Annual Report 2010 - Falck

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.