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INDEX INDEXNotesNotes6. Sharebased remuneration – continuedThe share options may be exercised for a period from three to six years after granting. Options granted in 2008 may thus be exercised from the generalmeeting in 2011 and until the general meeting in 2014. The options can only be exercised for a period of four weeks after the publication of financialstatements or interim financial statements. The exercise price was fixed at an average price for a period of ten days after the publication of the company'sannual report plus 5% per year.The options can only be exercised in the form of shares. A portion of the company's holding of treasury shares has been reserved for any settlement ofoptions granted.Fair value Fair valueExecutive Other Average ex- per option Total atBoard of executive ercise price at the time the time ofthe parent employees Total per option of granting grantingNo. of options No. of options No. of options DKK DKK DKK '000Outstanding options at the beginning of 2010 16,875 34,409 51,284 163 33 1,672Outstanding options at the end of 2010 16,875 34,409 51,284 163 33 1,672Outstanding options at the beginning of 2011 16,875 34,409 51,284 163 33 1,672Reclassification -6,520 6,520 0 0 0 0Outstanding options at the end of 2011 10,355 40,929 51,284 163 33 1,672Number of options exercisable at the end of 2010 4,214 18,270 22,484Number of options exercisable at the end of 2011 10,355 40,929 51,284DKK '000 2011 20107. Special itemsStaff costs relating to dismissed employees and employees released with pay 0 2,130Other restructuring costs 0 153Total special items 0 2,283In 2010, special items comprised the costs of restructuring in the Swedish company, transferring production to the factories in Denmark and China andselling the buildings.8. Financial incomeInterest, cash etc. 196 196Foreign exchange gains 2,941 694Cancellation of debt from minority shareholder 1,146 0Other financial income 871 175Total financial income 5,154 1,065Interest on financial assets measured at amortised cost amounts to 1,067 371DKK '000 2011 20109. Financial expensesInterest, credit institutions etc. 13,683 15,000Foreign currency translation adjustment and losses 3,365 2,696Fees and other costs 877 4,070Total financial expenses 17,925 21,766Interest on financial liabilities measured at amortised cost amounts to 13,683 15,00010. TaxTax for the year can be distributed as follows:Tax on profit/loss for the year -4,056 2,628Tax on changes in equity 0 -703Total -4,056 1,925Tax on profit/loss for the year comprises:Current tax -3,456 -3,889Adjustment of deferred tax -1,417 4,425Adjustment of deferred tax due to changed assessment of tax assets 1,595 2,012Adjustment of tax, previous years 0 80Other taxes -778 0Total -4,056 2,628Tax on profit/loss for the year comprises:Profit/loss before tax 9,757 -44,533Share of profit/loss after tax in associates 0 30,686Profit/loss from continuing operations before tax without associates 9,757 -13,847Tax rate 25% 25%Calculated tax on profit/loss before tax -2,439 3,462Adjustment of calculated tax in foreign group enterprises relative to current tax rate -38 -55Income in companies with local losses 84 987Losses in companies, for which the tax base is not recognised -1,953 -1,221Other taxes (not based on income) -778 -2,561Tax effect of:Non-deductible expenses and non-taxable income, net -527 -76Change in the valuation of tax losses in addition to earnings performance 1,595 2,012Adjustment of tax, previous years 0 80Total -4,056 2,628Effective tax rate without associates 42% 19%62 Dantherm Annual Report 2011 Annual Report 2011 Dantherm 63