Annual Report 2010 - Falck

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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.
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Annual Report 2010 - Falck

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