Download annual report 2011 here - Dantherm

INDEX INDEXNotesNotes18. Share capitalNo. of sharesNominal value (DKK '000)2011 2010 2011 20101 January 7,190,574 7,190,574 359,528 359,528Capital reduction 0 0 -287,622 031 December 7,190,574 7,190,574 71,906 359,528Treasury sharesNo. of sharesNominal value (DKK '000)2011 2010 2011 20101 January 80,526 80,526 4,026 4,02631 December 80,526 80,526 4,026 4,026Treasury shares' share of the share capital 1.1% 1.1%The share capital comprises 7,190,574 shares with a nominal value of DKK 10 each. The shares are not divided into classes. At Dantherm's general meetingin 2011, it was decided to reduce the share capital from a nominal amount of DKK 359,528k to DKK 71,906k.Dantherm has been authorised by the general meeting to let the company buy treasury shares up to a nominal value of 10% of the share capital. Theconsideration paid must not deviate by more than 10% from the currently listed share price at the time of the purchase.This authorisation is valid until the annual general meeting in 2016.No treasury shares were traded in 2010 and 2011.DKK '000 31.12.11 31.12.1019. Deferred taxDeferred tax as at 1 January -6,725 -17,405Disposal in relation to discontinuing operations 0 15,773Joint taxation contribution in relation to discontinuing operations 0 788Foreign currency translation adjustment -146 -67Change in deferred tax, previous years 0 -4,425Changed assessment of tax assets -1,595 -2,012Deferred tax for the year included in the net profit/loss for the year 1,417 -80Deferred tax for the year recognised in equity 0 703Deferred tax as at 31 December, net -7,049 -6,725Deferred tax is recognised in the balance sheet as follows:Deferred tax (asset) -7,049 -6,725Deferred tax as at 31 December, net -7,049 -6,725DKK '000 31.12.11 31.12.1019. Deferred tax – continuedDeferred tax concerns:Non-current assets -44 -47Current assets -1,819 -2,372Liabilities -591 -864Tax losses allowed for carry-forward -4,595 -3,442Total deferred tax -7,049 -6,725Deferred tax assets in Danish and foreign companies are recognised as tax loss carry-forwards and other differences offset against income likely to berealised in future. A prudent recognition is made on the basis of earnings expectations and subject to the specific circumstances and rules on limitationin the relevant countries.The positive adjustment of deferred tax assets is primarily attributable to the companies in the USA and Sweden.The group has tax losses of DKK 171.8m (2010: DKK 170.5m), the tax value of which amounts to DKK 44.2m which is not recognised in the balance sheet.DKK '000 31.12.11 31.12.1020. ProvisionsWarranty commitments as at 1 January 5,931 27,607Disposal in relation to discontinued operations 0 -24,446Foreign currency translation adjustment 32 99Used during the year -1,388 -2,623Provisions for the year 3,159 5,294Warranty commitments as at 31 December 7,734 5,931Provision for restructuring as at 1 January 0 4,436Disposal in relation to discontinued operations 0 -4,436Provision for restructuring as at 31 December 0 0Other liabilities as at 1 January 2,052 14,288Disposal in relation to discontinued operations 0 -13,404Translation adjustments 1 72Provisions for the year 0 2,000Reversed provision -2,052 0Used during the year 0 -904Other liabilities as at 31 December 0 2,052Provisions as at 31 December 7,734 7,983Expected dates of maturity for provisions:0-1 year 7,096 7,1951-5 years 638 788Provisions as at 31 December 7,734 7,983Warranty commitments concern goods sold with a warranty. The liabilities have been calculated on the basis of previous years' experience. The costs areexpected to be incurred during the warranty period.Goods are normally sold with a warranty of 12-24 months. In a few cases, the warranty period is up to 60 months.70 Dantherm Annual Report 2011 Annual Report 2011 Dantherm 71