Annual Report 2010 - Falck

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Notes to the Group financial statements Group | Falck Annual Report 2010 81 Note DKK million 2010 2009 23 Other employee obligations Employee obligations at 1 January 36 40 Adjustment in respect of current financial year 1 2 Paid out during the period (5) (6) Employee obligations at 31 December 32 36 The employee obligations primarily concern a special severance scheme for executives employed before 1991. The scheme is closed to new members. 24 Deferred tax Deferred tax provisions at 1 January 93 63 Foreign exchange differences (1) (7) Additions on acquisitions 73 - Change in deferred tax for the year 39 22 Change in deferred tax for prior years 1 15 Deferred tax provisions at 31 December 205 93 Deferred tax assets (75) (67) Deferred tax provision 280 160 Deferred tax provisions at 31 December 205 93 Breakdown of deferred tax: Intangible assets 115 44 Property, plant and equipment 111 132 Current assets 13 (2) Non-current debt and provisions (17) (15) Current debt 12 (4) Tax losses carried forward (36) (35) Equity 7 (27) Deferred tax provisions at 31 December 205 93 Tax losses carried forward and not included in deferred tax assets amount to DKK 35 million (2009: DKK 35 million). Deferred tax assets are recognised on the basis of expected future earnings.
82 Falck Annual Report 2010 | Group Notes to the Group financial statements Note DKK million 2010 2009 25 Provisions for acquisitions of operations and non-controlling interests Provisions for acquisitions of non-controlling interests 311 227 Outstanding consideration and earn-outs 146 59 Provisions at 31 December 457 286 Non-current provisions: Provisions for acquisitions of non-controlling interests 311 219 Outstanding consideration and earn-outs 77 57 Total 388 276 Current provisions: Provisions for acquisitions of non-controlling interests - 8 Outstanding consideration and earn-outs 69 2 Total 69 10 Total provisions 457 286 Provisions for acquisitions of non-controlling interests Provisions at 1 January 227 216 Foreign exchange differences 28 7 Additions on acquisitions 103 - Additions on divestments of non-controlling interests 41 75 Disposals on acqisitions of non-controlling interests (49) (57) Interest element on discounted liabilities 12 9 Dividends paid (16) (9) Revaluation recognised in goodwill (30) (14) Revaluation recognised in equity (5) - Provisions for acquisitions of non-controlling interests at 31 December 311 227 Classification of provisions for acquisitions of non-controlling interests by expected maturity: Within 1 year - 8 Between 1 and 3 years 59 64 Between 3 and 5 years 97 78 More than 5 years 155 77 Provisions for acquisitions of non-controlling interests at 31 December 311 227 Outstanding consideration and earn-outs Provisions at 1 January 59 24 Foreign exchange differences - - Additions on acquisitions 134 35 Payments during the year (47) - Outstanding consideration and earn-outs at 31 December 146 59 Classification of outstanding consideration and earn-outs by expected maturity: Within 1 year 69 2 Between 1 and 3 years 25 57 Between 3 and 5 years 52 - More than 5 years - - Outstanding consideration and earn-outs at 31 December 146 59 In connection with Falck assuming an obligation to acquire non-controlling interests, a concurrent right was obtained for Falck to acquire the same non-controlling interests in an agreed period. The consideration for obligations and rights to acquire non-controlling interests is determined on the basis of profit before exercise multiplied by an already agreed multiple less net debt in the relevant companies. On recognition in the balance sheet, this value is made up at fair value on the basis of earnings and net debt at the time when the non-controlling interests are expected to exercise their right to sell their shares to Falck. The calculated fair value assumes an increase in earnings and a decrease in net debt in the relevant companies as compared with the value recognised in the financial statements. If the value of Falck's obligation to acquire non-controlling interests is determined on the basis of the profit and net debt recognised in 2010 (2009), the value would be 193 160
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Annual Report 2010
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