Terma A/S Annual Report 2010/11

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Notes 12. Deferred tax 34 Annual Report 2010/11 Consolidated Parent Company DKK thousand 2010/11 2009/10 2010/11 2009/10 Deferred tax at 1 March 83,309 90,886 88,958 97,232 Foreign currency translation adjustments 97 447 0 0 Adjustment for the year 17,235 (8,024) 17,319 (8,274) Deferred tax at 28 February 100,641 83,309 106,277 88,958 Recognized as follows: Deferred tax asset (5,631) (5,706) 0 0 Deferred tax 106,272 89,015 106,277 88,958 Deferred tax relates to: 100,641 83,309 106,277 88,958 Intangibles 99,935 90,582 99,935 90,582 Property, plant, and equipment 12,067 8,866 12,111 8,611 Current assets 17,997 (1,647) 17,552 (1,704) Provisions (575) 0 (125) 0 Liabilities other than provisions (4,586) (3,706) (2,863) (2,422) Tax loss carryforward (24,197) (10,786) (20,333) (6,109) 100,641 83,309 106,277 88,958 13. Long-term liabilities other than provisions Current share Consolidated Loans Long-term of long-term outstanding DKK thousand liabilities liabilities after 5 years Employee bonds 18,251 0 0 Mortgage banks 225,000 0 0 Credit institutions 223,174 1,926 207,792 466,425 1,926 207,792 Employee bonds 18,251 0 Parent Company 0 Mortgage banks 225,000 0 0 Credit institutions 223,174 1,926 207,792 466,425 1,926 207,792
14. Corporate tax payable Consolidated Parent Company DKK thousand 2010/11 2009/10 2010/11 2009/10 Corporate tax payable at 1 March (145) 81 0 (316) Tax for the year/joint taxation contribution 1,737 1,672 (6) (374) Corporate tax paid during the year (2,395) (1,997) (28) 523 Transferred to intra-group balances (374) 99 34 167 Corporate tax payable at 28 February (1,177) (145) 0 0 Recognized as follows: Corporate tax receivable (2,189) (587) 0 0 Corporate tax payable 1,012 442 0 0 (1,177) (145) 0 0 15. Unusual circumstances As described in the Management’s Review, last year’s profit before tax was affected significantly by the recognition of expected amended preconditions in the contract entered into between the Danish Government and Terma in 2008 for the supply of control rooms for the Danish emergency preparedness network SINE. 16. Contingent liabilities and security Consolidated Parent Company DKK thousand Contingent liabilities Lease liabilities (operating leases) 2011 2010 2011 2010 falling due within five years Lease guarantee in the period until 31 March 2014. 12,094 14,463 5,307 6,471 Annually MDKK 4.2 The Group’s Danish companies are jointly liable for joint registration of VAT 11,100 17,100 11,100 17,100 Security The following assets have been provided as security for mortgage banks: Carrying value of land and buildings Terma A/S – acting as the Parent Company – has issued a letter of intent to third parties in connection with the establishment of credit facilities for its subsidiaries at a total amount of DKK 24,316 thousand Included in cash and cash equivalents are deposit 230,993 225,165 230,993 225,165 accounts which are released upon delivery to customers. 64,089 0 64,089 0 17. Related parties Terma A/S is a wholly owned subsidiary of Thrige Holding A/S, which is wholly owned by the Thomas B. Thrige Foundation. Terma A/S’ related parties exercising significant influence comprise the Board of Directors, the Executive Management, managerial staff, and their family members. Further, related parties comprise companies in which the above-mentioned persons have substantial interests. Apart from the intra-group transactions which have been eliminated in the consolidated financial statements and the usual remuneration and emoluments, no transactions have been concluded relative to the Board of Directors, Executive Managers, managerial staff, major stockholders, or other related parties. Notes Annual Report 2010/11 35
Page 1 and 2: Terma A/S Annual Report 2010/11
Page 3 and 4: Board of Directors Svend-Aage Niels
Page 5 and 6: Highlights of the Year March 2010 T
Page 8: Management’s Review 2010/11 Based
Page 11 and 12: The Business Area secured significa
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Page 15 and 16: Naval Systems The Naval Systems C-S
Page 17 and 18: Terma B.V. Terma Singapore Pte. Ltd
Page 19 and 20: that are integrated entities, monet
Page 21 and 22: Company has a legal or constructive
Page 23 and 24: Executive Management Executive Mana
Page 25 and 26: DKK thousand Consolidated Parent Co
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Page 29 and 30: 1. Segment information - Revenue 2.
Page 31 and 32: 8. Property, plant, and equipment D
Page 33: 11. Equity Consolidated DKK thousan

Terma A/S Annual Report 2010/11

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