Notes to the parent company financial statements 2011
NOTE 19 - Income tax payable
2010
Income tax at January 1 Prior-year adjustments Current tax for the year recognised in the income statement Current tax for the year recognised in equity Current tax for the year from jointly taxed companies Tax received/paid Income tax in total
1.8 (1.6) (0.4) (0.8) 3.5 (2.8) (0.3)
(4.1) 0.0 (0.4) (0.3) 5.7 0.9 1.8
Which is distributed as follows: Income tax receivable Income tax payable Income tax in total
(0.3) (0.0) (0.3)
0.0 1.8 1.8
(0.6) (0.7) (1.3)
7.7 (3.1) 4.6
NOTE 20 - Changes in working capital Change in receivables Change in trade payables and other payables Changes in working capital in total
N OTE 21 - Financial risks The parent company’s risk management policy ”Due to the nature of its operations, investments and financing, the parent company is exposed primarily to changes in the level of interest rates. Interest rate risks are described in greater detail in note 15. The parent company’s financial management exclusively involves the management of financial risk relating to its operating and investment activities. Currency risk The parent company’s foreign exchange risks involve foreign businesses of subsidiaries. The parent company does not hedge these investments. The parent company also has limited exposure to foreign exchange risk relating to EUR-denominated net debt. Considering the relatively small fluctuations in the DKK/EUR exchange rate, however, this is considered to be a limited risk. The parent company’s foreign exchange risks recognised in the balance sheet at December 31, 2011 Currency
EUR/DKK
Net position before hedging 1)
Hedged by financial instruments
Net position after hedging
81.5
0.0
81.5
The parent company’s foreign exchange risks recognised in the balance sheet at December 31, 2010 Currency
EUR/DKK
Net position before hedging 1)
Hedged by financial instruments
Net position after hedging
140.7
0.0
140.7
Likely change in exchange rate 2)
0.2%
Likely change in exchange rate 2)
0.1%
1) Positive net positions mean debt, negative net positions means receivables. 2) Increase in per cent in the currency exchange rate. 3) A decrease in the currency exchange rate would reverse the sign. Credit risk Parent company credit risk relates primarily to receivables from affiliated companies and secondarily to cash deposits.
70
All amounts in millions of Danish kroner.
Effect on profit for the year 3)
0.2
Effect on profit for the year 3)
0.1