Annual Report 2010 - Falck

Annual Report 2010

01
49
97
Management review 1
Highlights of the year 4
Key figures and financial ratios 6
Business areas 8
Assistance 10
Emergency 14
Healthcare 20
Training 24
Financial review 28
Corporate governance 36
Risk factors 42
Business risks 42
Financial risks 44
Report on corporate social responsibility 46
Group financial statements 49
Income statement 50
Statement of comprehensive income 51
Balance sheet 52
Equity statement 54
Cash flow statement 55
Notes 56
Parent company financial statements 97
Income statement 98
Statement of comprehensive income 99
Balance sheet 100
Equity statement 102
Cash flow statement 103
Notes 104
Management’s statement 112
Independent auditors’ report 113
Board of Directors,
Executive Management Board and auditors 114
Legal entities in the Falck Group 116
Definitions of ratios 119

USA
Emergency
Training
1,050 employees
(LifeStar Response
2,040 employees)
Great Britain
Emergency
Healthcare
Training
100 employees
Trinidad
Training
53 employees
Germany
Training
Brasil
Emergency
Training
920 employees
Netherlands
Emergency
Training
382 employees
Spain
Emergency
387 employees

Denmark
Emergency
Assistance
Healthcare
Training
9,498 employees
Belgium
Emergency
270 employees
Norway
Emergency
Assistance
Healthcare
Training
474 employees
Nigeria
Training
74 employees
Sweden
Emergency
Assistance
Healthcare
1,511 employees
Slovakia
Emergency
Healthcare
1,593 employees
Finland
Emergency
Assistance
61 employees
Poland
Emergency
Healthcare
2,356 employees
Estonia
Assistance
20 employees
Romania
Emergency
219 employees
Russia
Training
United Arab
Emirates
Training
72 employees
Turky
Emergency
3 employees
India
Emergency
Healthcare
2 employees
Thailand
Training
9 employees
Malaysia
Healthcare
Training
75 employees
Vietnam
Training
7 employees
Singapore
Training
7 employees

Falck’s international expansion continued during
2010, and Falck now has activities in 25 countries
on five continents. We feel an obligation to use
the competencies we have gained during our
104 years of operation in preventing accidents,
rescuing people in emergency and in rehabilitating
people
Assistance
12%
In 2010, Falck provided 1,458,000 assistance responses,
12% more than in the previous year
Healthcare
8
The international expansion continued with new tasks in
India, Malaysia, Poland, Slovakia, the United Kingdom and
Sweden. Falck now operates healthcare or medical clinics
in eight countries
Emergency
600
Falck now operates close to 600 US ambulances and similar
vehicles and is the third-largest ambulance service provider
in the United States
Training
203,000
Falck’s 35 training centres worldwide provided safety
training to 203,000 people in 2010, representing a year-onyear
increase of 10,000

Management review
Global expansion
In 2010, Falck took new important steps towards becoming a
global organisation. Our ambulances now also serve people in
both North and South America. Never before have we trained
so many people in rescue and safety operations through our
steadily growing network of training centres worldwide, and
we have significantly strengthened our Assistance business
in the Nordic region through new agreements with strong
business partners.
At the end of the year, we had operations in 25 countries on
five continents, up from 23 countries of operation in 2009.
In 2010, our consolidated revenue rose by 11.1% to DKK 8.4
billion. As in previous years, revenue from activities outside
Denmark increased, accounting for 36.7% of revenue up from
34.6% a year earlier. Our growth in markets outside Denmark
was 18.2%, of which organic growth accounted for 6.7%. The
rate of organic growth in Denmark was 4.2%.
This growth is reflected in our results for the year, with a 16.3%
EBITA increase to DKK 839 million, which was in line with our
guidance. The increase met Management’s expectations of an
increase in our EBITA margin to 10.0% We made progress in
our Emergency, Healthcare and Training business, whereas our
Assistance business was significantly affected by long periods
of severe winter weather in the early and late months of the
year, resulting in a substantial increase in responses to our
subscription customers.
In 2010, we acquired Care, an ambulance service provider based
in California, and shortly after the turn of the year, LifeStar
on the US east coast became a member of the Falck family.
With these acquisitions, we now operate close to 600 ambulances
and similar vehicles in the United States and are the
third-largest ambulance service provider in the country. We
also acquired Toesa, the leading ambulance service provider
in Rio de Janeiro, Brazil, which gave us a solid foothold as an
ambulance service provider in South America, and we expect
to expand further on that continent.
In the Assistance business, we signed new agreements with
a number of the largest insurance companies in the Nordic
region for roadside assistance as well as travel assistance to
their customers. And through the acquisition of Swedish-based
Smart Safety, we can now offer a wide range of new security
and safety services to our existing customers, and the acquisition
has also significantly increased our customer portfolio.
We expanded our position as the world’s leading provider
of rescue and safety training courses for the off-shore and
maritime sectors. The number of participants in our courses
rose to 203,000 at our 35 training centres in 14 countries on
five continents.
In our Healthcare business, we signed new agreements in Sweden,
Slovakia as and Poland. Moreover, we opened healthcare
clinics in connection with our training centres in the United
Kingdom and Malaysia. We also opened a clinic in India during
the year.
Concurrently with this expansion, we also increased the range
of services we offer in all of our business areas, thereby further
strengthening the basis for our future growth.
Like all businesses, Falck needs to grow. But at Falck we do not
just want to grow to expand our business. We also feel an obligation
to use the competencies we have gained during our 104
years of operation in preventing accidents, rescuing people in
emergency and in rehabilitating people after illness and injury
– starting in Denmark, then expanding to the Nordic region,
and later on to Europe. We can’t save the whole world, but it is
our responsibility to do our very best to help people anywhere
we can – because we can.
Lars Nørby Johansen Allan Søgaard Larsen
Chairman of the Board President and CEO

4 Falck Annual Report 2010 | Management review
Highlights of the year
January
Partnership agreement signed with an
Indonesian safety service provider
Falck acquired a non-controlling interest in P.T. Samson Tiara,
the leading provider of safety and training services in Indonesia.
This investment paves the way for offering a large number of
internationally recognised and certified safety and emergency
training services in Indonesia.
February
Falck to operate more ambulances in Slovakia
– and an air ambulance service in Denmark
A tender process for ambulance services in Slovakia ended with
Falck winning the contract to manage 91 ambulance stations
in Slovakia, after having managed 74 ambulance stations in the
country for five years. As a result, ambulances and ambulance
staff uniforms in one-third of Slovakia now bear the Falck logo,
making Falck the largest ambulance company in the country.
Falck DRF Luftambulance also won a contract to operate an
an emergency medical helicopter that will be operating in the
Capital Region and the Zealand Region in Denmark.
April
Acquired strong competencies in fire and
explosion hazard management
Falck acquired British-based Resource Protection International,
a firm having provided high-quality consultancy in fire and
explosion hazard management to industrial customers for
many years, and whose customers include the international oil
industry and the petrochemical industry.

August
Acquired Brazilian ambulance company
Falck will be operating ambulances outside of Europe for the
first time with its acquisition of Brazilian ambulance company
Toesa, which operates 121 ambulances and has close to 1,000
employees. The company is the leading ambulance company in
Rio de Janeiro and also operates in other cities in Brazil.
September
Acquired Swedish company Smart Safety
Falck bought Smart Safety, a Swedish provider of safety and
assistance services. Smart Safety provides a broad range of
services ranging from bicycle registration in the largest bicycle
register in the Nordic region, which is a unique tool for finding
stolen bicycles, to pet registration and credit card blocking. The
acquisition gives Falck access to 500,000 new unique customers
in the Nordic region.
October
Announced intention to acquire an
ambulance company on US east coast
Falck signed a letter of intent defining the framework for its
acquisition of LifeStar, a provider of ambulance and patient
transport services in six states on the US east coast. LifeStar
operates 440 ambulances and similar vehicles and provides
more than 400,000 responses per year.
November
December
Management review | Falck Annual Report 2010 5
Finished cleaning up after oil spill disaster in the Gulf of Mexico
Falck completed its assistance in connection with the clean-up
after the Deepwater Horizon oil spill disaster. Since the accident
occurred in April, Falck has trained more than 5,000 people in
cleaning up the oil in animal habitats, on beaches and at sea.
Acquired Californian-based ambulance company
and announcement of new co-owner
Falck acquired US-based ambulance company Care Ambulance
Service, which operates more than 135 ambulances in Los Angeles
and Orange County in California, USA, and provides more
than 150,000 responses per year.
Also in December, the Lundbeck Foundation acquired a 36%
stake in Falck. The Lundbeck Foundation donates substantial
funding to top-level biomedical and natural science research.
In January 2011, Falck acquired ambulance service operator
Lifestar.

6 Falck Annual Report 2010 | Group
Key figures and financial ratios
KEY FIGURES DKK million 2006 2007 2008 2009 2010
Income statement
Revenue 5,382 6,271 7,066 7,529 8,367
Operating profit before amortisation and depreciation, costs from business combinations
and exceptional items (EBITDA) 689 815 842 989 1,119
Operating profit before costs and amortisation from business combinations
and exceptional items (EBITA) 445 570 587 721 839
Profit before financials 442 578 574 702 763
Financials etc. (195) (176) (201) (114) (122)
Profit before tax 247 402 373 588 641
Income taxes (66) (91) (98) (171) (183)
Profit for the year 181 311 275 417 458
Amortisation of intangible assets and costs from business combinations 4 9 13 19 50
Exceptional items (1) (17) - - 26
Tax on normalisation (2) 4 (2) (4) (7)
Normalised profit after tax 182 307 286 432 527
Cash flow statement
EBITA 445 570 587 721 839
Amortisation, depreciation and impairment 244 245 255 268 280
EBITDA 689 815 842 989 1,119
Change in working capital including operating provisions 143 (31) 6 379 (113)
Investments in intangible assets and property, plant and equipment (232) (257) (295) (336) (401)
Sales of non-current assets 35 21 13 64 237
Free cash flow 635 548 566 1,096 842
Free cash flow after exceptional items, interest and tax 407 236 300 801 478
Investements in acquisitions (390) (59) (460) (73) (720)
Dividends paid, repayments, and changes in interest-bearing debt 48 (99) 258 (528) 166
Change in cash and cash equivalents 65 78 98 200 (76)
Balance sheet
Current assets excluding cash and cash equivalent, etc. 603 754 813 1,020 1,464
Liabilities excluding credit institutions, income taxes, etc. (1,607) (1,706) (1,766) (2,365) (2,612)
Operating provisions (74) (74) (75) (68) (85)
Non-current assets excluding goodwill 1,544 1,562 1,635 1,690 1,665
Net operating assets excluding goodwill 466 536 607 277 432
Goodwill 3,387 3,594 3,897 4,075 4,711
Intangible assets from acquisitions 15 28 93 81 261
Income taxes (19) (15) (24) (22) (40)
Net operating assets including goodwill 3,849 4,143 4,573 4,411 5,364
Total equity 542 834 908 1,407 1,788
Net interest-bearing debt 3,336 3,139 3,377 2,577 2,949
Provisions for deferred tax 100 102 63 93 205
Non-operating assets and liabilities (129) 68 225 334 422
Financing 3,849 4,143 4,573 4,411 5,364
KEY RATIOS
Income statement
Revenue growth % 13.8 16.5 12.7 6.6 11.1
Organic growth % 9.5 7.3 9.3 4.3 5.1
EBITA margin % 8.3 9.1 8.3 9.6 10.0
Effective tax rate, normalised for change in tax rate in 2007 % 26.6 26.4 26.3 29.0 28.6
Earnings per share (EPS) DKK 1.7 3.2 2.9 4.4 4.8
Diluted earnings per share (DEPS) DKK 1.7 3.1 2.7 4.3 4.6
Cash flow statement
Cash conversion rate % 142.7 96.1 96.4 152.0 100.4
Net capital investments less depreciation DKKm (47) (9) 27 (8) (120)
Cash flow from operating activities DKKm 565 449 575 1,063 546
Balance sheet
Total assets DKKm 6,083 6,355 6,979 7,635 9,089
Equity ratio % 8.9 13.1 13.0 18.4 19.7
Return on equity % 63.8 60.1 32.6 36.0 28.9
Return on equity excluding exceptional items % 4.5 57.1 32.6 36.0 30.6
Net interest-bearing debt to EBITDA, normalised Factor 4.46 3.85 3.76 2.64 2.48
Other financial ratios
Number of employees at year-end Number 13,813 15,083 16,044 16,457 19,174
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. Theese key figures
and ratios are shown above.
In the Group, cash flows are divided into free cash flow, investments in acquisitions and dividends paid, repayments and change in interest-bearing 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 repayments on financing.
For definitions of ratios, see page 119.

Revenue growth
DKK million %
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
2006 2007 2008 2009 2010
Revenue growth Organic growth Revenue
18
16
14
12
10
8
6
4
2
0
Cash conversion rate and Free cash flow
DKK million %
1,200
1,000
800
600
400
200
0
2006 2007 2008 2009 2010
Cash conversion rate Free cash flow
Operating assets and liabilities
DKK million
2,800
2,400
2,000
1,600
1,200
800
400
0
2006 2007 2008 2009 2010
150
125
100
75
50
25
0
EBITA and EBITA margin
DKK million %
900
800
700
600
500
400
300
200
100
0
2006 2007 2008 2009 2010
Net capital investments less depreciation
DKK million
50
25
0
-25
-50
-75
-100
-125
2006 2007 2008 2009 2010
18
16
14
10
10
8
6
4
2
0
EBITA margin Operating profit before costs and amortisation
from business combinations and exceptional items
( EBITA)
Net interest-bearing debt to EBITDA, normalised
DKK million
3,500
3,000
2,500
2,000
1,500
1,000
500
0
2006 2007 2008 2009 2010
Operating assets Operating liabilities Net interest-bearing debt to EBITDA, normalised
Net interest-bearing debt
Group | Falck Annual Report 2010 7
7
6
5
4
3
2
1
0

8 Falck Annual Report 2010 | Management review

Business area
developments

Ville Kalliomäki, age 29,
assistance rescue officer,
provides roadside assistance near Helsinki,
Finland. Falck has provided roadside assistance
in Finland since 2005.

Falck’s assistance business is concentrated
in four Nordic countries: Denmark, Sweden,
Norway and Finland - and in Estonia
1.5
million
Assistance
responses were provided. In a year with huge amounts of
snow during the winter throughout the Nordic region, the
number of roadside assistance responses surged, resulting
in a good inflow of new subscription customers.

12 Falck Annual Report 2010 | Management review
Assistance
Assistance provides customers with security and
peace of mind through advice, prevention and fast
assistance. In 2010, this business generated both
revenue growth and organic growth, and 500,000
new customers were added
• 1.5 million responses in 2010 – a year-on-year increase of 12%
• Swedish company Smart Safety, which safeguards homes
and property, now a part of Falck
• 25,000 new automobile subscribers in Sweden
• One in three new alarm systems sold in Denmark was a
Falck Alarm.
2,500
Falck’s assistance services provide customers with the greatest
possible security and peace of mind, either by preventing accidents
or by providing fast and competent assistance should an
accident occur.
Services include roadside, person, home and travel assistance
and are mostly based on subscriptions for individual, business
and public-sector customers.
Falck’s Assistance business is concentrated in four Nordic countries
(Denmark, Norway, Sweden and Finland) and in Estonia as
well.
The year 2010 saw huge amounts of snow throughout the Nordic
region in January, February, November and December. This
meant that many car owners with automobile subscriptions
needed assistance, and Falck rescue staff and dispatch centre
staff worked hard to help people under the extreme weather
conditions. The severe winter weather resulted in a good inflow
of new subscription customers.
In Denmark and Sweden, earnings were temporarily adversely
affected by the severe winter weather due to customers’ increased
use of roadside subscription responses, whereas earnings
rose temporarily in Norway, Finland and Estonia, where responses
are to a great extent provided on a pay-per-use basis.
busses are now equiped with Falck Sirius Eco Drive, a fleet management system
which promotes more environmentally friendly and economical driving.

In early 2011, Falck entered into an agreement to provide roadside
assistance to the customers of Norway’s largest insurance
company, Gjensidige. The agreement covers approximately
700,000 vehicles, and with the new partnership, Falck’s responses
to Norwegian car owners are expected to increase from
120,000 annually to around 170,000.
More than 200,000 car owners from one of Denmark’s largest
insurance companies, Topdanmark, gained Falck as their
provider of roadside assistance in the course of the year; this
collaboration with Topdanmark was expanded to also cover the
insurer’s industrial and agricultural customers.
Falck’s customers in Denmark have readily accepted the new
offer of a rental car when their own car is in for repair: 80 passenger
cars with the Falck logo and colour can now be seen on
the roads of Denmark.
In the business market, 2,500 busses have been equipped with
Falck Sirius Eco Drive, and an additional 500 are scheduled to
have the system installed. Falck Sirius Eco Drive is a fleet management
system which measures driver behaviour, providing
an opportunity to promote more environmentally friendly and
economical driving.
In home services, more Falck subscribers needed assistance
when a number of heavy rainfalls in August flooded basements
and caused other water damage across Denmark.
Revenue
DKK million
2,500
2,000
1,500
1,000
500
0
06 07 08 09 10
Organic growth
%
10
8
6
4
2
0
Growth in the alarm market continued in 2010: in Denmark,
about one in three alarms sold was a Falck Alarm. Falck has also
begun selling alarms in Sweden.
To provide customers with even better opportunities to safeguard
their homes and property, Falck acquired Smart Safety,
a Swedish company with revenues of DKK 100 million per year.
Smart Safety provides a number of subscription-based safety
services, including recording bicycles in a register which helps
retrieve and return them to their rightful owners if stolen. The
company also offers an easy and convenient credit card blocking
service and a service for fast return of lost keys with a Falck
key tag.
Falck TravelCare won a contract in 2010 to provide travel assistance
to Topdanmark customers, and a contract for similar
services has been entered into with another Danish insurance
company, Alka, effective 1 January 2011. Moreover, Falck TravelCare
already has agreements for travel care services with the
Swedish government, Swedish insurance company Folksam and
travel agency Apollo.
In 2010, Falck provided assistance services to 1.3 million private
customers, 100,000 of whom were served through public institutions
and private-sector companies. The SmartSafety acquisition
added more than 500,000 new customers, bringing Falck’s
total customer portfolio to 1.8 million by the end of 2010. Falck
provided a total of 1,458,000 responses over the course of the
year, a 12% year-on-year increase.
06 07 08 09 10
Management review | Falck Annual Report 2010 13
Subscribers
2,000,000
1,500,000
1,000,000
500,000
0
06 07 08 09 10

Emergency
Valnizete Trindade de Moura, age 29,
nurse,
helps an injured person in Brazil. Falck established
a presence in the Brazilian market in 2010 and now
operates 121 ambulances and has around 1,000
employees.

In 2010, Falck provided ambulance services in seven
European countries as well as in the United States
and Brazil. Falck also provided fire-fighting and fireprevention
services in ten countries
1907
Was the year when Falck acquired its first ambulance, and it is the competencies
from its ambulance services that Falck has used to develop its
other business areas.

16 Falck Annual Report 2010 | Management review
Emergency
In the Emergency business, Falck strengthened
its leading position in Europe in 2010 and also
expanded into North and South America
• Established a presence in the United States as the thirdlargest
ambulance service provider
• Currently operates 121 ambulances in Brazil
• Successfully bid for additional 17 ambulance stations in
Slovakia in a tender process
• Won contracts for fire-fighting services at a military airfield
and a nuclear power plant in Sweden
2 million Falck
Falck is the largest international ambulance service provider in
Europe. With more than 1,200 ambulances, Falck treats close to
two million sick or injured people a year in nine countries. In addition,
Falck is the biggest private fire service in the world, providing
fire-fighting and fire-prevention services in ten countries.
In 2010, Falck established a presence as an ambulance service
provider in the United States through its acquisition of
Care Ambulance Service, which provides more than 150,000
ambulance responses per year for individuals and authorities
in California. Early in 2011, Falck also acquired the LifeStar
ambulance company, which provides more than 400,000
ambulance responses per year in six states – New York, New
Jersey, Maryland, Pennsylvania, Alabama and Georgia – and
in Washington, D.C. Following this acquisition, Falck now runs
almost 600 ambulances and similar vehicles in the United States
and is that country’s third-largest ambulance company.
treats and assists up to two million sick or injured persons a year in nine
countries.

It is Falck’s ambition to use the two companies, on the east and
west coasts of the United States respectively, as a platform for
expansion in all of North America.
Falck also gained a foothold as an ambulance service provider in
South America in 2010 when it acquired the Brazilian company
Toesa, which is based in Rio de Janeiro and operates 121 ambulances.
Moreover, the company provides a number of other
pre-hospital services such as transportation of newborns to and
from hospitals.
Following a tender process, Falck won new four-year ambulance
contracts in Slovakia, where it has been in charge of 74
ambulance stations for the past five years. In the new tender,
Falck won 91 stations and now handles a third of all Slovakia’s
ambulance services.
In Denmark, Falck covers roughly 85% of the population with its
ambulance services. This includes a collaboration between Falck
and German-based DRF Luftrettung to operate the first emergency
medical helicopter base in Denmark, namely at Ringsted
on the Danish island of Zealand. From the base in Nibøl, Slesvig,
in northern Germany, the two operators also provide medical
helicopter services to southern Jutland.
Revenue
DKK million
5,000
4,000
3,000
2,000
1,000
0
06 07 08 09 10
Organic growth
%
12
10
8
6
4
2
0
Moreover, the five Danish regions increasingly use paramedics
in pre-hospital emergency services, which justifies Falck’s endeavours
to raise the training level of its staff. This was also seen
when Falck won a number of small tenders for paramedic units
and emergency response doctor’s vehicles. In the Northern Jutland
Region, Falck deployed a bus fitted with modern hospital
equipment – a so-called rolling intensive care ward – used to
transport patients between hospitals.
06 07 08 09 10
Management review | Falck Annual Report 2010 17
A leading
fire-service
provider
Falck is among the world’s leading private fire services and also
provides fire consulting services in most parts of the world.
Falck ambulances
1,200
1,000
800
600
400
200
0
06 07 08 09 10

18 Falck Annual Report 2010 | Management review
85%
In Denmark, Falck covers roughly 85% of the population with
its ambulance services.
Falck provided 438,590 ambulance responses in Denmark over
the course of the year, against 444,649 in 2009. For a growing
number of patients, treatment is handled on site by ambulance
rescue staff, paramedics or doctors.
Falck ambulances have also provided services to individuals and
the authorities in Norway, Sweden, Finland, Belgium and Poland
for a number of years.
In 2010, Falck won a contract in Germany for the delivery of
both fire and emergency services to a large railway-tunnel project.
Falck has set up a German organisation aimed at tendering
for the ambulance contracts expected to be offered in Germany
in the next few years.
In Saudi Arabia, Falck provided crew for air ambulance helicopters
in collaboration with the Red Crescent. The project
included rescue staff from Denmark, the United Arab Emirates,
Norway, Poland, Slovakia, Sweden and South Africa.
In its fire business area, Falck operates and develops fire and
rescue services for large industrial customers. In Spain, Falck is a
leading provider of this type of services, not least to the nuclear
power industry; in Romania, Falck has contracts with large
petrochemical plants; and in Slovakia, Falck mainly helps the
automobile industry prevent fires and other accidents.
With the acquisition of the two US ambulance
companies, Care Ambulance and LifeStar, Falck
now runs almost 600 ambulances and similar
vehicles in the United States, making it the thirdlargest
ambulance company in that country

Falck offers industrial companies to handle the
operation and development of their fire services.
Customers for this service include the automobile
industry, petrochemical plants and nuclear plants
Falck’s Dutch fire activities primarily focus on providing consulting
and training in fire prevention and handling to both public-
and private-sector customers.
With its acquisition of the British company Resource Protection
International, which has provided high-quality consulting services
to customers in most parts of the world for a number of
years, Falck expanded its competencies in the fire area and, with
that, Falck’s total product offering now fully meets the demand
on that market.
Falck operates fire-fighting services at Sweden’s largest Airport,
Arlanda, and in 2010 also won a contract for fire fighting at the
Såtenäs military airport and the Forsmark nuclear power plant.
83,000 In
Management review | Falck Annual Report 2010 19
In addition, Falck established a small fire-related presence in
Brazil.
In Denmark, a number of municipalities put their fire-fighting
services out to tender: Falck lost its contracts in a few of them
and won new contracts in other municipalities. At the end of
the year, Falck was providing fire-fighting services in 65 of 98
Danish municipalities. Falck’s fire service was re-certified in
2010 and is currently the only Danish fire service with ISO 9001
certification.
In its Emergency activities, Falck also helps reduced-mobility
passengers at Copenhagen Airport and provided some 83,000
instances of these responses in 2010.
2010, Falck assisted some 83,000 passengers with reduced mobility through
Copenhagen Airport in Denmark.

Healthcare
Kelly Paterson, age 30,
nurse,
measures the blood pressure of an offshore
employee at Falck’s training centre in aberdeen,
Scotland.
Every day, Kelly Paterson and her healthcare
colleagues at the centre check persons working
offshore in the oil and gas industry.

Falck operates more than 200 healthcare og
medical clinics in Denmark, India, Malaysia,
Norway, Poland, Slovakia, the United Kingdom
and Sweden
260.000
people in Sweden are now covered by Falck’s healthcare
service via 30 new agreements, several of them with insurance
companies.

22 Falck Annual Report 2010 | Management review
Healthcare
Falck Healthcare helps create healthy people
and healthy workplaces
• Provided access to health clinics for an additional 55,000
people in Denmark
• Signed a number of new contracts in Sweden
• Helped 60,000 people in six Danish municipalities return to
the labour market
• Continued its international expansion
25,000 In
Healthcare continued its international expansion in 2010. Falck
operates 12 primary care centres in Poland whose general
practitioners and specialists handled a total of more than
50,000 clinical consultations during the year. A number of new
agreements were signed in Poland, including with two large
insurance companies. In Slovakia, Falck operates four healthcare
clinics and also bought LaSalus, a provider of healthcare schemes
to a number of companies. In India, Falck also established a
healthcare clinic in a luxury hotel.
An important part of Falck’s work in the Nordic region within
this business area is preventing illness and job strain. Another
part of this business area, just as important, is helping people
on sick leave return to work as early as possible.
There are four primary gains to be had from the preventive
approach: each individual worker has a better, longer and healthier
working life; job satisfaction is improved, and sick leave and
job strain costs are reduced; the public sector saves money on
sickness benefits, social assistance benefits and early pension
payments; and insurance companies save on compensation
paid for loss of earning capacity.
A key element of Falck’s efforts in this area is the interdisciplinary
teams that work together closely on each case. A person
on long-term sick leave may have a team comprising a doctor, a
nurse, a psychologist and a social worker. If physical treatment
is required, physiotherapists, chiropractors, massage therapists
and reflexologists can also work together to treat a client.
2010, 25,000 people received psychological assistance from Falck.

Falck provides interdisciplinary treatment at more than 200
healthcare centres in Denmark, where half a million people
receive treatment for pain, e.g. in the back, shoulders or arms.
In 2010, an additional 55,000 people in Denmark became
eligible for this treatment through their pension or insurance
companies.
In the course of the year, Falck provided psychological assistance
to 25,000 people and conducted more than 20,000
preventive health checks in workplaces.
Also in Sweden, Falck helps companies and public-sector
institutions reduce sickness absence among employees. Thirty
new agreements – several of them with insurance companies –
were signed in 2010, so Falck now offers healthcare services to
260,000 people in Sweden.
In Norway, Falck Healthcare has a small staff and is currently
expanding its agreements with the insurance companies. It is
expected that customer demand will increase.
Falck also provides temporary staffing services to the public
healthcare sector in the three Scandinavian countries. The
temporary healthcare staffing sector in Denmark was affected
by the decision by the Danish regional authorities to curb in
their use of external temporary staff. However, Falck is winning
market share in this area.
Revenue
DKK million
1,200
1,000
800
600
400
200
0
06 07 08 09 10
Organic growth
%
30
20
10
0
-10
-20
Falck Hjælpemidler (assistive aids) won a number of contracts
and is now operating assistive aid depots for ten Danish municipalities,
equivalent to coverage of about 12% of people in
Denmark needing assistive aids.
Falck Jobservice supports municipal job centres in their efforts
to help people get back to work after a period on sickness benefit
or otherwise help clarify the situation these people are in.
Through their work in six municipalities, Falck Jobservice helped
some 60,000 people get back to work in 2010.
Falck Healthcare also collaborates with its sister business area
Training in operating clinics attached to Falck training centres in
Malaysia and the United Kingdom. The clinics opened in 2010.
06 07 08 09 10
Management review | Falck Annual Report 2010 23
60,000
Falck Jobservice helped get 60,000 people in Denmark back
to work in 2010.
Numbers of healthcare professionals
3,000
2,500
2,000
1,500
1,000
500
0
06 07 08 09 10

Training
Olugbenga Kuku, age 38,
training instructor,
is training a group of offshore workers in suvival at
sea in the event of an accident in their workplace. The
course is held at a training centre in Ipara, Nigeria,
operated by Falck in collaboration with a local partner.

Falck provides rescue and safety courses in
locations adjacent to workplaces in the offshore
oil and gas industry worldwide
203,000
persons participated in rescue and safety training
courses in 2010 at Falck’s 35 training centres on five
continents.

26 Falck Annual Report 2010 | Management review
Training
Falck is the world’s leading provider of rescue
and safety training courses especially for the
offshore industry. Course participants are trained
to prevent accidents and to take care of their
colleagues and themselves if accidents do occur
• Trained 10,000 more people than in 2009
• Trained 5,000 people to remediate oil pollution in the
United States
• Opened healthcare clinics in Malaysia and the United
Kingdom
• Obtained accreditation for eight training centres
5,000
Falck provides safety and rescue training courses and other
safety services at a total of 27 training centres in 14 countries
across five continents targeting the offshore industry and
operates 8 centres for advanced fire training, making Falck the
world’s leading operator in this field.
The maritime sector, the wind turbine industry, the chemical
industry, the aviation industry and the armed forces in Denmark
and Sweden also make use of Falck’s 104 years of rescue services
experience in training their staff to take care of themselves
and each other.
At the training centres, people are instructed in safe conduct to
avoid accidents in the workplace, and they are taught how to
react correctly – also under extreme conditions – if accidents
do occur. Falck’s training centres are designed to allow almost
perfect simulation and creation of an illusion of real disasters,
fires and explosions.
Following the explosion of the Deepwater Horizon oil platform in the Gulf of
Mexico in April 2010, Falck trained 5,000 people to remediate pollution.

Falck also offers training of fire-fighters and provides safety and
emergency analysis and crisis management for high-risk industries
that focuses on employees and the environment. To this
can be added other safety services Falck provides, such as firerelated
emergency services, fire-proof welding areas, and the
services of specially trained safety managers and paramedics.
It is Falck’s ambition to help create a high level of more standardised
quality in rescue and safety training worldwide. Falck
constantly works to help develop new training methods and
technologies in this field, including training on board offshore
installations and vessels, e-learning services, and use of simulator
training. All these activities reflect the latest requirements
from both customers and regulatory authorities.
The disaster in the Gulf of Mexico, when the Deepwater Horizon
offshore oil platform exploded in April 2010 and caused one
of the largest oil spills in world history, had a huge impact on
Falck’s training activities. On the one hand, Falck, like the rest of
the industry, was affected by the consequences of a temporary
ban on deepwater oil and gas exploration. On the other hand,
a strong demand arose for Falck’s experience in handling accidents.
As a result, Falck trained more than 5,000 people in
remediating oil pollution of animal habitats, the beaches and
the ocean.
Revenue
DKK million
1,000
800
600
400
200
0
06 07 08 09 10
Organic growth
%
20
15
10
5
0
-5
In 2009, Falck opened new training centres in Nigeria, Thailand,
Germany, the United States and Vietnam, and the focus in 2010
was on integrating these training centres into Falck. Moreover,
a new centre was opened in 2010, in Houston, Texas, in the
United States.
Falck’s training centres in Germany and Denmark are specially
designed for safety training of staff working in the wind turbine
industry, and it is Falck’s ambition to be the leading provider of
services in this field.
At centres in Malaysia and the United Kingdom, Falck has established
healthcare clinics where course participants can have
their health checked before they take off for an offshore job.
Courses at eight centres in the United States, Brazil, Malaysia,
Nigeria, Trinidad & Tobago, and Vietnam obtained accreditation
in 2010.
A total of 203,000 people received Falck training in 2010, up
from 193,000 in 2009. It turned out to be an advantage to
Falck’s Asian-based customers that their staff could be safety
trained in Malaysia, Singapore, Thailand and Vietnam. The centres
in Brazil, Denmark, Nigeria and Trinidad and Tobago also
recorded growing activity during the year.
06 07 08 09 10
Management review | Falck Annual Report 2010 27
Number of course participants
250,000
200,000
150,000
100,000
50,000
0
06 07 08 09 10

28 Falck Annual Report 2010 | Management review
Financial review
Falck’s revenue grew by 11.1% in 2010 to DKK 8,367 million of
which organic growth accounted for 5.1%. The revenue growth
and organic growth met Management’s expectations. The
percentage of Group revenue generated outside Denmark rose
to 36.7% (2009: 34.6%), as the growth rate for markets outside
Denmark was 18.2%, of which organic growth accounted for
6.7%. The rate of organic growth in Denmark was 4.2%.
Operating profit before costs and amortisation from businees
combinations and exceptional items (EBITA) was DKK 839 million
(2009: DKK 721 million) and was on a level with Management’s
quidance. This brought EBITA growth to 16.3%, which
met Management’s expectations as the EBITA margin increased
to 10.0%. This was attributable to growth in the Emergency,
Healthcare and Training business areas. The Assistance business
experienced a substantial adverse impact from the long periods
of severe winter weather in January/February and November/
December, resulting in a major increase in the number of
responses.
Profit for the year rose by 9.8% to DKK 458 million (2009: DKK
417 million).
Falck generated a free cash flow of DKK 842 million in 2010
(2009: DKK 1,096 million), representing a cash conversion rate
of 100.4% (2009: 152.0%) in terms of conversion of EBITA into
cash.
The ratio of net debt to EBITDA dropped from 2.64x in 2009
to 2.48x in 2010, which was attributable to the increase in
earnings and the cash flow generated.
Change in accounting policies
A number of new financial reporting standards and interpretations
have been implemented with effect for the financial year
2010.
With the exception of the implementation of IFRS 3 Business
Combinations, and IAS 27 Consolidated and Separate Financial
Statements, the implementation of these financial reporting
standards, improvements and interpretations has not affected
recognition and measurement in 2010. The effect of IFRS 3 and
IAS 27 was a reduction of profit for the year by DKK 22 million,
a reduction of equity and the balance sheet (goodwill) by DKK
49 million and diluted earnings per share by DKK 0.2.
See note 1 to the consolidated financial statements for a
complete overview of new financial reporting standards and
interpretations implemented with effect for the financial year
2010.
Basis of presentation
The financial review is based on the financial highlights and key
ratios on page 6 and cannot be derived directly from the consolidated
financial statements.
Group performance in 2010
Consolidated income statement
Consolidated revenue for 2010 was DKK 8,367 million, equivalent
to a growth rate of 11.1%, of which organic growth accounted
for 5.1%. During the past five years, revenue has grown
by an average of 12.1%, of which organic growth accounted for
7.1%.
Other operating income amounted to DKK 70 million (2009:
DKK 41 million). The increase in 2010 was attributable to gains
on sales of properties in Denmark.
EBITA was DKK 839 million (2009: DKK 721 million), equivalent
to an EBITA margin of 10.0% (2009: 9.6%).
Revenue and Organic growth
DKK million %
10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
2006 2007 2008 2009 2010
Organic growth Revenue
10
9
8
7
6
5
4
3
2
1
0

Costs and amortisation from business combinations totalled
DKK 50 million (2009: DKK 19 million). The year-on-year
increase was mainly attributable to changes in accounting
policies, under which costs related to business combinations
are no longer capitalised but rather recognised in the income
statement when incurred. Moreover, amortisation of intangible
assets from business combinations increased as a result of the
acquisitions made during the year.
Exceptional items amounted to an expense of DKK 26 million
(2009: DKK 0 million) and represented costs related to preparation
of a potential IPO.
Profit from investments in associates came to a break-even
(2009: a loss of DKK 1 million).
Financials amounted to a net expense of DKK 122 million
(2009: DKK 113 million). The increase in net financials was attributable
to falling exchange rate gains which were, however,
partially offset by lower interest expenses.
Profit before tax was DKK 641 million (2009: DKK 588 million).
The increase was attributable to a significant improvement of
EBITA which was, however, partially offset by higher amortisation
and impairment of intangible assets from business combi-
EBITA and EBITA margin
DKK million %
1,000
900
800
700
600
500
400
300
200
100
0
2006 2007 2008 2009 2010
10
9
8
7
6
5
4
3
2
1
0
EBITA margin Operating profit before costs and amortisation
from business combinations and exceptional items
(EBITA)
nations, the change in the accounting treatment of acquisition
costs and exceptional items.
Tax on the profit for the year was DKK 183 million (2009: DKK
171 million), equivalent to an effective tax rate of 28.6% (2009:
29.0%). The lower tax rate was primarily the result of a fall in
non-capitalised tax losses and prior-year adjustments of tax.
Profit for the year rose by 9.8% to DKK 458 million (2009: DKK
417 million).
Normalised profit after tax for the year rose by 22.0% to DKK
527 million (2009: DKK 432 million).
Consolidated cash flow statement
The free cash flow was DKK 842 million (2009: DKK 1,096
million). The free cash flow as a percentage of EBITA (the cash
conversion rate) was 100.4% (2009: 152.0%).
The free cash flow in 2010 was affected by an increase in trade
receivables which was primarily related to higher pay-per-use
activity in the Assistance business in November/December and
growing activity in Travelcare and Training in the fourth quarter
of 2010 as compared with 2009. This was offset by an increase
in prepayments from customers and lower capital investments.
Profit for the year
DKK million
500
450
400
350
300
250
200
150
100
50
0
Management review | Falck Annual Report 2010 29
2006 2007 2008 2009 2010

30 Falck Annual Report 2010 | Management review
In 2010, DKK 45 million (2009: DKK 116 million) was invested
in property, plant and equipment related to expansion and
start-up of activities out of total investments of DKK 160 million
(2009: DKK 262 million). Investments in 2010 were affected by
the divestment of non-current assets.
Income taxes paid amounted to DKK 195 million (2009: DKK
166 million). Income taxes paid under Danish joint taxation
amounted to DKK 120 million (2009: DKK 112 million).
Interest paid amounted to DKK 143 million (2009: DKK 129 million).
The year-on-year increase was attributable to costs related
to the raising of and changes to the terms of long-term loans.
Payments for acquisitions totalled DKK 720 million (2009: DKK
73 million) and primarily related to the acquisition of Care
Ambulance Services in the United States, Toesa Service in Brazil
and S Reg in Sweden.
Dividends paid, changes in interest-bearing debt and other
equity movements relating to shareholders generated a cash
inflow of DKK 166 million (2009: a cash outflow of DKK 528
million). The year-on-year increase in the cash inflow was attributable
to a loan of DKK 777 million raised to finance the year’s
acquisitions, which was partially offset by payments to buy back
warrants and service debt.
EBITA, Free cash flow and Cash conversion rate
DKK million %
1,200
1,000
800
600
400
200
0
2006 2007 2008 2009 2010
Cash conversion rate, % Free cash flow
Operating profit beføre costs and amortisation from business
combinations and exceptional items (EBITA)
150
125
100
75
50
25
0
Consolidated balance sheet
Net operating assets
Consolidated net operating assets excluding goodwill stood at
DKK 432 million (2009: DKK 277 million).
The increase in net operating assets was attributable to acquisitions,
which increased net operating assets excluding goodwill
by DKK 193 million.
Consolidated net operating assets including goodwill stood at
DKK 5,364 million (2009: DKK 4,411 million). The increase was
attributable to the year’s additions of goodwill and intangible
assets from acquisitions.
Equity
Equity attributable to Falck A/S rose by 28.0% to DKK 1,723
million (2009: DKK 1,346 million). The increase primarily consisted
of profit for the year attributable to Falck A/S of DKK 444
million.
Non-controlling interests totalled DKK 65 million (2009: DKK 61
million) and primarily related to non-controlling interests in the
not wholly-owned training operations in Nigeria and emergency
operations in Spain and Slovakia.
Net operating assets excluding goodwill
DKK million
700
600
500
400
300
200
100
0
2006 2007 2008 2009 2010

Net interest-bearing debt
The Group’s net interest-bearing debt increased by DKK 372
million to DKK 2,949 million from a starting point of DKK 2,577
million at year-end 2009.
Provisions for acquisitions of operations and non-controlling
interests
Contingent consideration and earn-outs payable totalled DKK
146 million (2009: DKK 59 million). The increase primarily
related to the acquisition of Toesa. In addition, a receivable of
DKK 56 million relating to acquisitions was recognised under
other receivables. Provisions for acquisition of non-controlling
interests were recognised in the amount of DKK 311 million
(2009: DKK 227 million) based on expected earnings at the
time of use. The year-on-year increase was primarily attributable
to the acquisitions of Toesa Service and Care Ambulance
Service. If a non-controlling interest elects not to sell its shares,
Falck has an equivalent right to buy the shares in an agreed
period.
If the obligation to acquire non-controlling interests is determined
based on earnings recognised in the financial statements
for 2010, the obligation to acquire non-controlling interests
amounted to DKK 193 million (2009: DKK 160 million), bringing
the total net liability relating to acquisitions of operations and
non-controlling interests to DKK 283 million (2009: DKK 219
million).
Management review | Falck Annual Report 2010 31
In 2010, payments for acquisitions totalled
DKK 720 million
Acquisitions
The Falck Group’s most important acquisitions in 2010 were:
Care Ambulance Service
In December, the Group acquired all the shares of Care Ambulance
Service, a provider of emergency and non-emergency
ambulance services in California, USA.
Toesa Service
In October, the Group acquired 60% of the shares of Toesa Service,
which operates ambulance services and healthcare clinics
in a number of major cities in Brazil.
S Reg (Smart Safety)
In September, the Group acquired all the shares of Swedishbased
S Reg, a provider of safety and assistance services.
Resource Protection International (RPI)
In March, the Group acquired all the shares of RPI, which provides
consulting services specialising in fire fighting in the oil and
gas industry.
Acquisitions after the balance sheet date:
On 1 January 2011, Falck signed an agreement to acquire all the
shares of LifeStar Response Corporation in the United States for
DKK 186 million. Lifestar Response provides ambulance services
in six states and in Washington D.C. on the east coast of the United
States and operates 440 ambulances and similar vehicles.

32 Falck Annual Report 2010 | Management review
Performance by business area
Assistance
Revenue from the Assistance business increased 13.2% to DKK
2,470 million (2009: DKK 2,183 million) and accounted for
29.5% of consolidated revenue. The organic growth rate was
8.0% (2009: 4.2%).
Performance in 2010 was affected by the severe winter weather
in the Nordic region, and the number of responses increased
12% year on year. In Denmark and Sweden, the many extra
responses had an adverse impact on profit as a large number of
the customers are subscription customers, whereas earnings in
Norway, Finland and Estonia increased as responses there are
provided on a pay-per-use basis.
In home services, more Falck subscribers needed assistance
in 2010 when a number of heavy rainfalls in August flooded
basements and caused other water damage.
The good performance in the alarm market continued in 2010
and Falck began selling alarms in Sweden. The establishment
of Falck Travelcare in 2009 and the acquisition of S Reg in 2010
increased the product portfolio in the fields of travel assistance
and safety and security services for the home and contributed
to the revenue growth generated in 2010.
The severe winter weather and the heavy rainfalls during the
summer caused EBITA to fall by DKK 58 million to DKK 269
million.
Emergency
Revenue from the Emergency business, which accounted for
57.8% of consolidated revenue, rose to DKK 4,834 million in
2010, equivalent to a growth rate of 13.2%. The rate of organic
growth was 7.6% (2009: 11.4%) as a result of high growth rates
in several markets.
The emergency business in Denmark generated satisfactory
revenue growth in 2010 as a result of a high level of activity
in the ambulance business where Falck provides ambulance
services to about 85% of the Danish population. Emergency also
increased its sales of response services to the Assistance business
in 2010 as a consequence of the severe winter weather.
The five Danish regions increasingly use paramedics, and Falck
won a number of contracts for paramedic units and doctors’
emergency cars in 2010.
Emergency in Sweden also generated satisfactory growth in
revenue, especially as a consequence of the breakthrough in
fire fighting where Falck now has contracts for fire services at
airports and a nuclear power plant.
The ambulance contracts in Norway won in 2009 were successfully
put into operation in 2010.
Activities in Slovakia grew in 2010 as Falck won an additional 17
ambulance stations and now operates 91 stations, equivalent to
a third of Slovakia’s total ambulance service.
With the acquisitions of ambulance companies Toesa in Brazil in
October 2010, Care Ambulance in the United States in December
2010 and LifeStar in the United States in early 2011, Falck
has obtained a significant and important foothold on the North
and South American markets where the companies provide
both emergency and non-emergency ambulance services. In
2010, only Toesa contributed to revenue growth.
The growth in activity in the Emergency business in 2010
resulted in a satisfactory EBITA of DKK 329 million, equivalent
to a year-on-year increase of 48.9%. The profit was favourably
affected by an increase in the use of the response services
provided by Emergency Denmark to the Assistance business. In
addition, the acquisitions of Toesa and Resource Protection International
contributed to the year-on-year increase in earnings.
Healthcare
Healthcare’s share of consolidated revenue fell to 14.3% in
2010 (2009: 15.1%). Revenue rose by 4.9% to DKK 1,196 million
(2009: DKK 1,139 million). The rate of organic growth was
minus 4.2% (2009: minus 11.0%).
Healthcare in Denmark saw a drop in revenue from sales of
staffing services for the healthcare sector as a number of Danish
regions have increasingly decided to insource staffing services.
This was to some extent offset by higher revenue in Falck Jobservice,
which assists the job centres of Danish municipalities in
their efforts to help people get back to work after a period on
sickness benefit.

Revenue and organic growth by business area
DKK million Revenue EBITA EBITA margin (%)
The healthcare clinics in the United Arab Emirates contributed
to the growth generated in 2010 but were discontinued at the
end of 2010.
EBITA rose by DKK 26 million or 54.3% to DKK 75 million
(2009: DKK 49 million). This substantial growth in EBITA was
attributable to restructuring in Sweden in 2009, which now
contributes to earnings. Moreover, the organisation for staffing
services was successfully adjusted following the substantial
decline in revenue in 2009 and 2010.
Training
Revenue from the Training business rose to DKK 958 million
(2009: DKK 921 million) and accounted for 11.4% of consolidated
revenue (2009: 12.2%). The rate of organic growth was
minus 1.5%, partly because of the oil spill disaster in the Gulf of
Mexico which led to a temporary ban on deepwater oil and gas
exploration, affecting activities in the United States in particular.
Organic
% of total 1) 2010 2009 2010 2009 2010 2009 growth
Assistance 29.5 2,470 2,183 269 327 10.9 15.0 8.0
Emergency 57.8 4,834 4,271 329 221 6.8 5.2 7.6
Healthcare 14.3 1,196 1,139 75 49 6.3 4.3 (4.2)
Training 11.4 958 921 142 124 14.8 13.5 (1.5)
Other 24
Elimination (13.0) (1,091) (985)
Group total 100.0 8,367 7,529 839 721 10.0 9.6 5.1
1) Revenue in DKK for 2010 as a percentage of consolidated revenue
Management review | Falck Annual Report 2010 33
Revenue in the Netherlands was also adversely affected by
restraint in the market and a lower level of activity as a consequence
of the economic downturn.
However, significant growth was seen in a number of countries
of operation in 2010, primarily in Brazil, Nigeria, Thailand and
Trinidad & Tobago. In Brazil, oil production is growing rapidly,
which has increased demand for training services. In Nigeria, a
breakthrough was achieved at Falck’s newly established training
centre and a significant increase was seen in the number of
course participants. Conversely, the start-up in the United Arab
Emirates was more difficult, and the expected level of activity
was not reached.
EBITA for the Training business rose by 15.1% to DKK 142 million
(2009: DKK 124 million). The fall in activity in the United
States and the Netherlands and an EBITA loss from the start-up
in the United Arab Emirates were more than offset by EBITA
growth in the other countries and income for accounting
purposes from a change of a defined-benefit pension plan to a
defined-contribution plan.

34 Falck Annual Report 2010 | Management review
Revenue and organic growth by business area
DKK million Revenue EBITA EBITA margin (%)
Performance by area
Denmark
Revenue in the Denmark was DKK 5,292 million (2009: DKK
4,928 million), equivalent to a 7.4% increase, of which 4.2% was
organic growth.
As a result of the revenue growth, EBITA increased to DKK 542
million (2009: DKK 449 million).
The EBITA margin for 2010 was 10.2% (2009: 9.1%).
Nordic region
Revenue from operations in the Nordic region (excluding
Denmark) increased by DKK 308 million or 24.9% to DKK 1,541
million. The rate of organic growth was 9.9% and was generated
by the Assistance and Emergency business.
EBITA was DKK 108 million (2009: DKK 40 million), equivalent
to an EBITA margin of 7.0% (2009: 3.2%). The increase in EBITA
and the EBITA margin was attributable to higher earnings from
Norway, Sweden and Finland.
Europe
Revenue in Europe (excluding Denmark and the Nordic
region) totalled DKK 1,087 million (2009: DKK 1,040 million),
equivalent to a growth rate of 4.5%, of which organic growth
Organic
% of total 1) 2010 2009 2010 2009 2010 2009 growth
Denmark 63.3 5,292 4,928 542 449 10.2 9.1 4.2
Nordic region 18.4 1,541 1,233 108 40 7.0 3.2 9.9
Europe 13.0 1,087 1,040 121 156 11.1 15.0 1.3
Rest of the world 5.3 447 328 68 76 15.2 23.2 12.0
Group total 100.0 8,367 7,529 839 721 10.0 9.6 5.1
1) Revenue in DKK for 2010 as a percentage of consolidated revenue
accounted for 1.3%. The growth was primarily attributable to
an increase in the level of activity in the Emergency business in
Slovakia, Romania and Spain, whereas lower activity was seen
in the Emergency and Training business in the Netherlands in
2010.
EBITA was DKK 121 million (2009: DKK 156 million), equivalent
to an EBITA margin of 11.1% (2009: 15.0%). The fall in EBITA and
the EBITA margin was due to lower earnings in Slovakia and the
Netherlands as compared with 2009.
Rest of the world
Revenue in the rest of the world was DKK 447 million (2009:
DKK 328 million), equivalent to a growth rate of 36.5%, which
was primarily attributable to the Training activities in Brazil and
Nigeria and the acquisition of the ambulance service provider
Toesa in October 2010. Conversely, the training activities in
the United States experienced falling revenue due to the oil
spill disaster in the Gulf of Mexico. The organic growth rate was
12.0%.
EBITA was DKK 68 million (2009: DKK 76 million). The 10.5%
decline in earnings was due to the fall in revenue from the training
activities in the United States and costs of building up the
training centre in the United Arab Emirates. The EBITA margin
showed a corresponding decline to 15.2% from 23.2% in 2009.

Outlook for 2011
The Group expects continued positive organic growth in 2011.
Combined with the acquisitions in 2010 and 2011, this is
expected to lift revenue by around 15%. EBITA is expected to
increase correspondingly.
Forward-looking statements
Certain statements in this financial review are forward-looking
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 matters
In December 2010, the Lundbeck Foundation acquired 36% of
the shares in Falck A/S through its wholly-owned subsidiary, LFI
A/S. Following this, the company’s shareholders, each of whom
hold more than 5% of the shares, are:
Shareholders in Falck A/S
Name Ownership
Falck L.P., Jersey 43.9%
LFI A/S, Hellerup 36.0%
ATP PEP 1 K/S, Copenhagen 6.4%
Liberatio A/S, Aarhus 5.2%
Management review | Falck Annual Report 2010 35
Events after the balance sheet date
At an extraordinary general meeting held on 25 February 2011,
the Board of Directors was authorised to establish a new warrant
programme. At a meeting of the Board of Directors held
on 15 March 2011, the Board passed a resolution to establish a
new warrant programme for the Executive Management Board.
The new warrant programme comprises 4,443,120 warrants.
Each warrant entitles the holder to subscribe for one share
with a nominal value of DKK 0.50 at DKK 125 per share on 30
December 2015. The warrants issued were acquired at market
price and no conditions were attached to the acquisition.
On 1 January 2011, Falck signed an agreement to acquire all the
shares of LifeStar Response Corporation in the United States for
DKK 186 million. Lifestar Response provides ambulance services
in six states and in Washington D.C. on the east coast of the United
States and operates 440 ambulances and similar vehicles.
Revenue in the rest of world was DKK 447 million,
equivalent to a growth rate of 36.5%

36 Falck Annual Report 2010 | Management review
Corporate governance 2010
Background
The Board of Directors and the Executive Management Board of
Falck monitors developments within corporate governance on
a regular basis. Although the company is not a listed company,
Falck wishes to ensure 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 which also matches the expectations of the different
stakeholder groups, including shareholders, employees and
customers.
Corporate governance recommendations in Denmark are issued
by the Committee on Corporate Governance in Denmark. The
Committee most recently updated its recommendations on 8
April 2010. This was the third revision of the recommendations,
originally published in 2005.
Following the latest revision, the corporate governance
recommendations are set out under nine main headings, 1–9,
and appendix 1 on board committees. Each main section begins
with a general rationale that explains why recommendations
have been prepared with respect to that theme. The specific
recommendations are set out below the rationale. Finally,
comments are given on the recommendations to varying
degrees.
The nine main headings are:
1. The role of the shareholders and their interaction with the
management of the company
2. The role of stakeholders and their importance to the
company and the company’s corporate social responsibility
3. Openness and transparency
4. The tasks and responsibilities of the supreme and the
central governing bodies
5. Composition and organisation of the supreme governing
body
6. Remuneration of Management
7. Financial reporting
8. Risk management and internal control
9. Audit
Below is a description of Falck’s position on the updated corporate
governance recommendations in accordance with the
‘comply or explain’ approach which has its roots in the Danish
Financial Statements Act and the stock exchange rules. The
description below only includes the introduction to each main
section (the complete recommendations are available at www.
corporategovernance.dk).
Falck’s management
The company is managed by a Board of Directors comprising
not less than five and not more than ten members, who may
not have turned 70 years of age. Members of the Board of
Directors are elected by the shareholders at the annual general
meeting for terms of one year. In addition to the members
elected by the shareholders, the Board of Directors includes
members elected pursuant to the statutory rules on employee
representation on the Board of Directors.
Members of the Board are:
Lars Nørby Johansen (Chairman)
Lars Terney (Deputy Chairman)
Thorleif Krarup (Deputy Chairman)
Steen Hemmingsen
Kim Gulstad
Johannes Due
Mats Jansson
Thorhild Widvey
Vagn Flink Møller Pedersen (elected by the employees)
Jan Heine Lauvring (elected by the employees)
Per Aastrup (elected by the employees)
None of the above is a member of both the Board of Directors
and the Executive Management Board of Falck A/S. Kim
Gulstad (NC), Lars Terney (NC), Thorleif Krarup (LF) and Steen
Hemmingsen (LF) represent major shareholders on the Board,
namely Nordic Capital (NC) and the Lundbeck Foundation (LF),
respectively. Lars Nørby Johansen is former President and CEO
of Falck.
Executive Board
The company’s Executive Management Board consists of Allan
Søgaard Larsen, President and CEO, and Morten Reignald Pedersen,
Deputy CEO.
1. The role of the shareholders and their interaction
with the management of the company
The company’s shareholders, employees and other stakeholders
have a joint interest in the company always being capable of adjusting
to changing demands, which allows the company to continue

to be competitive and to create value. Positive interaction between
management and shareholders is therefore essential. Shareholder
influence is exercised at the general meeting. As owners of the
company, the shareholders should actively exercise their rights and
use their influence resulting in the management protecting the
interests of the shareholders as best as possible and ensuring an
appropriate and balanced development of the company both in the
short and the long term.
Good corporate governance depends on appropriate frameworks
which make it easy for the shareholders to enter into a dialogue
with the management of the company. This can be encouraged
by ensuring that the shareholders are always well-informed of the
company’s situation and outlook and that the general meeting serves
as a forum for communication and discussion and is the place
where shareholders express their views and make decisions.
Falck’s position
Falck believes that it complies with the recommendations under
heading 1 in all respects.
Falck aims to be a credible and transparent player in the equity
market. Falck releases information via the Internet, due to the
ease of accessibility for a broad group of stakeholders. Falck’s
website will always contain all current and released information
in both Danish and English.
The Board of Directors evaluates the company’s capital structure
at suitable intervals to ensure it is in the interests of the
shareholders and the company. Generally, the Group is not
subject to any special 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.
General meetings constitute the highest governing authority at
Falck. This is where the company’s shareholders are free to submit
proposals, take the floor and ask any questions to the Board
of Directors and the Executive Management Board. If a matter
is put to the vote, shareholders can exercise a direct influence
on important decisions at Falck.
Management review | Falck Annual Report 2010 37
General meetings are convened by the Board of Directors
pursuant to the rules of the Danish Companies Act. The annual
general meeting shall be held once a year in Greater Copenhagen
in due time for the audited and approved annual report to
the submitted to the Danish Commerce and Companies Agency
to be received by the Agency within five months after the end
of the financial year.
2. The role of stakeholders and their importance to the
company and the company’s corporate social responsibility
In order for a company to be able to adjust readily to changing
demands and thus stay competitive and deliver value-adding
performance, it is essential for the company to have, in addition
to the dialogue with its shareholders, a good relationship with its
stakeholders.
The management of the company should operate and develop
the company with due consideration of its stakeholders and to a
reasonable extent engage in active dialogue with its stakeholders
to develop and strengthen the company. Such dialogue may take
place at investor meetings etc.
Falck’s position
Falck believes that it complies with the recommendations under
heading 2 in all respects. Falck’s policy on corporate social
responsibility and our stakeholder policy, corporate values and
code of conduct are available on falck.com.
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. 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 require that everybody complies
with this code, employees, suppliers and partners alike. The
guidelines were adopted by the Board of Directors in 2008
and were subsequently confirmed by the Group’s Worldwide
Workers Council.

38 Falck Annual Report 2010 | Management review
3. Openness and transparency
Shareholders, including potential shareholders, and other stakeholders
have different needs for information about the company.
Their understanding of and relations to the company depend on the
amount and the quality of information published by the company.
Openness and transparency are essential conditions for ensuring
that the company’s shareholders and other stakeholders are able to
regularly evaluate and relate to the company and its future.
Openness and mutual respect are prerequisites for a fruitful interaction
between the company and its stakeholders.
A thorough and updated communication strategy will help the
company provide timely, trustworthy, accurate and up-to-date
internal and external information of high quality and comply with
the disclosure requirements in force from time to time.
Falck’s position
Falck believes that it complies with the recommendations under
heading 3 in all essentials.
Falck’s annual reports are prepared in accordance with International
Financial Reporting Standards (IFRS) and additional
Danish disclosure requirements for annual reports. The reports
are prepared in Danish as well as English and contain, in addition
to the financial information, a review of the Group’s affairs
and position with respect to corporate social responsibility,
corporate governance and risk factors. Moreover, the annual
reports describe developments in the Group’s four business
areas. Accordingly, the company believes that the annual report
includes all relevant financial and non-financial information of
interest to the company’s stakeholders.
Due to Falck’s general public service assignments, Falck and
Falck’s activities may attract great attention from the media
and other external stakeholders. An important element of
Falck’s communications strategy is that inquiries from the
media and other external stakeholders are met with openness,
locally, regionally, nationally as well as internationally.
Falck can always make statements on its activities and specific
actions. However, Falck is not allowed to provide information
on the condition of patients or clients, the cause of accidents,
personal information or actual conditions that may possibly
hamper police investigations or the like. Moreover, Falck is not
prepared to provide information on matters which should only
be commented on by the public authorities. In order to ensure
sufficient credibility, Falck voluntarily provides information on
positive and negative affairs in the organisation that may be assumed
to have material significance to the general public.
4. The tasks and responsibilities of the supreme
and the central governing bodies
The supreme governing body is responsible for safeguarding the
interests of the shareholders with care and due consideration of the
other stakeholders.
The most important tasks of the supreme governing body include
appointing a qualified executive board, establishing its tasks,
conditions of employment and distribution of work and preparing
guidelines for accountability, planning, follow-up and risk management.
The supreme governing body is responsible for supervising
An important element of Falck’s communications
strategy is that inquiries from the media and
other external stakeholders are met with
openness, locally, regionally, nationally as well as
internationally

the executive board and preparing guidelines for how to exercise
this supervision.
The supreme governing body is responsible for ensuring the professional
development and retention or dismissal of the members of
the executive board as well as ensuring that the remuneration of
the members of the executive board reflects the long-term value
creation in the company as well as the independent performance of
the members of the executive board.
Both the supreme governing body and the central governing body
shall ensure that the necessary financial resources are in place at
any given time.
The central governing body is in charge of the overall and strategic
management of the company. The central governing body must
define the company’s strategic goals and make sure that the necessary
conditions for achieving such goals are present in the form of
financial as well as competence resources and is responsible for the
proper organisation of the company’s activities.
It is essential that the central governing body ensures ongoing
development of and follow-up on the company’s strategic goals
and determines whether the conditions for achieving these goals
are present.
Falck’s position
Falck believes that it complies with the recommendations under
heading 4 in all essentials.
The Board of Directors and the Executive Management Board
are responsible for managing the company’s affairs. The
framework for the work of the Board of Directors, including
general guidelines for the tasks, duties and responsibilities of
the chairman and the deputy chairman, is defined in the rules
of procedure for the Board of Directors, which are believed to
be adequate. Falck has not prepared additional scope of work
and task lists specifying the tasks, duties and responsibilities of
the chairman and deputy chairman.
The Board of Directors defines guidelines for the Executive Management
Board’s performance of the day-to-day management
of the company in instructions to the Executive Management
Board, which deal with matters such as responsibility, distribution
of responsibilities, reporting by the Executive Management
Management review | Falck Annual Report 2010 39
Board to the Board of Directors, communication by the Board of
Directors and the Executive Management Board, evaluation of
the work of the Executive Management Board, and risk management.
The day-to-day management does not include transactions
which, according to the company’s circumstances, are of an
unusual nature or of particularly great importance.
The Executive Management Board is responsible for the dayto-day
development and operations, with primary focus on developing
and implementing strategies, and submits 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.
5. Composition and organisation
of the supreme governing body
In companies where the board of directors constitutes the supreme
governing body, the board of directors should be composed in
such a way as to allow it to perform its managerial tasks, including
overall and strategic tasks.
It is essential that the supreme governing body of a company be
composed in such a way as to ensure effective performance of its
control tasks and, at the same time, ensure a constructive and qualified
dialogue with the executive board. It is also essential that the
members of the supreme governing body always act independently
of special interests.
The supreme governing body should regularly assess whether its
composition and the skills of its members, individually and collectively,
reflect the demands posed by the company’s situation
and circumstances. Diversity may improve the quality of the work
performed by the supreme governing body. To increase value creation,
the supreme governing body should carry out an evaluation of
its members every year and ensure integration of new talent while
maintaining continuity.
Falck’s position
Falck believes that it complies with the recommendations
under heading 5 in all essentials. We have not defined formal
recruitment criteria for new members of the Board of Directors.
Falck’s Board of Directors assesses on a regular basis the need
for adding supplementary skills to the Board of Directors, with
due regard to the company’s development and ownership. If
required, the Board of Directors may establish a nomination

40 Falck Annual Report 2010 | Management review
committee for this purpose. In Falck, two of the three members
of the Audit Committee represent major shareholders and the
company therefore does not meet the recommendation that a
majority of the members of a management committee should
be independent. However, the Board of Directors has considered
it important that committee members hold the necessary
qualifications in accounting or auditing, whereas the Board of
Directors always has the final responsibility for the decisions
prepared by the Audit Committee.
The rules of procedure provide that our Board of Directors
must ensure that the Board of Directors possesses relevant
and adequate knowledge and skills to manage the company
when nominating candidates to the shareholders at the general
meeting. The Board of Directors aims to nominate candidates
who are 67 years of age as a maximum. Prior to any election of
members of the Board of Directors by the shareholders, candidates’
CVs are disclosed, including information about executive
positions in other companies.
The Board of Directors meets whenever the chairman deems
it necessary or when requested by a member of the Board of
Directors or a member of the Executive Management Board. At
least five meetings of the Board of Directors are held each year.
6. Remuneration of Management
Openness and transparency about all important issues regarding
the principles for and amounts of the total remuneration offered to
members of the governing bodies are essential. The principles of the
remuneration policy should support a long-term value-creation for
the company.
Competitive remuneration is a prerequisite for attracting and
retaining competent members of the governing bodies. The total
remuneration package, i.e. the fixed and variable components and
other remuneration components, should be reasonable and reflect
the governing body members’ independent performance, responsibilities
and value creation in the company. The variable component
of the remuneration should be based on actual achievements over
a period of time with a view to long-term value creation.
Falck’s position
Falck believes that it complies with the recommendations under
heading 6 in all essentials.
The general principle is for the remuneration of the Board of
Directors in Falck to be at a level considered comparable with
companies listed on NASDAQ OMX Copenhagen of a similar size
and internationalisation profile. The company does not use incentive
pay for the Board of Directors. The following guidelines
apply to the fixed remuneration of the Board of Directors:
• The Chairman of the Board receives three times the basic
remuneration
• The Deputy Chairmen of the Board receive twice the basic
remuneration
• The basic remuneration is not subject to any adjustment
mechanisms
• Additional separate remuneration is paid to Board members
who sit on Board committees. However, the total remuneration
for Board work paid to the Chairman and Deputy
Chairman of the Board of Directors and to other members of
the Board of Directors may not exceed four times and twice
the basic remuneration, respectively.
We aim for members of the Executive Management Board to
receive a fixed salary considered competitive relative to, and
comparable with, the salaries paid to the executive boards by
other companies of similar size, and which is reasonable relative
to the tasks performed. The remuneration of the Executive
Management Board is reviewed annually at the initiative of the
Chairman of the Board of Directors. Falck’s annual report does
not disclose the remuneration paid to each member of the Executive
Management Board. We believe this would not provide
additional relevant information compared with disclosure of the
total remuneration paid to the Executive Management Board.
Incentive pay in Falck serves to better align the interests of our
Executive Management Board and our shareholders. We do this
by motivating the Executive Management Board to achieve the
goals defined for the company, and by making it less attractive
for members of the Executive Management Board to leave the
company prematurely. Incentive pay can also be a useful tool to
attract new Executive Management Board members. Such programmes
may comprise remuneration in the form of options,
warrants, shares and/or bonus agreements.
7. Financial reporting
Each member of the supreme governing body and the executive
board is responsible for preparing the annual report and other

financial reports in accordance with current legislation, applicable
standards and any further requirements concerning financial statements
stipulated in the articles of association, etc.
The members of the said governing bodies must ensure that the
financial reporting is easy to understand and balanced and provides
a true and fair view of the company’s financial position, performance
and cash flow. The management commentary must give a true
and fair presentation of the state of affairs, including the outlook.
Falck’s position
Falck believes that it complies with the recommendations under
heading 7 in all respects.
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 initiated by the Executive Management Board. The
Committee receives information from a number of head office
departments and 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 Directors. Furthermore, the Executive
Management Board and the Chief Financial Officer attend the
meetings of the Audit Committee. The company’s auditor attends
the meetings of the Audit Committee to the extent necessary.
8. Risk management and internal control
Effective risk management and an effective internal control system
contribute to reducing strategic and business risks, to ensuring
observance of current rules and regulations and to ensuring the
quality of the basis for management decisions and financial reporting.
The company’s choice of strategy naturally involves risk. It is
essential that the risks are identified and communicated, and that
the risks are managed appropriately.
Effective risk management and internal control are a precondition
for the supreme governing body and the executive board to efficiently
perform the tasks bestowed upon them. Consequently, it
is essential that the supreme governing body ensures effective risk
management and effective internal control systems.
Management review | Falck Annual Report 2010 41
Falck’s position
Falck believes that it complies with the recommendations under
heading 8 in all respects.
In Falck, risk management is considered an important and natural
element of the work to realise our goals and strategy. There
are risks inherent in our 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 head office
Risk Management Department has been established as well
as a department for Group Controlling.
9. Audit
Ensuring an independent, competent and thorough audit is an essential
element of the work of the supreme governing body.
Falck’s position
Falck believes that it complies with the recommendations under
heading 9 in all respects. Falck has not established an internal
audit function. However, Group Controlling regularly evaluates
business procedures and internal controls in subsidiaries and
reports the conclusions of controller visits to the Audit Committee.
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. The Group finance function has defined a number
of reporting 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 wellplanned
manner.

42 Falck Annual Report 2010 | Management review
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.
The Board of Directors
and Executive
Management
Board monitors
developments in
risks relative to an
established risk
strategy
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.
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 nonacceptance
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 of 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 wellreputed
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)
2010 2009
1 January 11,637 11,567
New employees 4,236 2,236
Dismissed employees (1,286) (916)
Resigned and retired employees (860) (1,250)
31 December 13,727 11,637
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 customers in order for Falck to be
preferred over any competitors in the market.
Environmental impact
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 communications systems.
Management review | Falck Annual Report 2010 43
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 areas, 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 insurance companies.
In the field of the Emergency business, there are very few private
ambulance operators, 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.

44 Falck Annual Report 2010 | Management review
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 the Board of Directors have
decided that the financing is to be based on short-term interest
rates.
Interest collars covering DKK 1,709 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 2010 2009
DKK 2,271 1,595
EUR 855 999
USD 249 249
Other - 30
Total 3,375 2,873
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 13 million as the market rate for the
current year is below the floor of the interest rate collars. Without
an interest rate collar, a fluctuation by 1% would change the
Group’s interest expense by DKK 34 million.
Sensitivity analysis, market-rate fluctuations of 1%
DKK million 2010 2009
DKK 7 7
EUR - 1
USD 2 2
Total 9 10
The Group monitors developments in market interest rates closely
in order to be able to react if the market situation changes.
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 31 million, EBITA by DKK 3 million
and equity by DKK 17 million.
In the event of a change in the DKK/EUR exchange rate by 1%,
the Group’s debt would change by DKK 9 million, which would
be recognised in the income statement. Fluctuations in the
DKK/USD exchange rate have no impact on the income statement
or equity as the Group’s debt is hedged.
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 subscriptions, and general as well
as individual write-downs are made for anticipated bad debts.
As at 31 December 2010, receivables from such subscriptions
totalled approximately DKK 76 million (2009: DKK 45 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. 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 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 2010, the Group’s unused credit facilities were in
the region of DKK 720 million. With the addition of available
cash and cash equivalents of DKK 745 million, total cash resources
were in the region of DKK 1,465 million.
Agreements have been entered into with the Group’s principal
bankers for facilities to finance potential future acquisitions.
These facilities fall due in 2013 and 2015 respectively.
Capital structure
The Group is not subject to any general capital requirements
other than standard statutory requirements. The company’s
share capital is not divided into share classes. The capital
Management review | Falck Annual Report 2010 45
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 2010 was
DKK 3,046 million. The outstanding debt increased by DKK 259
million in 2010 as a result of new debt raised. Through regular
instalments payable on the syndicated loan in the period 2011
to 2012, the debt will be reduced to DKK 2,406 million, of
which DKK 2,184 million must be repaid in 2013 and DKK 222
million in 2015.
Moreover, the Group has mortgage loans totalling DKK 384
million and other interest-bearing debt of DKK 355 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 2010, the Group’s net interest-bearing debt
stood at DKK 2,949 million, while equity stood at DKK 1,723
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.
The Group monitors developments in market
interest rates closely in order to be able to
react if the market situation changes

46 Falck Annual Report 2010 | Management review
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.
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 demand 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. The Worldwide Workers Council is a forum
established based on an agreement with the Union Network
International as a forum for dialogue between employees and
management. One annual meeting is held with participation
of employees from the Group’s countries of operation based
on the number of employees in the respective countries and
representatives appointed by the Group Management.
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 and for reporting any violations thereof to
the Group’s HR function. At its annual meeting, the Workers
Council reviews all items of the code of conduct with a view to
reporting any violations thereof. No violations were reported
following the meeting in 2010.
In 2010, a number of tools were introduced to be used by suppliers
and business partners to help them ensure that they comply
with Falck’s code of conduct by making a risk assessment
and by giving them access to conducting control for Falck.

In 2010, the task force began its work to monitor the initiatives
of individual companies and to prepare guidelines in this respect.
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.
Moreover, the Falck Group supports a number of projects,
including:
First aid
Falck is active in increasing the attention on first aid in a number
of countries. In Slovakia, a number of first aid courses are held
each year for children in kindergartens and schools. In Poland,
Falck has conducted first aid training on beaches to increase the
attention on first aid and the dangers on the beach.
Nicaragua
In 2003, a project was initiated with the primary objective of
lifting the level of competency among rescue staff in Nicaragua
and to improve vehicles and equipment in the fire and rescue
service. The project is run jointly by Falck and the Danish labour
union 3F and receives direct subsidies of DKK 0.10 per working
hour via the union agreement and Falck donations of fully
equipped rescue vehicles and equipment via a Danida project.
In 2010, six ambulances and four fire engines were donated and
20 rescue staff from Denmark and Nicaragua participated in
job exchanges. Moreover, a training platform was added to the
Management review | Falck Annual Report 2010 47
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
project in 2010 and a number of Nicaraguan instructors were
trained in conducting training programmes to upgrade the
training of all employees of the Nicaraguan fire service.
Training in fire fighting for young people in Greve, Denmark
In 2010, a number of fire fighting courses were held for specially
selected children and young people in this suburb south
of Copenhagen. They were primarily trained in fire fighting but
also learnt about fire hazards. The project was initiated against
the background of events of arson and young people challenging
fire fighting in the area. The course will be continued
in the years to come and is popular among the young people
and it has won an award for its contribution to building a bridge
between society and young people with a difficult background.
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

48 Falck Annual Report 2010 | Management review
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.
An example of Falck’s environmental initiatives is the introduction
with effect from 2011 of electronic pay slips which replace
almost 10,000 pay slips per month.
Falck has also installed a monitoring system in 30 vehicles
in Denmark. The system monitors rapid acceleration, hard
breaking, sharp turning and idle running of engines, all of which
affect fuel consumption and wearing parts. This is expected to
lead to changes in driving behaviour that will save 5-20% of fuel
costs.
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 safety organisations
in the individual countries of operation. They 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.
In 2001, Falck introduced a new health service for its employees
in Denmark by way of “Interdisciplinary Treatment” with a view
to treating and preventing work-related injuries which reduce
both employee well-being and productivity and should there-
fore 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 interdisciplinary 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.
In 2010, the largest project to date within health and safety
at work was initiated aimed at minimising the number of back
injuries among rescue staff. The project runs over 20 months in
a partnership with the Danish Technological Institute and the
Danish Prevention Fund. The project involves about 375 rescue
officers from all regions of Denmark.
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.

Contents of the
Group financial statements
Financial statements
Income statement 50
Statement of comprehensive income 51
Balance sheet 52
Equity statement 54
Cash flow statement 55
Notes to the financial statements
1. Accounting policies 56
2. Accounting estimates and judgements 66
3. Segment information 67
Notes to the income statement
4. Revenue 70
5. Other operating income 70
6. Fees to auditors appointed at the
annual general meeting 71
7. Staff costs 71
8. Amortisation and depreciation 72
9. Amortisation of intangible assets and
costs from business combinations 72
10. Exceptional items 72
11. Financial income 72
12. Financial expenses 72
13. Income taxes 73
14. Earnings per share 73
Notes to the balance sheet
15. Intangible assets 74
16. Property, plant and equipment 76
17. Investments in associates 77
18. Inventories 77
19. Trade receivables 77
20. Cash and securities 78
21. Equity, treasury shares and dividends 78
22. Pension obligations 79
23. Other employee obligations 81
24. Deferred tax 81
25. Provisions for acquisitions of operations
and non-controlling interests 82
26. Other provisions 83
27. Credit institutions 83
28. Other payables 85
29. Deferred income 85
Notes to the cash flow statement
30. Net financials 85
31. Investments in subsidiaries,
non-controlling interests and operations 85
32. Divestments of subsidiaries,
non-controlling interests and operations 88
33. Dividends paid to non-controlling interests 88
34. Other movements relating to shareholders 88
Supplementary notes
35. Contingent liabilities, contractual obligations
and collateral security 89
36. Financial instruments 90
37. Related parties 96
38. New financial reporting regulations 96
39. Events after the balance sheet date 96

50 Falck Annual Report 2010 | Group
Income statement for the year ended 31 December
Note DKK million 2010 2009
4 Revenue 8,367 7,529
5 Other operating income 70 41
Total revenue 8,437 7,570
Cost of sales and external assistance (1,149) (865)
6 Other external costs (1,563) (1,354)
7 Staff costs (4,655) (4,362)
8 Amortisation and depreciation (307) (287)
Total costs (7,674) (6,868)
Analysed as:
Operating profit before costs and amortisation from business combinations
and exceptional items 839 721
9 Amortisation of intangible assets and costs from business combinations (50) (19)
Operating profit before exceptional items 789 702
10 Exceptional items (26) -
PROFIT/(LOSS) BEFORE FINANCIALS 763 702
17 Income after tax from associates - (1)
11 Financial income 33 52
12 Financial expenses (155) (165)
PROFIT BEFORE TAX 641 588
13 Income taxes (183) (171)
PROFIT FOR THE YEAR 458 417
PROFIT ALLOCATION
Falck A/S 444 402
Non-controlling interests 14 15
TOTAL 458 417
14 EARNINGS PER SHARE
Earnings per share (EPS) 4.8 4.4
Diluted earnings per share (DEPS) 4.6 4.3

Statement of comprehensive income for the year ended 31 December
Group | Falck Annual Report 2010 51
Note DKK million 2010 2009
Foreign exchange differences 86 60
Tax on foreign exchange differences (33) (45)
Actuarial adjustment of pension provisions 2 10
Tax on changes in actuarial estimates of pension provisions (1) (3)
Value adjustment of currency hedging instruments 13 (25)
Tax on value adjustment of currency hedging instruments (3) 6
Value adjustment of interest hedging instruments 2 (27)
Tax on value adjustment of interest hedging instruments (1) 7
Value adjustment of available-for-sale securities 180 41
Other comprehensive income 245 24
Profit for the year 458 417
TOTAL COmPREHENSIvE INCOmE 703 441
PROFIT ALLOCATION
Falck A/S 687 426
Non-controlling interests 16 15
TOTAL 703 441

52 Falck Annual Report 2010 | Group
Balance sheet as at 31 December
Note DKK million 2010 2009
Assets
Goodwill 4,711 4,075
Intangible assets from acquisitions 261 81
Other intangible assets 97 94
15 TOTAL INTANGIBLE ASSETS 5,069 4,250
Land and buildings 712 726
Leasehold improvements 57 56
Fixtures and fittings, tools and equipment 795 812
16 TOTAL PROPERTY, PLANT AND EQUIPmENT 1,564 1,594
17 Investments in associates 23 3
Other investments 1 -
24 Deferred tax assets 75 67
TOTAL FINANCIAL ASSETS 99 70
TOTAL NON-CURRENT ASSETS 6,732 5,914
18 Inventories 60 41
19 Trade receivables 1,088 741
Receivables from associates 21 -
Other receivables 246 154
Prepayments 131 102
Receivables 1,486 997
20 Securities 372 145
20 Cash 439 538
TOTAL CURRENT ASSETS 2,357 1,721
TOTAL ASSETS 9,089 7,635

Balance sheet as at 31 December
Group | Falck Annual Report 2010 53
Note DKK million 2010 2009
Equity and liabilities
Share capital 46 46
Reserve for treasury shares - (8)
Hedging reserve (10) (21)
Currency translation reserve (11) (62)
Reserve for value adjustments of available-for-sale financial assets 217 37
Retained earnings 1,481 1,354
EQUITY ATTRIBUTABLE TO PARENT COmPANY 1,723 1,346
Non-controlling interests 65 61
21 TOTAL EQUITY 1,788 1,407
22 Pension obligations - 19
23 Other employee obligations 32 36
24 Deferred tax 280 160
25 Provisions for acquisitions of operations and non-controlling interests 388 276
26 Other provisions 34 11
27 Credit institutions 3,159 2,969
TOTAL NON-CURRENT DEBT 3,893 3,471
27 Credit institutions 601 291
25 Provisions for acquisitions of operations and non-controlling interests 69 10
26 Other provisions 20 2
Trade payables 581 400
Income taxes 40 22
28 Other payables 803 814
29 Deferred income 1,294 1,218
TOTAL CURRENT DEBT 3,408 2,757
TOTAL EQUITY AND LIABILITIES 9,089 7,635

54 Falck Annual Report 2010 | Group
Equity statement
Reserve
for value
adjustment
Reserve of available-
for Currency for-sale Non-
Share treasury Hedging translation financial Retained controlling Total
2010 DKK million capital shares reserve reserve assets earnings Total interests equity
Equity at 1 January 2010 46 (8) (21) (62) 37 1,354 1,346 61 1,407
Equity movements in 2010
Foreign exchange differences 84 84 2 86
Value adjustment of currency hedging instruments 13 13 13
Value adjustment of interest hedging instruments 2 2 2
Value adjustment of available-for-sale securities 180 180 180
Actuarial adjustment of pension provisions 2 2 2
Tax on other comprehensive income (4) (33) (1) (38) (38)
Other comprehensive income - - 11 51 180 1 243 2 245
Profit for the year 444 444 14 458
Total comprehensive income - - 11 51 180 445 687 16 703
Reduction in non-controlling interests' ownership share - (2) (2)
Increase in non-controlling interests' ownership share - 3 3
Losses on divestments and acquisitions
of non-controlling interests (32) (32) (32)
Adjustment of provision for acquisition
of non-controlling interests 5 5 5
Acquisitions of treasury shares (6) (6) (6)
Disposals of treasury shares 14 16 30 30
Buy back of warrants (307) (307) (307)
Dividend - (13) (13)
Total equity movements in 2010 - 8 11 51 180 127 377 4 381
EQUITY AT 31 DECEmBER 20010 46 - (10) (11) 217 1,481 1,723 65 1,788
2009 DKK million
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 other comprehensive income 13 (45) (3) (35) (35)
Other comprehensive income - - (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 non-controlling interests' ownership share - (1) (1)
Increase in non-controlling interests' ownership share - 25 25
Capital increase 1 38 39 39
Acquisitions of treasury shares (5) (5) (5)
Payments received 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
EQUITY AT 31 DECEmBER 2009 46 (8) (21) (62) 37 1,354 1,346 61 1,407

Cash flow statement for the year ended 31 December
Group | Falck Annual Report 2010 55
Note DKK million 2010 2009
Total revenue 8,437 7,570
Total costs (7,674) (6,868)
Profit/(loss) before financials 763 702
8 Amortisation, depreciation and impairment 307 287
Profit/(loss) before financials and amortisation, depreciation and impairment 1,070 989
Reversal of profit on divestments of non-current assets (52) (10)
Change in operating assets (181) (121)
Change in intercompany balance with associates (21) -
Change in operating payables 89 504
Change in provisions (21) (4)
Cash flow from operating activities before financials and tax 884 1,358
30 Net financials (143) (129)
13 Income taxes paid (195) (166)
CASH FLOW FROm OPERATING ACTIvITIES 546 1,063
31 Investments in subsidiaries, non-controlling interests and operations (648) (119)
Cash flows from hedging of net investments (25) 33
32 Divestments of subsidiaries, non-controlling interests and operations 10 13
Investments in/sale of other shares and securities (45) (28)
Investments in intangible assets (27) (43)
Investments in property, plant and equipment (374) (293)
Sale of property, plant and equipment 289 74
Investments in associates (12) -
CASH FLOW FROm INvESTING ACTIvITIES (832) (363)
33 Dividends paid to non-controlling interests (29) (10)
34 Other movements relating to shareholders (283) 35
Interest-bearing debt raised 777 -
Repayment of and change in interest-bearing debt (299) (553)
CASH FLOW FROm FINANCING ACTIvITIES 166 (528)
Change in cash (120) 172
Cash at beginning of year 538 356
Foreign exchange differences relating to cash 21 10
CASH AT YEAR-END 439 538

56 Falck Annual Report 2010 | Group
Notes to the Group financial statements
Note
1 Accounting policies
The annual report for the year ended 31 December 2010
includes both the consolidated financial statements of Falck
A/S and its subsidiaries (the Group) and the separate financial
statements of the parent company.
The annual report of Falck 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 as issued by the IASB.
The Board of Directors and the Executive Management Board
considered and approved the annual report for 2010 of Falck
A/S on 15 March 2011. The annual report will be submitted
to the shareholders of Falck A/S for adoption at the annual
general meeting to be held on 29 April 2011.
The annual report has 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 annual report is presented in DKK rounded to the nearest
million.
NEW FINANCIAL REPORTING REGULATIONS
The following standards and interpretations have been implemented
effective for financial years beginning on or after 1
January 2010:
• IFRS 3 Business Combinations (revised 2008)
• IAS 27 Consolidated and Separate Financial Statements
(revised 2008)
• Amendments to IAS 32 Financial Instruments: Presentation;
IAS 39 Financial Instruments: Recognition and Measurement;
IFRIC 9 Reassessment of Embedded Derivatives:
Presentation; and amendments to IAS 39 Eligible Hedged
Items, eligable for hedge accounting
• IFRIC 17 Distributions of Non-cash Assets to Owners.
• Amendments to IFRS 2 Group Share-based Payment Transactions
• Improvements to IFRS standards April 2009
• IFRIC 18 Transfers of Assets from Customers
For the Falck A/S Group, IFRS 3 (2008) and IAS 27 (2007) will
apply to transactions completed on or after 1 January 2010.
The standards include a number of new provisions, the most
important being:
• Alternative methods of recognition of goodwill related to
non-controlling interests’ share of an acquiree. The election
is made on a transaction-by-transaction basis.
• Acquisition costs and changes in contingent consideration
(earn-outs) are recognised directly in the income statement.
• Specification of requirements of separate recognition of
acquired intangible assets.
• Step acquisitions result in revaluation to fair value in the
income statement of the investment already held.
• Gains/losses on the divestment of investments resulting in
a loss of control are recognised in the income statement.
At the same time, any retained investment in the operation
must be remeasured at fair value through profit or loss.
• Acquisitions/divestments of non-controlling interests without
loss of control are recognised directly in equity.
• Revaluation of obligations to acquire non-controlling interests
in connection with business combinations are recognised
in equity.
With the exception of the implementation of IFRS 3 Business
Combinations, and IAS 27 Consolidated and Separate Financial
Statements, the implementation of these financial reporting
standards, improvements and interpretations has not affected
recognition and measurement in 2010. The effect of IFRS 3
and IAS 27 was a reduction of profit for the year by DKK 22
million and a reduction of equity and balance sheet (goodwill)
by DKK 49 million and diluted earnings per share by DKK 0.2.
The accounting policies set out below have been consistently
applied to the financial year and the comparative figures.
BASIS OF CONSOLIDATION
Group and subsidiaries
The Group financial statements consolidate the accounts of
the parent company, Falck A/S, and the subsidiaries in which
Falck 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 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.

Notes to the Group financial statements
Note
1 Accounting policies (continued)
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 non-controlling
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 controlling more than 20%, but less than 50%, of the voting
rights.
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 acquisition method. Identifiable assets, liabilities
and contingent liabilities of acquirees 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. Deferred tax on revaluations is recognised.
The acquisition date is the date on which the Group obtains
control of the acquiree.
Any positive difference between the consideration and the value
of non-controlling interests in the acquiree and the fair value
of the previously held interests in the acquiree, on the one
hand, and the fair value of the identifiable assets, liabilities
and contingent liabilities, on the other hand, is recognised in
the balance sheet as goodwill. Goodwill is not amortised, but
is tested for impairment at least once a year. On acquisition,
goodwill is allocated to the cash-generating units which will
subsequently form the basis for future impairment tests. Any
goodwill arising and any fair value adjustments made on the
acquisition of a foreign company whose functional currency is
not the same as the presentation currency used by the Group
are treated as assets and liabilities of the foreign company and
are translated on initial recognition to the foreign company’s
Group | Falck Annual Report 2010 57
functional currency at the exchange rate ruling at the transaction
date. Any negative difference is recognised in the income
statement on the date of acquisition.
The consideration in a business combination consists of the
fair value of the agreed purchase price. For business combinations
in which the agreement includes a provision on
adjustment of the consideration conditional on future events
(earn-out), the fair value of this part of the consideration is
recognised at the date of acquisition. Any changes in the fair
value of the contingent consideration after initial recognition
are recognised in the income statement. Put options issued in
connection with acquisitions, the value of which is contingent
on future events, are recognised as part of the consideration
at the date of acquisition. The put options issued are subsequently
measured at fair value. Any changes in the fair value of
the issued put options after initial recognition are recognised
in equity. Acquisition costs directly attributable to the acquisition
are recognised in the income statement.
Adjustments of liabilities in connection with contingent consideration
and issued put options, the value of which is conditional
on future events relating to business combinations with
an acquisition date prior to 1 January 2010, will continue to be
recognised in accordance with IFRS 3 (2004), i.e. adjustments
are recognised in goodwill until the conditions have been met
or the issued put options are exercised.
If uncertainties regarding the measurement of acquired identifiable
assets, liabilities, contingent liabilities or the consideration
for the business combination exist at the acquisition date,
initial recognition takes place on the basis of preliminary fair
values. If identifiable assets, liabilities, contingent liabilities
and the consideration for the business combination are subsequently
determined to have had 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
is recognised in the opening equity, and the comparative
figures are restated accordingly. Goodwill is not adjusted
subsequently except in the event of material errors.
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. In addition, any retained non-controlling interests
are measured at fair value. Gains or losses on the divestment
or winding up of subsidiaries and associates and the effect of
renewed measurement of any non-controlling interests are
recognised in the income statement.

58 Falck Annual Report 2010 | Group
Notes to the Group financial statements
Note
1 Accounting policies (continued)
Non-controlling interests
On initial recognition, non-controlling interests are measured
either at fair value (including the fair value of goodwill related
to non-controlling interests in the acquiree) or as non-controlling
interests’ share of the acquiree’s identifiable assets,
liabilities and contingent liabilities measured at fair value
(excluding the fair value of goodwill related to non-controlling
interests’ share of the acquiree). The basis of measurement
of non-controlling interests is chosen on a transaction-bytransaction
basis.
Acquisition and divestment of non-controlling interests
Any increase and reduction of non-controlling interests is
accounted for as transactions with owners in their capacity as
owners. As a consequence of this, any differences between
the adjustment to the carrying amount of non-controlling
interests and the fair value of the consideration received or
paid is recognised directly in equity.
When put options are issued as part of the consideration for
business combinations, the non-controlling interests receiving
put options are considered to have been redeemed on the
acquisition date. The non-controlling interests are removed
and a liability is recognised at fair value on initial measurement.
The fair value is determined as the present value of the
exercise price of the option. The subsequent measurement
is at fair value with recognition in equity of value changes as
they arise.
Issued put options related to business combinations with an
acquisition date prior to 1 January 2010 will continue to be
recognised in accordance with IFRS 3 (2004), i.e. subsequent
measurement takes place at amortised cost with recognition
of interest expenses in the income statement and value
changes in goodwill as they arise. 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 the dividend payment. Dividend
payments are included in the determination of the cost of the
put options in cases where the option price is adjusted for
dividend payments received.
FOREIGN CURRENCY TRANSLATION
A functional currency is determined for each of the reporting
entities of 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.
On initial recognition, transactions denominated in foreign
currencies are translated to the functional currency at the
exchange rates ruling at the transaction date. Exchange differences
arising between the exchange rate ruling at the transaction
date and the exchange rate ruling at the date of actual
payment are recognised in the income statement under
financial income or financial expenses.
Receivables, payables and other monetary items denominated
in foreign currency are translated into the functional currency
at the exchange rate ruling at the balance sheet date. The
difference between the exchange rate ruling at the balance
sheet date and the exchange rate ruling at the date when
the receivable or payable arose or the exchange rate applied
in the most recent financial statements is recognised in the
income statement under financial items.
The income statements of foreign subsidiaries are translated
at the exchange rates ruling at the transaction dates, and the
balance sheet is translated at the exchange rates ruling at the
balance sheet date. An average exchange rate for the month is
used as the exchange rate ruling at the transaction date to the
extent that this does not significantly change the presentation
of the underlying transactions. Exchange differences arising
on the translation of the equity of foreign subsidiaries at the
beginning of the year to the exchange rates ruling at the balance
sheet date and on the translation of income statements
from the exchange rate ruling at the transaction date to the
exchange rate ruling at the balance sheet date are recognised
directly in other comprehensive income and are classified in
equity in a separate currency translation reserve. Exchange differences
are allocated between the parent company’s and the
non-controlling interests shares of equity.
Foreign exchange adjustments of balances that are considered
part of the overall net investment in companies with
functional currencies other than DKK are recognised in the
consolidated financial statements directly in other comprehensive
income and classified in equity in a separate currency
translation reserve. Similarly, exchange gains and losses on the
part of loans and derivative financial instruments effectively
hedging the net investment in such companies and which effectively
hedge against corresponding exchange gains/losses
on the net investment in the company are recognised directly
in other comprehensive income and are classified in equity in
a separate currency translation reserve.
On recognition in the consolidated financial statements
of associates 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 ruling at the balance sheet
date. Exchange adjustments arising on the translation of the
share of the opening equity of foreign associates at exchange

Notes to the Group financial statements
Note
1 Accounting policies (continued)
rates ruling at the balance sheet date and on the translation
of the share of results for the year from average exchange
rates to exchange rates ruling at the balance sheet date are
recognised directly in other comprehensive income and are
classified in equity in a separate currency translation reserve.
On the divestment of wholly-owned foreign entities, foreign
exchange adjustments accumulated in equity via other comprehensive
income and which can be attributed to entities
are reclassified from the “Currency translation reserve” to
the income statement together with any gain or loss on the
divestment.
On the divestment of partially owned foreign subsidiaries,
the part of the currency translation reserve that relates to
non-controlling interests is not recognised in the income
statement.
On partial divestment of foreign subsidiaries without giving
up control, a proportionate share of the currency translation
reserve is transferred from the parent company shareholders’
to the non-controlling shareholders’ share of equity.
On partial divestment of associates and joint ventures, the
proportionate share of the accumulated currency translation
reserve is reclassified from equity to the income statement.
Any repayment of intercompany balances that are considered
part of the net investment is not considered, in itself, a partial
divestment of subsidiaries.
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.
The fair value of derivative financial instruments is determined
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 recognised
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
hedging reserve.
Group | Falck Annual Report 2010 59
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 straight-line basis.
Revenue from sales of goods is recognised when the significant
risks and rewards of ownership have been transferred to
the buyer.

60 Falck Annual Report 2010 | Group
Notes to the Group financial statements
Note
1 Accounting policies (continued)
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 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 cashgenerating
unit.
Exceptional items represent material items of a non-recurring
nature that are not directly attributable to the Group’s ordinary
activities.
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 intra-group profits/losses.
Dividend from Group companies is recognised 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 TAXES
Tax on the profit for the year represents corporation tax
payable and changes in deferred tax. Tax for the year that is
attributable to amounts recognised in other comprehensive
income is recognised in other comprehensive income.
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 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, and deferred tax is not recognised on undistributed
profits in subsidiaries and 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.
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.

Notes to the Group financial statements
Note
1 Accounting policies (continued)
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.
BALANCE SHEET
NON-CURRENT ASSETS IN GENERAL
Intangible assets and property, plant and equipment, except
for goodwill and other intangible assets with indefinable
useful lives, are measured at cost less accumulated straightline
amortisation and depreciation and impairment losses.
Goodwill and intangible assets with indefinable useful lives are
measured at cost less accumulated 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 scrap value is determined at the date of acquisition and
revalued each year. Where the scrap 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 pre-tax discount rate that reflects current
market assessments of the time value of money and the risks
specific to the assets.
Group | Falck Annual Report 2010 61
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.
In addition, for goodwill and other intangible assets with indefinable
useful lives, impairment tests are performed 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.
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 ten years.
Leasehold improvements are depreciated on a straight-line basis
over the term of the lease.

62 Falck Annual Report 2010 | Group
Notes to the Group financial statements
Note
1 Accounting policies (continued)
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 useful
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.
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
Goods purchased for resale and assistive aids are measured at
cost using the FIFO method.
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 write-down 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.
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 and unlisted 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.
EQUITY
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.

Notes to the Group financial statements
Note
1 Accounting policies (continued)
Hedging reserve
Hedging 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 transactions
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 and 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 of available-for-sale
financial assets
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 and losses on the sale of treasury shares are recognised
in reserve for treasury shares.
Non-controlling interests
The proportionate shares of the profits and equity of subsidiaries
attributable to non-controlling interests are recognised
as a separate item under equity. On initial recognition, noncontrolling
interests are stated as described under “Business
combinations” above. Put options issued as part of the
consideration for business combinations are recognised as
described under “Acquisition and divestment of non-controlling
interests” above.
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
Group | Falck Annual Report 2010 63
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.
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 other comprehensive income.
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.

64 Falck Annual Report 2010 | Group
Notes to the Group financial statements
Note
1 Accounting policies (continued)
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.
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 companies, non-controlling
interests and operations 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 transaction.

Notes to the Group financial statements
Note
1 Accounting policies (continued)
Cash flows from financing activities
Cash flows from financing activities include cash flows from
changes in share capital 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
recognised 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.
Group | Falck Annual Report 2010 65
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 RATIOS
For definitions of financial ratios, see page 119.

66 Falck Annual Report 2010 | Group
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.
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 15 to the consolidated financial statements.
Provisions for acquisition of non-controlling interests
In the determination of the fair value of issued put options
under which the Group assumes an obligation to buy shares
in subsidiaries held by non-controlling shareholders, Management
makes certain estimates, including of the future
financial performance of the subsidiaries, the probability that
the option holders exercise their right to sell and the time
of exercise. These factors are of material importance to the
determination of the fair value, which is therefore subject to
uncertainty.
Purchase price allocation in business combinations
In connection with the allocation of the purchase price in business
combinations, a determination is made of the fair values
of the assets and liabilities acquired. As this determination
is based on expected future cash flows related to the assets
and liabilities acquired, the realisation of such cash flows as anticipated
is subject to an inherent uncertainty. In accordance
with IFRS 3, the allocation of the purchase price in business
combinations may be adjusted for up to 12 months from the
date of acquisition.

Notes to the Group financial statements
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 provides 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 most of
Europe and, at year end 2010, North and South America, 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 through
outsourcing and offers fire services by way of fire and emergency
services to industrial and public-sector customers.
Group | Falck Annual Report 2010 67
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 operating profit before costs and amortisation
from business combinations and exceptional items.
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.

68 Falck Annual Report 2010 | Group
Notes to the Group financial statements
Note DKK million
3 Segment information (continued)
Elimination
and non-
allocated
Business areas 2010 Assistance Emergency Healthcare Training items Total
KEY RATIOS
Operating margin (%) 1) 10.9 6.8 6.3 14.8 10.0
INCOmE STATEmENT
Revenue 2,470 4,834 1,196 958 (1,091) 8,367
Operating profit before amortisation
and depreciation 280 508 96 188 (2) 1,070
Amortisation and depreciation (22) (204) (26) (55) (307)
Profit before financials 258 304 70 133 (2) 763
Analysed as follows:
Operating profit before costs and
amortisation from business combinations
and exceptional items 269 329 75 142 24 839
Amortisation of intangible assets
and costs from business combinations (11) (25) (5) (9) - (50)
Operating profit before exceptional items 258 304 70 133 24 789
Exceptional items - - - - (26) (26)
Profit before financials 258 304 70 133 (2) 763
Financials, etc. (122) (122)
Profit before tax 641 641
Income taxes (183) (183)
Profit for the year 458 458
BALANCE SHEET
Total assets 2,572 3,875 1,071 1,750 (179) 9,089
Net investments in intangible assets,
property, plant and equipment 49 33 11 41 (22) 112
1) Operating profit before costs and amortisation from business combinations and exceptional items as a percentage of revenue.

Notes to the Group financial statements
Note DKK million
3 Segment information (continued)
Group | Falck Annual Report 2010 69
Elimination
and non-
allocated
Business areas 2009 Assistance Emergency Healthcare Training items Total
KEY RATIOS
Operating margin (%) 1) 15.0 5.2 4.3 13.5 9.6
INCOmE STATEmENT
Revenue 2,183 4,271 1,139 921 (985) 7,529
Operating profit before amortisation
and depreciation 342 410 74 163 989
Amortisation and depreciation (15) (196) (29) (47) (287)
Profit before financials 327 214 45 116 702
Analysed as follows:
Operating profit before costs and
amortisation from business combinations
and exceptional items 327 221 49 124 721
Amortisation of intangible assets
from acquisitions - (7) (4) (8) (19)
Operating profit before exceptional items 327 214 45 116 702
Exceptional items - - - - -
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
BALANCE 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
1) Operating profit before costs and amortisation from business combinations and exceptional items as a percentage of revenue.

70 Falck Annual Report 2010 | Group
Notes to the Group financial statements
Note DKK million 2010 2009
3 Segment information (continued)
Non-current Non-current
assets assets
excluding excluding
deferred deferred
Geographic breakdown Revenue tax assets Revenue tax assets
Denmark 5,292 4,075 4,928 4,218
Nordic region 1,541 773 1,233 571
Europe 1,087 596 1,040 524
Rest of the world 447 1,213 328 523
Total 8,367 6,657 7,529 5,836
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, Turkey and Belgium.
The rest of the world comprises the following countries:
Brazil, Malaysia, Nigeria, Singapore, Thailand, Trinidad & Tobago, Vietnam, the United Arab Emirates, Russia, India and the United States.
Note DKK million 2010 2009
4 Revenue
Services 8,318 7,464
Products 49 65
Total revenue 8,367 7,529
5 Other operating income
Gain on sales of assets 52 8
Other operating income 18 33
Total other operating income 70 41
Other operating income relates mainly to rent from premises.

Notes to the Group financial statements
Group | Falck Annual Report 2010 71
Note DKK million 2010 2009
6 Fees to auditors appointed at the annual general meeting
KPmG
Audit (6) (5)
Other assurance engagements - (1)
Tax advisory services (2) (3)
Preparation of a potential IPO (8) -
Other services (2) (1)
Total fees (18) (10)
7 Staff costs
Salaries and wages to employees (3,771) (3,544)
Ordinary remuneration to the Executive Management Board (10) (8)
Remuneration to the Executive Management Board relating to preparation of a potential IPO (7) -
Remuneration to the Board of Directors (2) (1)
Total (3,790) (3,553)
Of which reinvoiced 3 -
Total salaries and remuneration (3,787) (3,553)
Defined-contribution pension plans (255) (245)
Defined-benefit pension plans 18 (9)
Other social security costs (330) (282)
Other staff costs (301) (273)
Total other staff costs (868) (809)
Total staff costs (4,655) (4,362)
Number of full-time employees 14,352 12,258
Number of part-time employees 4,791 4,199
The rate of increase in remuneration to the Executive Management Board excluding bonus
was 2% in 2010 (2009: 0%).
Remuneration to the Executive Management Board includes pension contributions of - 1
The service contracts for the members of the Executive Management Board include severance
periods which, in the case of resignation by an executive, are 6 months and, in the case of
termination by the company, are 12 months.
Warrant programme, Executive management Board
Number of warrants at 1 January 4,443,120 4,443,120
Buy back in the period. See note 21 (4,443,120) -
Number of warrants at 31 December - 4,443,120
At the extraordinary general meeting held on 25 February 2011, the Board of Directors was authorised to establish a new warrant
programme. At the Board meeting held on 15 March 2011, the Board of Directors adopted a resolution to establish a new warrant
programme for the Executive Management Board. The new warrant programme comprises 4,443,120 warrants. Each warrant entitles
the holder to subscribe for one share with a nominal value of DKK 0.50 on 30 December 2015 at a price of DKK 125 per share. The warrants
issued were acquired at market value, equivalent to DKK 11 million, and there are no conditions attached to the acquisition of the
warrants.

72 Falck Annual Report 2010 | Group
Notes to the Group financial statements
Note DKK million 2010 2009
8 Amortisation and depreciation
Intangible assets from acquisitions (27) (19)
Other intangible assets (28) (27)
Land and buildings (36) (30)
Leasehold improvements (10) (10)
Fixtures and fittings, tools and equipment (206) (201)
Total amortisation and depreciation (307) (287)
9 Amortisation of intangible assets
and costs from business combinations
Amortisation of intangible assets from acquisitions (27) (19)
Costs from business combinations (23) -
Total amortisation of intangible assets and costs from business combinations (50) (19)
10 Exceptional items
Costs related to preparation of a potential IPO (26) -
Total exceptional items (26) -
11 Financial income
Foreign exchange gains 21 37
Interest from cash 6 9
Interest from securities 1 3
Other financial income 5 3
Total financial income 33 52
12 Financial expenses
Foreign exchange losses (14) (7)
Losses on securities - (1)
Interest to credit institutions (119) (138)
Interest element on discounted liabilities (12) (9)
Other financial expenses (10) (10)
Total financial expenses (155) (165)

Notes to the Group financial statements
Group | Falck Annual Report 2010 73
Note DKK million 2010 2009
13 Income taxes
Current tax (184) (195)
Change in deferred tax for the year (1) 28
Prior-year adjustments 2 (4)
Total income taxes (183) (171)
Tax on other comprehensive income (38) (35)
Total tax (221) (206)
Income taxes paid during the year (195) (166)
Breakdown of tax rate:
Total income taxes (183) (171)
Tax base for current tax 641 588
Effective tax rate 28.6% 29.0%
Reconciliation of tax rate:
Danish tax rate 25.0% 25.0%
Differences in foreign tax rates relative to Danish rate 0.4% 0.5%
Group weighted average tax rate 25.4% 25.5%
Non-deductible costs/(tax-exempt income) 2.8% 0.5%
Current year's non-capitalised tax losses 0.3% 2.0%
Utilisation of non-capitalised tax losses (0.4%) (0.5%)
Other adjustments including adjustments relating to prior years 0.5% 1.5%
Effective tax rate 28.6% 29.0%
14 Earnings per share
Profit for the year 458 417
Profit attributable to non-controlling interests 14 15
Profit attributable to the Falck Group 444 402
Average number of shares 92,786,800 91,522,851
Average number of treasury shares 268,079 140,102
Average number of outstanding shares 92,518,721 91,382,749
Average dilutive effect of outstanding warrants 3,553,820 1,119,812
Diluted average number of outstanding shares 96,072,541 92,502,561
Earnings per share (EPS) of DKK 0.50 4.8 4.4
Diluted earnings per share (DEPS) of DKK 0,50 4.6 4.3

74 Falck Annual Report 2010 | Group
Notes to the Group financial statements
Note DKK million
15 Intangible assets
Intangible
assets Other
from intangible
2010 Goodwill acquisitions assets Total
Cost at 1 January 2010 4,075 127 169 4,371
Foreign exchange differences 91 12 3 106
Additions on acquisitions 575 197 1 773
Additions - - 27 27
Revaluation of put options and earn-outs (30) - - (30)
Disposals and reclassification - - (30) (30)
Cost at 31 December 2010 4,711 336 170 5,217
Amortisation and impairment at 1 January 2010 - (46) (75) (121)
Foreign exchange differences - (2) (2) (4)
Disposals and reclassification - - 32 32
Amortisation - (27) (28) (55)
Amortisation and impairment at 31 December 2010 - (75) (73) (148)
Carrying amount at 31 December 2010 4,711 261 97 5,069
Intangible
assets Other
from intangible
2009 Goodwill acquisitions 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 - - 43 43
Additions on sale of non-controlling interests 75 - - 75
Revaluation of put options and earn-outs (14) - - (14)
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
Intangible assets from acquisitions primarily relate to customer contracts and other customer relations. The acquisitions were primarily
made to achive synergies with existing business areas, to further develop existing markets and to establish a presence on new markets.
As a result, a large part of the consideration is allocated to goodwill.
Other intangible assets are primarily related to software.
Except for goodwill, all intangible assets are deemed to have a limited economic life.

Notes to the Group financial statements
Note DKK million
15 Intangible assets (contiued)
Group | Falck Annual Report 2010 75
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 (value in use) are compared with their carrying
amounts.
2010 2009
Goodwill is related to the following business areas:
Assistance 1,948 1,805
Emergency 956 480
Healthcare 761 781
Training 1,046 1,009
Total goodwill 4,711 4,075
In connection with the company's acquisition of the shares in Falck A/S in 2004/05 (merged with the parent company on 1 January
2009), goodwill with a carrying value of DKK 2,630 million was 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 2011 and the Group’s strategic plan for the period until 2015.
Moreover, growth during the terminal period has been estimated at 2-3% (2009: 3.0%).
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% (2009: 8%).
The Emergency activities primarily consist of ambulance services, including transportation of patients, and of fire fighting for public
customers, 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 for private companies in several countries. The discount rate for Emergency has been set
at 8% (2009: 8%).
The Healthcare activities primarily consist of subscriptions and longer term contracts and are therefore stable from year to year. The
discount rate has been set at 8% (2009: 8%). Substantial growth is expected in the Healthcare business in the years ahead.
Healthcare also includes staffing business which mainly consists of payments on a case-by-case basis. The discount rate has therefore
been set at 9% (2009: 9%).
Training is to an extent affected by the activity level in the oil industry. The discount rate has therefore been set at 9% (2009: 9%). The
main assumptions in the strategic plan until 2015 are the expected organic growth and that off-shore exploration activities will pick up
pace.
The impairment tests of goodwill did not result in any impairment.

76 Falck Annual Report 2010 | Group
Notes to the Group financial statements
Note DKK million
16 Propertry, plant and equipment
Fixtures,
Leasehold fittings,
Land and improve- tools and
2010 buildings ments equipment Total
Cost at 1 January 2010 844 82 1,100 2,026
Foreign exchange differences 16 4 41 61
Additions on acquisitions - 2 63 65
Additions 152 7 215 374
Disposals and reclassification (154) (4) (245) (403)
Cost at 31 December 2010 858 91 1,174 2,123
Depreciation and impairment at 1 January 2010 (118) (26) (288) (432)
Foreign exchange differences (4) (1) (30) (35)
Disposals and reclassification 12 3 145 160
Depreciation (36) (10) (206) (252)
Depreciation and impairment at 31 December 2010 (146) (34) (379) (559)
Carrying amount at 31 December 2010 712 57 795 1,564
of which assets under construction 14 - 18 32
of which assets held under finance leases 12 - 12 24
Fixtures,
Leasehold fittings,
Land and improve- tools and
2009 buildings ments 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 85
of which assets held under finance leases 11 - 15 26

Notes to the Group financial statements
Group | Falck Annual Report 2010 77
Note DKK million 2010 2009
17 Investments in associates
Cost at 1 January 2 2
Additions on acquisitions 20 -
Cost at 31 December 22 2
Share of valuation adjustments at 1 January (5) (4)
Share of profit after tax - (1)
Disposals and reclassifications 1 -
Impairment and share of valuation adjustments at 31 December (4) (5)
Carrying amount before offset in receivables at 31 December 18 (3)
Companies with negative carrying amount offset in receivables 5 6
Carrying amount at 31 December 23 3
See "Legal entities" for a list of companies
Summary financial information about associates (100%):
Revenue 19 18
Profit for the year 3 (2)
Total assets 283 246
Total liabilities 275 245
18 Inventories
Finished goods and goods for resale 60 41
Total inventories 60 41
Value of inventories recognised at net realisable value - -
Write-downs during the year 3 -
Reversal of write-downs during the year - -
19 Trade receivables
Trade receivables 1,012 696
Receivables from subscriptions 76 45
Total trade receivables 1,088 741
Write-downs at 1 January 27 23
Write-downs during the year 27 17
Realised write-downs during the year (25) (13)
Write-downs at 31 December 29 27
Write-downs are recognised under other external costs
Write-downs of receivables are based on individual assessments of customers' ability to pay.
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.

78 Falck Annual Report 2010 | Group
Notes to the Group financial statements
Note DKK million 2010 2009
19 Trade receivables (continued)
Breakdown by maturity:
Not due 703 474
Due within - 1 to 30 days 167 163
Due within - 31 to 90 days 97 58
Due within - more than 90 days 150 73
1,117 768
Provision for bad debts (29) (27)
Total trade receivables 1,088 741
Fair value of trade receivables 1,088 741
20 Cash and securities
Cash 439 538
Securities 372 145
Total cash and securities 811 683
DKK 66 million (2009: DKK 58 million) of the Group’s cash and cash equivalents is held in a
Swedish subsidiary which is subject to Swedish insurance regulations and which is therefore
subject to solvency requirements.
21 Equity, treasury shares and dividends
Capital structure
The Group is generally not subject to any capital requirements other than usual statutory requirements.
The Group monitors and manages its capital structure in order to ensure that it can meet its financial
obligations. No changes have been made to the Group's management of capital as compared with 2009.
movements in share capital in the past 7 financial years
Share capital at 1 January - -
Additions on capital increase in 2004 44 44
Additions on capital increase in 2006 1 1
Additions on capital increase in 2008 0 0
Additions on capital increase in 2009 1 1
Share capital at 31 December 46 46
The share capital is divided into 92,786,800 shares (2009: 92,786,800 shares) with a nominal value of DKK 0.50 each.
The shares are fully paid up and are not divided into classes.
Number of shares Nominal value (DKK thousand) % of share capital
Treasury shares 2010 2009 2010 2009 2010 2009
Treasury shares at 1 January 258,219 79,291 129 40 0.29 0.09
Additions 95,238 178,928 48 89 0.10 0.20
Disposals (353,457) - (177) - (0.39) -
Treasury shares at 31 December 0 258,219 0 129 0 0.29
All treasury shares were owned by Falck A/S.
The purchase price of treasury shares acquired during the financial year was DKK 6 million (2009: DKK 5 million).
The sales price of treasury shares sold during the financial year was DKK 30 million (2009: DKK 0 million).

Notes to the Group financial statements
Group | Falck Annual Report 2010 79
Note DKK million 2010 2009
21 Equity, treasury shares and dividends (continued)
Warrants
In December 2010, the Group acquired the existing warrants from the Executive
Management Board through a cash buy back at market value. See note 37.
The warrant programme was subsequently cancelled in February 2011.
Warrant programme
Number of warrants at 1 January - -
Buy back of own warrants 4,443,120 -
Number of warrants at 31 December 4,443,120 -
Dividend
A dividend of DKK 0 million is proposed (2009: DKK 0 million).
22 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 defined-benefit plan in Norway was changed to a defined-contribution plan in 2010, to the effect that the defined-benefit plan now
only comprises already retired staff. The change of the pension plan resulted in the recognition of income of DKK 20 million in staff costs
in the income statement.
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-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.
2010 2009
DEFINED-BENEFIT PLANS
Costs in current financial year 2 9
One-off effects of transition to defined-contribution plan (20) -
Interest expenses related to pension obligations 1 3
Expected return on plan assets (1) (3)
Recognised pension cost (18) 9
Breakdown of provision for the Group's obligations:
Present value of pension obligations 24 75
Fair value of plan assets (26) (56)
Total pension provisions (2) 19
Recognised in the balance sheet as follows:
Pension assets 2 -
Provision for pensions - 19
Total 2 19
The pension assets are included in other receivables.

80 Falck Annual Report 2010 | Group
Notes to the Group financial statements
Note DKK million 2010 2009
22 Pension obligations (continued)
Breakdown of change in pension provisions:
Pension provision at 1 January 75 72
Foreign exchange differences 4 14
Cost in respect of current financial year 2 9
Changes in actuarial estimates (37) (23)
One-off effects of transition to defined-contribution plan (20) -
Calculated interest 1 3
Paid out during the period (1) -
Pension provisions at 31 December 24 75
Expected contributions for next year - 8
movements in fair value of plan assets
Plan assets at 1 January 56 49
Foreign exchange differences 3 8
Expected return on plan assets 1 3
Employer's contributions to plan during the period 2 10
Changes in actuarial estimates (35) (13)
Paid out during the period (1) (1)
Total plan assets at 31 December 26 56
Actual return on plan assets (1) 1
Total actuarial gains recognised in the statement of comprehensive income 2 10
Total accumulated actuarial gains recognised in the statement of comprehensive income (7) (9)
Breakdown of plan assets:
Shares 4 3
Bonds 16 34
Property etc. 4 9
Other 2 10
Total plan assets 26 56
The defined-contribution plans are paid and recognised as incurred, and the Group has no obligations
to the employees thereafter.
The calculation of the obligation is based on the following assumptions:
Norway
Salary increases 4.0% 4.3%
Expected return on plan assets 5.0% 5.6%
Discount rate 3.6% 4.4%
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 for the current and the preceding four years:
2010 2009 2008 2007 2006
Actuarial pension obligations (24) (75) (72) (70) (58)
Plan assets 26 56 49 53 54
(Under funding)/over funding 2 (19) (23) (17) (4)
Experience-based change to obligations (1) (9) (2) (5) 0
Experience-based change to plan assets 0 (3) (3) 0 0

Notes to the Group financial statements
Group | Falck Annual Report 2010 81
Note DKK million 2010 2009
23 Other employee obligations
Employee obligations at 1 January 36 40
Adjustment in respect of current financial year 1 2
Paid out during the period (5) (6)
Employee obligations at 31 December 32 36
The employee obligations primarily concern a special severance scheme for executives employed
before 1991. The scheme is closed to new members.
24 Deferred tax
Deferred tax provisions at 1 January 93 63
Foreign exchange differences (1) (7)
Additions on acquisitions 73 -
Change in deferred tax for the year 39 22
Change in deferred tax for prior years 1 15
Deferred tax provisions at 31 December 205 93
Deferred tax assets (75) (67)
Deferred tax provision 280 160
Deferred tax provisions at 31 December 205 93
Breakdown of deferred tax:
Intangible assets 115 44
Property, plant and equipment 111 132
Current assets 13 (2)
Non-current debt and provisions (17) (15)
Current debt 12 (4)
Tax losses carried forward (36) (35)
Equity 7 (27)
Deferred tax provisions at 31 December 205 93
Tax losses carried forward and not included in deferred tax assets amount to DKK 35 million (2009: DKK 35 million).
Deferred tax assets are recognised on the basis of expected future earnings.

82 Falck Annual Report 2010 | Group
Notes to the Group financial statements
Note DKK million 2010 2009
25 Provisions for acquisitions of operations and non-controlling interests
Provisions for acquisitions of non-controlling interests 311 227
Outstanding consideration and earn-outs 146 59
Provisions at 31 December 457 286
Non-current provisions:
Provisions for acquisitions of non-controlling interests 311 219
Outstanding consideration and earn-outs 77 57
Total 388 276
Current provisions:
Provisions for acquisitions of non-controlling interests - 8
Outstanding consideration and earn-outs 69 2
Total 69 10
Total provisions 457 286
Provisions for acquisitions of non-controlling interests
Provisions at 1 January 227 216
Foreign exchange differences 28 7
Additions on acquisitions 103 -
Additions on divestments of non-controlling interests 41 75
Disposals on acqisitions of non-controlling interests (49) (57)
Interest element on discounted liabilities 12 9
Dividends paid (16) (9)
Revaluation recognised in goodwill (30) (14)
Revaluation recognised in equity (5) -
Provisions for acquisitions of non-controlling interests at 31 December 311 227
Classification of provisions for acquisitions of non-controlling interests by expected maturity:
Within 1 year - 8
Between 1 and 3 years 59 64
Between 3 and 5 years 97 78
More than 5 years 155 77
Provisions for acquisitions of non-controlling interests at 31 December 311 227
Outstanding consideration and earn-outs
Provisions at 1 January 59 24
Foreign exchange differences - -
Additions on acquisitions 134 35
Payments during the year (47) -
Outstanding consideration and earn-outs at 31 December 146 59
Classification of outstanding consideration and earn-outs by expected maturity:
Within 1 year 69 2
Between 1 and 3 years 25 57
Between 3 and 5 years 52 -
More than 5 years - -
Outstanding consideration and earn-outs at 31 December 146 59
In connection with Falck assuming an obligation to acquire non-controlling interests, a concurrent right was obtained for Falck to acquire
the same non-controlling interests in an agreed period. The consideration for obligations and rights to acquire non-controlling interests
is determined on the basis of profit before exercise multiplied by an already agreed multiple less net debt in the relevant companies. On
recognition in the balance sheet, this value is made up at fair value on the basis of earnings and net debt at the time when the non-controlling
interests are expected to exercise their right to sell their shares to Falck. The calculated fair value assumes an increase in earnings
and a decrease in net debt in the relevant companies as compared with the value recognised in the financial statements.
If the value of Falck's obligation to acquire non-controlling interests is determined on the basis
of the profit and net debt recognised in 2010 (2009), the value would be 193 160

Notes to the Group financial statements
Group | Falck Annual Report 2010 83
Note DKK million 2010 2009
26 Other provisions
Provisions at 1 January 13 13
Additions on acquisitions 43 -
Provisions made during the year - 1
Provisions used during the year (2) (1)
Other provisions at 31 December 54 13
Classification of provisions by expected maturity:
Within 1 year 20 2
Between 1 and 3 years 11 5
Between 3 and 5 years 14 -
More than 5 years 9 6
Other provisions at 31 December 54 13
Other provisions concern legal court cases, an unprofitable lease contract for premises and the
Group's obligation to clean up and demolish facilities on leased land.
27 Credit institutions
Non-current liabilities:
Assets held under finance leases 13 17
Long-term loans 3,146 2,952
Total 3,159 2,969
Current liabilities:
Assets held under finance leases 5 5
Short-term loans 596 286
Total 601 291
Total credit institutions 3,760 3,260
Of total long-term loans, mortgage loans represent DKK 385 million (2009: DKK 387 million)
Breakdown by maturity:
Due within 1 year 601 291
Due between 1 and 3 years 2,543 691
Due between 3 and 5 years 226 1,885
Due after 5 years 390 393
Total 3,760 3,260
Breakdown by currency:
DKK 2,554 1,982
EUR 886 999
NOK 6 6
USD 283 249
SEK 18 24
BRL 13 -
Total 3,760 3,260
Interest reset periods:
Within 3 months 3,375 2,873
After 12 months 385 387
Total 3,760 3,260
The statements set out above do not include liabilities relating to interest for subsequent financial periods. See note 36 for a description
of the Group's risks and cash resources.

84 Falck Annual Report 2010 | Group
Notes to the Group financial statements
Note DKK million
27 Credit institutions (continued)
The effective interest rate has been determined at 3.4% (2009: 3.8%).
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 was fixed for one month and averaged approximately 1.8% (2009: 1.8%).
As at the balance sheet date, the interest rate in EUR was fixed for one month and averaged approximately 1.0% (2009: 0.8%). As at the
balance sheet date, the interest rate in USD was fixed for 3 months and averaged approximately 0.7% (2009: 0.6%).
For debt with an interest reset period beyond 12 months (in DKK) the effective interest rate is currently approximately 4.5% (2009: 4.5%).
The market value of debt with an interest reset period within 3 months is approximately DKK 3,378 (2009: DKK 2,785 million), and the
market value of debt with an interest reset period beyond 12 months is approximately DKK 411 million (2009: DKK 404 million).
DKK 26 million (2009: DKK 7 million) of capitalised loan costs has been deducted from the carrying amount of debt.
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:
Present value minimum
of lease lease
2010 payments Interest payments
Due within 1 year 5 1 6
Due between 1 and 5 years 10 1 11
Due after 5 years 3 - 3
Total as at 31 December 2010 18 2 20
Present value minimum
of lease lease
2009 payments Interest payments
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

Notes to the Group financial statements
Group | Falck Annual Report 2010 85
Note DKK million 2010 2009
28 Other payables
Holiday pay, wages, etc. 552 525
Employee income taxes, etc. 62 132
VAT 77 60
Accrued interest 1 3
Other 111 94
Total other payables 803 814
29 Deferred income
Subscription commitments 1,013 991
Other deferred income 281 227
Total deferred income 1,294 1,218
30 Net financials
Financial income and expenses (122) (113)
Of which unrealised gains and losses (7) (27)
Interest element, discounted liabilities 12 9
Change in amortised borrowing costs (24) -
Change in interest payable (2) 2
Total net financials (143) (129)
31 Investments in subsidiaries, non-controlling interests and operations
Assets
Intangible assets (1) -
Property, plant and equipment (65) (39)
Cash and cash equivalents (96) (11)
Other current assets (256) (64)
Equity and liabilities
Interest-bearing debt 43 -
Current debt, provisions, etc. 216 70
Non-controlling interests 2 20
Net assets acquired (157) (24)
Goodwill and other intangible assets (772) (80)
Deferred tax on intangible assets 71 -
Value in excess of/below fair value relating to acquisitions of non-controlling interests 5 -
Provisions for acquisitions of non-controlling interests, used during the year (49) (57)
Provisions for acquisitions of non-controlling interests, additions during the year 103 -
Purchase price (799) (161)
Adjustment for cash and cash equivalents acquired 96 11
Outstanding consideration 43 31
Effect of hedging the consideration denominated in foreign currency 31 -
Consideration relating to prior-year acquisitions (19) -
Cash consideration for acquisitions of Group companies (648) (119)
Costs from business combinations, expensed 23 -
Costs from business combinations, capitalised 2 7

86 Falck Annual Report 2010 | Group
Notes to the Group financial statements
Note DKK million
31 Investments in subsidiaries, non-controlling interests and operations (continued)
Other than intangible assets with a value of DKK 197 million (2009: DKK 6 million), no assets or liabilities have been identified which
were not recognised in the companies acquired on the date of acquisition.
As a result of significant acquisitions made in late 2010, the opening balance sheet is based on preliminary statements as the fair value of
certain receivables and liabilities could not be determined before the closing of the accounts.
Acquisitions can be adjusted up to 12 months after the acquisition.
Adjustment of goodwill in 2010 related to business combinations closed in 2009 totalled DKK 6 million (2009: DKK 1 million).
The nominal value of other current assets total DKK 358 million (2009: DKK 64 million).
No acquisitions in 2010 accounts for more than 5% of the Group's revenue and they are therefore stated together in the above specification
of net assets acquired.
The following acquisitions were made during the financial year. All acquisitions have been recognised applying the acquisition method:
Percentage
of voting
main month of Purchase Consideration rights
Acquisitions 2010 activity Country acquisition price paid in acquired
Resource Protection International Ltd. Emergency UK Mar. 78 Cash 100%
S Reg AB Assistance Nordic region Sep. 181 Cash 100%
Toesa Service S.A. Emergency Brazil Oct. 170 Cash 60%
Care Ambulance Service, Inc. Emergency USA Dec. 322 Cash 100%
Falck AVD B.V. Emergency The Netherlands Apr. 20 Cash 20%
Other acquisitions 28 Cash
Total acquisitions 2010 799
Profit of acquired companies after date of acquisition 11
Full-year revenue including acquisitions 8,966
Full-year profit including acquisitions 510
Resource Protection International (RPI) is a UK based consultancy company which specialises in reduction of fire and explosion hazards
mainly with focus on large oil and gas companies.
The acquisition will add a service of highly specialised industrial safety experience. The acquisition was primarily made to achieve synergies
with existing business and further to develop both existing and new markets.
As a result, a large part of the purchase price has been allocated to goodwill.
The outstanding consideration comprises payments due within the next 9 months and an earn-out payment related to a percentage of
earnings generated by the activity related to RPI since acquisition. The earn-out is capped.
S Reg is a Swedish-based provider of safety services, mainly offering the subscriber recovery from theft or loss of items, such as bicycles.
The acquisition will add a possibility of cross-selling both S Reg products and Falck products to the subscribers as well as the ability to
grow the sales of S Reg products through the Falck brand where applicable. Due to the type of operation, a part of the purchase price
has been allocated to the current customer contracts. The remaining value has been allocated to goodwill, comprising the expected
value to be derived from cross-selling opportunities and operational synergies.
The acquisition comprises the possibility of contingent payments depending on the fullfilment of certain targets within the separate
product area of the company until 2012. No contingent payment is expected due to the current expectations of performance.
Toesa is a Brazilian-based provider of ambulance and health clinic services with activities in several cities across the country. The ambulance
service is mainly non-emergency services provided for municipal authorities. The acquisition will add additional business areas to the
present operation in Brazil and establish a platform for further growth opportunities in the market. A portion of the purchase price has been
allocated to customer contracts while the remaining value has been allocated to goodwill, being the expected growth of the company.
Care Ambulance Service is a US-based provider of ambulance services covering 911 emergency and non-emergency transports in areas
in Los Angeles and Orange County in California. By the acquisition of Care, Falck will enter the largest ambulance market in the world,
in which Care is one of the largest providers in the region with a strong track record. The US market is expected to provide a strong
potential for growth based on the changes in demographics. A part of the purchase price has been allocated to customer contracts while
the remaining portion has been allocated to goodwill, representing the expected value of future growth opportunities and synergies to
be achieved.

Notes to the Group financial statements
Note DKK million
Group | Falck Annual Report 2010 87
31 Investments in subsidiaries, non-controlling interests and operations (continued)
Percentage
of voting
main month of Purchase Consideration rights
Acquisitions 2009 activity Country acquisition price paid in acquired
Falck TravelCare AB Assistance Sweden Feb. 5 Cash 100%
Falck OY Assistance Finland Jun. 12 Cash 30%
Falck AVD Holding B.V. Emergency The Netherlands Jun. 53 Cash 49%
Falck Prime Atlantic Limited Training Nigeria Oct. 25 Cash 51%
Pleje & Omsorg Healthcare Denmark Oct. 32 Cash 100%
Dansk HjemmePlejeService Healthcare Denmark Dec. 30 Cash 100%
Other acquisitions 4
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
Percentage
of voting
main month of Purchase Consideration rights
Acquisitions 2011 activity Country acquisition price paid in acquired
LifeStar Response Emergency USA Jan. 186 Cash 100%
Starowka Healtcare Poland Mar. 27 Cash 75%
Total acquisitions 2011 213
Full-year revenue in acquired companies 590
Full-year profit in acquired companies 17
Falck signed an agreement to acquire 100% of LifeStar Response at 1 January 2011.
LifeStar Response is a US-based provider of ambulance services, mainly covering non-emergency transports in areas in several states on
the east-coast of the United States. The acquisition of LifeStar Response adds further presence of Falck in the United States, where LifeStar
Response is one of the largest providers in the region. The US market is expected to provide a strong potential for growth based on
the changes in demographics. It is expected that a part of the purchase price will be allocated to customer contracts while the remaining
portion will be allocated to goodwill, representing the expected value of future growth opportunities and synergies to be achieved.
According to the preliminary opening balance sheet, net assets acquired total DKK 92 million and goodwill including intangible assets
total DKK 94 million.
Falck signed an agreement to acquire 75% of Starowka at 1 march 2011.
Starowka operates four healthcare clinics in the Warsaw area in Poland. The clinics provide both public and private healthcare services.
The acquisition of Starowka is a geographical expansion of the business area in Poland. It is expected that a part of the purchase price
will be allocated to customer contracts while the remaining portion will be allocated to goodwill, representing the expected value of
future growth opportunities and synergies to be achieved.
According to the preliminary opening balance sheet, net assets acquired total DKK 0 million and goodwill including intangible assets
total DKK 27 million.

88 Falck Annual Report 2010 | Group
Notes to the Group financial statements
Note DKK million 2010 2009
32 Divestments of subsidiaries, non-controlling interests and operations
Assets
Cash and cash equivalents - 2
Other current assets - 2
Equity and liabilities
Current debt, provisions, etc. - (1)
Net assets divested - 3
Disposals of goodwill - 1
Provisions for acquisitions of non-controlling interests, additions during the year 41 75
Value in excess of/below fair value relating to divestment of non-controlling interests (37) (75)
Consideration received 4 4
Adjustment for cash and cash equivalents divested - (2)
Consideration receivable (3) (12)
Consideration received relating to prior-year divestments 9 -
Divestment of investments in Group enterprises - 23
Divestment of Group enterprises 10 13
Divestments in 2010 comprised non-controlling interests in Falck Hjemmepleje A/S in Denmark,
Falck Investments N.V. in Belgium, Falck Jobservice A/S in Denmark, Falck Eurasia B.V. in the
Netherlands, Falck Nutec (Thailand) Ltd., Care Ambulance Service Inc. in the United States and Falck
Yardim Hizmetleri Limited S¸irketi in Turkey.
Divestments in 2009 comprised the subsidiaries Tesia AB in Sweden, RISC Fire & Safety Services B.V.
in the Netherlands, and non-controlling interests in Falck Emergency AS in Slovakia, MSTS Asia Sdn.
Bhd. in Malaysia, Falck Aktiv Arbetsmedicin AB in Sweden and Falck Hjemmepleje A/S in Denmark.
33 Dividends paid to non-controlling interests
Dividend to non-controlling interests recognised in equity (13) (1)
Dividend to non-controlling interests recognised in provisions for acquisitions of non-controlling interests (16) (9)
Total dividends paid to non-controlling interests (29) (10)
34 Other movements relating to shareholders
Capital increase - 39
Acquisition of treasury shares (6) (5)
Disposal of treasury shares 30 -
Payment received for change of warrant terms - 1
Buy back of warrants (307) -
Total other movements relating to shareholders (283) 35

Notes to the Group financial statements
Group | Falck Annual Report 2010 89
Note DKK million 2010 2009
35 Contingent liabilities, contractual obligations and collateral security
Contingent liabilities
Other guarantee commitments 11 15
Total guarantee commitments 11 15
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 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 249 million (2009: 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 262 223
Due between 1 and 5 years 674 601
Due after 5 years 799 721
Operating lease commitments at 31 December 1,735 1,545
Net present value of lease commitments 1,444 1,346
The present value has been calculated on the basis of current market interest rates in the individual
countries.
Lease payments recognised in the income statement 275 238
The operating lease commitments concern leases for vehicles and buildings.
The lease period for cars is typically between 4 and 9 years.
None of the leases include material contingent lease payments, whereas Falck has a right of first
refusal to buy a number of buildings at a preset value.
Collateral security
The shares in the subsidiary Falck Danmark A/S have been provided as collateral for debt in Falck A/S.
Carrying amount of the Group's properties that have been mortgaged in security of loans 512 552
Bearer mortgages issued and used as collateral for credits 385 388
Unused bearer mortgages 15 16
See the note on liquidity risks for the conditions applicable to mortgaged assets.

90 Falck Annual Report 2010 | Group
Notes to the Group financial statements
Note DKK million
36 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 speculate actively 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 2009.
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.
63% of the Group’s revenue and earnings is denominated in Danish kroner (DKK) (2009: 65%). 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 2010 2009
The hypothetical impact on the Probable Hypothetical Probable Hypothetical
profit for the year and the Group's change in impact Hypothetical change in impact Hypothetical
equity from reasonably probable exchange on profit impact exchange on profit impact
changes in exchange rates: rate for the year on equity rate for the year on equity
EUR/DKK 1% 9 9 1% 10 10
USD/DKK 10% - - 10% - 25
BRL/DKK 10% - 6 - - -
NOK/DKK 5% - 3 5% - 3
GBP/DKK 5% - 4 5% - 2
PLN/DKK 10% - 6 10% - 5
SEK/DKK 5% - 14 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.

Notes to the Group financial statements
Note DKK million
36 Financial instruments (continued)
Group | Falck Annual Report 2010 91
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 13 million (2009: 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 34 million (DKK 29 million).
The Group monitors developments in market interest rates closely so that it can react if the market situation changes.
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 interest rate collar also includes a floor rate fixed at 3.25% and thereby resulting
in the hedged amount at all times being subject to interest in the range of 3.25% to 5.5%.
Assumptions regarding sensitivity information:
The sensitivity stated has been determined based on the recognised financial assets and liabilities as at 31 December 2010. No adjustment
has been made for servicing and raising of debt, or the like in 2010. Furthermore, it is assumed that all hedges of floating-rate
loans are 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 2010,
receivables from such subscrioption sales were in the region of DKK 76 million (2009: DKK 45 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 27 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 2010, the Group’s unused credit and other facilities were at the level of DKK 720 million (2009: DKK 542 million).
With the addition of available cash and cash equivalents of DKK 745 million (2009: DKK 625 million), total cash resources were at the
level of DKK 1,465 million (2009: DKK 1,167 million).
Certain of the Group’s loans, including the debt of Falck 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.

92 Falck Annual Report 2010 | Group
Notes to the Group financial statements
Note DKK million
36 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.
Due Due Due Contrac-
within between between Due tual Total
one 1 and 3 3 and 5 after 5 cash carrying market
Contractual cash flows including interest 2010 year years years years flows amount value
Financial assets:
Trade receivables 1,088 - - - 1,088 1,088 1,088
Receivables from associates 21 - - - 21 21 21
Other receivables 246 - - - 246 246 246
Cash and cash equivalents 439 - - - 439 439 439
Loans and receivables 1,794 - - - 1,794 1,794 1,794
Securities 372 - - - 372 372 372
Available-for-sale financial assets 372 - - - 372 372 372
Derivative financial instruments to hedge
net investments in foreign subsidiaries 5 - - - 5 5 5
Total financial assets 2,171 - - - 2,171 2,171 2,171
Financial liabilities:
Credit institutions 687 2,895 35 488 4,105 3,760 3,789
Provision for acquisitions of operations
and non-controlling interests 71 90 171 191 523 457 457
Trade payables 581 - - - 581 581 581
Other payables 733 - - - 733 733 733
Financial liabilities measured
at amortised cost 2,072 2,985 206 679 5,942 5,531 5,560
Derivative financial instruments to hedge
future cash flows 32 25 - - 57 64 64
Derivative financial instruments to hedge
net investments in foreign subsidiaries 6 - - - 6 6 6
Financial liabilities used as
hedging instruments 38 25 - - 63 70 70
Total financial liabilities 2,110 3,010 206 679 6,005 5,601 5,630

Notes to the Group financial statements
Note DKK million
36 Financial instruments (continued)
Group | Falck Annual Report 2010 93
Due Due Due Contrac-
within between between Due tual Total
one 1 and 3 3 and 5 after 5 cash carrying market
Contractual cash flows including interest 2009 year years years years flows amount 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
Provision for acquisitions of operations
and non-controlling interests 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 subsidiaries 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

94 Falck Annual Report 2010 | Group
Notes to the Group financial statements
Note DKK million
36 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 acdcounting in respect of future transactions is recognised directly in equity until the hedged transactions are
recognised in the income statement.
2010 2009
Contract market Contract market
Foreign currency sold/(bought) on forward contracts: value value value value
BRL (expires in 2011) (63) 3 - -
NOK (expires in 2011) 69 (2) 67 (1)
GBP (expires in 2011) 76 2 39 -
PLN (expires in 2011) 62 - 47 (2)
SEK (expires in 2011) 289 (4) 126 (1)
USD (expires in 2011) (239) - - -
Total 194 (1) 279 (4)
Of which recognised in the income statement - -
For future recognition (1) (4)
The market value is recognised in other receivables/other payables.
All contracts expire in 2011, and as they hedge net investments
abroad and acquisition of subsidiaries denominated in foreign
currency, they do not affect the income statement.
2010 2009
Hedged market Hedged market
Interest rate collar: value value value value
DKK collar (floor 3.25% / cap 5.5%) expires in 2013 855 (30) 960 (25)
EUR collar (floor 3.25% / cap 5.5%) expires in 2013 855 (34) 960 (41)
Total (64) (66)
Of which recognised in income statement - -
For future recognition (64) (66)
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 until expiry. See the maturity
analysis of financial assets and liabilities.

Notes to the Group financial statements
Note DKK million
36 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 institutions is valued by discounting based on market expectations.
Group | Falck Annual Report 2010 95
Forward exchange contracts and interest rate swaps are valued using generally accepted valuation techniques based on relevant observable
swap curves and exchange rates.
Quoted Non-
market Observable observable
Fair value hierarchy for financial instruments prices input input
measured at fair value in the balance sheet (Level 1) (Level 2) (Level 3) Total
Finacial assets
Securities 372 - - 372
Derivative financial instruments to hedge net investments
in foreign subsidiaries - 5 - 5
Total financial assets 372 5 - 377
Financial liabilities
Derivative financial instruments to hedge future cash flows - 64 - 64
Derivative financial instruments to hedge net investments
in foreign subsidiaries - 6 - 6
Total financial liabilities - 70 - 70
Quoted Non-
market Observable observable
Fair value hierarchy for financial instruments prices input input
measured at fair value in the balance sheet (Level 1) (Level 2) (Level 3) Total
Finacial 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 subsidiaries - 4 - 4
Total financial liabilities - 70 - 70
2010
2009

96 Falck Annual Report 2010 | Group
Notes to the Group financial statements
Note DKK million 2010 2009
37 Related parties
The Group’s related parties are the members of Falck L.P., LFI A/S, 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:
LFI A/S, Hellerup 36.0% -
Falck L.P., Jersey 43.9% 71.9%
ATP PEP 1 K/S, Copenhagen 6.4% 10.5%
Liberatio A/S, Aarhus 5.2% 4.8%
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 38 19
Payment received for change of warrant terms, Executive Management Board - 1
Costs invoiced to Falck L.P. 6 -
Buy back of warrants, Executive Management Board 307 -
Capital increase, Board of Directors - 39
Purchase of treasury shares - 5
Sale of treasury shares, Board of Directors 1 -
Sale of treasury shares, Executive Management Board 29 -
Transactions with Group companies have been eliminated in the consolidated financial statements in accordance with the accounting policies.
Buy back of warrants was made at DKK 69.05 per warrant.
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 7.
38 New financial reporting regulations
The IASB has issued the following new financial reporting standards (IAS and IFRS) and interpretations (IFRIC), which are not
mandatory for the Group in the preparation of the annual report for 2010:
IFRS 9, amendment to IFRIC 14, IFRIC 19, revised IAS 24, amendments to IFRS 1, amendment to IFRS 7, amendment to IAS 32, improvements
to IFRSs (May 2010) and amendments to IAS 12.
IFRS 9, amendments to IFRS 1, IFRS 7 and IAS 12 have not yet been adopted by the EU.
The standards and intertrepretations adopted with a different effective date in the EU than the corresponding effective dates from the
IASB, will be implemented early so that their implementation follows the IASB's effective dates for financial years beginning on or after
1 January 2011. None of the new standards or interpretations are expected to have a material impact on the financial statements of the
Group and Falck A/S.
39 Events after the balance sheet date
At the extraordinary general meeting held on 25 February 2011, the Board of Directors was authorised to establish a new warrant
programme. At the Board Meeting held on 15 March 2011, the Board of Directors adopted a resolution to establish a new warrant
programme for the Executive Management Board. The new warrant programme comprises 4,443,120 warrants. Each warrant entitles the
holder to subscribe for one share with a nominal value of DKK 0.50 on 30 December 2015 at a price of DKK 125 per share. The warrants issued
were acquired at market value, equivalent to DKK 11 million, and there are no conditions attached to the acquisition of the warrants.
At 1 January 2011, Falck signed an agreement to acquire 100% of LifeStar Response Corporation in the United States for DKK 186 million.
The company operates ambulance services in 6 states and in Washington D.C. in the eastern part of the United States and operates 440
ambulances and similar vehicles.

Contents of the parent
company financial statements
Financial statements
Income statement 98
Statement of comprehensive income 99
Balance sheet 100
Equity statement 102
Cash flow statement 103
Notes to the financial statements
1. Accounting policies 104
Notes to the income statement
2. Other operating income 104
3. Fees to auditors appointed
at the annual general meeting 104
4. Staff costs 104
5. Exceptional items 104
6. Financial income 105
7. Financial expenses 105
8. Income taxes 105
Notes to the balance sheet
9. Investments in subsidiaries 105
10. Share capital and treasury shares 106
11. Deferred tax 106
12. Credit institutions 107
13. Other payables 107
Notes to the cash flow statement
14. Net financials 107
15. Other movements relating to shareholders 108
Supplementary notes
16. Contingent liabilities, contractual obligations
and collateral security 108
17. Financial instruments 108
18. Related parties 111
19. New financial reporting regulations 111
20. Events after the balance sheet date 111

98 Falck Annual Report 2010 | Parent Company
Income statement for the year ended 31 December
Note DKK million 2010 2009
2 Other operating income 7 7
Total revenue 7 7
3 Other external costs (18) (7)
4 Staff costs (13) (9)
Total costs (31) (16)
Analysed as:
Operating profit before exceptional items (4) (9)
5 Exceptional items (20) -
PROFIT/(LOSS) BEFORE FINANCIALS (24) (9)
Dividend from Group companies 557 250
6 Financial income 14 23
7 Financial expenses (96) (115)
PROFIT BEFORE TAX 451 149
8 Income taxes 20 26
PROFIT FOR THE YEAR 471 175
PROPOSED PROFIT ALLOCATION
Proposed dividend - -
Retained earnings 471 175
Total 471 175
DIVIDEND PER SHARE
Dividend per share - -

Statement of comprehensive income for the year ended 31 December
Parent Company | Falck Annual Report 2010 99
Note DKK million 2010 2009
Value adjustment of interest hedging instruments 2 (27)
Tax on value adjustment of interest hedging instruments (1) 7
Other comprehensive income 1 (20)
Profit for the year 471 175
TOTAL COmPREHENSIVE INCOmE 472 155

100 Falck Annual Report 2010 | Parent Company
Balance sheet as at 31 December
Note DKK million 2010 2009
Assets
9 Investments in subsidiaries 3,249 3,249
Receivables from Group companies 378 172
TOTAL FINANCIAL ASSETS 3,627 3,421
TOTAL NON-CURRENT ASSETS 3,627 3,421
Receivables from Group companies 992 471
Income taxes - 2
Receivables 992 473
Cash 8 1
TOTAL CURRENT ASSETS 1,000 474
TOTAL ASSETS 4,627 3,895

Balance sheet as at 31 December
Parent Company | Falck Annual Report 2010 101
Note DKK million 2010 2009
Equity and liabilities
10 Share capital 46 46
10 Reserve for treasury shares - (8)
Hedging reserve (48) (49)
Retained earnings 1,454 967
TOTAL EQUITY 1,452 956
11 Deferred tax 30 45
12 Credit institutions 2,721 2,522
Payables to Group companies 34 41
TOTAL NON-CURRENT DEBT 2,785 2,608
12 Credit institutions 302 265
Income taxes 24 -
13 Other payables 64 66
TOTAL CURRENT DEBT 390 331
TOTAL EQUITY AND LIABILITIES 4,627 3,895

102 Falck Annual Report 2010 | Parent Company
Equity statement
Reserve for
Share treasury Hedging Retained
2010 DKK million capital shares reserve earnings Total
Equity at 1 January 2010 46 (8) (49) 967 956
Equity movements in 2010
Value adjustment of interest hedging instruments 2 2
Tax on other comprehensive income (1) (1)
Other comprehensive income - - 1 - 1
Profit for the year 471 471
Total comprehensive income - - 1 471 472
Acquisitions of treasury shares (6) (6)
Disposal of treasuty shares 14 16 30
Total equity movements in 2010 - 8 1 487 496
EQUITY AT 31 DECEmBER 2010 46 - (48) 1,454 1,452
2009 DKK million
Equity at 1 January 2009 45 (3) (29) 753 766
Equity movements in 2009
Value adjustment of interest hedging instruments (27) (27)
Tax on other comprehensive income 7 7
Other comprehensive income - (20) - (20)
Profit for the year 175 175
Total comprehensive income - (20) 175 155
Capital increase 1 38 39
Acquisitions of treasury shares (5) (5)
Payment received for change of warrant terms 1 1
Total equity movements in 2009 1 (5) (20) 214 190
EQUITY AT 31 DECEmBER 2009 46 (8) (49) 967 956

Cash flow statement for the year ended 31 December
Parent Company | Falck Annual Report 2010 103
Note DKK million 2010 2009
Total revenue 7 7
Total costs (31) (16)
Profit/(loss) before financials (24) (9)
Changes in outstanding balances with Group companies 42 42
14 Net financials (82) (92)
8 Income taxes paid 30 31
CASH FLOW FROm OPERATING ACTIVITIES (34) (28)
Dividends received from Group companies 557 250
15 Other movements relating to shareholders 24 35
Changes in interest-bearing outstanding balances with Group companies (776) (6)
Interest-bearing debt raised 522 -
Repayment of and change in interest-bearing debt (286) (250)
CASH FLOW FROm FINANCING ACTIVITIES 41 29
Change in cash 7 1
Cash at beginning of year 1 -
CASH AT YEAR-END 8 1

104 Falck Annual Report 2010 | Parent Company
Notes to the parent company financial statements
Note DKK million 2010 2009
1 Accounting policies
See note 1 to the Group financial statements for a description.
2 Other operating income
Management fees from Group companies 7 7
Total other operating income 7 7
3 Fees to auditors appointed at the annual general meeting
KPmG
Audit (1) (1)
Preparation of a potential IPO (8) -
Total fees (9) (1)
4 Staff costs
Ordinary remuneration to the Executive Management Board (7) (8)
Remuneration to the Executive Management Board relating to preparation of a potential IPO (7) -
Remuneration to the Board of Directors (2) (1)
Total (16) (9)
Of which reinvoiced 3 -
Total staff costs (13) (9)
Number of full-time employees 2 2
The rate of increase in remuneration to the Executive Management Board excluding bonus was 2% in
2010 (2009: 0%).
Remuneration to the Executive Management Board includes pension contributions of - 1
The service contracts for the members of the Executive Management Board include severance
periods which, in the case of resignation by an executive, are 6 months and, in the case of
termination by the company, are 12 months.
Warrant programme, Executive management Board
Number of warrants at 1 January 4,443,120 4,443,120
Buy back in the period. See note 21 to the Group financial statements (4,443,120) -
Warrants at 31 December - 4,443,120
In December 2010, the Group acquired the existing warrants from the Executive Management Board
through a cash buy back at market value. See note 37 to the Group financial statements. The warrant
programme was subsequently cancelled in February 2011.
At the extraordinary general meeting held on 25 February 2011, the Board of Directors was authorised
to establish a new warrant programme. At the Board meeting held on 15 March 2011, the Board
of Directors adopted a resolution to establish a new warrant programme for the Executive Management
Board. The new warrant programme comprises 4,443,120 warrants. Each warrant entitles the
holder to subscribe for one share with a nominal value of DKK 0.50 on 30 December 2015 at a price
of DKK 125 per share. The warrants issued were acquired at market value, equivalent to DKK 11 million,
and there are no conditions attached to the acquisition of the warrants.
5 Exceptional items
Costs related to preparation of a potential IPO (20) -
Total exceptional items (20) -

Notes to the parent company financial statements
Parent Company | Falck Annual Report 2010 105
Note DKK million 2010 2009
6 Financial income
Foreign exchange gains - 1
Interest from Group companies 14 22
Total financial income 14 23
7 Financial expenses
Foreign exchange losses (2) -
Interest to credit institutions (94) (115)
Total financial expenses (96) (115)
8 Income taxes
Current tax 6 14
Change in deferred tax for the year 15 11
Prior-year adjustments (1) 1
Total income taxes 20 26
Tax on other comprehensive income (1) 7
Total tax 19 33
Income taxes received during the year 30 31
Breakdown of tax rate:
Total income taxes 20 26
Profit before tax 451 149
Dividends from Group companies (557) (250)
Tax base for current tax (106) (101)
Effective tax rate 18.9% 25.3%
Reconciliation of tax rate:
Danish tax rate 25.0% 25.0%
Non-deductible costs/(tax-exempt income) (4.6%) 0.3%
Other adjustments including adjustments relating to prior years (1.5%) -
Effective tax rate 18.9% 25.3%
9 Investments in subsidiaries
Cost at 1 January 3,249 3,249
Cost at 31 December 3,249 3,249
Carrying amount at 31 December 3,249 3,249
See "Legal entities" for a list of companies

106 Falck Annual Report 2010 | Parent Company
Notes to the parent company financial statements
Note DKK million 2010 2009
10 Share capital and treasury shares
movements in share capital in the past 7 financial years
Share capital at 1 January - -
Additions on capital increase in 2004 44 44
Additions on capital increase in 2006 1 1
Additions on capital increase in 2008 0 0
Additions on capital increase in 2009 1 1
Share capital at 31 December 46 46
The share capital is divided into 92,786,800 shares (2009: 92,786,800 shares) with a nominal value of DKK 0.50 each.
The shares are fully paid up and are not divided into classes.
Nominal value
Number of shares (DKK thousand) % of share capital
Treasury shares 2010 2009 2010 2009 2010 2009
Treasury shares at 1 January 258,219 79,291 129 40 0.29 0.09
Additions 95,238 178,928 48 89 0.10 0.20
Disposals (353,457) - (177) - (0.39) -
Treasury shares at 31 December - 258,219 - 129 - 0.29
The purchase price of treasury shares acquired during the financial year was DKK 6 million (2009: DKK 5 million).
The sales price of treasury shares sold during the financial year was DKK 30 million (2009: DKK 0 million).
Note DKK million 2010 2009
11 Deferred tax
Deferred tax provisions at 1 January 45 53
Change in deferred tax for the year (15) (11)
Change in deferred tax for prior years - 3
Deferred tax provisions at 31 December 30 45
Deferred tax provision 30 45
Deferred tax provisions at 31 December 30 45
Breakdown of deferred tax:
Intangible assets 32 42
Current assets 0 4
Non-current debt and provisions (2) (1)
Deferred tax provisions at 31 December 30 45

Notes to the parent company financial statements
Parent Company | Falck Annual Report 2010 107
Note DKK million 2010 2009
12 Credit institutions
Non-current liability:
Long-term loans 2,721 2,522
Current liability:
Short-term loans 302 265
Total credit institutions 3,023 2,787
Breakdown by maturity:
Due within 1 year 302 265
Due between 1 and 3 years 2,499 640
Due between 3 and 5 years 222 1,882
Total 3,023 2,787
Breakdown by currency:
DKK 1,921 1,594
EUR 853 956
USD 249 237
Total 3,023 2,787
Interest reset periods:
Within 3 months 3,023 2,787
Total 3,023 2,787
The statements set out above do not include liabilities relating to interest for subsequent financial
periods. See note 36 to the Group financial statements for a description of the Group's risks
and cash resources.
The effective interest rate has been determined at 3.2% (2009: 3.8%).
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 was
fixed for one month and averaged approximately 1.8% (2009: 1.8%).
As at the balance sheet date, the interest rate in EUR was fixed for one month and averaged
approximately 1.0% (2009: 0.8%). As at the balance sheet date, the interest rate in USD was
fixed for 3 months and averaged approximately 0.7% (2009: 0.6%).
The market value of debt with an interest reset period within 3 months is approximately
DKK 3,024 million (2009: DKK 2,700 million).
DKK 25 million (2009: DKK 7 million) of capitalised loan costs has been deducted from the
carrying amount of debt.
13 Other payables
Fair value of interest rate collar 64 66
Total other payables 64 66
14 Net financials
Financial income and expenses (82) (92)
Total net financials (82) (92)

108 Falck Annual Report 2010 | Parent Company
Notes to the parent company financial statements
Note DKK million 2010 2009
15 Other movements relating to shareholders
Capital increase - 39
Acquisition of treasury shares (6) (5)
Disposal of treasury shares 30 -
Payment received for change of warrant terms - 1
Total other movements relating to shareholders 24 35
16 Contingent liabilities, contractual obligations and collateral security
Falck 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 cash pool 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 A/S
17 Financial instruments
There were no changes in the risk exposure or risk management of Falck A/S as compared with 2009. See also note 36 to the consolidated
financial statements of the Group.
Foreign exchange risk 2010 2009
The hypothetical impact on the Probable Hypothetical Probable Hypothetical
profit for the year and the change in impact Hypothetical change in impact Hypothetical
equity from reasonably probable exchange on profit impact exchange on profit impact
changes in exchange rates: rate for the year on equity rate for the year on equity
EUR/DKK 1% 9 9 1% 10 10
USD/DKK 1% - 25 1% - -
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 13 million (2009: 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 34 million (2009: DKK 28 million.).
The company monitors developments in market interest rates closely so that it can react if the market situation changes.
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 interest rate collar also includes a floor rate fixed at 3.25% and thereby resulting
in the hedged amount at all times being subject to interest in the range of 3.25% to 5.5%.
Assumptions regarding sensitivity information:
The sensitivity stated has been determined based on the recognised financial assets and liabilities as at 31 December 2010. No adjustment
has been made for servicing and raising of debt or the like in 2010. Furthermore, it is assumed that all hedges of floating-rate loans
are effective.

Notes to the parent company financial statements
Note DKK million
17 Financial instruments (continued)
Parent Company | Falck Annual Report 2010 109
maturity analysis of financial assets and liabilities
Assumptions applied in the maturity analysis:
The maturity analysis is based on all non-discounted 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.
Due Due Due Contrac-
within between between Due tual Total
one 1 and 3 3 and 5 after 5 cash carrying market
Contractual cash flows including interest 2010 year years years years flows amount value
Financial assets:
Receivables from Group companies 992 378 - - 1,370 1,370 1,370
Cash 8 - - - 8 8 8
Loans and receivables 1,000 378 - - 1,378 1,378 1,378
Total financial assets 1,000 378 - - 1,378 1,378 1,378
Financial liabilities:
Credit institutions 368 2,836 - - 3,204 3,023 3,024
Payables to Group companies 34 - - - 34 34 34
Financial liabilities measured
at amortised cost 402 2,836 - - 3,238 3,057 3,058
Derivative financial instruments to hedge
future cash flows 32 25 - - 57 64 64
Financial liabilities used as
hedging instruments 32 25 - - 57 64 64
Total financial liabilities 434 2,861 - - 3,295 3,121 3,122
Due Due Due Contrac-
within between between Due tual Total
one 1 and 3 3 and 5 after 5 cash carrying market
Contractual cash flows including interest 2009 year years years years flows amount value
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

110 Falck Annual Report 2010 | Parent Company
Notes to the parent company financial statements
Note DKK million
17 Financial instruments (continued)
Hedging and derivative financial instruments 2010 2009
Hedged market Hedged market
Interest rate collar: value value value value
DKK collar (floor 3.25% / cap 5.5%) expires in 2013 855 (30) 960 (25)
EUR collar (floor 3.25% / cap 5.5%) expires in 2013 855 (34) 960 (41)
(64) (66)
Of which recognised in the income statement - -
For future recognition (64) (66)
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.
Quoted Non-
market Observable observable
Fair value hierarchy for financial instruments prices input input
measured at fair value in the balance sheet (Level 1) (Level 2) (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 - 64 - 64
Total financial liabilities - 64 - 64
Quoted Non-
market Observable observable
Fair value hierarchy for financial instruments prices input input
measured at fair value in the balance sheet (Level 1) (Level 2) (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
2010
2009

Notes to the parent company financial statements
Parent Company | Falck Annual Report 2010 111
Note DKK million 2010 2009
18 Related parties
As a parent company, Falck A/S has a controlling interest in the Group.
The Group’s related parties are the members of Falck L.P.,LFI A/S, 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:
LFI A/S, Hellerup 36.0% -
Falck L.P., Jersey 43.9% 71.9%
ATP PEP 1 K/S, Copenhagen 6.4% 10.5%
Liberatio A/S, Aarhus 5.2% 4.8%
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
Costs invoiced to Falck L.P. 6 -
Payment received for change of warrant terms, Executive Management Board - 1
Capital increase, Board of Directors - 39
Purchase of treasury shares - 5
Sale of treasury shares, Board of Directors 1 -
Sale of treasury shares, Executive Management Board 29 -
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 7 to the Group financial statements.
19 New financial reporting regulations
See note 38 to the Group financial statements for a description.
20 Events after the balance sheet date
At the extraordinary general meeting held on 25 February 2011, the Board of Directors was
authorised to establish a new warrant programme. See note 7 to the Group financial statements
for further information about the warrant programme.

112 Falck Annual Report 2010 | Statements
Management’s statement
The Board of Directors and the Executive Management Board today considered and approved the annual report of Falck A/S 2010.
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 2010 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 2010.
Furthermore, in our opinion, the Management review includes a fair review of developments in the Group's and the parent company's
activities and finances, the profit 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, 15 March 2011
Executive management Board:
Allan Søgaard Larsen Morten R. Pedersen
President and CEO Deputy CEO
Board of Directors:
Lars Nørby Johansen Lars Terney Thorleif Krarup
Chairman Deputy Chairman Deputy Chairman
Steen Hemmingsen Kim Gulstad Johannes Due
Mats Jansson Thorhild Widvey Vagn Flink Møller Pedersen *
Jan Heine Lauvring * Per Aastrup *
* Elected by the employees

Independent auditors' report
Statements | Falck Annual Report 2010 113
To the shareholders of Falck A/S
We have audited the consolidated financial statements and the parent company financial statements of Falck A/S for the financial
year 1 January – 31 December 2010, pp. 49-118. The consolidated financial statements and the parent company financial statements
comprise income statement, statement of comprehensive income, balance sheet, equity statement, 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 the Danish Financial Statements Act.
In addition to our audit, we have read the Management 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 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.
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 assets, liabilities and financial position at 31 December 2010 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 2010 in accordance with International Financial
Reporting Standards as adopted by the EU and additional Danish disclosure requirements in the Danish Financial Statements Act.
Statement on the management review
Pursuant to the Danish Financial Statements Act, we have read the Management 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 review is consistent with the consolidated financial statements and the parent
company financial statements.
Copenhagen, 15 March 2011
KPmG
Statsautoriseret Revisionspartnerselskab
Flemming Brokhattingen Søren Kok Olsen
State Authorized Public Accountant State Authorized Public Accountant

114 Falck Annual Report 2010 | Board of Directors and Executive Management Board
Board of Directors, Executive Management Board and auditors
BOARD OF DIRECTORS OF FALCK 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)
• Danmarks Vækstråd (chairman)
• DONG Energy A/S (deputy chairman)
• Index Award A/S
• Rockwoolfonden (deputy chairman)
• Codan A/S and Codan Forsikring A/S
• Arp-Hansen Hotel Group A/S
• Institut for selskabsledelse
Lars Terney, born 1967
Deputy Chairman
Partner of NC Advisory A/S, adviser to Nordic Capital Fund V
Member of the boards of directors of:
• EDB Gruppen Holding A/S (chairman)
• EG Holding A/S (chairman)
• EG A/S (chairman)
• NC Advisory A/S
Thorleif Krarup, born 1952
Deputy Chairman
Member of the boards of directors of:
• Sport One Danmark A/S (chairman)
• Exiqon A/S (chairman)
• ALK-Abelló A/S (deputy chairman)
• H. Lundbeck A/S (deputy chairman)
• Lundbeckfond Invest A/S (deputy chairman)
• The Lundbeck Foundation
Steen Hemmingsen, born 1945
CEO of the Lundbeck Foundation and Lundbeckfond Invest A/S
Member of the boards of directors of:
• H.J. Hansen Holding A/S (chairman)
• H.J. Hansen Genvindingsindustri A/S (chairman)
• Obel-LFI Ejendomme A/S (deputy chairman)
• Amagerbanken af 2011 A/S
• Det Østasiatiske Kompagnis Almennyttige Fond
Kim Gulstad, born 1976
Director of NC Advisory A/S, adviser to Nordic Capital Fund V
Johannes Due, born 1949
CEO of Sygeforsikringen "danmark"
Member of the boards of directors of:
• Forsikringsselskabernes Data Central (chairman)
• Administrationsselskabet "danmark" A/S (chairman)
• University of Southern Denmark (chairman)
• The Prevention Fund (chairman)
• Universities in Denmark (chairman)
• Bikuben Fonden af 1989 (deputy chairman)
• The Danish Insurance Association
• International Federation of Health Plans
mats Jansson, born 1951
Member of the board of directors of:
• Danske Bank A/S
Thorhild Widvey, born 1956
Member of the boards of directors of:
• Akvagroup ASA
• Align AS
• Stream AS
• RXT ASA/Reservoir Exploration Technology
• IRIS AS (International Research Institute of Stavanger)
• Hitec Vision Private Equity
• ENI AS
• Sysco AS
• NBT AS
• Morpol ASA
Vagn Flink møller Pedersen, born 1957
Emergency Medical Technician
Elected by the employees
Jan Heine Lauvring, born 1953
Emergency Medical Technician
Elected by the employees
Per Aastrup, born 1959
Emergency Medical Technician
Elected by the employees

EXECUTIVE mANAGEmENT BOARD OF FALCK A/S
Allan Søgaard Larsen, born 1956
President and CEO
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
AUDITORS APPOINTED BY THE GENERAL mEETING
KPMG
Borups Allé 177
DK-2000 Frederiksberg
Denmark
by/ Flemming Brokhattingen and Søren Kok Olsen
State Authorised Public Accountants
COmPANY INFORmATION
Falck A/S
Polititorvet
1780 Copenhagen V
Denmark
Tel.: +45 70 33 33 11
WWW.FALCK.COM
WWW.FALCK.DK
CVR no. 28 10 13 76
Board of Directors and Executive Management Board | Falck Annual Report 2010 115

116 Falck Annual Report 2010 | Group
Legal entities in the Falck Group as at 31 December
Company name Country Equity Interest
Falck A/S Denmark 100%
Falck Danmark A/S Denmark 100%
Falck Health Care Holding A/S Denmark 100%
Falck Health Care A/S Denmark 100%
ActivCare A/S Denmark 100%
ActivCare Privat A/S Denmark 100%
Ulfab Danmark A/S (2) Denmark 100%
Vikteam A/S Denmark 80%
Falck Hjælpemidler A/S Denmark 91.6%
Falck JobService A/S Denmark 84.5%
Falck Hjemmepleje A/S Denmark 100%
Lone Hovmand Sundhedsafdeling A/S Denmark 100%
North Securities A/S (1) Denmark 20%
Falck Norge Holding AS Norway 100%
Falck Redning AS Norway 100%
Falck Emergency AS Norway 100%
Falck Ambulanse AS Norway 100%
Falck Norge Leasing AS Norway 100%
Falck Health Care Norge AS Norway 100%
Falck Nutec Holding A/S Denmark 100%
Falck Nutec Esbjerg A/S Denmark 100%
Falck Nutec Management A/S Denmark 100%
Falck Global Safety B.V. The Netherlands 100%
Falck Nutec AS Norway 100%
Falck Nutec Ltd. United Kingdom 100%
Nutec Centre for Safety Ltd. (2) United Kingdom 100%
Falck Onsite Limited United Kingdom 100%
Onsite Training Services Limited. (2) United Kingdom 100%
Falck Nutec Trinidad and Tobago Limited Trinidad & Tobago 80%
Nutec UK Ltd. (2) United Kingdom 100%
Nutec Belgium Holding BVBA (2) Belgium 100%
Nutec Belgium BVBA (2) Belgium 100%
Falck Nutec B.V. The Netherlands 100%
RISC Fire and Safety Services B.V. The Netherlands 100%
Accentus B.V. The Netherlands 100%
Marinesafety International Rotterdam B.V. The Netherlands 100%
MSTS Asia Sdn. Bhd. Malaysia 70%
Risktec (M) Sdn. Bhd. Malaysia 100%
Falck Bestari Healthcare Sdn Bhd Malaysia 82%
MSTS Asia (S'pore) Pte. Ltd. Singapore 100%
Falck Bedrijfshulpverlening BV The Netherlands 100%
Falck Prime Atlantic Limited Nigeria 51%
Falck Nutec Brasil Participacoes Ltda Brazil 100%
Falck Nutec Brasil Treinamentos em Segurança Marítima Ltda Brazil 100%
Southfield Ltd Thailand 49.5%
Falck Nutec (Thailand) Ltd Thailand 65%
Falck Nutec Nigeria Limited Nigeria 100%
Falck USA Holdings, Inc USA 100%
Falck Alford Holdings, Inc USA 80%
Alford Services, Inc USA 100%
Alford Safety Services, Inc USA 100%
Alford Safety & Compliance, L.L.C. USA 100%
Haztec Services - West Indies, L.L.C. USA 100%
Haztec Services St. Lucia Ltd St. Lucia 100%
Haztec Services Trinidad Limited Trinidad & Tobago 100%
Falck Alford International BV The Netherlands 100%
Falck Alford Holding S.A. de C.V. Mexico 100%
Falck Alford Training S.A.I.P. de C.V. Mexico 100%
Falck Nutec Vietnam Limited Vietnam 80%
Falck Safety Services LLC United Arab Emirates 49%

Legal entities in the Falck Group as at 31 December
Group | Falck Annual Report 2010 117
Company name Country Equity Interest
Falck Investment Norge AS Norway 100%
Falck Followit Norge AS Norway 100%
VIFA AB Sweden 100%
Falck Sverige Holding AB Sweden 100%
Falck Investment Sverige AB Sweden 100%
Falck Räddningskär AB Sweden 100%
Falck Forsäkrings AB Sweden 100%
Falck TravelCare AB Sweden 100%
Falck Ambulans AB Sweden 100%
Falck Räddningstjänst AB Sweden 100%
Falck Services AB Sweden 100%
Svensk Sjöambulans AB (1) Sweden 50%
Ulfab Sairaankuljetus OY Finland 100%
S Reg Holding A/S Denmark 100%
S Reg AB Sweden 100%
S Reg Service AB Sweden 100%
S Reg A/S Denmark 100%
S Reg Oy Finland 100%
S Reg AS Norway 100%
Falck EMS Holdings, Inc. USA 100%
Falck EMS Corp. USA 100%
FCA Corp. USA 100%
Care Ambulance Service, Inc. USA 87%
Falck Health Care Sverige Holding AB Sweden 100%
Falck AM Health Care AB Sweden 70%
Falck Health Care AM A/S Denmark 100%
Falck Aktiv Arbetsmedicin AB Sweden 100%
Falck Healthcare AB Sweden 100%
Falck Investments Finland Oy Ab Finland 100%
Falck Finland Oy Finland 100%
Falck Oy Finland 100%
Falck Autoabi OÜ Estonia 90%
Falck Benelux NV Belgium 60%
Ambuce Rescue Team BVBA Belgium 100%
Ambuce Limburg BVBA Belgium 100%
MDV International BVBA Belgium 100%
Falck Investments NV Belgium 80%
Falck Medical Services LLC United Arab Emirates 49%
Falck Eurasia B.V. The Netherlands 95.05%
Falck Foundation VZW Belgium 100%
Falck Medycyna Sp.z o.o. Poland 100%
Falck SK a.s. Slovakia 92.5%
Falck Emergency AS Slovakia 50.89%
Falck Záchranná a.s. Slovakia 100%
Falck Academy s.r.o. Slovakia 100%
La Salus, a.s. Slovakia 100%
La Salus Phrama s.r.o. Slovakia 100%
Falck Fire Services a.s. Slovakia 100%
Falck CZ a.s. Czech Republic 92.5%
Lainsa Servicios Contra Incendios, S.A. Spain 51%
Falck France SAS France 100%

118 Falck Annual Report 2010 | Group
Legal entities in the Falck Group as at 31 December
Company name Country Equity Interest
Falck AVD Holding B.V. The Netherlands 100%
Falck AVD B.V. The Netherlands 100%
Advisebureau van Dijke B.V. The Netherlands 100%
AVD-ICT B.V. The Netherlands 100%
Safety Center Holding B.V. The Netherlands 100%
Safety Center Holland B.V. The Netherlands 100%
Safety Center Zuid Holland B.V. The Netherlands 100%
Safety Center Colleage c.v. The Netherlands 51%
Safety Center Zuid Holland c.v. The Netherlands 52%
MIT B.V. The Netherlands 100%
Safe Building B.V. The Netherlands 100%
Safety Center Team B.V. The Netherlands 100%
AVD Consultancy N.V. Belgium 100%
Falck Brasil AVD Participações Ltda. Brazil 100%
Falck Brasil Plano de Saúde Ltda. Brazil 100%
Falck Brasil 747 Participações Ltda. Brazil 100%
Toesa Service S.A. Brazil 60%
Tefe Tefe Servicos de Saude Ltda Brazil 100%
Falck Brasil FF Participações Ltda. Brazil 100%
Falck Brasil Fire Fighting Participações Ltda. Brazil 100%
Falck Rettungsdienst GmbH Germany 100%
Falck Österreich GmbH Austria 100%
Falck Yardim Hizmetleri Limited S¸irketi Turkey 95%
Falck UK Limited United Kingdom 100%
Falck EMS UK Limited United Kingdom 100%
Resource Protection International Ltd. United Kingdom 100%
Falck India Limited United Kingdom 100%
Falck Services Limited Mauritius 100%
Falck India Pvt. Ltd. (India) India 100%
Falck Services Pvt Ltd. (India) India 100%
Falck Fire Services S.R.L Romania 100%
Falck Treasury A/S Denmark 100%
Investeringsselskabet af 17. december 2007 A/S Denmark 100%
Falck Asset Management 9 A/S Denmark 100%
Falck DRF Luftambulance A/S Denmark 51%
A C Trafik A/S Denmark 100%
A C Trafik 2 ApS Denmark 100%
KPC Ejendomme af 6. juni 2002 A/S (1) Denmark 25%
Falck Nederland Holding B.V. The Netherlands 100%
(1) Associated company
(2) The company is at present without activity (dormant)

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 6. 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.
EBITA margin
Operating profit before costs and amortisation from business
combinations 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.
Group | Falck Annual Report 2010 119
Net interest-bearing debt to EBITDA
Net interest-bearing debt and purchase consideration payable
divided by EBITDA. EBITDA has been normalised for the fully-year
effect of acquisitions made during the period.
Free cash flow
Operating profit before costs and amortisation from business
combinations 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 costs
and amortisation from business combinations and exceptional
items (EBITA). The rate of operating profit before costs and
amortisation from business combinations 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.
Normalised profit after tax
Profit for the year less costs and amortisation from business combinations
and exceptional items and tax thereon.

120 Falck Annual Report 2010
Design and graphic production: meyer & bukdahl as

Falck A/S
Polititorvet
1780 Copenhagen V
Denmark
Tel.: +45 70 33 33 11
www.falck.com
CVR no. 28 10 13 76