
compulsory labour;
• support the effective abolition of child labour;
• support the elimination of discrimination in respect
of employment and occupation.
Environment
The company should
• support a precautionary approach to environmental
challenges;
• undertake initiatives to promote greater environmental
responsibility;
• encourage the development and diffusion of environmentally
friendly technologies.
Anti-corruption
The company should
• work against all forms of corruption, including extortion
and bribery.
Each company of the Falck Group holds individual responsibility
for complying with and implementing the principles
of the code of conduct. The task force is responsible
for monitoring the initiatives taken by the individual companies
and for ensuring that guidelines are established for
this work.
General information
Falck is involved in a number of partnerships with hospitals,
researchers and authorities regarding innovation with
respect to the health and safety of people. Falck has also
established the Falck Foundation which, headed by an
independent board, coordinates existing pre hospital
research and supports new research cutting across national
borders.
Moreover, the Falck Group supports a number of Danish
and international projects, including:
The Night Owls
Falck is the main sponsor of The Night Owls in Denmark,
whose objective is to help enhance local security and help
children and young people to live a happier life. The adults
responsible for the efforts in the local associations volunteer
to walk the streets of their own town or residential
area. This is done to stimulate preventive responsibility in
order to reduce vandalism, violence and petty crime and
to have unbiased talks with vulnerable young people
about any problems they would like to discuss.
Nicaragua
Some 20 old Falck ambulances and fire engines are operating
in and around Managua, the capital of Nicaragua.
Several times a year, Falck rescue officers accompany their
Nicaraguan colleagues on the vehicles to train them.
According to the collective agreement between the Falck
rescue officers’ union, 3F, and Falck, DKK 0.10 per working
hour is contributed to the development of ambulance and
fire services in Nicaragua in addition to Falck’s donation of
old vehicles and equipment to the country.
The Danish Multiple Sclerosis Association
Each year, Falck helps the Association with practical matters
in connection with its summer events which aim to
raise funds for combating multiple sclerosis, improve the
conditions and quality of life of patients suffering from the
disease and to create an understanding of the situation of
these patients.
The Danish Refugee Council
Falck has supported the Danish Refugee Council for a
number of years with logistical tasks in connection with
the annual national fund raising campaign. In a letter from
the Danish Refugee Council, Falck’s CEO in 2009 encouraged
a number of Danish companies to contribute to the
www.falck.com
51

national fund raising of the year for the benefit of refugee
women worldwide.
The Falck Group’s code of conduct naturally requires that
human rights are observed, including that child labour or
forced labour does not occur. Moreover, rules have been
defined in order to avoid discrimination relating to working
and employment conditions.
Employee relations
The Falck Group respects the freedom of association of its
employees and other workers with respect to legal labour
unions and recognises the employees’ right to collective
bargaining. The Falck Group ensures a safe and healthy
working environment which protects against accidents
and injury.
The work on safety and prevention of injury at work is
carried out in collaboration with the operational and safe-
ty organisations in the individual countries of operation.
The latter develop and hold courses in transfer techniques,
lifting/carrying techniques, information material, and
material for use in activities relating to the psychological
working environment. Likewise, the safety organisation
intends to ensure that Falck has the right safety equipment
for its employees, such as patient lifts, lifting
cushions for patients lying on the ground, electric stair
climbers for the airport, etc.
52 Annual Report 2009
In 2001, Falck introduced a new health service for its
employees in Denmark by way of “Interdisciplinary Treat-
ment” with a view to treating and preventing work-related
injuries which reduce both employee well-being and productivity
and should therefore be efficiently prevented.
Outside the areas where Falck has concepts of its own to
handle such injuries, external suppliers or in-house specialists
are used. Later on, this health service was expanded to
include health consulting, including assistance to understand
and use the healthcare system.
At injury or accident sites, rescue officers and fire fighters
experience events that can be very intense and potentially
impair their quality of life and working capacity. As in the
case of physical injury, there are defined guidelines on
how to act, if such problems arise. Since 1993, Falck has
ensured that its employees can get crisis therapy, which
includes internal debriefing as well as assistance from psychologists
and other trauma experts.
Based on this experience, both crisis therapy and interdis-
ciplinary treatment are now important elements of the
services Falck offers its customers and the pursuit of corporate
social responsibility has thus given Falck opportunities
for product innovation for the benefit of both Danish
and international companies.
In spite of the many preventive and curative initiatives,
Falck staff, especially ambulance staff, do on occasion
suffer physical injuries which prevent them from continuing
in their job. The psychological consequences of the job
may also make it necessary for an employee to stop his or
her career as an ambulance officer. There is great focus on
either finding a different job in-house for such employees
or on establishing special jobs that match what the employee
can handle in his or her new situation. As Poul Erik

Skov Christensen, President of 3F said when the union
rated Falck Workplace of the Year in Denmark in 2008:
“.... we on the selection committee were especially impressed
by the many things the company does in addition
to running the business. In modern management speak
I think we call it “showing public spirit”, and that is what
Falck has done since long before the term was ever
invented.”
Environment
It is a natural part of Falck’s philosophy and ethics to show
consideration for its surroundings, including the environment
and climate. Falck is therefore working actively to
protect the environment and climate for the future and
continuously evaluates how to reduce its consumption of
resources. Falck has no activities that can be characterised
as particular sources of pollution.
The most important environmental impact from Falck is:
• Fuel consumption
• Power consumption
• Heat consumption
• Water consumption
• Waste production
Falck generally endeavours to minimise its consumption
of resources and the discharge of pollutants from the
sources listed above. In the pursuit of its activities, Falck
pays attention to reducing the negative environmental
impact and continuously logs its consumption. Registration
of environmental data ensures that performance in
the area can constantly be monitored and optimised.
In relation to fuel consumption, the Group has initiated a
project to log fuel consumption and the correlation to
driving patterns. Moreover, the Group mainly uses new or
fairly new vehicles of a high quality which also helps limit
fuel consumption.
As part of this endeavour, all Swedish ambulances are cer-
tified with respect to quality, environmental impact and
working environment, all according to Swedish as well as
international standards.
Falck is working actively
to protect the
environment and climate
for the future and
continuously evaluates
how to reduce it’s
consumption of resources
www.falck.com
53

Management’s statement
The Board of Directors and the Executive Management
Board today considered and approved the annual report of
Falck Holding A/S for 2009.
The annual report has been prepared in accordance with
the International Financial Reporting Standards (IFRS) as
adopted by the EU and additional Danish disclosure requirements
for annual reports. In our opinion, the accounting
policies applied are appropriate, and the Group’s
and the parent company’s financial statements give a true
and fair view of the Group’s and the parent company’s
assets, liabilities and financial position as at 31 December
2009 and of the results of the Group’s and the parent
company’s operations and cash flows for the financial year
1 January – 31 December 2009.
Furthermore, in our opinion, the Management’s review includes
a fair review of developments in the operations and
financial position of the Group and the parent company,
the financial results for the year and the Group’s and the
parent company’s financial position.
We recommend that the annual report be approved by the shareholders at the annual general meeting.
Copenhagen, 17 March 2010
Executive Management Board:
Board of Directors:
* Elected by the employees
54 Annual Report 2009
Allan Søgaard Larsen Morten R. Pedersen
President and CEO Deputy CEO
Lars Nørby Johansen Kim Gulstad
Chairman Deputy Chairman
Bo Söderberg Johannes Due
Jan Heine Lauvring* Vagn Flink Møller Pedersen* Ebbe Vang*

Independent
auditors’ report
To the shareholders of Falck Holding A/S
We have audited the consolidated financial statements
and the parent company financial statements of Falck
Holding A/S for the financial year 1 January – 31 December
2009, pp. 57-123. The consolidated financial statements
and the parent company financial statements comprise
income statement, statement of comprehensive income,
balance sheet, statement of changes in equity, cash
flow statement and notes for the Group as well as for the
parent company. The consolidated financial statements
and the parent company financial statements have been
prepared in accordance with International Financial
Reporting Standards as adopted by the EU and additional
Danish disclosure requirements.
In addition to our audit, we have read the Management’s
review prepared in accordance with the Danish Financial
Statements Act and issued a statement in this regard.
Management’s responsibility
Management is responsible for the preparation and fair
presentation of the consolidated financial statements and
the parent company financial statements in accordance
with International Financial Reporting Standards as adopted
by the EU and additional Danish disclosure requirements
in the Danish Financial Statements Act. This responsibility
includes: designing, implementing and maintaining
internal control relevant to the preparation and fair presentation
of consolidated financial statements and parent
company financial statements that are free from material
misstatement, whether due to fraud or error; selecting
and applying appropriate accounting policies; and making
accounting estimates that are reasonable in the circumstances.
Further, it is the responsibility of Management to
prepare a Management’s review that gives a fair review in
accordance with the Danish Financial Statements Act.
Auditors’ responsibility and basis of opinion
Our responsibility is to express an opinion on the consolidated
financial statements and the parent company financial
statements based on our audit. We conducted our
audit in accordance with Danish Standards on Auditing.
Those standards require that we comply with ethical
requirements and plan and perform the audit to obtain
reasonable assurance whether the consolidated financial
statements and the parent company financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the consolidated
financial statements and the parent company financial
statements. The procedures selected depend on the
auditors’ judgement, including the assessment of the risks
of material misstatement of the consolidated financial
statements and the parent company financial statements,
whether due to fraud or error. In making those risk assessments,
the auditors consider internal control relevant to
the Company’s preparation and fair presentation of the
consolidated financial statements and the parent company
financial statements in order to design audit procedures
that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness
of the Company’s internal control. An audit also
includes evaluating the appropriateness of accounting policies
used and the reasonableness of accounting estimates
made by Management, as well as evaluating the overall
presentation of the consolidated financial statements and
the parent company financial statements.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit
opinion.
Our audit did not result in any qualification.
www.falck.com
55

Opinion
In our opinion, the consolidated financial statements and
the parent company financial statements give a true and
fair view of the Group’s and the parent company’s financial
position at 31 December 2009 and of the results of
the Group’s and the parent company’s operations and
cash flows for the financial year 1 January – 31 December
2009 in accordance with International Financial Reporting
Standards as adopted by the EU and additional Danish
disclosure requirements.
Copenhagen, 17 March 2010
56 Annual Report 2009
KPMG
Statsautoriseret Revisionspartnerselskab
Statement on the Management’s review
Pursuant to the Danish Financial Statements Act, we have
read the Management’s review. We have not performed
any other procedures in addition to the audit of the consolidated
financial statements and the parent company
financial statements. On this basis, it is our opinion that
the information given in the Management’s review is
consistent with the consolidated financial statements and
the parent company financial statements.
Flemming Brokhattingen Carsten Kjær
State Authorised State Authorised
Public Accountant Public Accountant

Contents of the Group
financial statements
Financial statements
Income statement 58
Statement of recognised income
and expense 59
Balance sheet 60
Equity statement 62
Cash flow statement 63
Notes
1. Accounting policies 64
2. Accounting estimates and judgements 75
3. Segment information 76
Notes to the income statement
4. Revenue 78
5. Other operating income 78
6. Staff costs 78
7. Amortisation and depreciation 79
8. Fees to auditors appointed at the
annual general meeting 79
9. Financial income 79
10. Financial expenses 79
11. Income taxes 80
12. Earnings per share 80
Notes to the balance sheet
13. Intangible assets 81
14. Property, plant and equipment 83
15. Investments in associates 84
16. Inventories 84
17. Trade receivables 84
18. Equity, treasury shares and dividends 85
19. Pension obligations 86
20. Other employee obligations 87
21. Deferred tax 88
22. Provisions for acquisition of minorities 88
23. Other provisions 89
24. Credit institutions 89
25. Other payables 90
26. Deferred income 90
Notes to the cash flow statement
27. Net financials 91
28. Investments in subsidiaries
and operations 91
29. Divestments of subsidiaries and operations 93
30. Dividends paid 93
31. Other movements relating to shareholders 93
32. Cash and securities 93
Supplementary notes
33. Contingent liabilities, contractual
obligations and collateral securities 94
34. Financial instruments 95
35. Related parties 101
36. New financial reporting regulations 101
www.falck.com
57

G R O U P
Income statement (DKK million)
For the year ended 31 December
Note 2009 2008
4 Revenue 7,529 7,066
5 Other operating income 41 28
ToTal reveNue 7,570 7,094
Cost of sales and external assistance (865) (848)
8 Other external costs (1,354) (1,312)
6 Staff costs (4,362) (4,092)
7 Amortisation and depreciation (287) (268)
ToTal cosTs (6,868) (6,520)
ProFIT BeFore FINaNcIals 702 574
15 Income after tax from associates (1) (1)
9 Financial income 52 26
10 Financial expenses (165) (226)
ProFIT BeFore Ta X 588 373
11 Income taxes (171) (98)
ProFIT For THe Year 417 275
ProFIT allocaTIoN:
Falck Holding A/S 402 257
Minority interests 15 18
ToTal 417 275
12 earNINGs Per sHare
Earnings per share (EPS) 4.4 2.9
Diluted earnings per share (DEPS) 4.3 2.7
58 Annual Report 2009

Statement of recognised income and expense (DKK million)
For the year ended 31 December
Note 2009 2008
Foreign exchange differences 60 (162)
Tax on foreign exchange differences (45) 70
Changes in actuarial estimates of pension provisions 10 (8)
Tax on changes in actuarial estimates of pension provisions (3) 2
Value adjustment of currency hedging instruments (25) 63
Tax on value adjustment of currency hedging instruments 6 (16)
Value adjustment of interest hedging instruments (27) (36)
Tax on value adjustment of interest hedging instruments 7 9
Value adjustment of available-for-sale securities 41 (4)
Net income recognised directly in equity 24 (82)
Profit for the year 417 275
ToTal recoGNIsed INcome aNd eXPeNse 441 193
ProFIT allocaTIoN
Falck Holding A/S 426 182
Recognised income and expense attributable to minority interests 15 11
ToTal 441 193
www.falck.com
59

G R O U P
Balance sheet (DKK million)
As at 31 December
Note 2009 2008
Assets
Goodwill 4,075 3,897
Intangible assets from acquisitions 81 93
Other intangible assets 94 78
13 ToTal INTaNGIBle asseTs 4,250 4,068
Land and buildings 726 722
Leasehold improvements 56 56
Fixtures and fittings, tools and equipment 812 776
14 ToTal ProPerT Y, Pl aNT aNd eQuIPmeNT 1,594 1,554
15 Investments in associates 3 2
21 Deferred tax assets 67 40
ToTal FINaNcIal asseTs 70 42
ToTal NoN- curreNT asseTs 5,914 5,664
16 Inventories 41 41
17 Trade receivables 741 609
Other receivables 154 143
Prepayments 102 74
receivables 997 826
32 Securities 145 92
32 Cash 538 356
ToTal curreNT asseTs 1,721 1,315
ToTal asseTs 7,635 6,979
60 Annual Report 2009

Balance sheet (DKK million)
As at 31 December
Note 2009 2008
Equity and liabilities
18 Share capital 46 45
18 Reserve for treasury shares (8) (3)
Hedging reserve (21) 18
Currency translation reserve (62) (77)
Reserve for value adjustments of available-for-sale financial assets 37 (4)
Retained earnings 1,354 906
eQuIT Y aT TrIBuTaBle To PareNT comPaNY 1,346 885
Minority interests 61 23
ToTal eQuIT Y 1,407 908
19 Pension obligations 19 23
20 Other employee obligations 36 40
21 Deferred tax 160 103
22 Provisions for acquisition of minorities 276 211
23 Other provisions 11 10
24 Credit institutions 2,969 3,249
ToTal NoN- curreNT deBT 3,471 3,636
24 Credit institutions 291 576
22 Provisions for acquisition of minorities 10 29
23 Other provisions 2 3
Trade payables 400 308
Income taxes 22 24
25 Other payables 814 610
26 Deferred income 1,218 885
ToTal curreNT deBT 2,757 2,435
ToTal eQuITY aNd lIaBIlITIes 7,635 6,979
www.falck.com
61

G R O U P
Equity statement (DKK million)
2009
share
reserve for
treasury
capital shares
Hedging
reserve
currency
translation
reserve
reserve for
value
adjustment
of availablefor-sale
financial
assets
retained
earnings Total
minority
interests
equity at 1 January 2009 45 (3) 18 (77) (4) 906 885 23 908
equity movements in 2009
Foreign exchange differences 60 60 - 60
Value adjustment of currency hedging
instruments (25) (25) (25)
Value adjustment of interest hedging
instruments (27) (27) (27)
Value adjustment of available-for-sale securities 41 41 41
Actuarial adjustment of pension provisions 10 10 10
Tax on equity movements 13 (45) (3) (35) (35)
Net gains recognised directly in equity - - (39) 15 41 7 24 - 24
Profit for the year 402 402 15 417
Total recognised income and expense - - (39) 15 41 409 426 15 441
Reduction in minority interests (1) (1)
Increase in minority interests 25 25
Capital increase 1 38 39 39
Acquisitions of treasury shares, see note 18 (5) (5) (5)
Payment for change of warrant terms 1 1 1
Dividend - (1) (1)
Total equity movements in 2009 1 (5) (39) 15 41 448 461 38 499
eQuIT Y aT 31 decemBer 2009 46 (8) (21) (62) 37 1,354 1,346 61 1,407
2008
equity at 1 January 2008 45 - (2) 6 - 645 694 140 834
equity movements in 2009
Foreign exchange differences (155) (155) (7) (162)
Value adjustment of currency hedging
instruments 63 63 63
Value adjustment of interest hedging
instruments (36) (36) (36)
Value adjustment of available-for-sale securities (4) (4) (4)
Actuarial adjustment of pension provisions (8) (8) (8)
Tax on equity movements (7) 72 65 65
Net gains recognised directly in equity - - 20 (83) (4) (8) (75) (7) (82)
Profit for the year 257 257 18 275
Total recognised income and expense - - 20 (83) (4) 249 182 11 193
Reduction in minority interests (142) (142)
Increase in minority interests 27 27
Capital increase 0 12 12 12
Acquisitions of treasury shares, see note 18 (3) (3) (3)
Dividend - (13) (13)
Total equity movements in 2008 0 (3) 20 (83) (4) 261 191 (117) 74
eQuIT Y aT 31 decemBer 2008 45 (3) 18 (77) (4) 906 885 23 908
62 Annual Report 2009
Total
equity

Cash flow statement (DKK million)
For the year ended 31 December
Note 2009 2008
Total revenue 7,570 7,094
Total costs (6,868) (6,520)
operating profit 702 574
7 Amortisation, depreciation and impairment 287 268
operating profit before amortisation, depreciation and impairment 989 842
Reversal of profit on divestments of non-current assets (10) (7)
Change in operating assets (121) (20)
Change in operating payables 504 30
Change in provisions (4) (4)
cash flow from operating activities before financials and tax 1,358 841
27 Net financials (129) (167)
11 Income taxes paid (166) (99)
casH FloW From oPer aTING acTIvITIes 1,063 575
28 Investments in subsidiaries and operations (119) (460)
Cash flows from hedging of net investments 33 -
29 Divestments of subsidiaries and operations 13 -
Investments in intangible assets (43) (45)
Investments in property, plant and equipment (293) (250)
Sale of property, plant and equipment 74 20
casH FloW From INvesTING acTIvITIes (335) (735)
30 Dividends paid to minorities (10) (13)
31 Other movements relating to shareholders 35 9
Interest-bearing debt raised - 392
Repayment of and change in interest-bearing debt (553) (130)
casH FloW From FINaNcING acTIvITIes (528) 258
change in cash and cash equivalents 200 98
Cash and cash equivalents at beginning of year 448 382
Foreign exchange differences 35 (32)
32 casH aNd casH eQuIvaleNTs aT Year-eNd 683 448
www.falck.com
63

G R O U P
Notes to the Group financial statements
Note
1 accouNTING PolIcIes
The financial statements for the year ended 31 December
2009 include both the consolidated financial statements of
Falck Holding A/S and its subsidiaries (the Group) and the separate
financial statements of the parent company.
The financial statements of Falck Holding A/S is presented in
accordance with International Financial Reporting Standards
(IFRS) as adopted by the EU and additional Danish disclosure
requirements for annual reports for accounting class C large,
cf. the IFRS Order issued pursuant to the Danish Companies
Act. The annual report also complies with the International
Financial Reporting Standards issued by the IASB.
The financial statements have been prepared under the historical
cost convention, except that the following assets and
liabilities are measured at fair value: derivative financial instruments
and financial instruments at fair value.
The financial statements are presented in DKK rounded to the
nearest million.
Falck Holding A/S and Falck A/S were merged effective 1 Janu-
ary 2009. The comparative figures for the parent company for
2008 and 2007 have been restated as a result of the merger.
NEW ACCOUNTING REGUL ATIONS
The following standards and interpretations have been issued
effective for financial years beginning on or after 1 January 2009:
• IAS 1 (revised 2007), Presentation of financial statements.
• IAS 23 (revised 2007), Borrowing costs.
• IFRS 8, Operating segments.
• IFRS 2 Share-based Payments: Vesting Conditions and
Cancellations.
• Amendments to IAS 32 and IAS 1: Puttable Financial
Instruments and Obligations Arising on Liquidation.
• Amendments to IFRS 1 og IAS 27: Cost of an investment
in a Subsidiary, Jointly-Controlled Entity or Associate.
• Amendment to IFRS 7: Improving Disclosures about
Financial Instruments.
• Parts of Improvements to IFRSs May 2008 effective for
financial years beginning on or after 1 January 2009 and
• IFRIC 15-16.
64 Annual Report 2009
None of these standards and interpretations has affected recognition
or measurement in 2009.
The accounting policies described below have been consistently
applied for the financial year and for the comparative
figures.
BASIS OF CONSOLIDATION
Group companies and subsidiaries
The Group financial statements consolidate the accounts of
the parent company, Falck Holding A/S, and the subsidiaries in
which Falck Holding A/S directly or indirectly holds a majority
of the votes or in any other way exercises a controlling interest.
In assessing control, potential voting rights that are exercisable
as of the balance sheet date are taken into account.
The Group financial statements are prepared on the basis of
the financial statements of Falck Holding A/S and subsidiaries
by adding items of a like nature.
The financial statements used for consolidation are prepared
in accordance with the Group’s accounting policies.
In the consolidation, investments in subsidiaries, intercompany
income and expenses, intercompany balances and gains
and losses on transactions between Group companies are
eliminated.
The line items of the financial statements of subsidiaries are
fully consolidated in the consolidated financial statements.
Profit for the year and equity attributable to minority interests
in subsidiaries that are not fully controlled are included in the
consolidated profit and equity and stated as separate line items.
Associates
Enterprises in which the Falck Group exercises significant influence
but not control are classified as associates. Significant
influence is generally achieved by directly or indirectly holding
or having the disposal of more than 20%, but less than
50%, of the voting rights.

Notes to the Group financial statements
Note
1 accouNTING PolIcIes (coNTINued)
Unrealised gains on transactions with associates are eliminated
in proportion to the Group’s share of the enterprise.
BUSINESS COMBINATIONS
Companies acquired or established during the financial year
are recognised as from the date of acquisition or inception.
Companies divested or discontinued are recognised in the income
statement until the date of divestment. The comparative
figures are not restated to reflect companies acquired,
divested or discontinued.
Acquisitions of subsidiaries or associates are accounted for
applying the purchase method.
The cost of a company is the fair value of the agreed consider-
ation paid plus costs directly attributable to the acquisition. If
parts of the consideration are conditional on future events,
these parts of the consideration are recognised in cost to the
extent the events are likely and the consideration can be reliably
measured. Any changes caused by estimates of contingent
consideration are adjusted in goodwill until the conditions
have been met. Put options issued in connection with
acquisitions and the value of which is contingent on future
events will be included in cost at the fair value on the date of
acquisition. The put options issued are subsequently measured
at amortised cost. Changes as a result of estimates of future
payments related to the put options issued are adjusted
in goodwill until the put options issued are exercised.
Identifiable assets, liabilities and contingent liabilities of acquired
enterprises are stated at their fair value at the date of
acquisition. Identifiable intangible assets are recognised if
they are separable or derive from a contractual right, and the
fair value can be reliably measured. Deferred tax is recognised
on revaluations.
Any positive difference between the cost price and the fair
value of the identifiable assets, liabilities and contingent liabilities
is recognised in the balance sheet as goodwill. Goodwill
is not amortised, but is tested for impairment at least once a
year. The first impairment test is performed before the end of
the year of acquisition. Goodwill and fair value adjustments
related to acquisitions are allocated and recognised directly in
the relevant cash generating units.
Any negative difference (excess value) is recognised in the income
statement on the date of acquisition.
If uncertainties regarding the measurement of acquired identifiable
assets, liabilities and contingent liabilities exist at the
acquisition date, initial recognition will take place on the basis
of preliminary fair values. If identifiable assets, liabilities and
contingent liabilities are subsequently determined to have a
different fair value at the acquisition date than first assumed,
goodwill is adjusted until 12 months after the acquisition
date. The effect of the adjustments will be recognised in the
opening equity, and the comparative figures will be restated
accordingly. Subsequently, goodwill is only adjusted as a result
of changes in estimates of contingent purchase consideration,
unless material errors have occurred. However, subsequent
realisation of the acquired entity’s deferred tax assets
not recognised at the acquisition date will entail recognition
of the tax benefit in the income statement and at the same
time writedown of the carrying amount of goodwill to the
amount which would have been recognised, if the deferred
tax asset had been recognised as an identifiable asset at the
date of acquisition.
Gains or losses on divestment or winding up of subsidiaries
and associates are stated as the difference between the sales
or disposal amount and the carrying amount of the net assets
including goodwill at the time of sale plus sales or winding up
costs.
Acquisition of minority interests
When put options are issued as part of the consideration for
business combinations, the minority interests receiving put
options are considered to have been redeemed on the acquisition
date. Any subsequent dividend payments to option
holders are recognised as a financial expense in the income
statement in the cases where the option price is independent
of dividend payments. Dividend payments are included in the
determination of the amortised cost of the put options in cases
where the option price is adjusted for dividend payments
received.
www.falck.com
65

G R O U P
Notes to the Group financial statements
Note
1 accouNTING PolIcIes (coNTINued)
When shares are acquired from minority interests, any excess
value over the equity value on the date of acquisition is recognised
as goodwill. Any negative differences (excess value) are recognised
in the income statement as of the date of acquisition.
Sale of minority interests
Any gains or losses on the disposal of minority interests are
stated as the difference between the disposal amount and
the carrying amount of the minority share of net assets, including
the value of allocated goodwill at the date of disposal
plus anticipated costs of disposal.
FOREIGN CURRENCY TR ANSL ATION
A functional currency is determined for each of the reporting
entities in the Group. The functional currency is the currency
in the primary economic environment in which the reporting
entity operates. Transactions in currencies other than the
functional currency are transactions in foreign currencies.
Transactions and cash flow denominated in foreign currencies
are translated at the exchange rates ruling at the date of the
transaction. Exchange differences arising between the exchange
rate at the transaction date and the exchange rate at
the date of actual payment are recognised in the income
statement under financial income or financial expenses.
Receivables, payables and other monetary items denominat-
ed in foreign currency are translated into Danish kroner (DKK)
at the exchange rate ruling at the balance sheet date. Realised
and unrealised exchange gains and losses are recognised in
the income statement as financial items.
The income statements of foreign subsidiaries are translated
on a monthly basis at average exchange rates for each month,
while the balance sheet is translated at the exchange rates
ruling at the balance sheet date.
Exchange gains and losses from translating the equity of for-
eign subsidiaries at the beginning of the year to the exchange
rates ruling at the balance sheet date, and from translating
the net profit for the year to the exchange rate ruling at
66 Annual Report 2009
the balance sheet date are recognised in equity as a separate
currency translation reserve.
Exchange gains and losses from balances with subsidiaries
that are considered an addition to or deduction from the subsidiary’s
equity are recognised in equity in the Group.
On recognition in the consolidated financial statements of as-
sociates with a functional currency other than Danish kroner,
the share of results for the year is translated at average exchange
rates, and the share of equity including goodwill is
translated at the exchange rates at the balance sheet date. Exchange
adjustments arising on the translation of the share of
the opening equity of foreign associates at exchange rates at
the balance sheet date and on the translation of the share of
results for the year from average exchange rates to exchange
rates at the balance sheet date are recognised directly in equity
under a separate translation reserve.
Upon the complete or partial divestment of a foreign entity
or upon the settlement of intragroup balances that are considered
part of the net investment, such part of the accumulated
foreign exchange adjustment as is recognised directly in
equity relating to that foreign entity is recognised in the income
statement concurrently with the recognition of any
gains or losses from the divestment.
DERIVATIVE FINANCIAL INSTRUMENTS
Derivative financial instruments are recognised from the
trade date and measured at fair value.
The fair value of derivative financial instruments is recognised
as separate assets or liabilities in other receivables or other
payables, respectively.
Fair values of derivative financial instruments are computed
on the basis of market data and generally accepted pricing
models.
Hedges of net investment
Derivative financial instruments entered into in order to effectively
hedge investments in foreign subsidiaries are recog-

Notes to the Group financial statements
Note
1 accouNTING PolIcIes (coNTINued)
nised in the balance sheet at the time they are entered into
and are measured at fair value at the balance sheet date. Exchange
gains and losses are recognised directly in equity as a
separate currency translation reserve.
Fair value hedges
Derivative financial instruments entered into in order to
hedge other assets and liabilities denominated in foreign currency
are recognised in the balance sheet at the time they are
entered into and are stated at fair value at the balance sheet
date.
Any market value adjustments of derivative financial instruments
entered into to hedge other assets and liabilities are
recognised in the income statement in the same line items as
the transactions hedged.
Cash flow hedges
Changes in the part of the fair value of derivative financial instruments
designated as and qualifying for hedging of future
cash flows, and which effectively hedge changes in the value
of the hedged item, are recognised in equity. When the
hedged transaction is realised, any gains or losses regarding
such hedging transactions are transferred from equity and
recognised in the same financial item as the hedged item.
When proceeds from future borrowings are hedged, any
gains or losses regarding hedging transactions are, however,
transferred from equity over the maturity period of the borrowings.
Forward premiums or forward discounts on forward exchange
transactions are recognised in the income statement during
their terms.
Other derivative financial instruments
For derivative financial instruments which do not meet the
criteria for hedge accounting, changes in the fair value are
recognised in the income statement under financials.
INCOME STATEMENT
Revenue represents the value of services and goods delivered
and invoiced subscriptions attributable to the financial period,
and is recognised in the income statement if delivery and
transfer of risk to the buyer have taken place before year-end,
and if the income can be reliably measured and is expected to
be received.
The value of services rendered is included on the basis of the
percentage delivered out of the total service.
Revenue from subscriptions is allocated to the income statement
on a straightline basis.
Revenue from sales of goods is recognised when the significant
risks and rewards of ownership have been transferred to
the buyer.
Revenue is measured at the fair value of the agreed consideration
excluding VAT and other taxes collected on behalf of
third parties. All discounts granted are recognised in revenue.
Other operating income represents revenue of a secondary nature
relative to the Group’s principal activities, such as gains
on the sale of assets, consideration in excess of the carrying
amount of assets in acquisitions, and rental income.
Cost of sales and external assistance represents costs incurred
and external assistance used to generate the year’s revenue.
Other external costs include costs relating to operating and
maintaining equipment and property as well as sales and administrative
expenses.
Staff costs represent salaries and wages, pension contributions,
social security costs and other staff costs.
Goodwill impairment represents impairment of goodwill based
on an annually performed impairment test of each cash-generating
unit.
www.falck.com
67

G R O U P
Notes to the Group financial statements
Note
1 accouNTING PolIcIes (coNTINued)
Exceptional items represent material items of a non-recurring
nature that are not directly attributable to the Group’s ordinary
activities. This includes material gains and losses on the
divestment of activities and restructuring and reorganisation
costs. In addition, the item includes special impairment and
provisions and the reversal thereof.
Income from investments in associates in the consolidated financial
statements represents the proportionate share of the results
after tax in the associates, made up according to the
Group’s accounting policies and after elimination of the proportionate
share of intragroup profits/losses.
Dividend from investments in subsidiaries and associates is rec-
ognised in the parent company’s income statement in the financial
year in which the dividend is declared. An impairment
test is made if more than the period’s comprehensive income
in subsidiaries and associates is distributed in the period in
which the dividend is declared.
Financials represent interest receivable and payable, realised
and unrealised capital gains and losses and amortisation related
to financial assets and liabilities. Dividends to capital holders
who have received put options in connection with business
combinations are recognised as a financial expense in
the cases where the option price is independent of dividend
payments. Financials are recognised at the amounts related
to the year. Furthermore, realised and unrealised gains and
losses on derivative financial instruments which cannot be
classified as hedging arrangements are included.
Income from discontinuing operations is stated as a separate
line item in the income statement in order to make continuing
operations comparable. The line item includes net results
and gains on the divestment of discontinuing operations.
68 Annual Report 2009
INCOME TA XES
Tax on the profit for the year represents corporation tax payable
and changes in deferred tax. The part of tax for the year
that is attributable to amounts recognised directly in equity is
recognised directly in equity.
Joint taxation
The parent company is taxed jointly with its domestic subsidiaries.
Corporation tax for the jointly taxed Danish companies is
allocated according to the taxable income of these companies.
Falck Holding A/S is the management company for the national
joint taxation and consequently settles all payments of
income taxes with the tax authorities in respect of the jointly
taxed companies.
Income taxes payable
Corporation tax payable includes corporation tax made up on
the basis of estimated taxable income for the financial year
and prior-year adjustments.
Deferred tax
Deferred tax is calculated according to the balance sheet liability
method and is based on all timing differences between
the accounting and tax value of assets and liabilities.
Deferred tax is not recognised on goodwill that is not tax deductible,
on undistributed profits in subsidiaries and on timing
differences that arose at the time of recognition in the
balance sheet other than for acquisitions if such differences
will not affect profit or taxable income.
When alternative tax rules can be applied to determine the
tax base, deferred tax is measured based on the management’s
planned use of the asset or settlement of the liability
respectively.
Deferred tax assets, including the tax base of tax loss carryforwards,
are recognised under other non-current assets at
the expected value of their utilisation, either as a set-off
against tax on future income or as a set-off against deferred
tax liabilities within the same legal tax entity and jurisdiction.

Notes to the Group financial statements
Note
1 accouNTING PolIcIes (coNTINued)
Deferred tax assets and liabilities are offset within the same
legal tax unit or jurisdiction. Deferred tax assets are measured
at the value at which they are expected to be realised.
Deferred tax is measured using the tax rate expected to apply
when timing differences are reversed. Changes in deferred tax
as a result of changes in tax rates are recognised in the income
statement.
BAL ANCE SHEET
Non-current assets in general
Intangible assets and property, plant and equipment are
measured at cost, except for goodwill and other intangible assets
with indefinite useful lives, less accumulated straight-line
amortisation and depreciation and impairment losses. Amortisation,
depreciation and impairment losses are recognised
in the income statement.
The basis of depreciation is calculated with due consideration
to the asset’s scrap value, reduced by any impairment losses.
The residual value is determined at the date of acquisition
and revalued each year. Where the residual value exceeds the
carrying amount, the property ceases to be depreciated.
If the amortisation or depreciation period or the scrap value is
changed, the effect on amortisation or depreciation going
forward is recognised as a change in accounting estimates.
Cost includes direct costs related to the asset and the initial
estimate of the costs related to dismantling and removing the
item and restoring the site on which it is located, if the costs
meet the definition of a liability. Cost further includes borrowing
costs from specific and general borrowings directly relating
to the acquisition, construction or development of the individual
qualifying asset.
Where parts of an item of property, plant and equipment
have different useful lives, they are accounted for as separate
items.
Each year, the assets are reviewed in order to assess whether
there are indications of impairment. If such indications exist,
the recoverable amount, determined as the higher amount of
the fair value of the asset adjusted for expected sales costs
and the value in use of the asset, is calculated. The value in
use is calculated based on the estimated future cash flows,
discounted by using a pretax discount rate that reflects current
market assessments of the time value of money and the
risks specific to the assets.
If the recoverable amount of an asset or its cash-generating
unit is lower than the carrying amount, the asset is impaired.
Any impairment loss is recognised in the income statement.
For goodwill and other intangible assets with indefinable use-
ful lives, impairment tests are performed in addition at each
balance sheet date, regardless of whether there are any indications
of impairment. For acquisitions, the first impairment
test is performed before the end of the year of acquisition.
Impairment losses are reversed if the recoverable amount increases.
Impairment losses will only be reversed to the extent
that the value in use does not exceed the carrying amount of
the asset if the impairment had never been made. Impairment
losses of goodwill are not reversed.
Intangible assets
Goodwill is recognised in the balance sheet at cost on initial
recognition as described under “Business combinations”.
Goodwill is subsequently measured at cost less accumulated
impairment. Goodwill is not amortised.
Intangible assets acquired on acquisition are measured at cost
less accumulated amortisation and impairment. Intangible assets
acquired on acquisition are amortised over the expected
economic life, estimated to be 3 to 10 years.
Other intangible assets are measured at cost including costs
which can be directly or indirectly attributed to the assets in
question.
Other intangible assets include software, etc.
www.falck.com
69

G R O U P
Notes to the Group financial statements
Note
1 accouNTING PolIcIes (coNTINued)
Software is amortised over the expected economic life, estimated
to be 3 to 5 years. For major administrative systems,
the economic life is estimated to be 8 years.
Property, plant and equipment
Land and buildings are measured at cost less accumulated depreciation
and impairment of buildings.
Depreciation of buildings is calculated on a straight-line basis
over the expected useful lives of the assets, estimated to be
between 25 and 33 years. Certain installations are depreciated
over 10 years.
Leasehold improvements are depreciated on a straight-line basis
over the term of the lease.
Other operating equipment is depreciated on a straight-line basis
over the estimated useful lives of the assets. The expected
useful lives are as follows:
Years
Vehicles according to category 5-12
Fixtures and fittings, tools and equipment 3-10
Dispatch centres, radio systems, major administrative systems and networks 8
Other IT equipment 3-5
Fire extinguishers and similar equipment installed at customer locations 3-5
Assets held under finance leases are recognised under property,
plant and equipment and measured at the lower of the fair
value and value in use of the future lease payments at the inception
of the lease.
Assets held under finance leases are depreciated over the use-
ful lives of the assets or, if shorter, over the lease term.
Gains or losses on the disposal or scrapping of property, plant
and equipment are determined as the difference between the
sales price less dismantling, selling and re-establishing costs
and the carrying amount. Any gains or losses are recognised
in the income statement as other operating income or external
expenses respectively.
70 Annual Report 2009
Financial assets
Investments in subsidiaries and associates in the parent company’s
financial statements are measured at cost less any impairment
losses. Where the carrying amount exceeds the recoverable
amount, the investments are written down to this lower
value.
Investments in associates in the consolidated financial statements
are measured using the equity method and recognised
at the proportionate share of the equity of the relevant enterprise,
made up according to the Group’s accounting policies,
with the addition of values added on acquisition, including
goodwill. Investments in associates are tested for impairment
when there is an indication that the investment may be impaired.
Associates with negative equity value are measured at
zero value. If the Group has a legal or constructive obligation
to cover the associate’s negative balance, such obligation is
recognised under liabilities. Receivables from associates are
measured at amortised cost. Provision is made for bad debts
CURRENT ASSETS
Inventories
Raw materials, consumables and goods for resale are measured
at cost using the FIFO method.
Work in progress and finished goods are measured at cost
plus direct and indirect manufacturing costs.
Where the net realisable value is lower than cost, inventories
are written down to this lower value.
Receivables
Receivables are measured at amortised cost less provision for
bad debts. The provision is made individually and on a portfolio
level. If there is an objective indication that an individual
receivable may be impaired, a writedown is made on an individual
level. In the event there is no objective indication of individual
impairment, receivables are tested for objective indications
of impairment on a portfolio level.

Notes to the Group financial statements
Note
1 accouNTING PolIcIes (coNTINued)
Impairment losses are calculated as the difference between the
carrying amount and the present value of expected future cash
flows, including realisable values of any collateral provided.
Prepayments
Prepayments comprise prepaid costs, which are measured at
amortised cost.
Securities
Listed securities, which are currently all classified as available
for sale, are recognised under current assets at fair value, corresponding
to the officially quoted price of listed securities
and estimated fair values based on current market data and
recognised valuation methods for unlisted securities. Unrealised
fair value adjustments are recognised directly in equity,
except for impairment losses, which are recognised in the income
statement under financials. On realisation, the accumulated
fair value adjustment recognised in equity is transferred
to financials in the income statement.
EqUIT Y
Dividend
Dividend that has been finally adopted is recognised as a liability.
Dividend expected to be paid in respect of the year is
recognised as a separate line item under equity.
Hedging reserve
Hedge transactions that meet the criteria for hedging future
cash flows and for which the hedged transaction has yet to be
realised are recognised in equity under the hedging reserve.
Foreign exchange adjustments relating to hedging transac-
tions used to hedge the Group’s net investments in such entities
are recognised in equity under the hedging reserve.
Currency translation reserve
Foreign exchange adjustments arising on the translation of
financial statements for entities which have a functional currency
other than Danish kroner, foreign exchange adjustments
relating to financial assets and liabilities representing a
part of the Group’s net investment in such entities are recognised
in equity under the currency translation reserve.
On full or partial realisation of a net investment, foreign exchange
adjustments are recognised in the income statement.
Reserve for fair value adjustment
Reserve for fair value adjustment comprises accumulated
changes in the fair values of available-for-sale financial assets.
The reserve, which forms part of the Group’s free reserves, is
dissolved and transferred to the income statement as the investment
is sold or written down.
Reserve for treasury shares
Reserve for treasury shares comprises the cost of the Company’s
holding of treasury shares. Dividends in respect of treasury
shares are recognised directly in retained earnings under equity.
Gains on the sale of treasury shares are recognised in share
premium.
Minority interests
The proportionate shares of the profits and equity of subsidiaries
attributable to minority interests are recognised as a
separate item under equity. On initial recognition, minority
interests are determined on the basis of the revaluation by
the Group of acquired identifiable assets and liabilities, including
contingent liabilities. When put options are issued as part
of the consideration for business combinations, the minority
interests receiving put options are considered for accounting
purposes to have been redeemed on the acquisition date.
Warrant programme
Warrants are issued at the market value on the date of grant.
Payments received and made in relation to the warrant programme
are recognised in equity.
LIABILITIES
Pension obligations
Most of the Group’s pension agreements are defined contribution
plans under which payments are made to external
pension institutions. Contributions to such plans are recognised
in the income statement in the period in which they are
earned by the employees, and outstanding payments are included
in the balance sheet under other payables.
www.falck.com
71

G R O U P
Notes to the Group financial statements
Note
1 accouNTING PolIcIes (coNTINued)
In certain countries, the Group has pension agreements that
are defined benefit plans. These plans are either externally
funded, with the assets of the plans held separately from
those of the Group in independently administered funds, or
unfunded. The liabilities related to the defined benefit plans
are determined using the projected unit credit method.
An actuarial assessment is made annually to determine the
present value of the future benefits to be paid under the defined
benefit plans. The present value is calculated on the basis
of assumptions regarding the future developments in the
wage/salary level as well as interest, inflation and mortality
rates in the countries where such plans exist. The present value
is calculated only for benefits to which the employees have
already earned the right during their employment with the
Group until the present time.
The actuarial calculation of the pension obligation is recognised
as a liability in the balance sheet. If a pension plan constitutes
a net asset, the asset is only recognised to the extent
that it equals future repayments under the plan, or if it will
lead to a reduction in future payments under the plan.
Actuarial gains and losses arise mainly from changes in actuarial
assumptions and differences between actuarial assumptions
and what has actually occurred. Actuarial gains and losses
are recognised directly in equity.
For defined benefit plans, costs charged to the income statement
consist of current service cost, based on actuarial assessments
and financial forecasts made at the beginning of
the year, including expected service cost, interest cost, expected
return on plan assets and past service cost. The past
service cost for the enhancement of pension benefits is accounted
for when such benefits vest or become a constructive
obligation.
Interest from pension assets and liabilities is recognised under
financials.
72 Annual Report 2009
Other non-current employee benefits are similarly recognised
based on an actuarial calculation. All actuarial gains and losses
are recognised immediately in the income statement, however.
Other non-current employee obligations include jubilee
bonuses and non-current severance schemes.
Provisions
Provisions are recognised when, as a consequence of an event
occurring before or on the balance sheet date, the Group has
a legal or constructive obligation and it is probable that an
outflow of resources will be required to settle the obligation.
Provisions for restructuring are recognised when a detailed,
formal plan for the restructuring has been made before or on
the balance sheet date and has been announced to the parties
involved. In connection with acquisitions, provisions for
restructuring costs are only included in the computation of
goodwill if an obligation exists for the entity acquired as of
the date of acquisition.
Provisions are made for onerous contracts when the anticipated
benefits to the Group from a contract are outweighed
by the unavoidable costs under the contract.
When the Group is under an obligation to dismantle an asset
or re-establish the site where the asset has been used, a provision
is made corresponding to the present value of the expected
future costs. The provision is determined based on
current orders and estimated future costs, discounted to their
present value. The discount factor used reflects the general
level of interest rates. The present value of the costs is recognised
in the cost of the item of property, plant and equipment
in question and depreciated with these assets. The increase
of the present value over time is recognised in the income
statement under financial expenses.
Financial liabilities
Debt to credit institutions is recognised at the raising of a
loan as the proceeds received less transaction costs. In subsequent
periods, financial liabilities are measured at amortised
cost.

Notes to the Group financial statements
Note
1 accouNTING PolIcIes (coNTINued)
Residual lease commitments from finance leases are recognised
at amortised cost.
Other financial liabilities are measured at amortised cost.
Deferred income
Deferred income primarily represents subscription revenue
relating to several financial periods.
LEASING
For financial reporting purposes, lease liabilities are classified
as either finance or operating lease liabilities.
Leases are classified as finance leases when substantially all
risks and rewards of ownership of the leased asset are transferred.
Other leases are classified as operating leases.
The accounting treatment of assets held under finance lease
and the related liability is described in the sections on property,
plant and equipment and financial liabilities, respectively.
Assets held under operating leases are not recognised in the
balance sheet. Lease liabilities under operating leases are disclosed
as contingent liabilities.
Lease payments concerning operating leases are recognised
in the income statement on a straight-line basis over the term
of the lease.
CASH FLOW STATEMENT
The cash flow statement is presented according to the indirect
method and shows the cash flow from operating activities,
the cash flow from investing activities, the cash flow
from financing activities and cash and securities at the beginning
and end of the year.
The cash flow statement includes cash flows from companies
acquired as from the date of acquisition, and cash flows from
companies divested until the date of divestment.
Cash flow from operating activities
Cash flows from operating activities include revenue less operating
expenses adjusted for non-cash operating items and
changes in working capital.
Cash flows from operating activities are adjusted for cash
flows related to exceptional items and corporation tax.
Cash flow from investing activities
Cash flows from investing activities include cash flows from
the acquisition and divestment of operations and companies
and the purchase and sale of intangible assets, property,
plant and equipment and other non-current assets and the
purchase and sale of securities not included in cash and cash
equivalents.
Entering into a finance lease is considered a non-cash transac-
tion.
Cash flows from financing activities
Cash flows from financing activities include cash flows from
changes in equity and related costs, purchases and sales of
treasury shares, cash flows from dividends, cash flows from
interest-bearing debt raised and repayment thereof.
Cash flows relating to assets held under finance leases are rec-
ognised as payment of interest and repayment of debt.
Cash and cash equivalents
Cash and cash equivalents comprise cash and short-term
marketable securities with a term of three months or less
which are subject to an insignificant risk of changes in value.
Cash flows in currencies other than the functional currency
are translated at average exchange rates unless these differ
materially from the exchange rate ruling at the transaction
day.
SEGMENT REPORTING
The segment information has been prepared in accordance
with the Group’s accounting policies and is based on the internal
management reporting.
www.falck.com
73

G R O U P
Notes to the Group financial statements
Note
1 accouNTING PolIcIes (coNTINued)
Segment income, expenses and assets comprise items that
can be directly attributed to individual segments and items
that can be allocated to the individual segments on a reasonable
basis. Unallocated items are primarily assets and income
and expenses relating to the Group’s administrative functions,
income taxes and similar items.
Non-current assets in a segment comprise non-current assets
used directly in the operation of the segment, including intangible
assets, property, plant and equipment and investments
in associates. Current assets in a segment comprise
current assets used directly in the operation of the segment,
including inventories, trade receivables, other receivables,
prepaid expenses and cash.
FINANCIAL R ATIOS
Definitions of financial ratios are found on page 123.
74 Annual Report 2009

Notes to the Group financial statements
Note
2 accouNTING esTImaTes aNd JudGmeNTs
The calculation of the carrying amounts of certain assets and
liabilities relies on judgments, estimates and assumptions
about future events.
The estimates and assumptions applied are based on historical
experience and other factors that Management considers
reasonable under the circumstances, but which are inherently
uncertain and unpredictable. Such assumptions may be incomplete
or inaccurate, and unexpected events or circumstances
may occur. In addition, the Group is subject to risks
and uncertainties that may cause actual outcomes to deviate
from such estimates.
Estimates material to the financial reporting are made in the
calculation of, inter alia, depreciation, amortisation and impairment
losses, pensions and similar liabilities, provisions,
the determination of fair values, share-based compensation
as well as contingent liabilities and assets.
Amortisation and depreciation periods and scrap values
In the determination of the carrying amount of intangible assets
and property, plant and equipment, estimates are required
of the estimated economic lives of the assets and of
scrap values. Depreciation in the financial year amounted to
DKK 287 million.
Goodwill impairment test
In the annual goodwill impairment test or in case of any indication
of an impairment requirement, an assessment is made
of how the parts of the Group (cash-generating units) to
which the goodwill relates will be able to generate sufficient
cash flows in future to support the value of goodwill and other
net assets in the relevant part of the Group.
As a result of the nature of the company’s business, expected
cash flows must be estimated over a period of a number of
years, which inherently produces some degree of uncertainty.
This uncertainty is reflected in the discount rate applied.
The impairment test of goodwill and the associated particularly
sensitive factors and sensitivity analyses are described in
note 13 to the consolidated financial statements.
Provisions for acquisition of minorities
Management applies estimates in connection with the assessment
of fair values of issued put options which commit the
Group to acquire minorities.
www.falck.com
75

G R O U P
Notes to the Group financial statements (DKK million)
Note
3 seGmeNT INFormaTIoN
Business areas
Falck’s reporting segments are its four independent business areas, Assistance, Emergency, Healthcare and Training, which sell various
services.
assistance arranges services within the areas car, home/building, travel and healthcare. The services are mostly based on subscriptions
and the objective is to give assurance to subscribers. In addition, Falck provides assistance within the field of preventive training and consulting
on safety, security and environmental issues.
emergency mainly consists of ambulance services in all of Europe, and furthermore provides training of ambulance staff and first-aid
training for non-professionals. Moreover, Falck operates fire services and provides consulting on fire technical challenges. Furthermore,
Falck offers large industrial businesses to assume responsibility for their fire and emergency services and offers fire services by way of fire
and emergency services to industrial and public-sector customers.
Healthcare provides interdisciplinary treatment involving services such as physiotherapy, chiropractics, massage therapy and zone therapy,
psychological crisis therapy; assistance in connection with sickness absence; staffing services for the healthcare sector as well as for
medical and health clinics.
Training is the leading provider worldwide of rescue and safety courses as well as other safety services, especially for the offshore industry
and the maritime sector. The chemical industry, the aviation industry and the armed forces also use Falck’s competencies.
The accounting policies of all business areas are identical to those described in the accounting policy note to the financial statements. The
performance of the business areas is evaluated on the basis of EBITA. Revenue and other transactions within and between business areas
are accounted for as if they had taken place with third parties in accordance with Falck’s rules on transfer pricing and internal settlement.
Business areas 2009 assistance emergency Healthcare Training
elimination
and
non-
allocated
items Total
KeY r aTIos
Operating margin (%) 15.0 5.2 4.3 13.5 9.6
INcome sTaTemeNT
Revenue 2,183 4,271 1,139 921 (985) 7,529
eBITda 342 410 74 163 989
Amortisation, depreciation and impairment 15 189 25 39 268
eBITa
Amortisation and impairment of intangible assets
327 221 49 124 721
from acquisitions - 7 4 8 19
Profit before financials 327 214 45 116 702
Financials, etc. 114 114
Profit before tax 588 588
Income taxes 171 171
Profit for the year 417 417
Bal aNce sHeeT
Total assets 2,210 2,700 1,103 1,582 40 7,635
Net investments in intangible assets,
property, plant and equipment 48 144 19 51 - 262
76 Annual Report 2009

Notes to the Group financial statements (DKK million)
Note
3 seGmeNT INFormaTIoN (coNTINued)
Business areas 2008 assistance emergency Healthcare Training
elimination
and
non-
allocated
items Total
KeY r aTIos
Operating margin (%) 14.6 2.0 6.6 14.8 8.3
INcome sTaTemeNT
Revenue 2,070 3,878 1,283 831 (996) 7,066
eBITda 317 263 106 156 842
Amortisation, depreciation and impairment 15 186 21 33 255
eBITa 302 77 85 123 587
Amortisation and impairment of intangible assets from
acquisitions 1 5 4 3 13
Profit before financials 301 72 81 120 574
Financials, etc. 201 201
Profit before tax 373 373
Income taxes 98 98
Profit for the year 275 275
Bal aNce sHeeT
Total assets 2,158 2,359 1,052 1,554 (144) 6,979
Net investments in intangible assets,
property, plant and equipment 9 190 44 32 - 275
Geographic breakdown revenue
2009 2008
Non-
current
assets
excluding
deferred
tax assets revenue
Non-
current
assets
excluding
deferred
tax assets
Denmark 4,928 4,218 4,814 4,230
Nordic region 1,233 571 1,071 479
Europe 1,040 524 1,045 498
Rest of the world 328 523 136 417
ToTal 7,529 5,836 7,066 5,624
The breakdown of revenue is based on customers’ country of residence. No single customer accounts for 10% or more of revenue.
The Nordic region comprises the following countries:
Norway, Sweden and Finland.
Europe comprises the following countries:
Poland, Slovakia, the Netherlands, United Kingdom, Spain, Germany, Estonia, Romania, the Czech Republic and Belgium.
The rest of the world comprises the following countries:
Brazil, Malaysia, Nigeria, Singapore, Thailand, Trinidad & Tobago, Vietnam, the United Arab Emirates and the United States.
www.falck.com
77

G R O U P
Notes to the Group financial statements (DKK million)
Note 2009 2008
4 reveNue
Services 7,464 7,002
Products 65 64
Total revenue 7,529 7,066
5 oTHer oPer aTING INcome
Gain on sales of assets 8 7
Other operating income 33 21
Total other operating income 41 28
Other operating income relates mainly to rent from premises and gain from partial sale of subsidiary.
6 sTaFF cosTs
Salaries and wages to employees (3,544) (3,361)
Remuneration to the Executive Management Board (8) (8)
Remuneration to the Board of Directors (1) (1)
Total salaries and remuneration (3,553) (3,370)
Defined contribution pension plans (245) (218)
Defined benefit pension plans (9) (8)
Other social security costs (282) (250)
Other staff costs (273) (246)
Total other staff costs (809) (722)
Total staff costs (4,362) (4,092)
Number of full-time employees 12,258 12,124
Number of part-time employees 4,199 3,920
Remuneration to the Executive Management Board includes pension contributions of 1 1
The rate of increase in remuneration to the Executive Management Board excluding bonus
was 0% in 2009 (2008: 4%)
The service contracts for the members of the Executive Management Board include severance periods
which, in the case of resignation by an executive, are 9-12 months and, in the case of termination by
the Company, are 18-24 months.
Warrant programme
Number of warrants at 1 January 4,443,120 4,443,120
Warrants at 31 december 4,443,120 4,443,120
Each warrant entitles the holder to subscribe one share with a nominal value of DKK 0.50 at DKK 2.10 per share. The subscription price is
increased by 40% per year and was DKK 11.38 per share as at 31 December 2009. From 1 July 2011, the annual rate of increase will be
8%. The warrants issued were acquired by the members of the Executive Management Board at market value and no conditions were attached
to the acquisition.
The warrants issued may be exercised in the period until 31 December 2011 in connection with a potential IPO, or if a third party obtains
a controlling interest in Falck Holding A/S or a directly owned subsidiary. After that, the warrants issued may be exercised if none of the
situations mentioned above have occurred.
78 Annual Report 2009

Notes to the Group financial statements (DKK million)
Note 2009 2008
7 amorTIsaTIoN aNd dePrecIaTIoN
Intangible assets from acquisitions (19) (13)
Other intangible assets (27) (20)
Land and buildings (30) (31)
Leasehold improvements (10) (7)
Fixtures and fittings, tools and equipment (201) (197)
Total depreciation, amortisation and impairment (287) (268)
8 Fees To audITors aPPoINTed aT THe aNNual GeNer al meeTING
KPmG:
Audit (5) (5)
Other assurance engagements (1) (1)
Tax advisory services (3) (3)
Other services (1) (1)
Total fees (10) (10)
9 FINaNcIal INcome
Foreign exchange gains 37 5
Interest from cash 9 20
Interest from securities 3 1
Other financial income 3 -
Total financial income 52 26
10 FINaNcIal eXPeNses
Foreign exchange losses (7) (35)
Losses on securities (1) -
Interest to credit institutions (138) (183)
Interest element, discounted liabilities (9) (3)
Interest to suppliers - (1)
Other financial expenses (10) (4)
Total financial expenses (165) (226)
www.falck.com
79

G R O U P
Notes to the Group financial statements (DKK million)
Note 2009 2008
11 INcome Ta Xes
Current tax (195) (123)
Change in deferred tax for the year 28 9
Prior-year adjustments (4) 16
Total income taxes (171) (98)
Tax on movements in equity (35) 65
Tax for the year (206) (33)
Income taxes paid during the year (166) (99)
Breakdown of tax rate:
Tax for the year (206) (33)
Profit before tax 588 373
Tax base for current tax 588 373
effective tax rate 29.0% 26.3%
reconciliation of tax rate:
danish tax rate 25.0% 25.0%
Differences in foreign tax rates relative to Danish rate 0.5% 0.4%
Group weighted average tax rate 25.5% 25.4%
Non-deductible costs/(tax-exempt income) 0.5% 0.6%
Current year's non-capitalised tax losses 2.0% 0.7%
Utilisation of non-capitalised tax losses (0.5%) (0.1%)
Other adjustments including relating to prior years 1.5% (0.3%)
effective tax rate 29.0% 26.3%
12 earNINGs Per sHare
Profit for the year 417 275
Minority interests 15 18
Profit attributable to the Falck Group 402 257
Average number of shares 91,522,851 90,180,586
Average number of treasury shares 140,102 3,476
average number of outstanding shares 91,382,749 90,177,110
Average dilutive effect of outstanding warrants 1,119,812 3,369,939
diluted average number of outstanding shares 92,502,561 93,547,049
earnings per share (ePs) of dKK 0.50 4.4 2.9
diluted earnings per share (dePs) of dKK 0,50 4.3 2.7
80 Annual Report 2009

Notes to the Group financial statements (DKK million)
Note
13 INTaNGIBle asseTs
2009 Goodwill
Intangible
assets from
acquisitions
other intangible
assets Total
Cost at 1 January 2009 3,897 120 126 4,143
Foreign exchange differences 44 1 4 49
Additions on acquisitions 74 6 - 80
Disposals on divestments (1) - - (1)
Additions 61 - 43 104
Disposals and reclassification - - (4) (4)
cost at 31 december 2009 4,075 127 169 4,371
Amortisation and impairment at 1 January 2009 - (27) (48) (75)
Foreign exchange differences - - (3) (3)
Disposals and reclassification - - 3 3
Amortisation - (19) (27) (46)
amortisation and impairment at 31 december 2009 - (46) (75) (121)
carrying amount at 31 december 2009 4,075 81 94 4,250
2008 Goodwill
Intangible
assets from
acquisitions
other intangible
assets Total
Cost at 1 January 2008 3,594 41 105 3,740
Foreign exchange differences (117) (1) (5) (123)
Additions on acquisitions 420 80 1 501
Additions - - 44 44
Disposals and reclassification - - (19) (19)
cost at 31 december 2008 3,897 120 126 4,143
Amortisation and impairment at 1 January 2008 - (13) (49) (62)
Foreign exchange differences - (1) 3 2
Disposals and reclassification - - 18 18
Amortisation - (13) (20) (33)
amortisation and impairment at 31 december 2008 - (27) (48) (75)
carrying amount at 31 december 2008 3,897 93 78 4,068
Intangible assets from acquisitions are primarily related to customer contracts and customer relations. The acquisitions were primarily
made to achive synergies with existing business areas and to futher develop existing markets. As a result, a large part of the purchase
price has been allocated to goodwill.
Other intangible assets are primarily software.
Except for goodwill, all intangible assets are deemed to have a limited economic life.
www.falck.com
81

G R O U P
Notes to the Group financial statements (DKK million)
Note
13 INTaNGIBle asseTs (coNTINued)
Impairment tests of goodwill
Goodwill is tested for impairment at least once a year, and more frequently if there are indications of impairment. In impairment tests,
the discounted value of the future net cash flows of each of the cash-generating units is compared with their carrying amounts.
2009 2008
Goodwill is related to the following business areas:
Assistance 1,805 1,792
Emergency 480 440
Healthcare 781 728
Training 1,009 937
Total goodwill 4,075 3,897
In connection with the Company’s acquisition of the shares in Falck A/S in 2004/05, goodwill was determined and allocated to the
respective business areas.
For the above mentioned business areas, goodwill is tested for impairment in the relevant cash generating units within the business
areas, based on the following parameters and assumptions:
The future net cash flows are based on the consolidated budget for 2010 and the Group’s strategic plan for the period until 2014.
Moreover, growth during the terminal period has been estimated at 3% (2008: 3%).
The key parameters for the impairment test are performance in terms of revenue and the operating margin. As capital tied up in net
operating assets is generally low in the Group, this parameter does not have any material impact on the impairment test.
The assistance activities primarily consist of subscriptions and are therefore stable from year to year. The discount rate has been set at
8% (2008: 8%).
The emergency activities primarily consist of ambulance services, including transport of patients, and of fire-fighting, and they do not
fluctuate materially from year to year. Emergency also includes Fire Services which consist of long-term contracts and training and
consulting services in Spain and the Netherlands. The discount rate for emergency has been set at 8% (2008: 8%).
The Healthcare activities primarily consist of subscriptions and are therefore stable from year to year. The discount rate has been set at
8% (2008: 8%). Substantial growth is also expected in the Healthcare business in the years ahead.
Healthcare also includes staffing business which mainly consists of payments from case to case. The discount rate has been set at 9%
(2008: 9%).
Training is to a extent affected by the activity level in the oil industry. The discount rate has therefore been set at 9% (2008: 9%). The
main assumptions in the strategic plan until 2014 are the expected organic growth and that off-shore exploration activities will pick up
pace again.
The impairment tests of goodwill did not result in any impairment.
82 Annual Report 2009

Notes to the Group financial statements (DKK million)
Note
14 ProPerT Y, Pl aNT aNd eQuIPmeNT
2009
land and
buildings
leasehold
improvements
Fixtures,
fittings,
tools and
equipment Total
Cost at 1 January 2009 816 74 1,014 1,904
Foreign exchange differences 23 2 19 44
Additions on acquisitions 26 - 13 39
Additions 12 10 271 293
Disposals and reclassification (33) (4) (217) (254)
cost at 31 december 2009 844 82 1,100 2,026
Depreciation and impairment at 1 January 2009 (94) (18) (238) (350)
Foreign exchange differences (7) (1) (12) (20)
Disposals and reclassification 13 3 163 179
Depreciation (30) (10) (201) (241)
depreciation and impairment at 31 december 2009 (118) (26) (288) (432)
carrying amount at 31 december 2009 726 56 812 1,594
of which assets under construction 51 - 34
of which assets held under finance leases 11 - 15
2008
land and
buildings
leasehold
improvements
Fixtures,
fittings,
tools and
equipment Total
Cost at 1 January 2008 825 51 981 1,857
Foreign exchange differences (34) (1) (46) (81)
Additions on acquisitions 9 9 71 89
Additions 20 15 215 250
Disposals and reclassification (4) - (207) (211)
cost at 31 december 2008 816 74 1,014 1,904
Depreciation and impairment at 1 January 2008 (74) (11) (266) (351)
Foreign exchange differences 8 - 29 37
Disposals and reclassification 3 - 196 199
Depreciation (31) (7) (197) (235)
depreciation and impairment at 31 december 2008 (94) (18) (238) (350)
carrying amount at 31 december 2008 722 56 776 1,554
of which assets under construction 24 - 15
of which assets held under finance leases 11 - 16
www.falck.com
83

G R O U P
Notes to the Group financial statements (DKK million)
Note 2009 2008
15 INvesTmeNTs IN assocIaTes
Cost at 1 January 2 2
cost at 31 december 2 2
Share of valuation adjustments at 1 January (4) -
Share of profit after tax (1) (1)
Impairment - (3)
Impairment and share of valuation adjustments at 31 december (5) (4)
carrying amount at 31 december (3) (2)
Companies with negative carrying amount offset in receivables 6 4
Total carrying amount at 31 december 3 2
See “Legal entities” for a list of companies.
summary financial information about associates (100%):
Revenue 18 13
Profit for the year (2) (3)
Total assets 246 253
Total liabilities 245 245
16 INveNTorIes
Finished goods and goods for resale 41 41
Total inventories 41 41
Value of inventories recognised at net realisable value - -
Write-downs during the year - -
Reversal of write-downs during the year - -
17 Tr ade receIvaBles
Receivables from subscriptions 45 70
Other trade receivables 696 539
Total trade receivables 741 609
Write-downs at 1 January 23 23
Write-downs during the year 17 15
Realised write-downs during the year (13) (15)
Write-downs at 31 december 27 23
Write-downs are recognised under other external costs.
Write-downs are typically recorded against individual receivables when customers have suspended payments or are subject to insolvency
proceedings.
In addition, individual write-downs may be made based on the age distribution of the customer’s debt to the Falck Group.
Based on the Group’s internal credit-rating procedures, the credit quality of receivables not yet due and not written down is deemed to
be high with a low risk of losses due to the typically small subscription receivables from the individual customers and the fact that a
significant part of receivables are from public-sector authorities and major companies.
84 Annual Report 2009

Notes to the Group financial statements (DKK million)
Note 2009 2008
17 Tr ade receIvaBles (coNTINued)
Breakdown by maturity:
Not due 474 363
Due within – 1 to 30 days 163 145
Due within – 31 to 90 days 58 66
Due within – more than 90 days 73 58
Receivables 768 632
Provision for bad debts (27) (23)
Total trade receivables 741 609
Fair value of trade receivables 741 609
18 eQuIT Y, TreasurY sHares aNd dIvIdeNds
capital structure
The Group is generally not subject to any capital requirements other than usual statutory requirements.
The capital structure was determined at the time of acquisition of the subsidiary Falck A/S based on an
assessment of the Group’s future cash flows.
The Group monitors and manages its capital structure with a view to ensuring that it can meet its financing
obligations. No changes have been made to the Group’s management of capital as compared
with 2008.
movements in share capital in the past five financial years
Share capital at 1 January - -
Addition on capital increase in 2004 44 44
Addition on capital increase in 2006 1 1
Addition on capital increase in 2008 0 0
Addition on capital increase in 2009 1 0
share capital at 31 december 46 45
The share capital is divided into 92,786,800 shares with a nominal value of DKK 0.50 each (2008: 90,223,797 shares).
The shares are fully paid up and are not divided into classes.
Number of shares Nominal value dKK thousand % of share capital
Treasury shares 2009 2008 2009 2008 2009 2008
Treasury shares at 1 January 79,291 - 40 - 0.09 -
Additions 178,928 79,291 89 40 0.20 0.09
Disposals - - - - - -
Treasury shares at 31 december 258,219 79,291 129 40 0.29 0.09
All treasury shares are owned by Falck Holding A/S.
The purchase price of treasury shares acquired during the financial year was DKK 5 million (2008: DKK 3 million).
Treasury shares were primarily acquired due to buybacks from executives who have left the Group.
dividend
A dividend of DKK 0 million is proposed (2008: DKK 0 million).
www.falck.com
85

G R O U P
Notes to the Group financial statements (DKK million)
Note
19 PeNsIoN oBlIGaTIoNs
The Group contributes to pension plans which cover employees in various companies of the Group. The pension plans are typically
defined contribution plans. The Group has defined benefit plans in Norway and the Netherlands.
The Group has a defined benefit plan in Sweden which is partially covered by an external pension company. It is not possible for the pension
company to make an actuarial calculation of the pension obligation. As a result, the plan is accounted for as a defined contribution plan.
The defined contribution plans are paid and recognised as incurred, and the Group has no obligations to the employees thereafter.
The defined benefit plans result in unfunded pension obligations which are not insured in an independent insurance company.
The consolidated balance sheet includes unfunded pension obligations based on actuarial calculations.
Changes in actuarial gains and losses are recognised fully in equity.
2009 2008
deFINed BeNeFIT Pl aNs
Costs in current financial year 9 8
Interest expenses 3 2
Expected return on plan assets (3) (2)
recognised pension cost 9 8
Breakdown of provision for the Group's obligations
Present value of pension obligations 75 72
Fair value of plan assets (56) (49)
Total pension provisions 19 23
recognised in the balance sheet as follows:
Provision for pensions 19 23
Total 19 23
Breakdown of change in the present value of pension provisions
Pension provision at 1 January 72 70
Foreign exchange differences 14 (11)
Cost in respect of current financial year 9 8
Changes in actuarial estimates (23) 3
Calculated interest 3 2
Pension provisions at 31 december 75 72
Expected contributions for next year 8 9
movements in fair value of plan assets
Plan assets at 1 January 49 53
Currency translation of opening value 8 (7)
Expected return on plan assets 3 2
Employer's contributions to plan during the period 10 7
Changes in actuarial estimates (13) (5)
Settlement of pension obligations - -
Paid out during the period (1) (1)
Total plan assets at 31 december 56 49
Actual return on plan assets 1 -
Total actuarial gains recognised in the statement of recognised income and expenses 10 (8)
86 Annual Report 2009

Notes to the Group financial statements (DKK million)
Note 2009 2008
19 PeNsIoN oBlIGaTIoNs (coNTINued)
Breakdown of plan assets:
Shares 3 7
Bonds 34 28
Buildings etc. 9 7
Other 10 7
Total plan assets 56 49
The calculation of the obligation is based on the following assumptions:
Norway
Salary increases 4.3% 4.0%
Expected return on plan assets 5.6% 6.3%
Discount rate 4.4% 4.3%
The Netherlands
Salary increases 3.8% 3.8%
Expected return on plan assets 5.5% 5.5%
Discount rate 5.5% 5.5%
The return on plan assets has been set on the basis of market expectations of the rate of return.
Breakdown of the Group’s pension obligations. amounts for current and preceding four years:
2009 2008 2007 2006 2005
Actuarial pension obligations (75) (72) (70) (58) (55)
Plan assets 56 49 53 54 52
under funding/over funding (19) (23) (17) (4) (3)
Experience-based change to obligations (9) (2) (5) - -
Experience-based change to plan assets (3) (3) - - -
20 oTHer emPloYee oBlIGaTIoNs 2009 2008
Employee obligations at 1 January 40 44
Adjustment in respect of current financial year 2 (1)
Paid out during the period (6) (3)
employee obligations at 31 december 36 40
The employee obligations primarily concern a special severance scheme for executives employed before 1991.
The scheme has been closed for new members.
www.falck.com
87

G R O U P
Notes to the Group financial statements (DKK million)
Note 2009 2008
21 deFerred Ta X
Deferred tax provisions at 1 January 63 102
Foreign exchange differences (7) 3
Additions on acquisitions - 31
Change in deferred tax for the year 22 (74)
Change in deferred tax for prior years 15 1
deferred tax provisions at 31 december 93 63
Deferred tax assets (67) (40)
Deferred tax provision 160 103
deferred tax provisions at 31 december 93 63
Breakdown of deferred tax
Intangible assets 44 35
Property, plant and equipment 132 127
Current assets (2) (3)
Non-current debt and provisions (15) (17)
Current debt (4) 4
Tax losses carried forward (35) (12)
Equity (27) (71)
deferred tax provisions at 31 december 93 63
Tax losses carried forward and not included in deferred tax assets amount to DKK 35 million (2008:
DKK 22 million).
Deferred tax assets are recognised on the basis of expected future earnings.
22 ProvIsIoNs For acQuIsITIoN oF mINorITIes
Provisions at 1 January 240 47
Foreign exchange differences (1) -
Provisions made during the year 109 213
Provisions used during the year (57) (23)
Interest element, discounted liabilities 9 3
Reversed provisions (14) -
Provisions at 31 december 286 240
classification of provisions by expected maturity:
Within 1 year 10 29
Between 1 and 3 years 121 94
Between 3 and 5 years 78 117
More than 5 years 77 -
Total 286 240
Provisions concern minority shareholders’ future option to sell their shares to Falck and provision regarding acquisition of companies.
In connection with Falck assuming an obligation to acquire minority shares, a concurrent right was obtained for Falck to acquire the
same minority shares in a subsequent period.
Provisions used related to the payment of deferred consideration in connection with acquisitions of minority interests and payment of
consideration due in connection with acquisitions of companies.
88 Annual Report 2009

Notes to the Group financial statements (DKK million)
Note 2009 2008
23 oTHer ProvIsIoNs
Provisions at 1 January 13 12
Provisions made during the year 1 4
Provisions used during the year (1) -
Reversed provisions - (3)
other provisions at 31 december 13 13
classification of provisions by expected maturity:
Within 1 year 2 3
Between 1 and 3 years 5 2
Between 3 and 5 years - -
More than 5 years 6 8
Total 13 13
Other provisions concern an unprofitable lease for premises and the Group’s obligation to clean up
and demolish facilities on leased land.
A provision was released in 2008 as a result of a change to the letting of leased premises for which
a provision had been made.
24 credIT INsTITuTIoNs
Non-current portion:
Assets held under finance leases 17 17
Long-term loans 2,952 3,232
Total 2,969 3,249
current portion:
Assets held under finance leases 5 7
Short-term loans 286 569
Total 291 576
Total credit institutions 3,260 3,825
Breakdown by maturity:
Due within 1 year 291 576
Due between 1 and 3 years 691 623
Due between 3 and 5 years 1,885 2,228
Due after 5 years 393 398
Total 3,260 3,825
Breakdown by currency:
DKK 1,982 2,665
EUR 999 1,108
USD 249 17
Other 30 35
Total 3,260 3,825
Interest reset periods:
Within 3 months 2,873 3,432
After 12 months 387 393
Total 3,260 3,825
www.falck.com
89

G R O U P
Notes to the Group financial statements (DKK million)
Note
24 credIT INsTITuTIoNs (coNTINued)
The statements set out above do not include liabilities relating to interest for subsequent financial periods. See note 34 for a description
of the Group’s risks and cash resources.
The effective interest rate has been determined at 3.8% (2008: 5.0%).
For debt with an interest reset period within three months, regular assessments are made of how long the interest period should be. As
at the balance sheet date, the interest rate in DKK is fixed for one month and averages approximately 1.8%. As at the balance sheet date,
the interest rate in EUR is fixed for one month and averages approximately 0.8%. As at the balance sheet date, the interest rate in USD is
fixed for one month and averages approximately 0.6%.
For debt with an interest reset period beyond 12 months (in DKK) the effective interest rate is currently approximately 4.5%.
The market value of debt with an interest reset period within three months is approximately DKK 2,785 million, and the market value of
debt with an interest reset period beyond 12 months is approximately DKK 404 million.
asseTs Held uNder FINaNce leases
Assets held under finance leases comprise leased vehicles and buildings. The lease contracts do not include any contingent lease payments.
Breakdown of liabilities concerning assets held under finance leases:
2009
Present value
of lease
payments
Interest
minimumleasepayments
Due within 1 year 5 1 6
Due between 1 and 5 years 13 1 14
Due after 5 years 4 - 4
Total as at 31 december 2009 22 2 24
2008
Present value
of lease
payments
Interest
minimumleasepayments
Due within 1 year 7 1 8
Due between 1 and 5 years 14 3 17
Due after 5 years 3 - 3
Total as at 31 december 2008 24 4 28
25 oTHer PaYaBles 2009 2008
Holiday pay, wages, etc. 525 456
Employee income taxes, etc. 132 55
VAT 60 36
Accrued interest 3 1
Other 94 62
Total other payables 814 610
26 deFerred INcome
Subscription commitments 991 767
Other deferred income 227 118
Total deferred income 1,218 885
90 Annual Report 2009

Notes to the Group financial statements (DKK million)
Note 2009 2008
27 NeT FINaNcIals
Financial income and expenses (113) (200)
Of which unrealised gains and losses (27) 30
Interest element, discounted liabilities 9 3
Change in interest payable 2 -
Total net financials (129) (167)
28 INvesTmeNTs IN suBsIdIarIes aNd oPer aTIoNs
acquisitions
assets
Non-current assets (39) (90)
Cash and cash equivalents (11) (34)
Other current assets (64) (77)
equity and liabilities
Interest-bearing debt - 46
Current debt, provisions, etc. 70 114
Minority interests 20 (2)
Net assets taken over (24) (43)
Goodwill and other intangible assets (80) (402)
Provisions for acquisitions of minorities used during the year. See note 22 (57) -
Purchase price (including costs) (161) (445)
Adjustment for cash and cash equivalents taken over 11 34
Outstanding consideration 31 -
Consideration relating to prior-year acquisitions - (49)
cash consideration for acquisitions of Group companies (119) (460)
Transaction costs for acquisitions 7 13
For all acquisitions, the carrying amount on the date of acquisition did not deviate materially from the fair value. Other than intangible
assets with a value of DKK 6 million (2008: DKK 80 million), no assets or liabilities have been identified which were not recognised in
the companies acquired on the date of acquisition.
The acquisitions were primarily made to achive synergies with existing business areas and to further develop existing markets. As a
result, a large part of the purchase prices has been allocated to goodwill.
In addition to the cost prices stated above, put options were granted to the vendor, which resulted in the recognition of goodwill of
DKK 61 million (2008: DKK 98 million).
www.falck.com
91

G R O U P
Notes to the Group financial statements (DKK million)
Note
28 INvesTmeNTs IN suBsIdIarIes aNd oPer aTIoNs (coNTINued)
The following acquisitions were made during the financial year. All acquisitions have been recognised applying the purchase method.
acquisitions 2009
month of
acquisition cost price
consideration
paid in
Percentage
of voting
rights
acquired
Falck TravelCare, travel assistance Feb 2009 5 Cash 100.0%
Falck OY, assistance business Jun 2009 12 Cash 30.0%
Falck AVD, fire training and consulting Jun 2009 53 Cash 49.0%
Falck Prime Atlantic, training Oct 2009 25 Cash 51.0%
Pleje og Omsorg, staffing Oct 2009 32 Cash 100.0%
Dansk HjemmePlejeService, healthcare Dec 2009 30 Cash 100.0%
Other acquisitions of companies and operations 4 Cash
Total acquisitions 2009 161
Profit of acquired companies after date of acquisition 0
Full-year revenue including acquisitions 7,765
Full-year profit including acquisitions 431
acquisitions 2008
month of
acquisition cost price
consideration
paid in
Percentage
of voting
rights
acquired
Onsite, training Jan 2008 48 Cash 100.0%
Ulfabgruppen, ambulance service provider Oct 2008 111 Cash 100.0%
Alford Services, training Nov 2008 255 Cash 80.0%
Falck Záchranná, rescue service provider Dec 2008 27 Cash 49.1%
Other acquisitions of companies and operations 4 Cash
Total acquisitions 2008 445
Profit of acquired companies after date of acquisition 8
Full-year revenue including acquisitions 7,193
Full-year profit including acquisitions 300
92 Annual Report 2009

Notes to the Group financial statements (DKK million)
Note 2009 2008
29 dIvesTmeNTs oF suBsIdIarIes aNd oPer aTIoNs
divestments
assets
Other current assets 2 -
Cash and cash equivalents 2 -
equity and liabilities
Current debt, provisions, etc. (1) -
Net assets divested 3 -
Disposals of goodwill 1 -
consideration received 4 -
Adjustment for divested cash and cash equivalents (2) -
Consideration receivable (12) -
Divestment of investments in Group enterprises 23 -
divestment of Group enterprises 13 -
Divestments in 2009 comprised Tesia in Sweden, RISC Fire & Safety Services in the Netherlands, and
minority interests in Falck Emergency in Slovakia, MSTS Asia in Malaysia, Falck Aktiv Arbetsmedicin in
Sweden and Falck Hjemmepleje in Denmark.
30 dIvIdeNds PaId
Dividend to minority interests (10) (13)
Total dividends paid (10) (13)
31 oTHer movemeNTs rel aTING To sHareHolders
Capital increase 39 12
Acquisition of treasury shares (5) (3)
Payment for change of warrant terms 1 -
Total other movements relating to shareholders 35 9
32 casH aNd securITIes
Cash 538 356
Securities 145 92
Total cash and securities 683 448
DKK 58 million (2008: DKK 38 million) of the Group’s cash and cash equivalents is held in a Swedish subsidiary which is subject to
Swedish insurance regulations and therefore subject to solvency requirements.
www.falck.com
93

G R O U P
Notes to the Group financial statements (DKK million)
Note 2009 2008
33 coNTINGeNT lIaBIlITIes, coNTracTual oBlIGaTIoNs aNd collaTeral securITIes
contingent liabilities
Other guarantee commitments 15 6
Total guarantee commitments 15 6
The Falck Group is a party to certain litigation and claims. Management believes that rulings in this respect
will not have a material impact on the Group’s financial position.
Falck Holding A/S is jointly and severally liable for the Group’s overall VAT liability together with other
jointly registered Danish enterprises.
The Group has issued performance bonds to a certain extent in connection with a number of contracts,
including performance bonds for a total of DKK 240 million provided in connection with ambulance
contracts in Denmark.
As part of the Group’s activities, usual supplier agreements have been entered into, and certain declarations
of intent have been issued.
In connection with the divestment of companies and operations, usual representations and warranties
are made. There are currently no outstanding claims which are not sufficiently recognised in the balance
sheet.
contractual obligations
minimum lease payments for operating lease commitments:
Due within 1 year 221 221
Due between 1 and 5 years 586 585
Due after 5 years 643 614
operating lease commitments at 31 december 1,450 1,420
Net present value of lease commitments 1,361 1,222
The present value has been calculated on the basis of current market interest rates
in the individual countries.
Recognised lease payments 175 160
The operating lease commitments concern leases for vehicles and buildings. The leasing period for vehicles
is normally between 4 and 9 years.
None of the leases include material contingent lease payments, whereas Falck has rights of first refusal
to buy a number of buildings at a preset value. At the end of the year, Falck notified the owner that it
intends to exercise one of these rights of first refusal in 2010. The value for the purchase of that property
is DKK 22 million.
collateral securities
The shares in the subsidiary Falck Danmark A/S have been provided as collateral for debt
in Falck Holding A/S.
The carrying amount of the Group’s properties that have been mortgaged in security of loans 552 569
Bearer mortgages issued and used as collateral for credits 388 391
Unused bearer mortgages 16 16
See the section on liquidity risks for the conditions applicable to mortgaged assets.
94 Annual Report 2009

Notes to the Group financial statements (DKK million)
Note
34 FINaNcIal INsTrumeNTs
Financial risks
As a consequence of its operations, investments and financing, the Group is exposed to a number of financial risks, including market
risk (foreign exchange and interest rate risk), credit risk and liquidity risk.
Group policy is not to actively speculate in financial risks. Accordingly, the Group’s financial management exclusively involves the management
and mitigation of financial risks that arise as a direct consequence of the Group’s operations, investments and financing.
There were no changes in the Group’s risk exposure or risk management as compared with 2008.
Foreign exchange risk
The Group’s foreign subsidiaries are not severely exposed to exchange rate fluctuations, as both revenue and most costs of the
individual subsidiaries are denominated in the same currencies. The main exchange rate exposure faced by the Group relates to the
translation of the financial results and equity of foreign subsidiaries into Danish kroner.
The Group regularly assesses its foreign exchange risks in order to determine whether the exposure should be hedged by same-
currency loans or forward exchange contracts. The forward exchange contracts stated below were entered into with a view to reducing
the Group’s foreign exchange risks in respect of the translation risk for investments in subsidiaries. See the section below regarding
hedging.
65% of the Group’s revenue and earnings is denominated in Danish kroner (DKK) (2008: 68%). Other currencies that account for more
than 5% of revenue or earnings are Norwegian kroner (NOK), euros (EUR) and Swedish kroner (SEK).
The income statement is affected to a minor extent by changes in exchange rates, as the profit of foreign subsidiaries is translated into
Danish kroner using average exchange rates.
Foreign exchange risk 2009 2008
The hypothetical impact on the profit
for the year and the Group's equity
from reasonably probable changes in
exchange rates:
Probable
change in
exchange
rate
Hypothetical
impact
on profit for
the year
Hypothetical
impact on
equity
Probable
change in
exchange
rate
Hypothetical
impact
on profit for
the year
Hypothetical
impact on
equity
EUR/DKK 1% 10 10 1% 12 12
USD/DKK 10% - 25 10% - 28
NOK/DKK 5% - 3 5% - 3
GBP/DKK 5% - 2 5% - 2
PLN/DKK 10% - 5 10% - 4
SEK/DKK 5% - 6 5% - 6
Assumptions regarding sensitivity information
The sensitivities related to financial instruments have been determined on the basis of the financial instruments recognised at 31
December. The sensitivities stated have been determined on the basis of an assumption that sales, price level and interest rate level are
unchanged. The foreign exchange risk stated above thus does not take into account the translation risk on the translation into DKK of
the profit and equity of foreign subsidiaries.
www.falck.com
95

G R O U P
Notes to the Group financial statements (DKK million)
Note
34 FINaNcIal INsTrumeNTs (coNTINued)
Interest rate risk
The Group’s interest rate risk is mainly affected by the Group’s overall financing. Based on the current market situation, the Group’s Executive
Management Board and Board of Directors have resolved that the financing is to be based on short-term interest rates. The Group
is therefore sensitive to fluctuations in market interest rates, and a fluctuation by 1% would change the interest expense for the year by
DKK 10 million as the market rate for the current year is below the floor of interest rate collars. Without an interest rate collar, a fluctuation
by 1% would change the Group’s interest expense by DKK 29 million.
In order to hedge interest rate risk, the Group has entered into an interest rate collar which hedges a substantial part of the increased interest
exposure if market interest rates exceed 5.5%.
The Group monitors developments in market interest rates closely so that it can react if the market situation changes.
Assumptions regarding sensitivity information:
The sensitivity stated has been determined based on the recognised financial assets and liabilities as at 31 December 2009. No adjustment
has been made for servicing and raising of debt, or the like in 2009. Furthermore, it is assumed that all hedges of floating-rate
loans are deemed to be effective.
credit risk
The Group’s credit risk primarily concerns primary financial assets. Credit risk related to financial assets equals the values recognised in
the balance sheet.
The Group is not exposed to significant risks concerning individual customers or business partners. When entering into significant contracts,
the Group makes a credit assessment of the customer in order to reduce the potential credit risk. The Group’s credit exposure to
large customers is generally considered to be low as the Group’s large customers are typically public authorities.
Subscription sales to private and corporate customers are not deemed to involve material risks to the Group as the amounts are small for
the individual subscriptions, and general as well as individual provisions are made for anticipated bad debts. As at 31 December 2009, receivables
from such subscription sales were in the region of DKK 45 million (2008: DKK 70 million).
liquidity risk
The Group’s liquidity risk primarily concerns its ability to meet its obligations to pay its employees and creditors and to service its debts.
See note 24 for a breakdown of maturities of liabilities to credit institutions. In addition to its recognised liabilities, the Group also has the
option to draw on short-term credits.
The Group continuously monitors its free cash flow in order to assess its liquidity risks.
At year-end 2009, the Group’s unused credit facilities were in the region of DKK 542 million (2008: DKK 255 million).
With the addition of available cash and cash equivalents of DKK 625 million (2008: DKK 410 million), total cash resources were in the region
of DKK 1,167 million (2008: DKK 665 million).
Certain of the Group’s loans, including the debt of Falck Holding A/S, are subject to certain loan covenants, and the Group continuously
monitors whether the covenants are observed.
Derivative financial instruments recognised in the balance sheet are stated at a value equivalent to the market value.
96 Annual Report 2009

Notes to the Group financial statements (DKK million)
Note
34 FINaNcIal INsTrumeNTs (coNTINued)
maturity analysis of financial assets and liabilities
Assumptions applied in the maturity analysis:
The maturity analysis is based on all undiscounted cash flows, including estimated interest payments. Interest payments are estimated
based on the current market conditions.
The undiscounted cash flows from derivative financial instruments are presented gross, unless the parties have a contractual right/obligation
to settle net.
contractual cash flows including interest 2009
due
within
one year
due
between
1 and 3
year
due
between
3 and 5
years
due after
5 years
contractual
cash
flows
Total
carrying
amount
market
value
Financial assets:
Trade receivables 741 - - - 741 741 741
Other receivables 154 - - - 154 154 154
Cash and cash equivalents 538 - - - 538 538 538
loans and receivables 1,433 - - - 1,433 1,433 1,433
Securities 145 - - - 145 145 145
available-for-sale financial assets 145 - - - 145 145 145
Total financial assets 1,578 - - - 1,578 1,578 1,578
Financial liabilities:
Credit institutions 351 794 1,925 509 3,579 3,260 3,189
Provisions 10 121 78 77 286 286 286
Trade payables 400 - - - 400 400 400
Other payables 814 - - - 814 814 814
Financial liabilities measured at amortised cost 1,575 915 2,003 586 5,079 4,760 4,689
Derivative financial instruments to hedge
future cash flows 39 29 - - 68 66 66
Derivative financial instruments to hedge
net investments in foreign enterprises 4 - - - 4 4 4
Financial liabilities used as hedging instruments 43 29 - - 72 70 70
Total financial liabilities 1,618 944 2,003 586 5,151 4,830 4,759
www.falck.com
97

G R O U P
Notes to the Group financial statements (DKK million)
Note
34 FINaNcIal INsTrumeNTs (coNTINued)
contractual cash flows including interest 2008
due
within
one year
due
between
1 and 3
year
due
between
3 and 5
years
due after
5 years
contractual
cash
flows
Total
carrying
amount
market
value
Financial assets:
Trade receivables 609 - - - 609 609 609
Other receivables 143 - - - 143 143 143
Cash and cash equivalents 356 - - - 356 356 356
loans and receivables 1,108 - - - 1,108 1,108 1,108
Securities 92 - - - 92 92 92
available-for-sale financial assets 92 - - - 92 92 92
Derivative financial instruments to hedge net
investments in foreign enterprises 56 - - - 56 56 56
Financial assets used as hedging instruments 56 - - - 56 56 56
Total financial assets 1,256 - - - 1,256 1,256 1,256
Financial liabilities:
Credit institutions 738 902 2,389 535 4,564 3,825 3,704
Provisions 29 94 117 - 240 240 240
Trade payables 308 - - - 308 308 308
Other payables 610 - - - 610 610 610
Financial liabilities measured at amortised cost 1,685 996 2,506 535 5,722 4,983 4,862
Derivative financial instruments to hedge
future cash flows 19 20 - - 39 39 39
Financial liabilities used as hedging instruments 19 20 - - 39 39 39
Total financial liabilities 1,704 1,016 2,506 535 5,761 5,022 4,901
98 Annual Report 2009

Notes to the Group financial statements (DKK million)
Note
34 FINaNcIal INsTrumeNTs (coNTINued)
Hedging and derivative financial instruments
The Group uses forward exchange contracts to hedge its risks related to exchange rates.
The fair value of the effective part of the outstanding foreign exchange contracts as at 31 December used as hedging instruments and
qualifying for hedge accounting in respect of future transactions has been recognised directly in equity until the hedged transactions
are recognised in the income statement.
Foreign currency sold on forward contracts:
contract
value
2009 2008
market
value
contract
value
market
value
NOK (expires in 2010) 67 (1) 57 7
GBP (expires in 2010) 39 - 34 5
PLN (expires in 2010) 47 (2) 39 5
SEK (expires in 2010) 126 (1) 119 8
USD (expires in 2009) - - 279 31
Total 279 (4) 528 56
Of which recognised in income statement - -
For future recognition (4) 56
The market value is recognised in other receivables/other payables.
All contracts expire in 2010, and as they hedge net investments
abroad, they do not affect the income statement.
option to buy foreign currency:
contract
value
market
value
contract
value
market
value
EUR (expires in 2009) - - 541 -
Of which recognised in income statement - -
For future recognition - -
Interest rate collar:
Hedged
value
market
value
Hedged
value
market
value
DKK collar (floor 3.25% / cap 5.5%) expires in 2013 960 (25) 1,059 (16)
EUR collar (floor 3.25% / cap 5.5%) expires i 2013 960 (41) 1,059 (23)
Total (66) (39)
Of which recognised in income statement - -
For future recognition (66) (39)
The market value is recognised in other payables.
Both the DKK collar and the EUR collar expire in 2013 and are recognised through the income statement towards expiry. See the maturity
analysis of financial assets and liabilities.
www.falck.com
99

G R O U P
Notes to the Group financial statements (DKK million)
Note
34 FINaNcIal INsTrumeNTs (coNTINued)
methods and assumptions for the determination of fair values
The portfolio of listed securities is valued at officially quoted prices or price quotes.
The fair value of mortgage debt is valued on the basis of the fair value of the underlying bonds.
The fair value of credit institution is valued by discounting based on market expectations.
Forward exchange contracts and interest rate swaps are valued using generally accepted valuation techniques based on relevant observable
swap curves and exchange rates.
Fair value hierarchy for financial instruments measured at fair value in the balance sheet
2009
Quoted
market prices
(level 1)
observable
input
(level 2)
Non-
observable
input
(level 3) Total
Financial assets
Securities 145 - - 145
Total financial assets 145 - - 145
Financial liabilities
Derivative financial instruments to hedge future cash flows - 66 - 66
Derivative financial instruments to hedge net investments
in foreign enterprises - 4 - 4
Total financial liabilities - 70 - 70
2008
Quoted
market prices
(level 1)
observable
input
(level 2)
Non-
observable
input
(level 3) Total
Financial assets
Securities 92 - - 92
Derivative financial instruments to hedge net investments
in foreign enterprises - 56 - 56
Total financial assets 92 56 - 148
Financial liabilities
Derivative financial instruments to hedge future cash flows - 39 - 39
Total financial liabilities - 39 - 39
100 Annual Report 2009

Notes to the Group financial statements (DKK million)
Note 2009 2008
35 rel aTed ParTIes
The Group’s related parties are the members of Falck L.P, the Board of Directors and the Executive
Management Board as well as their family members. Related parties also comprise companies in which
the individuals mentioned above have material interests.
The company's shareholders who each hold more than 5% of the shares are:
Falck L.P., Jersey 71.9% 74.0%
ATP PEP 1 K/S, Copenhagen 10.5% 10.8%
Related parties also comprise Group companies and associates in which the company has a controlling or
significant influence, as well as the members of the Boards of Directors, Executive Management Boards
and senior management of those companies. Related parties also comprise companies in which the individuals
mentioned above have material interests.
The Company has only to a limited extent traded with related parties. Transactions with related parties
have taken place on market terms.
Transactions with Group companies have comprised the following:
Purchase of services from associated companies 19 15
Payment received for change of warrant terms 1 -
Capital increase, members of the Board of Directors 39 -
Purchase of treasury shares 5 3
Transactions with Group companies have been eliminated in the consolidated financial statements in
accordance with the accounting policies.
No transactions have taken place during the year with members of the Board of Directors, the Executive
Management Board, senior management or significant shareholders, other than those mentioned
above and the remuneration disclosed in note 6.
36 NeW FINaNcIal rePorTING reGul aTIoNs
The IasB has issued the following financial reporting standards (Ias and IFrs) and interpretations (IFrIc), which are not mandatory
for the Group in the preparation of the annual report for 2009:
IFRS 3 Business Combinations (revised 2008)
IAS 27 Consolidated and Separate Financial Statements (amended 2008)
Amendments to IAS 39 – Eligible Hedged Items
IFRIC 17 Distributions of Non-cash Assets to Owners
Amendments to IFRS 5 Non-current Assets Held for Sale
Discontinued Operations Amendments to IFRS 2 Share-based Payment -Group Cash-settled Share-based Payment Transactions
Amendment to IAS 32 Financial Instruments: Presentation – Classification of Rights Issues
IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments
IAS 24 Related Party Disclosures (revised 2009)
Amendments to IFRIC 14 IAS 19 – The Limit on a Defined Benefit Assets, Minimum Funding Requirements and their Interaction
The Group expects to implement the new financial reporting standards and interpretations when they become mandatory in 2010 and
2011 respectively. Except as set out below, none of the new standards or interpretations are expected to have a material impact on the
financial reporting of the Falck Group or Falck Holding A/S.
IFRS 3 (revised in 2007) – Business Combinations – (and the concurrent revision of IAS 27, Consolidation) come into force for financial
years beginning on or after 1 July 2009. The Group expects to use the option of recognising goodwill relating to any minority shareholders’
interests in companies acquired and expects that a number of the technical adjustments to the purchase method under IFRS 3
will only have a minor impact on the financial reporting.
www.falck.com
101

G R O U P
102 Annual Report 2009

Contents of the
parent company
financial statements
Financial statements
Income statement 104
Statement of recognised income
and expense 105
Balance sheet 106
Equity statement 108
Cash flow statement 109
Notes to the financial statements
1. Accounting policies 110
Notes to the income statement
2. Other operating income 110
3. Staff costs 110
4. Fees to auditors appointed
at the annual general meeting 110
5. Financial income 110
6. Financial expenses 111
7. Income taxes 111
Notes to the balance sheet
8. Investments in subsidiaries 111
9. Share capital and treasury shares 112
10. Deferred tax 112
11. Credit institutions 113
12. Other payables 113
Notes to the cash flow statement
13. Net financials 113
14. Other movements relating to shareholders 114
Supplementary notes
15. Contingent liabilities, contractual obligations
and collateral securities 114
16. Financial instruments 114
17. Related parties 117
18. New financial reporting regulations 117
www.falck.com
103

P A R E N T C O M P A N Y
Income statement (DKK million)
For the year ended 31 December
Note 2009 2008
2 Other operating income 7 7
ToTal reveNue 7 7
4 Other external costs (7) (3)
3 Staff costs (9) (9)
ToTal cosTs (16) (12)
loss BeFore FINaNcIals (9) (5)
Dividend from Group companies 250 150
5 Financial income 23 28
6 Financial expenses (115) (156)
ProFIT BeFore Ta X 149 17
7 Income taxes 26 33
ProFIT For THe Year 175 50
ProPosed ProFIT allocaTIoN
Proposed dividend - -
Retained earnings 175 50
ToTal 175 50
dIvIdeNd Per sHare
Dividend per share - -
104 Annual Report 2009

Statement of recognised income and expense (DKK million)
For the year ended 31 December
Note 2009 2008
Value adjustment of interest hedging instruments (27) (35)
Tax on value adjustment of interest hedging instruments 7 9
Net income recognised directly in equity (20) (26)
Profit for the year 175 50
ToTal recoGNIsed INcome aNd eXPeNse 155 24
www.falck.com
105

P A R E N T C O M P A N Y
Balance sheet (DKK million)
As at 31 December
Note 2009 2008
Assets
8 Investments in subsidiaries 3,249 3,249
Receivables from Group companies 172 173
ToTal FINaNcIal asseTs 3,421 3,422
ToTal NoN- curreNT asseTs 3,421 3,422
Receivables from Group companies 471 505
Income taxes 2 8
receivables 473 513
Cash and cash equivalents 1 -
ToTal curreNT asseTs 474 513
ToTal asseTs 3,895 3,935
106 Annual Report 2009

Balance sheet (DKK million)
As at 31 December
Note 2009 2008
Equity and liabilities
9 Share capital 46 45
9 Reserve for treasury shares (8) (3)
Hedging reserve (49) (29)
Retained earnings 967 753
ToTal eQuIT Y 956 766
10 Deferred tax 45 53
11 Credit institutions 2,522 2,792
Payables to Group companies 41 40
ToTal NoN- curreNT deBT 2,608 2,885
11 Credit institutions 265 245
12 Other payables 66 39
ToTal curreNT deBT 331 284
ToTal eQuIT Y aNd lIaBIlITIes 3,895 3,935
www.falck.com
107

P A R E N T C O M P A N Y
Equity statement (DKK million)
2009 share capital
reserve for
treasury
shares
Hedging
reserve
retained
earnings Total
equity at 1 January 2009 45 (3) (29) 753 766
equity movements in 2009
Value adjustment of hedging instruments (27) (27)
Tax on equity movements 7 7
Net gains recognised directly in equity - - (20) - (20)
Profit for the year 175 175
Total recognised income and expense - - (20) 175 155
Capital increase 1 38 39
Acquisitions of treasury shares (5) (5)
Payment for change of warrant terms 1 1
Total equity movements in 2009 1 (5) (20) 214 190
eQuIT Y aT 31 decemBer 2009 46 (8) (49) 967 956
2008 share capital
reserve for
treasury
shares
Hedging
reserve
retained
earnings Total
equity at 1 January 2008 45 - (3) 691 733
equity movements in 2008
Value adjustment of hedging instruments (35) (35)
Tax on equity movements 9 9
Net gains recognised directly in equity - (26) - (26)
Profit for the year 50 50
Total recognised income and expense - (26) 50 24
Capital increase 0 12 12
Acquisitions of treasury shares (3) (3)
Total equity movements in 2008 0 (3) (26) 62 33
eQuIT Y aT 31 decemBer 2008 45 (3) (29) 753 766
108 Annual Report 2009

Cash flow statement (DKK million)
For the year ended 31 December
Note 2009 2008
Total revenue 7 7
Total costs (16) (12)
cash flow from operating activities before exceptional items, financials and tax (9) (5)
Exceptional items 42 42
13 Net financials (92) (128)
7 Income taxes paid 31 22
casH FloW From oPer aTING acTIvITIes (28) (69)
Dividends received from Group companies 250 150
14 Other movements relating to shareholders 35 9
Changes in outstanding balances with Group companies (6) (324)
Interest-bearing debt raised - 392
Repayment of and change in interest-bearing debt (250) (200)
casH FloW From FINaNcING acTIvITIes 29 27
change in cash and cash equivalents 1 (42)
Cash and cash equivalents at beginning of year - 42
casH aNd casH eQuIvaleNTs aT Year-eNd 1 -
www.falck.com
109

P A R E N T C O M P A N Y
Notes to the parent company financial statements
(DKK million)
Note 2009 2008
1 accouNTING PolIcIes
See note 1 to the consolidated financial statements for a description.
Falck Holding A/S and Falck A/S were merged effective 1 January 2009.
The comparative figures for 2008 have been restated to reflect the merger.
2 oTHer oPer aTING INcome
Management fees from Group companies 7 7
Total other operating income 7 7
3 sTaFF cosTs
Remuneration to the Executive Management Board (8) (8)
Remuneration to the Board of Directors (1) (1)
Total staff costs (9) (9)
Number of full-time employees 2 2
Remuneration to the Executive Management Board includes pension contributions of 1 1
The rate of increase in remuneration to the Executive Management Board excluding bonus was 0% in
2009 (2008: 4.0%)
The service contracts for the members of the Executive Management Board include severance periods
which, in the case of resignation by an executive, are 9-12 months and, in the case of termination by the
Company, are 18-24 months.
Warrant programme
Number of warrants at 1 January 4,443,120 4,443,120
Warrants at 31 december 4,443,120 4,443,120
Each warrant entitles the holder to subscribe one share with a nominal value of DKK 0.50 at DKK 2.10
per share. The subscription price is increased by 40% per year and was DKK 11.38 per share as at 31
December 2009. From 1 July 2011, the annual rate of increase will be 8%. The warrants issued were
acquired by the members of the Executive Management Board at market value and no conditions were
attached to the acquisition.
The warrants issued may be exercised in the period until 31 December 2011 in connection with a potential
IPO, or if a third party obtains a controlling interest in Falck Holding A/S or a directly owned subsidiary.
After that, the warrants issued may be exercised if none of the situations mentioned above have occurred.
4 Fees To audITors aPPoINTed aT THe aNNual GeNer al meeTING
KPmG:
Audit (1) (1)
Total fees (1) (1)
5 FINaNcIal INcome
Foreign exchange gains 1 -
Interest from cash - 1
Interest from Group companies 22 27
Total financial income 23 28
110 Annual Report 2009

Notes to the parent company financial statements
(DKK million)
Note 2009 2008
6 FINaNcIal eXPeNses
Interest to credit institutions (115) (156)
Total financial expenses (115) (156)
7 INcome Ta Xes
Current tax 14 18
Change in deferred tax for the year 11 15
Prior-year adjustments 1 -
Total income taxes 26 33
Tax on movements in equity 7 9
Tax for the year 33 42
Income taxes received during the year 31 22
Breakdown of tax rate:
Current tax 33 42
Profit before tax 149 17
Dividends from Group companies (250) (150)
Tax base for current tax (101) (133)
effective tax rate 25.3% 24.8%
reconciliation of tax rate:
danish tax rate 25.0% 25.0%
Non-deductible costs/(tax-exempt income) 0.3% (0.2%)
effective tax rate 25.3% 24.8%
8 INvesTmeNTs IN suBsIdIarIes
Cost at 1 January 3,249 3,249
cost at 31 december 3,249 3,249
Share of valuation adjustments at 1 January - -
share of valuation adjustments at 31 december - -
carrying amount at 31 december 3,249 3,249
See “Legal entities” for a list of companies.
www.falck.com
111

P A R E N T C O M P A N Y
Notes to the parent company financial statements
(DKK million)
Note 2009 2008
9 sHare caPITal aNd TreasurY sHares
movements in share capital in the past five financial years
Share capital at 1 January - -
Addition on capital increase in 2004 44 44
Addition on capital increase in 2006 1 1
Addition on capital increase in 2008 0 0
Addition on capital increase in 2009 1 0
share capital at 31 december 46 45
The share capital is divided into 92,786,800 shares with a nominal value of DKK 0.50 each (2008: 90,223,797 shares).
The shares are fully paid up and are not divided into classes.
Number of shares Nominal value dKK thousand % of share capital
Treasury shares 2009 2008 2009 2008 2009 2008
Treasury shares at 1 January 79,291 - 40 - 0.09 -
Additions 178,928 79,291 89 40 0.20 0.09
Disposals - - - - - -
Treasury shares at 31 december 258,219 79,291 129 40 0.29 0.09
All treasury shares are owned by Falck Holding A/S.
The purchase price of treasury shares acquired during the financial year was DKK 5 million (2008: DKK 3 million).
Treasury shares were primarily acquired due to buybacks from executives who have left the Group.
10 deFerred Ta X
2009 2008
Deferred tax provisions at 1 January 53 68
Change in deferred tax for the year (11) (15)
Change in deferred tax for prior years 3 -
deferred tax provisions at 31 december 45 53
Deferred tax provision 45 53
deferred tax provisions at 31 december 45 53
Breakdown of deferred tax
Intangible assets 42 52
Current assets 4 2
Non-current debt and provisions (1) (1)
deferred tax provisions at 31 december 45 53
112 Annual Report 2009

Notes to the parent company financial statements
(DKK million)
Note 2009 2008
11 credIT INsTITuTIoNs
Non-current portion:
Long-term loans 2,522 2,792
current portion:
Short-term loans 265 245
Total credit institutions 2,787 3,037
Breakdown by maturity:
Due within 1 year 265 245
Due between 1 and 3 years 640 565
Due between 3 and 5 years 1,882 2,227
Total 2,787 3,037
Breakdown by currency:
DKK 1,594 1,979
EUR 956 1,058
USD 237 -
Total 2,787 3,037
Interest reset periods:
Within 3 months 2,787 3,037
Total 2,787 3,037
The statements set out above do not include liabilities relating to interest for subsequent financial periods.
See note 34 for a description of the Group's risks and cash resources.
The effective interest rate has been determined at 3.8% (2008: 5.0%).
For debt with an interest reset period within 3 months, regular assessments are made of how long the
interest period should be. As at the balance sheet date, the interest rate in DKK is fixed for one month
and averages approximately 1.8%. As at the balance sheet date, the interest rate in EUR is fixed for one
month and averages approximately 0.8%. As at the balance sheet date, the interest rate in USD is fixed
for one month and averages approximately 0.6%.
The market value of debt with an interest reset period within three months is approximately DKK
2,700 million.
12 oTHer PaYaBles
Fair value of interest collar 66 39
Total other payables 66 39
13 NeT FINaNcIals
Financial income and expenses (92) (128)
Total net financials (92) (128)
www.falck.com
113

P A R E N T C O M P A N Y
Notes to the parent company financial statements
(DKK million)
Note 2009 2008
14 oTHer movemeNTs rel aTING To sHareHolders
Capital increase 39 12
Acquisition of treasury shares (5) (3)
Payment for change of warrant terms 1 0
Total other movements relating to shareholders 35 9
15 coNTINGeNT lIaBIlITIes, coNTracTual oBlIGaTIoNs aNd collaTeral securITIes
Falck Holding A/S is jointly and severally liable for the Group’s overall VAT liability together with other jointly registered Danish enterprises.
A portion of the Company’s cash is deposited in bank accounts which are included in a cashpool under which Falck Danmark A/S controls the
principal facility account. The companies are jointly and severally liable with the total deposits on the said accounts vis-à-vis the bank in question.
The shares in the subsidiary Falck Danmark A/S have been provided as collateral for debt in Falck Holding A/S.
16 FINaNcIal INsTrumeNTs
There were no changes in the risk exposure or risk management of Falck Holding A/S as compared with 2008. See also note 34 to the
consolidated financial statements of the Group.
Foreign exchange risk 2009 2008
The hypothetical impact on the profit
for the year and the Group’s equity
from reasonably probable changes in exchange
rates:
Probable
change in
exchange
rate
Hypothetical
impact on
profit for
the year
Hypothetical
impact
on equity
Probable
change in
exchange
rate
Hypothetical
impact on
profit for
the year
Hypothetical
impact
on equity
EUR/DKK 1% 10 10 1% 12 12
Interest rate risk
The company’s interest rate risk is mainly affected by the company’s overall financing. Based on the current market situation, the Executive
Management Board and Board of Directors have resolved that the financing is to be based on short-term interest rates. The company is therefore
sensitive to fluctuations in market interest rates, and a fluctuation by 1% would change the interest expense for the year by DKK 10 million
as the market rate for the current year is below the floor of interest rate collars. Without an interest rate collar, a fluctuation by 1% would
change the company’s interest expense by DKK 28 million.
In order to hedge interest rate risk, the company has entered into an interest rate collar which hedges a substantial part of the increased interest
exposure if market interest rates exceed 5.5%.
The company monitors developments in market interest rates closely so that it can react if the market situation changes.
Assumptions regarding sensitivity information:
The sensitivity stated has been determined based on the recognised financial assets and liabilities as at 31 December 2009. No adjustment
has been made for servicing and raising of debt, or the like in 2009. Furthermore, it is assumed that all hedges of floating-rate loans are
deemed to be effective.
maturity analysis of financial assets and liabilities
Assumptions applied in the maturity analysis:
The maturity analysis is based on all undiscounted cash flows including estimated interest payments. Interest payments have been estimated
based on the current market conditions.
The undiscounted cash flows from derivative financial instruments are presented gross, unless the parties have a contractual right/obligation
to settle net.
114 Annual Report 2009

Notes to the parent company financial statements
(DKK million)
Note
16 FINaNcIal INsTrumeNTs (coNTINued)
contractual cash flows including interest 2009
due
witin
one year
due
between
1 and 3
years
due
between
3 and 5
years
due after
5 years
contractual
cash
flows
Total
carrying
amount
Financial assets:
Cash 1 - - - 1 1 1
loans and receivables 1 - - - 1 1 1
Total financial assets 1 - - - 1 1 1
Financial liabilities:
Credit institutions 302 707 1,889 - 2,898 2,787 2,706
Financial liabilities measured at amortised cost 302 707 1,889 - 2,898 2,787 2,706
Derivative financial instruments to hedge
future cash flows 39 29 - - 68 66 66
Financial liabilities used as hedging instruments 39 29 - - 68 66 66
Total financial liabilities 341 736 1,889 - 2,966 2,853 2,772
contractual cash flows including interest 2008
due
witin
one year
due
between
1 and 3
years
due
between
3 and 5
years
due after
5 years
contractual
cash
flows
Total
carrying
amount
Financial assets:
Cash - - - - - - -
loans and receivables - - - - - - -
Total financial assets - - - - - - -
market
value
market
value
Financial liabilities:
Credit institutions 389 808 2,352 - 3,549 3,037 2,920
Financial liabilities measured at amortised cost 389 808 2,352 - 3,549 3,037 2,920
Derivative financial instruments to hedge future cash
flows 19 20 - - 39 39 39
Financial liabilities used as hedging instruments 19 20 - - 39 39 39
Total financial liabilities 408 828 2,352 - 3,588 3,076 2,959
www.falck.com
115

P A R E N T C O M P A N Y
Notes to the parent company financial statements
(DKK million)
Note
16 FINaNcIal INsTrumeNTs (coNTINued)
2009 2008
Hedging and derivative financial instruments Hedged value market value Hedged value market value
DKK collar (floor 3.25% / cap 5.5%) expires in 2013 960 (25) 1,059 (16)
EUR collar (floor 3.25% / cap 5.5%) expires in 2013 960 (41) 1,059 (23)
Total (66) (39)
Of which recognised in income statement - -
For future recognition (66) (39)
The market value is recognised in other payables.
Both the DKK collar and the EUR collar expire in 2013 and are recognised through the income statement towards expiry. See the maturity
analysis of financial assets and liabilities.
methods and assumptions for the determination of fair values
Interest rate swaps are valued using generally accepted valuation techniques based on relevant observable swap curves.
Fair value hierarchy for financial instruments measured at fair value in the balance sheet
2009
Quoted market
prices
(level 1)
observable
input
(level 2)
Non-observable
input
(level 3) Total
Financial assets
Derivative financial instruments to hedge future cash flows - - - -
Total financial assets - - - -
Financial liabilities
Derivative financial instruments to hedge future cash flows - 66 - 66
Total financial liabilities - 66 - 66
2008
Quoted market
prices
(level 1)
observable
input
(level 2)
Non-observable
input
(level 3) Total
Financial assets
Derivative financial instruments to hedge future cash flows - - - -
Total financial assets - - - -
Financial liabilities
Derivative financial instruments to hedge future cash flows - 39 - 39
Total financial liabilities - 39 - 39
116 Annual Report 2009

Notes to the parent company financial statements
(DKK million)
Note 2009 2008
17 rel aTed ParTIes
As a parent company, Falck holding A/S has a controlling interest in the Group.
The Group’s related parties are the members of Falck L.P, the Board of Directors and the Executive
Management Board as well as their family members. Related parties also comprise companies in which
the individuals mentioned above have material interests.
The company’s shareholders who each hold more than 5% of the shares are:
Falck L.P., Jersey 71.9% 74.0%
ATP PEP 1 K/S, Copenhagen 10.5% 10.8%
Related parties also comprise Group companies and associates in which the company has a controlling
or significant influence, as well as the members of the Boards of Directors, Executive Management
Boards and senior management of those companies. Related parties also comprise companies in which
the individuals mentioned above have material interests.
The Company has only to a limited extent traded with related parties. Transactions with related parties
have taken place on market terms.
Transactions with Group companies have comprised the following:
Group contributions, paid 3 3
Group contributions, received 7 7
Payment received for change of warrant terms 1 -
Capital increase, members of the Board of Directors 39 -
Purchase of treasury shares 5 3
The parent company’s outstanding balances with Group companies are specified in the parent company’s
financial statements.
No transactions have taken place during the year with members of the Board of Directors, the Executive
Management Board, senior management or significant shareholders, other than those mentioned above
and the remuneration disclosed in note 3.
18 NeW FINaNcIal rePorTING reGul aTIoNs
See note 36 to the consolidated financial statements for a description.
www.falck.com
117

Board of Directors, Executive Management Board
and auditors
BOARD OF DIRECTORS OF FALCK HOLDING A/S
lars Nørby Johansen, born 1949
Chairman
Member of the boards of directors of:
• William Demant Holding A/S (chairman)
• Georg Jensen A/S (chairman)
• OMI People A/S (chairman)
• Danmarks Vækstråd (chairman)
• CAT Invest I A/S (chairman)
• DONG Energy A/S (deputy chairman)
• Index Award A/S
• CAT Seed A/S and CAT Forsknings- og Teknologipark A/S
• Rockwoolfonden (deputy chairman)
• Codan A/S and Codan Forsikring A/S
• Institut for selskabsledelse
Johannes due, born 1949
President and CEO of Sygeforsikringen danmark
Member of the boards of directors of:
• Forsikringsselskabernes Data Central (chairman)
• Administrationsselskabet ”danmark” A/S (chairman)
• Syddansk Universitet (chairman)
• Forebyggelsesfonden (chairman)
• Danske Universiteter (chairman)
• Bikuben Fonden af 1989 (deputy chairman)
• Det Nationale Fødevareforum
• Forsikring & Pension
• International Federation of Health Plans
118 Annual Report 2009
Kim Gulstad, born 1976
Director in NC Advisory A/S, advisor to Nordic Capital Fund V
Bo söderberg, born 1942
Partner in Nordic Capital AB, advisor to Nordic Capital Fund V
vagn Flink møller Pedersen, born 1957
Rescue officer
Elected by the employees
Jan Heine lauvring, born 1953
Rescue officer
Elected by the employees
ebbe vang, born 1951
Rescue officer
Elected by the employees

EXECUTIVE MANAGEMENT BOARD OF FALCK
HOLDING A/S
allan søgaard larsen, born 1956
President and CEO of Falck Holding A/S
Member of the boards of directors of:
• PensionDanmark Holding A/S
• The Central Board of the Confederation of Danish Industry
morten r. Pedersen, born 1968
Deputy CEO of Falck Holding A/S
AUDITORS APPOINTED BY THE GENER AL MEETING
KPMG
Borups Allé 177
DK- 2000 Frederiksberg
Denmark
v/Flemming Brokhattingen and Carsten Kjær
State Authorised Public Accountants
COMPANY INFORMATION
Falck Holding A/S
Polititorvet
DK-1780 Copenhagen V
Denmark
Tel.: +45 7033 3311
www.falck.com
www.falck.dk
CVR-nr. 28 10 13 76
www.falck.com
119

l E G A l E N T I T I E S I N T H E F A l C K G R O U P
company name country equity interest
Falck Danmark A/S Denmark 100.0%
ActivCare A/S Denmark 100.0%
ActivCare Privat A/S Denmark 100.0%
Pleje og Omsorg A/S Denmark 100.0%
Ulfab Danmark A/S Denmark 100.0%
Vikteam A/S Denmark 80.0%
Falck Hjælpemidler A/S Denmark 91.6%
Falck JobService A/S Denmark 87.5%
Falck India A/S Denmark 100.0%
Falck Hjemmepleje A/S Denmark 80.0%
Falck Norge Holding AS Norway 100.0%
Falck Redning AS Norway 100.0%
Falck Emergency AS Norway 100.0%
Falck Norge Leasing AS Norway 100.0%
Falck Health Care Norge AS Norway 100.0%
Falck Nutec Holding A/S Denmark 98.2%
120 Annual Report 2009
Falck Nutec Esbjerg A/S Denmark 100.0%
Falck Nutec Management A/S Denmark 100.0%
Falck Global Safety B.V. The Netherlands 100.0%
Falck Nutec AS Norway 100.0%
Falck Nutec Ltd. United Kingdom 100.0%
Nutec Centre for Safety Ltd. 1) United Kingdom 100.0%
Falck Onsite Limited United Kingdom 100.0%
Onsite Training Services Limited. 1) United Kingdom 100.0%
Falck Nutec Trinidad and Tobago Limited Trinidad & Tobago 80.0%
Tripod Diagnostics International B.V. The Netherlands 55.0%
Nutec UK Ltd. United Kingdom 100.0%
Nutec Belgium Holding BVBA 1) Belgium 100.0%
Nutec Belgium BVBA 1) Belgium 100.0%
Falck Nutec B.V. The Netherlands 100.0%
RISC Fire and Safety Services B.V. The Netherlands 100.0%
Accentus B.V. The Netherlands 100.0%
Marinesafety International Rotterdam B.V. The Netherlands 100.0%
MSTS Asia Sdn. Bhd. Malaysia 70.0%
Risktec (M) Sdn. Bhd. Malaysia 100.0%
MSTS Asia (S’pore) Pte. Ltd. Singapore 100.0%
Falck Bedrijfshulpverlening BV The Netherlands 100.0%
Falck Prime Atlantic Limited Nigeria 51.0%
Falck Nutec Brasil Participacoes Ltda Brazil 100.0%
Falck Nutec Brasil Treinamentos em Segurança Marítima Ltda Brazil 100.0%
Southfield Ltd Thailand 49.5%
Falck Nutec (Thailand) Ltd Thailand 90.0%
Falck Nutec Nigeria Limited Nigeria 100.0%

company name country equity interest
Falck Danmark A/S Denmark 100.0%
Falck Norge Holding AS Norway 100.0%
Falck Nutec Holding A/S Denmark 98.2%
Falck USA Holdings, Inc USA 100.0%
Falck Alford Holdings, Inc USA 80.0%
Alford Services, Inc USA 100.0%
Hotwork I, L.L.C. USA 100.0%
Alford Safety Services, Inc USA 100.0%
Alford Safety & Compliance, L.L.C. USA 100.0%
Haztec Services - West Indies, L.L.C. USA 100.0%
Haztec Services St. Lucia Ltd St. Lucia 100.0%
Haztec Services Trinidad Limited Trinidad & Tobago 100.0%
Falck Alford International BV The Netherlands 100.0%
Falck Alford Holding S.A. de C.V. Mexico 100.0%
Falck Alford Training S.A.I.P. de C.V. Mexico 100.0%
Falck Nutec Vietnam Limited Vietnam 80.0%
Falck Safety Services LLC United Arab Emirates 49.0%
Falck Investment Norge AS Norway 100.0%
Falck Followit Norge AS Norway 100.0%
VIFA AB Sweden 100.0%
Falck Autoapu Oy Finland 100.0%
Falck Sverige Holding AB Sweden 100.0%
Falck Sverige Investment AB Sweden 100.0%
Falck Räddningskär AB Sweden 100.0%
Falck Forsäkrings AB Sweden 100.0%
Falck TravelCare AB Sweden 100.0%
Falck Ambulans AB Sweden 100.0%
Falck Räddningstjänst AB Sweden 100.0%
Falck Services AB Sweden 100.0%
Svensk Sjöambulans AB 2) Sweden 50.0%
Ulfab Sairaankuljetus OY Finland 100.0%
Falck Health Care Sverige Holding AB Sweden 100.0%
FalckAM Health Care AB Sweden 70.0%
Falck Health Care AM A/S Denmark 100.0%
Falck Aktiv Arbetsmedicin AB Sweden 98.0%
Falck Healthcare AB Sweden 100.0%
Falck Investments Finland Oy Ab Finland 100.0%
Falck Finland Oy Finland 100.0%
Falck Oy Finland 100.0%
Falck Autoabi OÜ Estonia 90.0%
Falck Benelux NV Belgium 60.0%
Ambuce Rescue Team BVBA Belgium 100.0%
Ambuce Limburg BVBA Belgium 100.0%
MDV International BVBA Belgium 100.0%
Falck Investments NV Belgium 92.5%
Falck Medical Services LLC United Arab Emirates 49.0%
Falck Foundation VZW Belgium 100.0%
Falck Medycyna Sp.z o.o. Poland 100.0%
www.falck.com
121

l E G A l E N T I T I E S I N T H E F A l C K G R O U P
company name country equity interest
Falck Danmark A/S Denmark 100.0%
Falck SK a.s. Slovakia 92.5%
Falck Emergency AS Slovakia 50.89%
Falck Záchranná a.s. Slovakia 100.0%
Falck Záchranná Academy s.r.o. Slovakia 100.0%
Falck Fire Services a.s. Slovakia 100.0%
Falck CZ a.s. Czech Republic 92.5%
Lainsa Servicios Contra Incendios, S.A. Spain 51.0%
Falck France SAS France 100.0%
Falck AVD Holding B.V. The Netherlands 100.0%
Falck AVD B.V. The Netherlands 80.0%
Advisebureau van Dijke B.V. The Netherlands 100.0%
AVD-ICT B.V. The Netherlands 100.0%
Safety Center Holding B.V. The Netherlands 100.0%
Safety Center Holland B.V. The Netherlands 100.0%
Safety Center Zuid Holland B.V. The Netherlands 100.0%
Safety Center Colleage c.v. The Netherlands 51.0%
Safety Center Zuid Holland c.v. The Netherlands 49.0%
MIT B.V. 2) The Netherlands 33.3%
MIT Development B.V. 2) The Netherlands 33.3%
Safe Building B.V. The Netherlands 100.0%
Safety Center Team B.V. The Netherlands 100.0%
AVD Consultancy N.V. Belgium 99.0%
Falck Rettungsdienst GmbH Germany 100.0%
Falck Österreich GmbH Austria 100.0%
Falck Health Care Holding A/S Denmark 100.0%
Falck Health Care A/S Denmark 100.0%
Træningscenter Poppelgården A/S i likvidation Denmark 51.0%
Falck Ambulans Yanginla Mücadele Yardim Saglik Güvenlik Egitim Ve Danismanlik
Servisleri Limited Sti Turkey 95.0%
Falck UK Limited United Kingdom 100.0%
Falck India Limited United Kingdom 100.0%
Falck Services Limited Mauritius 100.0%
Falck India Pvt. Ltd. (India) India 100.0%
Falck Services Pvt Ltd. (India) India 100.0%
Falck Fire Services S.R.L Romainia 100.0%
Falck Treasury A/S Denmark 100.0%
Investeringsselskabet af 17. december 2007 A/S Denmark 100.0%
Falck Asset Management 9 A/S Denmark 100.0%
Dansk Luftambulance A/S Denmark 51.0%
A C Trafik A/S Denmark 100.0%
A C Trafik 2 ApS Denmark 100.0%
KPC Ejendomme af 6. juni 2002 A/S 2) Denmark 25.0%
Falck Nederland Holding B.V. The Netherlands 100.0%
1) Dormant company
2) Associated company
122 Annual Report 2009

Definitions of ratios
The ratios are basically calculated on the basis of the annual
report and the Group’s accounting policies. The Falck Group
calculates a number of ratios on the basis the financial highlight
figures in “Financial highlights and key ratios” on page 8.
The definitions of those ratios are stated below.
Organic growth
Growth in external revenue relative to the preceding year
measured in local currency and adjusted for revenue from
acquisitions and divestments of subsidiaries, as they are not
recognised until after 12 months. Substantial contracts won
after the acquisition of small companies are included in
organic growth.
Operating margin
Operating profit before amortisation and impairment of
intangible assets from acquisitions and exceptional items
(EBITA) as a percentage of revenue.
Effective tax rate
Tax charged in respect of the financial year as a percentage of
profit before tax.
Net capital investments
Investments in land and buildings, operating equipment and
intangible assets less land and buildings, operating equipment
and intangible assets sold.
Equity ratio
Total equity at year-end as a percentage of equity and liabilities
at year-end.
Return on equity
Profit for the year attributable to Falck as a percentage of
average equity excluding minority interests.
Net operating assets
Net operating assets excluding goodwill defined as trade
receivables and other current operating assets plus property,
plant and equipment and intangible assets (excluding goodwill),
less trade payables, other payables and other operating
liabilities.
Net interest-bearing debt to EBITDA
Net interest-bearing debt and purchase consideration payable
divided by EBITDA. EBITDA has been normalised for the fullyyear
effect of acquisitions made during the period.
Free cash flow
Operating profit before amortisation and impairment of
intangible assets from acquisitions and exceptional items
(EBITA) adjusted for non-cash operating items and change in
net operating assets.
Cash conversion rate
Free cash flow as a percentage of operating profit before
amortisation and impairment of intangible assets from acquisitions
and exceptional items (EBITA). The rate of operating
profit before amortisation and impairment of intangible
assets from acquisitions and exceptional items (EBITA) to the
free cash flow (cash conversion rate) shows the Group’s
ability to generate cash flows from operating activities after
investments in intangible assets and property, plant and
equipment and cash that must be tied up in working capital
in order to generate cash.
Earnings per share (EPS)
Earnings attributable to the parent company’s shareholders
per average number of outstanding shares.
Diluted earnings per share (DEPS)
Diluted earnings attributable to the parent company’s shareholders
per diluted average number of outstanding shares.
www.falck.com
123

Design and production: Bysted A/S
Photo: Henrik Clifford and various photos from Falck’s photo archives
Print: Centertryk A/S
124 Annual Report 2009

Falck Holding A/S
Polititorvet
DK 1780 Copenhagen V
Denmark
Tel.: +45 70 33 33 11
www.falck.com
CVR NR. 28 10 13 76