Annual Report 2010 - Falck

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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
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