Annual Report 2010 - Falck

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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.
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