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84 NOTEs DFDS annual report 2009 Parent Company DKK ‘000 Consolidated DKK ‘000 2007 2008 2009 Note 16 Securities 2007 2008 2009 14,266 5,810 10,375 Listed shares 14,266 5,810 10,375 8,818 8,818 16,931 Other shares and equity investments 10,138 10,114 18,190 1,404 1,529 1,529 Other investments 1,404 1,529 1,529 24,488 16,157 28,835 Total securities 25,808 17,453 30,094 Securities in both the Parent Company and the Group are non-current assets classified as ‘available for sale’. Other shares and equity investments as well as other investments consist of some minor unlisted enterprises and holdings. These assets are not adjusted to fair value because the fair value cannot be measured reliable. Instead the securities are recognised at cost reduced by write-downs, if any. During 2009 there has been no disposal of other shares and equity investments. In 2009 ICT Holding A/S was transferred from associate to securities because of the reduced number of directorships. During 2008 two group enterprises have disposed shares and equity investments, which were recognised at the cost of DKK 20 thousand. The profit from sale constitutes DKK 380 thousand and is included in financial income. During 2007 the Parent Company has disposed shares and equity investments, which were recognised at the cost of DKK 85 thousand. The profit from sale constitutes DKK -4 thousand and is included in financial costs. Parent Company DKK ‘000 Consolidated DKK ‘000 2007 2008 2009 Note 17 Inventories 2007 2008 2009 49,305 40,404 32,409 Bunkers 60,822 47,644 38,340 37,720 29,032 33,789 Goods for sale and raw materials for restaurants 42,810 34,369 40,385 -7,444 -2,347 -1,945 Write-down of inventories for the year -7,444 -2,347 -1,945 79,581 67,089 64,253 Total inventories 96,188 79,666 76,780 Parent Company NUMBER OF SHARES Note 18 Holding of treasury shares 2007 2008 2009 Holding of treasury shares at 1 January 391,120 338,895 339,751 Disposals of the year related to share options used -52,225 -30,000 -3,000 Acquisition of treasury shares 0 30,856 0 Holding of treasury shares at 31 December 338,895 339,751 336,751 Market value of treasury shares at 31 December, DKK '000 267,727 135,561 120,388 At the Annual General Meeting in April 2009 the Board of Directors was authorised – until the Annual General Meeting 2010 – to acquire treasury shares at a nominal value totalling 10% of the DFDS A/S’ share capital. The Company’s holdings of treasury shares at 31 December 2009 are 336,751 shares (2008: 339,751 shares, 2007: 338,895 shares), corresponding to 4.21% (2008: 4.25%, 2007: 4.24%) of the Company’s share capital. Treasury shares have originally been acquired to cover a share option scheme for employees. Parent Company DKK ‘000 Consolidated DKK ‘000 2007 2008 2009 Note 19 Deferred tax 2007 2008 2009 0 0 0 Balance at 1 January 127,663 147,254 80,582 - - - Foreign exchange adjustment -1,930 -4,434 3,049 0 0 0 Change of corporation tax rate -329 0 0 0 0 0 Deferred tax for the year recognised in the income statement 3,580 -36,922 -29,970 0 0 0 Deferred tax for the year recognised in the equity 0 0 15 0 0 0 Adjustment, previous years in the income statement 18,294 -25,316 5,722 0 0 0 Adjustment, previous years in the equity -24 0 0 0 0 0 Deferred tax at 31 December, net 147,254 80,582 59,398 Deferred tax is recognised in the balance sheet as: 0 0 0 Deferred tax asset -75,174 -72,996 -102,642 0 0 0 Deferred tax liability 222,428 153,578 162,040 0 0 0 Deferred tax, net at 31 December 147,254 80,582 59,398 Note 19 continued on the next page >>>
DFDS annual report 2009 NOTEs 85 >>> Note 19 continued By joining the tonnage taxation scheme, DFDS A/S is subject to the requirements of the scheme until 2012. DFDS A/S is not expected to withdraw from the scheme and consequently no deferred tax relating to assets and liabilities subject to tonnage taxation has been recognised. If DFDS A/S withdraws from the tonnage taxation scheme, deferred tax in the amount of maximum DKK 418 million (2008: DKK 429 million, 2007: DKK 401 million) may crystallise. DFDS A/S has tax losses carried forward of DKK 333 million (2008: DKK 304 million, 2007: DKK 275 million) of which the tax base has not been recognised in the deferred tax. All taxable losses have no maturity date. The tax base of the tax losses carried forward is not recognised because of uncertainty regarding the outcome of a pending tax case regarding interpretation of the tonnage tax legislation. Consolidated DKK’000 BALANCE AT 1 JANUARY FOREIGN EXCHANGE ADJUSTMENT RECOGNISED IN THE INCOME STATEMENT RECOGNISED IN THE EQUITY ADJUSTMENT, PREVIOUS YEARS IN THE INCOME STATEMENT BALANCE AT 31 DECEMBER 2007 Ships 173,540 -7,334 3,052 0 19,648 188,906 Buildings, terminals and operating equipment 10,690 759 1,400 0 -2,791 10,058 Provisions -57,925 4,670 -1,687 0 -1,141 -56,083 Value of hedging instruments 328 0 0 0 0 328 Tax losses carried forward -4,699 -4 569 -24 882 -3,276 Other 5,729 -21 246 0 1,367 7,321 127,663 -1,930 3,580 -24 17,965 147,254 2008 Ships 188,906 -24,342 -2,280 0 -31,350 130,934 Buildings, terminals and operating equipment 10,058 402 2,754 0 2,989 16,203 Provisions -56,083 12,752 2,212 0 1,892 -39,227 Value of hedging instruments 328 0 -440 0 0 -112 Tax losses carried forward -3,276 3,574 -22,238 0 425 -21,515 Other 7,321 3,180 -16,930 0 728 -5,701 147,254 -4,434 -36,922 0 -25,316 80,582 2009 Ships 130,934 9,765 -6,379 0 4,740 139,060 Buildings, terminals and operating equipment 16,203 -57 164 0 -1,020 15,290 Provisions -39,227 -2,954 -614 0 1,828 -40,967 Value of hedging instruments -112 0 0 15 0 -97 Tax losses carried forward -21,515 -1,497 -23,363 0 -2,370 -48,745 Other -5,701 -2,208 222 0 2,544 -5,143 80,582 3,049 -29,970 15 5,722 59,398 Parent Company DFDS A/S has no deferred tax.
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