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74 NOTEs DFDS annual report 2009 Parent Company DKK ‘000 Consolidated DKK ‘000 2007 2008 2009 Note 9 Tax 2007 2008 2009 0 0 0 Current tax -24,345 -21,627 -21,117 0 -2,981 -2,824 Current joint tax contributions -1,784 -2,888 -2,663 0 0 0 Deferred tax -3,556 36,922 29,970 0 -7,500 0 Adjustment of corporation tax, previous years -66,423 -5,578 68,670 0 0 0 Adjustment of deferred tax, previous years -18,294 25,316 -5,722 0 0 0 Adjustment of deferred tax, 28% to 25% 329 0 0 0 -10,481 -2,824 Total tax for the year -114,073 32,145 69,138 Total tax for the year can be specified as follows: 0 -10,481 -2,824 Tax in the income statement (effective tax) -114,097 32,145 69,123 0 0 0 Tax of equity movements 24 0 15 0 -10,481 -2,824 Total tax for the year -114,073 32,145 69,138 Tax in the income statement can be specified as follows: 299,098 -9,554 35,176 Profit before tax 525,794 220,932 19,705 311,286 -17,838 -3,120 Of this, tonnage income 431,151 258,443 56,120 -12,188 8,284 38,296 Result before tax (company taxation) 94,643 -37,511 -36,415 3,047 -2,071 -9,574 25% tax of profit before tax -23,661 9,378 9,104 Adjustment to computed tax in foreign subsidiaries - - - compared to the 25% tax rate -1,587 4,888 3,458 Tax effect of: -1,550 547 8,282 Non-taxable items -976 52 2,476 -22 0 0 Tax asset, not recognised -2,676 -2,088 -7,083 0 0 0 Utilisation of non-capitalised tax asset 1,104 2,058 341 0 -7,500 0 Adjustments of tax related to previous years -84,388 19,738 62,948 1,475 -9,024 -1,292 Corporation tax of ordinary income -112,184 34,026 71,244 -1,475 -1,457 -1,532 Tonnage tax -1,913 -1,881 -2,121 0 -10,481 -2,824 Tax in the income statement -114,097 32,145 69,123 0.0 -109.7 8.0 Effective tax rate 21.7 -14.5 -350.8 0.0 -31.2 8.0 Effective tax rate before adjustment of previous years' tax 5.7 -5.6 -31.3 Tax on changes on equity can be specified as follows: 0 0 0 Adjustments to previous years 24 0 0 0 0 0 Deferred tax 0 0 15 0 0 0 Total tax on changes in equity 24 0 15 The Parent Company has not paid Danish corporation tax in 2009 and the company has no tax liability for that year. The Parent Company and its Danish subsidiaries are within the Danish Act of compulsory joint taxation with LF Investment ApS and J. Lauritzen A/S and these two companies’ Danish affiliated companies. DFDS A/S is liable for the tax of its own taxable income. LF Investment ApS is the administration company in the joint taxation and settles all payments of corporation tax with the tax authorities. DFDS A/S, AB DFDS Lisco, DFDS Container Line B.V. (on and after 1 November 2007) and DFDS Lys Line Rederi AS have entered into tonnage tax arrangements where the taxable income related from transport of passengers and goods is computed based on the tonnage used during the year. Taxable income related to other activities is taxed according to the normal tax rules. Adjustment of previous years’ tax in 2009 primarily concerns reversal of recognised tax regarding the transition to the new tonnage tax legislation in Norway. Adjustment of previous years’ tax in 2007 primarily concerns the new tonnage tax legislation in Norway. See Note 26 for further information.
DFDS annual report 2009 NOTEs 75 Consolidated DKK ‘000 Note 10 Earnings per share 2007 2008 2009 Profit for the year 411,697 253,077 88,828 Minority interest of the Group's profit for the year -11,304 -6,518 -3,100 Equity holders share of profit for the year 400,393 246,559 85,728 Weighted average number of issued ordinary shares 8,000,000 8,000,000 8,000,000 Weighted average number of treasury shares -358,068 -325,006 -337,335 Weighted average number of ordinary shares 7,641,932 7,674,994 7,662,665 Weighted average number of share options issued 56,218 10,173 237 Weighted average number of ordinary shares (diluted) 7,698,150 7,685,167 7,662,902 Basic earnings per share (EPS) of DKK 100 52.39 32.12 11.19 Diluted earnings per share (EPS-D) of DKK 100 52.01 32.08 11.19 Note 11 Non-current intangible assets Consolidated DKK ‘000 GOODWILL OTHER NON- CURRENT INTANGIBLE ASSETS SOFTWARE DEVELOPMENT PROJECTS IN PROGRESS TOTAL Balance at 1 January 2007 308,839 196,144 82,925 1,117 589,025 Foreign exchange adjustment -1,845 -2,670 0 0 -4,515 Addition related to acquisition 22,587 0 0 0 22,587 Addition 7,463 0 6,094 8,458 22,015 Disposal 0 -13,887 0 0 -13,887 Cost at 31 December 2007 337,044 179,587 89,019 9,575 615,225 Balance at 1 January 2007 10,244 44,340 41,169 0 95,753 Foreign exchange adjustment -597 -1,334 0 0 -1,931 Depreciation 0 39,020 11,766 0 50,786 Depreciation on disposal 0 -13,887 0 0 -13,887 Impairment and depreciation at 31 December 2007 9,647 68,139 52,935 0 130,721 Carrying amount at 31 December 2007 327,397 111,448 36,084 9,575 484,504 Balance at 1 January 2008 337,044 179,587 89,019 9,575 615,225 Foreign exchange adjustment -19,468 -6,399 0 0 -25,867 Transfer to/from other items 0 0 26,962 -26,962 0 Addition related to acquisition 123 0 0 0 123 Addition 9,363 3,119 7,607 21,362 41,451 Cost at 31 December 2008 327,062 176,307 123,588 3,975 630,932 Balance at 1 January 2008 9,647 68,139 52,935 0 130,721 Foreign exchange adjustment -1,587 -4,430 0 0 -6,017 Depreciation 0 35,627 12,794 0 48,421 Impairment 147 42,439 0 0 42,586 Impairment and depreciation at 31 December 2008 8,207 141,775 65,729 0 215,711 Carrying amount at 31 December 2008 318,855 34,532 57,859 3,975 415,221 Note 11 continued on the next page >>>
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DFDS annual report 2009 HEADER 1 DF
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DFDS annual report 2009 DFDS Route
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DFDS annual report 2009 FOREWORD 7
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DFDS annual report 2009 STRATEGY 9
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DFDS annual report 2009 Management
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DFDS annual report 2009 Management
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Business area responsible Peder Gel
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DFDS annual report 2009 RO-ro shipp
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Page 25 and 26: Business area responsible Ole Sehes
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