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INDEX INDEXNotesNotesDKK '000 31.12.11 31.12.1024. Contingent liabilitiesUsual guarantees concerning contract work in progress and completed contract work:Guarantees through Danske Bank 0 230Usual guarantees have been furnished in connection with the divestment of companies and activities in 2010. At the end of 2011, the only outstandingguarantees were usual guarantees relating to tax and environment in connection with the divestment of Dantherm Filtration in 2010.As a result of the group's ordinary operations, the group is regularly a party to pending warranty, complaints and product liability cases concerning theproducts supplied. The possible financial net liabilities are assessed on a regular basis, and separate provisions are made based on the management'scareful assessment of the financial liabilities attaching to the individual cases.At the end of 2011, pending warranty, complaints and product liability cases were in the process of being settled amicably, and no cases have beenbrought before the courts.28. Discontinuing and discontinued operationsDiscontinued operations in 2011 comprise Stelectric Ejendomme A/S, which Dantherm owned until 23 December 2011.Discontinuing and discontinued operations in 2010 comprise the following companies, stating period of ownership:• Dantherm Power A/S (1 January - 18 January 2010)• Dantherm Filtration group except for Dantherm Filtration SAS (1 January - 30 April 2010)• Danamics ApS (1 January - 1 June 2010)• Dantherm Filtration SAS (1 January - 22 September 2010)• Dantherm Air Handling Pte. Ltd. (1 January - 4 December 2010)• T&O Stelectric A/S (1 January - 31 December 2010)Due to the cessation of the Dantherm group's controlling influence, Dantherm Power A/S is recognised as an associate from 18 January 2010.The annual report for 2011 and comparative figures have been restated and presented according to IFRS 5.DKK '000 2011 2010DKK '000 31.12.11 31.12.1025. Security furnishedAs security for a lease commitment of 105,849 118,689the following has been provided:Land and buildings with a carrying amount of 100,356 101,266Plant and machinery with a carrying amount of 13,904 23,059As security for bank debt of 7,670 7,627the following has been provided:Land and buildings with a carrying amount of 2,257 2,337Current assets with a carrying amount of 21,058 16,200In respect of payables to credit institutions of DKK 98,210k, security has been provided in the form of floating charge in the assets in the subsidiaryDantherm Air Handling A/S of a maximum of DKK 75,000k. The floating charge comprises intangible assets and property, plant and equipment of DKK22,034k, inventories of DKK 66,257k and receivables of DKK 53,774k.DKK '000 31.12.11 31.12.1026. Contractual obligationsOperating lease payments and leases are as follows:0-1 year 5,604 5,6811-5 years 7,410 4,782After 5 years 912 0Total contractual obligations 13,926 10,463Costs of operating lease contracts recognised in the income statement 6,317 6,00027. Cash and cash equivalents and short-term bank debtCash and cash equivalents 24,648 14,326Cash and cash equivalents as at 31 December 24,648 14,326Revenue 187 306,909Costs -1,499 -329,643Profit/loss before tax -1,312 -22,734Tax on profit/loss for the year 0 -2,047Impairment after tax in connection with classification as discontinuing operation 0 -2,041Net gain after tax from divestment -111 24,877Net profit/loss for the year from discontinuing operations -1,423 -1,945Cash flows from operating activities -2,542 -901Cash flows from investing activities 2,122 -1,128Cash flows from financing activities -585 -2,397Cash flows from divestment, including payables to credit institutions and cash and cash equivalents 0 172,065Total cash flow from discontinuing operations -1,005 167,639Cash sales proceeds received 0 146,574Cash and cash equivalents in divested companies -645 39,285Cash flow classified as investing activity -645 107,289Cash flow classified as discontinuing operations -1,650 60,350Property, plant and equipment 0 20,999Receivables 0 2,522Securities and cash and cash equivalents 0 479Total assets held for sale 0 24,000Credit institutions 0 21,351Other liabilities 0 2,876Total liabilities relating to assets held for sale 0 24,227Earnings per share from discontinuing operations in DKK -0.2 -0.3Diluted earnings per share from discontinuing operations in DKK -0.2 -0.3Short-term payables to credit institutions 108,049 87,370Of which short-term part of lease commitments and mortgage debt -9,839 -12,495Short-term bank debt as at 31 December 98,210 74,875Cash and cash equivalents primarily concern a deposit in Chinese banks.74 Dantherm Annual Report 2011 Annual Report 2011 Dantherm 75