English - DFDS

More documents

Recommendations

Info

62 financial statement DFDS annual report 2009 Cash flow statement Parent Company DKK ‘000 Consolidated DKK ‘000 2007 2008 2009 NOTE Cash flow statement 2007 2008 2009 723,538 609,899 384,897 Operating profit before depreciation (EBITDA) 1,311,276 1,011,470 786,376 16,408 -1,867 76 29 Adjustments for non-liquid operating items, etc. 30,658 3,566 8,255 61,437 -22,270 60,195 30 Change in working capital -47,699 12,865 86,749 -1,519 -3,444 -1,289 Payment of pension liabilities and other provisions -10,409 -20,921 -20,487 799,864 582,318 443,879 Cash flow from operating activities, gross 1,283,826 1,006,980 860,893 96,329 102,539 125,003 Interest income 50,919 83,889 70,077 -252,987 -251,071 -208,269 Interest expenses -274,350 -292,574 -262,138 0 0 0 Taxes paid -19,575 -23,726 -25,056 643,206 433,786 360,613 Cash flow from operating activities, net 1,040,820 774,569 643,776 -119,909 -298,936 -144,671 Purchase of ships -146,882 -362,559 -1,190,728 101,504 0 239,411 Disposal of ships and ship contracts 102,912 160,987 0 -2,032 -3,745 -1,521 31 Buildings and terminals -14,955 -10,867 -1,411 -18,486 -35,327 -10,380 31 Equipment, etc. -44,377 -62,225 -51,851 -14,552 -30,747 -22,252 Purchase of non-current intangible assets -14,451 -32,088 -22,253 -22,587 11,834 0 33 Acquisition of companies and activities -22,587 -274 0 -23,093 -11,186 0 Capital increase in subsidiaries - - - -1,626 -20,770 -112,608 34 Acquisition of minority interests -12,643 -39,796 -39,429 2,500 4,957 10,441 8 Dividends from group enterprises - - - 1,194 1,194 0 8. 14 Dividends from associates 2,503 2,302 1,350 0 0 0 14 Investments in associates -313 0 0 -97,087 -382,726 -41,580 Total cash flow from investing activities -150,793 -344,520 -1,304,322 0 0 1,063,801 Proceeds from loans secured by mortgages in ships 0 0 1,063,801 -388,255 -342,707 -592,016 Payment and redemptions of loans secured by mortgages in ships -543,885 -475,843 -835,285 12,103 2,468 -778,493 Change in other non-current investments 4,658 239 5,220 -70,570 -78,498 -17,053 32 Change in other financial loans, net -79,609 -103,057 -38,404 -7,873 -10,544 -11,662 Payment of financial lease liabilities -39,344 -29,065 -30,530 89,975 431,584 -63,282 Change in operating credits -38,530 124,469 332,733 12,925 8,311 792 Exercise of share options 12,925 8,311 792 -84,055 -115,217 0 Dividends paid to shareholders -85,009 -115,217 -1,155 -435,750 -104,603 -397,913 Total cash flow from financing activities -768,794 -590,163 497,172 110,369 -53,543 -78,880 Cash flow for the year 121,233 -160,114 -163,374 30,583 140,952 87,409 Cash at bank and in hand at the beginning of the year 371,367 494,279 301,569 0 0 0 Foreign exchange adjustments 1,679 -32,596 16,397 140,952 87,409 8,529 Cash at bank and in hand at year-end 494,279 301,569 154,592 The above cannot be derived directly from the income statement and the balance sheet.
DFDS annual report 2009 NOTEs 63 NOTES NOTE 1 Accounting Policies The 2009 annual report has been prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional Danish disclosure requirements for annual reports of listed companies. Basis for preparation The annual report is presented in Danish Kroner (DKK) which is the Parent Company’s functional currency. The annual report has been prepared on the historical cost basis except for the following assets and liabilities measured at fair value: derivatives and financial instruments classified as available-for-sale. Non-current assets and assets held for disposal classified as held for sale are measured at the lower of the carrying amount before the changed classification and the fair value less costs to sell. The accounting policies as set out below are used consistently for the financial year as well as for the comparative figures. New International Financial Reporting Standards and Interpretations With effect from 1 January 2009, the Group has adopted the following new International Financial Reporting Standards and Interpretations: n IAS 1 (revised 2007) Presentation of Financial Statements n IAS 23 (revised 2007) Borrowing Costs n IFRS 2 Share-based Payments: Vesting Conditions and Cancellations n Amendments to IAS 32 and IAS 1: Puttable Financial Instruments and Obligations Arising on liquidations n Amendments to IFRS 1 and IAS 27: Cost of an investment in a Subsidiary, Jointly-Controlled Entity or Associate n Amendment to IFRS 7: Improving Disclosures about Financial Instruments n Part of Improvements to IFRSs May 2008 (effective date 1 January 2009) and n IFRIC 13, 15 and 16. The Group applies revised IAS 1 ‘Presentation of Financial Statements’, which became effective as of 1 January 2009. As a result, the Group presents in the consolidated statement of changes in equity all owner changes in equity, whereas all non-owner changes in equity are presented in the consolidated statement of comprehensive income. Comparative information has been represented so that it also is in conformity with the revised standard. The new standards, amendments and interpretations did not affect recognition and measurement. Additional accounting policies for the consolidated financial accounts and annual accounts 2009 have not been changed in comparison to last year. Other changes Profit on disposal of equipment, etc. is re-classified in the income statement. The item is now a part of ‘Profit on disposal of assets’. Previously the item was a part of ‘Other costs of operation, sales and administration’. Effect of new accounting regulation applicable for the coming financial year The IASB has issued the following new and amended Standards and Interpretations, which have been adopted by the EU but are not yet mandatory for the preparation of the DFDS Group’s 2009 annual report: n IFRS 1 (revised) ‘First-time Adoption of International Financial Reporting Standards’ (1 January 2010) n Amendments to IFRS 1 ‘First-time Adoption of International Financial Reporting Standards’ 1 January 2010) * n Amendment to IFRS 2 ‘Share-based Payment’ (1 January 2010) * n IFRS 3 (revised) ‘Business Combinations’ (1 July 2009) n Amendment to IFRS 5 (Part of Improvements to IFRSs 2008) ‘Non-current Assets Held for Sale and Discontinued Operations’ (1 January 2010) n IFRS 9 ‘Financial instruments’ (1 January 2013) * n IAS 24 (revised) ‘Related Party Disclosures’ (1 January 2011) * n Amendment to IAS 27 ‘Consolidated and Separate Financial Statements’ (1 July 2009) n Amendment to IAS 28 ‘Investments in Associates’ (1 July 2009) n Amendment to IAS 31 ‘Interests in Joint Ventures’ (1 July 2009) n Amendment to IAS 32 ‘Financial Instruments: Presentation’ (1 February 2010) n Amendment to IAS 39 ‘Financial Instruments: Recognition and Measurement’ (1 July 2009) n IFRIC 9 ‘Reassessment of Embedded Derivatives’ (1 July 2009) n IFRIC 14 ‘IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction’ (1 January 2011) * n IFRIC 17 ‘Distributions of Non-cash Assets to owners’ (1 July 2009) n IFRIC 18 ‘Transfers of Assets from Customers’ (1 July 2009) n IFRIC 19 ‘Extinguishing Financial Liabilities with Equity Instruments’ (1 July 2010) * n Part of Improvements to IFRSs 2009 (include IFRS 2, 5 and 8 also IAS 1, 7, 17, 36, 38 and 39) * * = not approved by EU The DFDS Group expects to adopt the Standards and Interpretations when they become mandatory. The new standards, amendments and interpretations applicable for the coming financial year did not affect recognition and measurement. Critical accounting policies DFDS’ management believes that applied accounting policies for consolidated financial statement, non-current intangible assets, ships, operational lease versus financial lease and derivative financial instruments are the most important for the Group. Below the individual areas are described together with other accounting policies. Significant estimates and judgements in connection with the application of the Group’s accounting policies are mentioned in Note 40. Description of accounting policies Consolidated financial statements The consolidated financial statements include the financial statement of DFDS A/S (the Parent Company) and all the companies in which DFDS A/S, at the balance sheet date, directly or indirectly holds more than 50% of the voting rights or in any other way has a controlling influence (subsidiaries). DFDS A/S and these companies are referred to as the Group. Companies that are not subsidiaries, but in which the Group holds between 20% and 50% of the voting rights or in some other way exerts significant influence on the operational and financial management, are treated as associates, cf. the Group chart. The consolidated financial statements are based on the financial statement of the Parent Company and the subsidiaries and are prepared by combining items of a uniform nature and eliminating intercompany transactions, shareholdings, balances and unrealised intercompany profits and losses. The consolidated financial statements are based on financial statements prepared by applying the Group’s accounting policies. Investments in subsidiaries are set off against the proportionate share of the subsidiaries’ net asset value at the acquisition date. The Group’s investments in associates are recognised in the consolidated financial statements at the proportionate share of the associates’ net asset value. Unrealised intercompany profits and losses from transactions with associates and jointly controlled entities are eliminated to the extent of the Group’s interest in the entity.
Page 1 and 2:
DFDS annual report 2009 HEADER 1 DF
Page 3 and 4:
DFDS annual report 2009 HEADER 3 20
Page 5 and 6:
DFDS annual report 2009 DFDS Route
Page 7 and 8:
DFDS annual report 2009 FOREWORD 7
Page 9 and 10:
DFDS annual report 2009 STRATEGY 9
Page 11 and 12: DFDS annual report 2009 Management
Page 13 and 14: DFDS annual report 2009 Ledelsens b
Page 15 and 16: DFDS annual report 2009 Management
Page 17 and 18: DFDS annual report 2009 The World O
Page 19 and 20: Business area responsible Peder Gel
Page 21 and 22: DFDS annual report 2009 RO-ro shipp
Page 23 and 24: DFDS annual report 2009 HEADER 23
Page 25 and 26: Business area responsible Ole Sehes
Page 27 and 28: DFDS annual report 2009 container s
Page 29 and 30: Business area responsible Carsten J
Page 31 and 32: DFDS annual report 2009 passenger s
Page 33 and 34: Business area responsible Peder Gel
Page 35 and 36: DFDS annual report 2009 terminal se
Page 37 and 38: Business area responsible Ole Sehes
Page 39 and 40: DFDS annual report 2009 Trailer ser
Page 41 and 42: DFDS annual report 2009 HEADER 41 A
Page 43 and 44: DFDS annual report 2009 Environment
Page 45 and 46: DFDS annual report 2009 HR REport 4
Page 47 and 48: DFDS annual report 2009 Shareholder
Page 49 and 50: DFDS annual report 2009 Risk Factor
Page 51 and 52: DFDS annual report 2009 Financial r
Page 53 and 54: DFDS annual report 2009 Financial r
Page 55 and 56: DFDS annual report 2009 HEADER 55 D
Page 57 and 58: DFDS annual report 2009 financial s
Page 59 and 60: DFDS annual report 2009 financial s
Page 61: DFDS annual report 2009 financial s
Page 65 and 66: DFDS annual report 2009 NOTEs 65 Re
Page 67 and 68: DFDS annual report 2009 NOTEs 67
Page 69 and 70: DFDS annual report 2009 NOTEs 69 No
Page 71 and 72: DFDS annual report 2009 NOTEs 71 >>
Page 73 and 74: DFDS annual report 2009 NOTEs 73 Pa
Page 75 and 76: DFDS annual report 2009 NOTEs 75 Co
Page 93 and 94: DFDS annual report 2009 NOTEs 93 No
Page 101 and 102: DFDS annual report 2009 NOTEs 101 P
Page 103 and 104: DFDS annual report 2009 NOTEs 103 N
Page 105 and 106: DFDS annual report 2009 NOTEs 105 C
Page 107 and 108: DFDS annual report 2009 NOTEs 107 N
Page 109 and 110: DFDS annual report 2009 StatementS
Page 111 and 112: DFDS annual report 2009 FLEET LIST
Page 113 and 114:
DFDS annual report 2009 Commercial
Page 115 and 116:
DFDS annual report 2009 HEADER 115
Page 117 and 118:
DFDS annual report 2009 Corporate G
Page 119 and 120:
DFDS annual report 2009 HEADER 119
show all

English - DFDS

Create successful ePaper yourself

Delete template?

Save as template?