Annual Report 2010 - Falck

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Notes to the Group financial statements Group | Falck Annual Report 2010 77 Note DKK million 2010 2009 17 Investments in associates Cost at 1 January 2 2 Additions on acquisitions 20 - Cost at 31 December 22 2 Share of valuation adjustments at 1 January (5) (4) Share of profit after tax - (1) Disposals and reclassifications 1 - Impairment and share of valuation adjustments at 31 December (4) (5) Carrying amount before offset in receivables at 31 December 18 (3) Companies with negative carrying amount offset in receivables 5 6 Carrying amount at 31 December 23 3 See "Legal entities" for a list of companies Summary financial information about associates (100%): Revenue 19 18 Profit for the year 3 (2) Total assets 283 246 Total liabilities 275 245 18 Inventories Finished goods and goods for resale 60 41 Total inventories 60 41 Value of inventories recognised at net realisable value - - Write-downs during the year 3 - Reversal of write-downs during the year - - 19 Trade receivables Trade receivables 1,012 696 Receivables from subscriptions 76 45 Total trade receivables 1,088 741 Write-downs at 1 January 27 23 Write-downs during the year 27 17 Realised write-downs during the year (25) (13) Write-downs at 31 December 29 27 Write-downs are recognised under other external costs Write-downs of receivables are based on individual assessments of customers' ability to pay. In addition, individual write-downs may be made based on the age distribution of the customer's debt to the Falck Group. Based on the Group's internal credit-rating procedures, the credit quality of receivables not yet due and not written down is deemed to be high with a low risk of losses due to the typically small subscription receivables from the individual customers and the fact that a significant part of receivables are from public-sector authorities and major companies.
78 Falck Annual Report 2010 | Group Notes to the Group financial statements Note DKK million 2010 2009 19 Trade receivables (continued) Breakdown by maturity: Not due 703 474 Due within - 1 to 30 days 167 163 Due within - 31 to 90 days 97 58 Due within - more than 90 days 150 73 1,117 768 Provision for bad debts (29) (27) Total trade receivables 1,088 741 Fair value of trade receivables 1,088 741 20 Cash and securities Cash 439 538 Securities 372 145 Total cash and securities 811 683 DKK 66 million (2009: DKK 58 million) of the Group’s cash and cash equivalents is held in a Swedish subsidiary which is subject to Swedish insurance regulations and which is therefore subject to solvency requirements. 21 Equity, treasury shares and dividends Capital structure The Group is generally not subject to any capital requirements other than usual statutory requirements. The Group monitors and manages its capital structure in order to ensure that it can meet its financial obligations. No changes have been made to the Group's management of capital as compared with 2009. movements in share capital in the past 7 financial years Share capital at 1 January - - Additions on capital increase in 2004 44 44 Additions on capital increase in 2006 1 1 Additions on capital increase in 2008 0 0 Additions on capital increase in 2009 1 1 Share capital at 31 December 46 46 The share capital is divided into 92,786,800 shares (2009: 92,786,800 shares) with a nominal value of DKK 0.50 each. The shares are fully paid up and are not divided into classes. Number of shares Nominal value (DKK thousand) % of share capital Treasury shares 2010 2009 2010 2009 2010 2009 Treasury shares at 1 January 258,219 79,291 129 40 0.29 0.09 Additions 95,238 178,928 48 89 0.10 0.20 Disposals (353,457) - (177) - (0.39) - Treasury shares at 31 December 0 258,219 0 129 0 0.29 All treasury shares were owned by Falck A/S. The purchase price of treasury shares acquired during the financial year was DKK 6 million (2009: DKK 5 million). The sales price of treasury shares sold during the financial year was DKK 30 million (2009: DKK 0 million).
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