Annual Report 2010 - Falck

More documents

Recommendations

Info

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.
Page 1 and 2:
Annual Report 2010
Page 3 and 4:
USA Emergency Training 1,050 employ
Page 5:
Falck’s international expansion c
Page 9 and 10:
4 Falck Annual Report 2010 | Manage
Page 11 and 12:
6 Falck Annual Report 2010 | Group
Page 13 and 14:
8 Falck Annual Report 2010 | Manage
Page 15 and 16:
Ville Kalliomäki, age 29, assistan
Page 17 and 18:
12 Falck Annual Report 2010 | Manag
Page 19 and 20: Emergency Valnizete Trindade de Mou
Page 21 and 22: 16 Falck Annual Report 2010 | Manag
Page 25 and 26: Healthcare Kelly Paterson, age 30,
Page 29 and 30: Training Olugbenga Kuku, age 38, tr
Page 55 and 56: 50 Falck Annual Report 2010 | Group
Page 69: 64 Falck Annual Report 2010 | Group
Page 103 and 104: 98 Falck Annual Report 2010 | Paren
Page 105 and 106: 100 Falck Annual Report 2010 | Pare
Page 117 and 118: 112 Falck Annual Report 2010 | Stat
Page 119 and 120: 114 Falck Annual Report 2010 | Boar
Page 121 and 122:
116 Falck Annual Report 2010 | Grou
Page 123 and 124:
118 Falck Annual Report 2010 | Grou
Page 125:
120 Falck Annual Report 2010 Design
show all

Annual Report 2010 - Falck

Create successful ePaper yourself

Delete template?

Save as template?