Annual Report 2011 - Falck

Annual Report 2011

01
42
90
Management review 1
Key figures and financial ratios 2
Highlights of the year 6
Business areas 8
Emergency 10
Assistance 16
Healthcare 20
Training 24
Corporate social responsibility 28
Corporate governance 31
Financial review 33
Risk factors 39
Business risks 39
Financial risks 40
Group financial statements 42
Income statement 43
Statement of comprehensive income 44
Cash flow statement 45
Balance sheet 46
Equity statement 48
Notes 49
Parent company financial statements 90
Income statement 91
Statement of comprehensive income 92
Cash flow statement 93
Balance sheet 94
Equity statement 96
Notes 97
Management’s statement 107
Independent auditors’ report 108
Board of Directors,
Executive Management Board and auditors 109
Legal entities in the Falck Group 111
Definitions of ratios 115

Great Britain
Emergency
Training
127 employees
USA
Emergency
Training
2,911 employees
El Salvador
Emergency
83 employees
Panama
Emergency
145 employees
Ecuador
Emergency
116 employees
Germany
Emergency
Training
108 employees
Columbia
Emergency
1,477 employees
Belgium
Emergency
277 employees
Venezuela
Emergency
391 employees
Netherlands
Emergency
Training
374 employees
Trinidad
Training
45 employees
Denmark
Emergency
Assistance
Healthcare
Training
9,627 employees
Uruguay
Emergency
1,104 employees
Norway
Emergency
Assistance
Healthcare
Training
609 employees
Brasil
Emergency
Training
721 employees
Sweden
Emergency
Assistance
Healthcare
1,444 employees
Spain
Emergency
412 employees

Estonia
Assistance
20 employees
Nigeria
Training
83 employees
Finland
Emergency
Assistance
63 employees
Slovakia
Emergency
1,732 employees
Turkey
Emergency
4 employees
Poland
Emergency
Healthcare
2,982 employees
Russia
Emergency
Romania
Emergency
221 employees
Azerbaijan
Training
18 employees
United Arab
Emirates
Emergency
Training
43 employees
Kazakhstan
Emergency
India
Emergency
16 employees
Thailand
Training
11 employees
Malaysia
Training
77 employees
Vietnam
Training
6 employees
Singapore
Training
10 employees

Emergency
1,800
With more than 1,800 ambulances in 14 countries and firefighting
contracts in eight countries, Falck is both the largest
international ambulance operator in the world and the largest
international fire service in the world
Healthcare
16
Falck now operates 16 medical clinics in Poland
Assistance
1,800,000
As of the turn of the year 2011-2012, Falck served 1.8 million private
customers in its Assistance business in Denmark, Norway,
Sweden, Finland and Estonia
Training
24
Revenue by geographical area Revenue by business area
Denmark, 53.6%
Nordic region, 16.7%
Europe, 11.9%
North America, 10.5%
South America, 5.9%
Rest of the world, 1.4%
Management review | Falck Annual Report 2011 1
Falck’s training centre at Teeside in the UK has opened a
24-metre high tower for wind turbine training
Emergency, 53.6%
Assistance, 26.4%
Healthcare, 10.0%
Training, 10.0%

2 Falck Annual Report 2011 | Group
Key figures and financial ratios
The Group focuses on a number of key figures and ratios which are not all derived directly from the income statement, cash flow statement and balance sheet.
Theese key figures and ratios are shown below.
KEY FIGURES DKK million
Income statement
2007 2008 2009 2010 2011
Revenue
Operating profit before amortisation, depreciation and impairment,
6,271 7,066 7,529 8,367 10,193
costs from business combinations and exceptional items (EBITDA)
Operating profit before costs and amortisation from business combinations
815 842 989 1,119 1,306
and exceptional items (EBITA) 570 587 721 839 980
Profit before financials 578 574 702 763 973
Financials etc. -176 -201 -114 -122 -273
Profit before tax 402 373 588 641 700
Income taxes -91 -98 -171 -183 -184
Profit for the year 311 275 417 458 516
Amortisation of intangible assets and costs from business combinations 9 13 19 50 89
Exceptional items -17 - - 26 -82
Debt restructuring costs - - - - 73
Tax on normalisation 4 -2 -4 -7 -35
Normalised profit after tax 307 286 432 527 561
Cash flow statement
EBITA 570 587 721 839 980
Amortisation, depreciation and impairment 245 255 268 280 326
EBITDA 815 842 989 1,119 1,306
Change in working capital including operating provisions -31 6 379 -113 -82
Investments in intangible assets and property, plant and equipment -257 -295 -336 -401 -363
Sales of non-current assets 21 13 64 237 37
Free cash flow 548 566 1,096 842 898
Free cash flow after exceptional items, interest and tax 236 300 801 478 513
Investments in acquisitions -59 -460 -73 -720 -565
Dividends paid, repayments, and changes in interest-bearing debt -99 258 -528 166 298
Change in cash and cash equivalents 78 98 200 -76 246
Balance sheet
Current assets excluding cash and cash equivalents, etc. 754 813 1,020 1,464 1,590
Liabilities excluding credit institutions, income taxes, etc. -1,706 -1,766 -2,365 -2,612 -2,811
Operating provisions -74 -75 -68 -85 -54
Non-current assets excluding goodwill 1,562 1,635 1,690 1,665 1,747
Net operating assets excluding goodwill 536 607 277 432 472
Goodwill 3,594 3,897 4,075 4,711 5,302
Intangible assets from acquisitions 28 93 81 261 345
Income taxes -15 -24 -22 -40 -51
Net operating assets including goodwill 4,143 4,573 4,411 5,364 6,068
Total equity 834 908 1,407 1,788 2,094
Net interest-bearing debt 3,139 3,377 2,577 2,949 3,259
Provisions for deferred tax 102 63 93 205 206
Non-operating assets and liabilities 68 225 334 422 509
Financing 4,143 4,573 4,411 5,364 6,068
KEY RATIOS
Income statement
Revenue growth % 16.5 12.7 6.6 11.1 21.8
Organic growth % 7.3 9.3 4.3 5.1 3.6
EBITA margin % 9.1 8.3 9.6 10.0 9.6
Effective tax rate, normalised for change in tax rate in 2007 % 26.4 26.3 29.0 28.6 26.2
Earnings per share (EPS) DKK 3.2 2.9 4.4 4.8 5.4
Diluted earnings per share (DEPS)
Cash flow statement
DKK 3.1 2.7 4.3 4.6 5.3
Cash conversion rate % 96.1 96.4 152.0 100.4 91.6
Net capital investments less depreciation DKKm -9 27 -8 -120 -
Cash flow from operating activities
Balance sheet
DKKm 449 575 1,063 546 681
Total assets DKKm 6,355 6,979 7,635 9,089 10,293
Equity ratio % 13.1 13.0 18.4 19.7 20.3
Return on equity % 60.1 32.6 36.0 28.9 29.7
Return on equity excluding exceptional items % 57.1 32.6 36.0 30.6 24.8
Net interest-bearing debt to EBITDA, normalised
Other financial ratios
Factor 3.85 3.76 2.64 2.48 2.47
Number of employees at year-end Number 15,083 16,044 16,457 19,174 25,262
In the Group, cash flows are divided into free cash flow, investments in acquisitions and dividends paid, repayments and change in interest-bearing debt. In the free cash flow,
investment in intangible assets and property, plant and equipment is deducted as the Group invests in vehicles, infrastructure and similar assets as part of ordinary operations.
Thus, the free cash flow reflects the amount available for acquisitions, and repayments on debt.
Earnings and diluted earnings per share have been calculated in accordance with IAS 33 (note 14). For definitions of ratios, see page 115.

Revenue growth
DKK million %
12,000
10,000
8,000
6,000
4,000
2,000
0
2007 2008 2009 2010 2011
Revenue growth Organic growth Revenue
Cash conversion rate and free cash flow
DKK million %
1,200
1,000
800
600
400
200
0
2007 2008 2009 2010 2011
Cash conversion rate Free cash flow
24
20
16
12
150
125
100
75
50
25
0
8
4
0
EBITA and EBITA margin
DKK million %
1,200
1,000
800
600
400
200
0
2007 2008 2009 2010 2011
EBITA margin Operating profit before costs and amortisation from
business activities and exceptional items (EBITA)
Operating assets and liabilities
DKK million
2,800
2,400
2,000
1,600
1,200
Revenue, EBITA, operating margin and organic growth by business area
800
400
0
2007 2008 2009 2010 2011
Operating assets Operating liabilities
Group | Falck Annual Report 2011 3
DKK million Revenue EBITA Operating margin (%)
Organic
2011 2010 2011 2010 2011 2010 growth
Emergency 6,385 4,834 435 329 6.8 6.8 4.6
Assistance 2,693 2,470 335 269 12.4 10.9 6.2
Healthcare 1,112 1,196 82 75 7.4 6.3 (8.6)
Training 1,019 958 128 142 12.6 14.8 6.9
Other 24
Elimination (1,016) (1,091)
Falck Group 10,193 8,367 980 839 9.6 10.0 3.6
18
15
12
9
6
3
0

Management review
On the way to becoming a worldwide operator
In 2011, we came substantially closer to one of our goals:
To become a worldwide organisation that works to prevent
accidents, diseases and emergency situations; that rescues
and assists people in an emergency quickly and competently;
and that rehabilitates people after illness and injury.
The Falck Group’s ownership structure was also settled in
2011, and the owners are now Lundbeck Foundation, KIRKBI,
the Executive Management Board, ATP, Folksam and PFA. With
these shareholders, we expect to continue our international
expansion and maintain our strong position in the Nordic
region. We seek to achieve this using our many years of experience,
mainly from Denmark, to develop new services and by
exporting existing service concepts which we adapt to local
conditions. Falck thus contributes to increasing the quality and
efficiency of the services we provide to the public authorities,
companies and the local population.
Over the course of the year, we consolidated our position in a
number of important fields in all our business areas.
We purchased the leading ambulance and medical services
company in South America, with 750,000 subscribers and
activities in six countries. We also acquired a significant US ambulance
company that provides assistance to people in distress
in seven states on the US East Coast, so that we now have a
presence on both the east and west coast of the United States.
In Europe, we set up ambulance operations in Germany and
won a number of ambulance contracts, e.g. in Poland, where
the number of Falck ambulances more than doubled to 84.
In the Assistance business, we signed a contract to provide
roadside assistance to the customers of Norway’s largest
insurance company. We also won a contract to supply an environmentally
friendly fleet management system to the largest
bus company in Norway. Moreover, 30,000 Nordic travellers
received assistance from Falck TravelCare, including referrals
to clinics, hospitalisation and repatriation from a number of
holiday destinations.
In the Healthcare business, Falck Healthcare acquired the
second-largest private provider of healthcare solutions in
Denmark.
Never before has Falck provided safety training to so many employees
in the off-shore industry: 204,000 people attended our
courses in 2011 to learn how to handle themselves and their
colleagues in difficult and hazardous situations. We opened yet
another training centre, this time in Azerbaijan, which means
we now operate 36 training centres in 15 countries on five
continents.
This higher activity level pushed our revenue up by 21.8%
to DKK 10.2 billion. The organic growth rate was 3.6%. Our
growth was also reflected in the growth in our operating
profit, which rose 16.8% to DKK 980 million.
Financially, 2011 was a good year for Falck. But at Falck, business
is not just about financial performance. Falck is rooted in
the services provided for 105 years by generation after generation
of dedicated employees whose prime task was to respond
when an accident occurred. They are the people who have
created – and continue to develop – the excellent reputation
Falck enjoys today.
The employees have been and always will be the core and the
driving power of Falck. Our physicians, rescue officers, firemen,
physiotherapists, psychologists, instructors – all of our
employees, are the hallmark of our organisation, whether they
help fight a fire, get the car running, take care of sore joints,
teach people how to look after themselves in hazardous situations
or otherwise help and create peace of mind for people in
more and more parts of the world.
It is our duty to honour the Falck heritage – not just out of respect
for the people who have worked to bring Falck to where
it is today, but also because coming generations will carry the
organisation forward, ensuring that Falck will work for citizens,
businesses and authorities in the communities we serve – also
in the years to come.
Lars Nørby Johansen Allan Søgaard Larsen
Chairman President and CEO

6 Falck Annual Report 2011 | Management review
Highlights of the year
March
US ambulance services provider acquired
Falck executed the agreement signed on 1 January 2011 to
purchase US-based ambulance company LifeStar. The company
operates 440 ambulances and other rescue vehicles in seven
states on the US East Coast. Falck already operates ambulances
in California and is now the third-largest ambulance company in
the United States.
Polish medical clinics acquired
In the same month, Falck acquired a controlling interest in
Starowka, a company which operates four medical clinics with
general practitioners, specialists and out-patient treatment in
Warsaw and central Poland. This raised the number of medical
clinics in Poland operated by Falck to 16.
Acquired the leading ambulance and
medical services company in South America
Falck now holds 63.1% of the parent company of Colombiabased
Grupo EMI, the leading provider of ambulance and medical
services in South America. The company has 3,135 employees
and offers a broad range of rescue services and products to
people in Colombia, Uruguay, Venezuela, Ecuador, Panama and
El Salvador.
May
Acquired HealthCare Danmark
Falck strengthened its position as the largest private provider of
healthcare solutions by purchasing the second-largest operator
in the field, HealthCare Danmark. With this acquisition, Falck
expanded its network of healthcare clinics and has grown even
stronger in its ability to prevent illness and strain. HealthCare
Danmark provides healthcare schemes for 130,000 employees
in public and private companies.
June
Signed fleet management contracts
Falck signed a large framework agreement with Norway’s largest
bus company to supply a fleet management system that
increases safety, protects the environment and saves fuel. The
system – Falck Sirius Eco Drive – makes it easier for drivers to
optimise their individual driving behaviour.

July
New ownership in place
The new ownership of Falck – consisting of the Lund beck Foundation,
KIRKBI, the Executive Management Board, ATP, Folksam
and PFA – was finally in place, having received the approval of
the competition authorities. The Lundbeck Foundation and
KIRKBI hold 57% and 20% of Falck respectively. The Lundbeck
Foundation is a commercial foundation that provides subsidies
for scientific purposes in the biomedical and natural sciences,
and KIRKBI is owned by the family behind the world-famous
LEGO bricks, the Kirk Kristiansen family.
Won ambulance contract in Poland
In a number of tenders, Falck won contracts for an additional
28 ambulances, bringing the total number of ambulances operated
in Poland to 66.
September
Now also in Azerbaijan
Falck acquired 65% of Caspian Safe, a company that runs a
centre for safety training of off-shore employees at Baku, Azerbaijan.
As a result, Falck is now also making its competencies
available to oil and gas companies operating in and around the
Caspian Sea.
November
Ambulances in Germany
Falck acquired German ambulance company Krankentransport
Herzig, which provides ambulance services in Hamm, North
Rhine-Westphalia, with close to 100 employees and 20 vehicles.
This is the first time since the 1980s that Falck is operating ambulance
services in Germany. Through this company, Falck will
likely participate in coming tender rounds for ambulance and
patient transport contracts in Germany.
December
Management review | Falck Annual Report 2011 7
Won ambulance contract in Poland
Falck will be operating even more ambulances in Poland after
winning a number of additional contracts in the Lodz region: a
total of 29 ambulances (18 of which are new) and a rescue boat.
Falck won a number of other Polish contracts during the year and
now manages a total of 84 ambulances and two rescue boats.

Emergency
Falck is the largest international ambulance service provider
in the world. Falck provides ambulance services to the people
of 14 countries in Europe and North and South America
in close collaboration with the authorities. Falck operates
more than 1,800 ambulances.
Falck is also the world’s largest international fire-fighting
operator, with activities in eight different countries. In Denmark,
Falck provides fire-fighting services for two-thirds of
the country’s municipalities. In the other countries, Falck
is active in industrial fire services, fire training and fire services
consulting for both public and industrial customers
Assistance
Falck’s Assistance services are concentrated in four Nordic
countries (Denmark, Finland, Norway and Sweden). The
services provide the citizens with the greatest possible security
and peace of mind, either by preventing accidents or
by providing fast and competent assistance when accidents
occur. Assistance services are often subscription-based and
especially provide help to subscribers with their cars and
homes. As an example, Falck helps members whose car has
broken down: in most cases, Falck staff can repair the car
on the spot. Falck helps homeowners with everything from
water in the basement to snow on the roof.
Healthcare
An important part of Falck Healthcare’s efforts consists of
preventing illness, stress and attrition. The goal is to ensure
that each individual has a better, longer and healthier
worklife. This also means greater job satisfaction at the
workplace, as well as lower costs related to illness, lower
public-sector costs for social security and lower costs for insurance
companies saving money on claims resulting from a
reduction in or loss of working capacity, for example.
Training
Falck provides rescue and safety courses and other safety
ser vices in 15 countries on five continents. This happens at
28 training centres aimed at the offshore industry and the
maritime sector, but the chemical industry, the aviation
industry and the armed forces in Denmark and Sweden also
make use of Falck’s facilities and services. In addition, Falck
has eight land-based training centres in the Netherlands.
At all these centres, people are instructed in safe behaviour
in order to avoid accidents in the workplace, and they are
taught how to react correctly – also under extreme conditions
– if accidents do occur.

Business areas
and their performance

Per Riber Jacobsen, age 42,
paramedic,
helping a patient on board the Falck DRF Danish-
German medical helicopter together with a German
colleague.

Falck is the world’s largest international
ambulance operator and also the world’s
largest fire service provider
1,200
Emergency
Some 1,200 missions are operated from the base each year
The helicopter is on standby and ready for response in about
two minutes during daytime.

12 Falck Annual Report 2011 | Management review
Emergency
Falck’s Emergency activities in 2011 saw significant
international expansion and a number of new
contracts. This contributed to a 32.1% increase
in revenue from the Emergency business, from
DKK 4,834 million to DKK 6,385 million
• Established ambulance operations in six countries in
South America
• Expanded ambulance operations in the United States
• Doubled the number of ambulances operated in Poland
• Began operations of more industrial fire services in Europe
Falck is the largest international ambulance service provider in
the world. Falck provides ambulance services to the people in
14 countries in Europe and North and South America in close
collaboration with the authorities. Falck operates more than
1,800 ambulances with ambulance officers, nurses and/or doctors
treating more than two million sick or injured people every
year. In addition, Falck also helps handle many other pre-hospital
services such as the operation of doctors’ emergency cars,
emergency response vehicles and emergency helicopters.
In 14
countries
Falck is the largest international ambulance service provider in
the world. Falck provides ambulance services to the people in
14 countries in Europe and North and South America.
Falck is also the world’s largest international fire-fighting operator,
with activities in eight different countries. In Denmark, Falck
provides fire-fighting and fire-prevention services for two-thirds
of the country’s municipalities. In the other countries, Falck is
active in industrial fire services, fire training and fire services
consulting for both public and industrial customers.
In South America, Falck acquired a 63.1% stake in Grupo EMI,
the leading provider of ambulance and medical services in Central
and South America, with operations in Colombia, Uruguay,
Venezuela, Ecuador, Panama and El Salvador. The company
has 3,135 employees and operates 270 ambulances and other
vehicles and has a large network of family doctors and medical
clinics.

EMI’s activities are based on subscriptions held by private
households and businesses: each of the over 750,000 subscribers
can call an ambulance or a doctor at any time of day or
night or receive advice on disease and health over the phone.
Since the EMI acquisition this spring, this new Falck company
has so far purchased another ambulance company in Colombia
and also achieved organic growth.
In Brazil, Emergency activities to public-sector customers did
not grow as expected. It was therefore decided to divest the
32.1%
Revenue from the Emergency business rose 32.1%, from DKK
4,834 million to DKK 6,385 million.
Revenue
DKK million
7,500
6,000
4,500
3,000
1,500
0
07 08 09 10 11
Organic growth
%
12
10
8
6
4
2
0
activities and focus solely on the private and business market
going forward.
In the United States, Falck acquired LifeStar shortly after the
turn of the year. LifeStar operates 440 ambulances and other
vehicles on the US East Coast. During the course of the year,
Falck acquired – through LifeStar – another small ambulance
company and won a number of new contracts, including one
involving running ambulance services in Florida.
New contracts were also won in California, where Falck provides
ambulance services through its subsidiary Care Ambulance Service,
including the contract for ambulance services for the City
of Orange.
07 08 09 10 11
Management review | Falck Annual Report 2011 13
DKK million 2011 2010
Emergency
Revenue 6,385 4,834
Revenue growth 32.1% 13.2%
Organic growth 4.6% 7.6%
EBITA 435 329
EBITA margin (%) 6.8% 6.8%
Falck ambulances
1,800
1,500
1,200
900
600
300
0
07 08 09 10 11

14 Falck Annual Report 2011 | Management review
2/3
Falck provides fire-fighting and fire-prevention services for twothirds
of the municipalities in Denmark.
With the acquisition of Krankentransport Herzig, based in
Hamm, Germany, Falck also obtained a foothold as an ambulance
operator in Germany, with 20 ambulances so far.
In early 2012, Falck and its Spanish partner, Grupo Dominguis,
acquired a 75% stake in VL, an ambulance company based in
Catalonia in eastern Spain that operates 70 ambulances and
similar vehicles.
In addition to the acquisitive growth, organic growth of 4.6%
was generated, mainly from operations outside Denmark,
which generated 9.3% organic growth. Organic growth was particularly
strong in Poland, Slovakia, Spain and Sweden.
In Poland, Falck won tender contracts in six regions and will
operate 84 ambulances going forward – up from 38 in 2010 –
and two ambulance boats. Of these ambulances, Falck began
operating 28 in 2011 and 18 on 1 January 2012. Moreover, Falck
was appointed ambulance services operator for three stadiums
where the European Football Championship will be held in the
summer of 2012.
In Slovakia, growth was mainly in fire services, with two new
five-year contracts in 2011.
In Spain, the upward trend in the fire business continued in
2011, and a number of new contracts were signed during the
year, which contributed to the growth. Moreover, a number of
additional services were provided under several existing contracts,
in connection with maintenance of the facilities covered
by the contracts.
In Sweden, revenue grew due to a high level of activity under
the existing ambulance contracts and new contracts for fire
services at the Forsmark nuclear power plant and the airports
at Arlanda and Sätenäs. In addition, Falck won a contract for fire
services and roadside assistance in connection with traffic accidents
in Stockholm, the capital of Sweden, expanded the scope
In addition to the acquisitive growth, organic
growth of 4.6% was generated, mainly from
operations outside Denmark

Falck operates more than 1,800 ambulances with
ambulance officers, nurses and/or doctors treating
more than two million sick or injured people every
year
of the ambulance contracts in Stockholm and won a contract
for operating the home visiting GP service in the Scania region.
In Denmark, Falck provides ambulance and emergency helicopter
services for about 85% of the population and supports the
efforts to lift the quality of pre-hospital services. New services
include direct ambulance-to-hospital video transmission which
enables the hospital doctor to advise the ambulance officer and
prepare for the correct treatment of patients when they reach
the hospital. Moreover, the proportion of ambulance staff that
are also paramedics – highly trained ambulance officers – rose
substantially in 2011.
Falck also provides fire-fighting services for 63 of the 98 municipalities
in Denmark. The number of responses to fire incidents
during the year was 13,754, down from 14,502 in 2010.
Top 10 The
Management review | Falck Annual Report 2011 15
Moreover, Falck uses the latest technology in its fire-fighting services
to improve quality, not least in its endeavour to document
response times, performance and special areas of focus.
A statement by the Danish Emergency Management Agency
shows that the ten municipalities in Denmark with the shortest
response times all use Falck as their provider of fire-fighting
services.
Operating profit from the Emergency business was DKK 435
million in 2011, up from DKK 329 million in 2010; this corresponds
to 32.2% growth, which was primarily related to acquisitions.
To a greater extent than in 2010, earnings in 2011 were
affected by investments in future growth, including significant
costs incurred from involvement in the tender process in Poland
and an expansion of the Group’s support functions relating to
international emergency activities.
ten municipalities in Denmark with the shortest response times all use Falck
as their provider of fire-fighting services.

Assistance
In Norway, the number of roadside responses
increased after Falck signed a contract to
provide roadside assistance to the customers
of Norway’s largest insurance company. The
agreement covers approximately 700,000
vehicles
30,000
Falck Travelcare provided 30,000 responses of assistance to
travellers outside the Nordic region in 2011 – 8,000 more
than in 2010.

Per Martin Garsjø, age 52,
assistance rescue officer,
provides assistance to a car owner near Oslo,
Norway. Falck has provided roadside assistance
to car owners in Norway since 1949.

18 Falck Annual Report 2011 | Management review
Assistance
Assistance provides customers with security and
peace of mind through advice, prevention and help
• A contract for roadside assistance signed with the largest
insurance company in Norway
• Significant increase in sales of alarms
• 30,000 travellers outside the Nordic region assisted
• 1,380,000 responses in 2011
Falck’s Assistance services are concentrated in four Nordic countries
(Denmark, Finland, Norway and Sweden). The services provide
the citizens with the greatest possible security and peace
of mind, either by preventing accidents or by providing fast and
competent assistance when accidents occur.
Assistance services are often subscription-based and especially
provide help to subscribers with their cars and homes. As an
example, Falck helps members whose car has broken down or
if they are involved in an accident: in most cases, Falck staff can
repair the car on the spot. Falck helps homeowners with everything
from water in the basement to snow on the roof.
Also, both private companies and public authorities can make
use of Assistance services in situations involving buildings,
health, travel and more.
1,380,000
Falck provided 1,380,000 assistance responses in 2011 to
members in Denmark, Norway, Sweden, Finland and Estonia.
By the end of the year, Falck had 1.8 million subscribers of Assistance
services, of whom close to 100,000 were served through
public institutions and private-sector companies. The total number
of responses provided by Falck in 2010 was 1,380,000.
Revenue improved from DKK 2,470 million in 2010 to DKK 2,693
million in 2011. Organic growth accounted for 6.2% of this upward
trend, which was primarily the result of continuing growth
in the roadside assistance portfolio and in travel assistance.
During the first months of the year, the Nordic region was hit
by huge amounts of snow and long spells of severe frost. This
meant that many Falck members needed assistance from Falck
to start their cars, repair them or pull them out of the snow.
Summer brought a widespread cloudburst and a number of
very heavy rainfalls, which caused members to again rely heavily
on Falck to make temporary home repairs, recover equipment
and dehumidify water-damaged rooms.
In Norway, Finland and, to some extent, Sweden as well, the
severe winter weather generated increased revenue as Falck’s services
are mainly provided on a pay-per-use basis in these countries.
In Norway, the number of roadside responses increased after
Falck signed a contract to provide roadside assistance to the
customers of Norway’s largest insurance company. The agreement
covers approximately 700,000 vehicles.

Falck also signed an agreement with the largest bus company
in Norway to deliver the Sirius Eco Drive fleet management system,
which helps increase safety, protect the environment and
save fuel.
Many people in Denmark and Sweden travelled abroad in 2011,
boosting the level of activity at Falck TravelCare, which provided
assistance to almost 30,000 travellers from the Nordic region
with referrals to clinics, hospitalisation and repatriation from a
number of popular holiday destinations outside the Nordic region.
The number of assistance responses increased by around
8,000 year on year, partly because of new contracts with two of
the largest insurance companies in Denmark.
More and more people are installing a Falck Alarm in their
home. During the last quarter of 2011, sales of alarms rose by
65% from the prior-year period. As a result of this growth, Falck
opened its own control centre with a new IT platform; previously,
this service was outsourced. Also in Sweden, the recently
started alarm sales showed good growth.
In Denmark, Falck launched a new service in May called
BoligRedning (‘home rescue’) that combines traditional emergency
assistance with services such as temporary repairs after
wind storms and burglaries, including tree felling, removal of
snow from roofs, and a telephone advice line where subscribers
can call and ask about all sorts of problems they may have with
their home.
Revenue
DKK million
3,000
2,500
2,000
1,500
1,000
500
0
07 08 09 10 11
Organic growth
%
10
8
6
4
2
0
In 2011, Falck introduced an application for smartphones which
tells exactly where a roadside assistance subscriber is located so
that help can be provided quickly. The application also shows
the subscriber where the Falck rescue vehicle is on a map so
that the subscriber can see when it will arrive.
Operating profit from the Assistance business was DKK 335
million in 2011 versus DKK 269 million in 2010, corresponding
to 24.5% growth. Earnings in 2011 were affected by the severe
winter in early 2011, when many Falck rescue officers and dispatch
centre staff worked round the clock to help customers in
distress. As most of the members in Denmark – and to some
extent in Sweden as well – have subscriptions that allow them
to draw on Falck services whenever needed, there was no compensation
for the winter costs in the form of a corresponding
increase in revenue. In addition to the increase in revenue, the
year-on-year growth was attributable to the fact that the winter
of 2010 was even more severe than 2011, with huge amounts
of snow and severe frost both at the beginning and end of 2010.
07 08 09 10 11
Management review | Falck Annual Report 2011 19
DKK million 2011 2010
Assistance
Revenue 2,693 2,470
Revenue growth 9.0% 13.1%
Organic growth 6.2% 8.0%
EBITA 335 269
EBITA margin (%) 12.4% 10.9%
Subscribers
2,000,000
1,500,000
1,000,000
500,000
0
07 08 09 10 11

Healthcare
The goal is to ensure that each individual has a
better, longer and healthier worklife. This also
means greater job sitisfaction at the workplace,
as well as lower costs related to illness
1,600,000
Falck covers 1.6 million people in Denmark with
healthcare schemes.

Zuzana Rohutná, age 33,
physiotherapist,
helps a pregnant woman with antenatal exercises
at one of Falck Healthcare’s clinics. The exercises
strengthen the woman’s arm and shoulder
muscles and helps her breathe correctly.

22 Falck Annual Report 2011 | Management review
Healthcare
Falck Healthcare is Denmark’s largest private
provider of healthcare services. Falck helps keep
people healthy, also by helping them design
healthy workspaces
• Expanded position in Poland and now operates more
than 16 medical clinics
• Acquired Denmark’s second-largest provider of
healthcare solutions
• Won two significant contracts for interdisciplinary
treatment in Sweden
• Cut costs for sickness benefits administration by DKK 75
million under a multiple-year collaboration with six Danish
municipalities.
An important part of Falck Healthcare’s efforts consists of preventing
illness, stress and attrition. The goal is to ensure that
each individual has a better, longer and healthier worklife. This
also means greater job satisfaction at the workplace, as well as
lower costs related to illness, lower public-sector costs for social
security, lower costs for insurance companies saving money on
claims resulting from a reduction in or loss of working capacity,
for example.
770,000
Falck has signed agreements with two Swedish insurance
companies and now provides Healthcare services to 770,000
people in Sweden, up from 260,000 in 2010.
Revenue from the Healthcare business dropped from DKK
1,196 million in 2010 to DKK 1,112 million in 2011, mainly as
a result of falling revenue in Denmark and termination of contracts
for clinics in the United Arab Emirates at the end of 2010.
The decline in revenue in Denmark was attributable to a continued
downward trend in the market for temporary healthcare
staff and a change in the mix of assistive aids contracts, with
municipalities increasingly buying the aid equipment directly
and Falck only handling it.
Falck Hjælpemidler (assistive aids) won two additional contracts
and is now operating assistive aid depots for 12 Danish municipalities.
Falck won a major contract for providing healthcare assistance
to the Municipality of Copenhagen, in spite of the fact that the
Danish temporary healthcare staff sector was affected by the
generally sluggish job market in Denmark and the efforts by the
Danish regional authorities to reduce the use of external temp
staff.

Falck acquired 75% of Starowka, a company that owns four
medical clinics in and around the Polish capital of Warsaw, thus
boosting Falck’s position as a nationwide supplier to the Polish
National Health Fund. Falck now operates a total of 16 medical
clinics in Poland.
A significant share of Falck’s healthcare activities are centred
around interdisciplinary treatment involving physiotherapists,
chiropractors, massage therapists and reflexologists working
together to treat clients.
In 2011, Falck acquired Healthcare Danmark, the second-largest
provider of private-sector healthcare solutions in Denmark,
which handles interdisciplinary healthcare schemes for 130,000
public- and private-sector employees.
Falck now covers 1.6 million people in Denmark with healthcare
schemes, has contracts with 8,900 public-sector and privatesector
organisations and includes 212 healthcare clinics in its
network of therapists and other healthcare professionals.
Falck also saw substantial growth in the healthcare field in Sweden,
where sizeable contracts were signed with two insurance
companies at the end of 2011. Falck Healthcare now covers
770,000 people in Sweden, up from 260,000 in 2010.
Revenue
DKK million
1,200
1,000
800
600
400
200
0
07 08 09 10 11
Organic growth
%
30
20
10
0
-10
-20
In Norway, Falck signed healthcare scheme agreements with an
additional 25 companies in the Oslo area and provided roughly
8,000 treatments.
Falck Jobservice provides support to job centres in Danish municipalities
in their efforts to help people on sick leave return
to work or otherwise quickly clarify their situation and thus
shorten the period of uncertainty regarding their future. Under
this multi-year collaboration, Falck Jobservice has now assisted
in more than 60,000 sickness-benefit cases and reduced sickness
benefit costs by 75 million from 2009 to 2010 in the six
municipalities in the collaboration. In 2011, Falck Jobservice had
contracts with seven Danish municipalities, up from six in 2010.
In spite of the fall in revenue, operating profit rose from DKK 75
million to DKK 82 million. This growth was primarily the result
of cost efficiencies.
07 08 09 10 11
Management review | Falck Annual Report 2011 23
DKK million 2011 2010
Healthcare
Revenue 1,112 1,196
Revenue growth -7.0% 5.0%
Organic growth -8.6% -4.2%
EBITA 82 75
EBITA margin (%) 7.4% 6.3%
Number of healthcare professionals
3,000
2,500
2,000
1,500
1,000
500
0
07 08 09 10 11

Training
Thangaveloo Kanapathy, age 52,
instructor
teaches his colleagues fire fighting at the Falck
Training centre in Johor Bahru, Malaysia.

Falck operates training activities in all important
geographies for deep-sea oil and gas exploration
240,000
Falck Training had 240,000 course attendees in 2011
– up from 219,000 in 2010.

26 Falck Annual Report 2011 | Management review
Training
Falck’s training competencies are based on more
than 100 years of experience in rescue services,
and Falck is the leading service provider in this field
• Trained 240,000 course participants, up from 219,000
in 2010
• Opened a new training centre targeting the wind
turbine industry.
• Acquired a training centre in Azerbaijan
• Certified eight training centres to the ISO 18000 standard
Falck provides rescue and safety courses and other safety services
in 15 countries on five continents. This happens at 28 training
centres aimed at the offshore industry and the maritime
sector, but the chemical industry, the aviation industry and the
armed forces in Denmark and Sweden also make use of Falck’s
facilities and services. In addition, Falck has eight land-based
training centres in the Netherlands.
At all these centres, people are instructed in safe behaviour in
order to avoid accidents in the workplace, and they are taught
how to react correctly – also under extreme conditions – if
accidents do occur.
36
Falck has 36 training centres in 15 countries
on five continents.
In spite of growing competition, primarily in Europe, Falck Training
successfully consolidated its position in 2011 as the world’s
leading provider of rescue and safety courses for employees in
the offshore industry. Revenue grew from DKK 958 million in
2010 to DKK 1,019 million; organic growth accounted for 6.9%
of this increase.
The greatest progress in rescue and safety training was
achieved in Brazil, Nigeria and Norway. In addition, growth
continued in the recently established activities in Thailand,
Singapore and Vietnam. Falck’s training centre in the United
Arab Emirates also saw growth in 2011, but not sufficiently to
warrant such a large centre. As a result, the centre will most
likely be replaced by a smaller centre sometime in 2012.
In the offshore field, Falck trained 204,000 people in 2011 at its
28 specialised training centres, up from 183,000 in 2010. It was
particularly good news that a number of world-wide contracts
were signed with key customers.
Market trends were favourably affected by the high price of oil
and by extensive deep-water exploration activities off the coasts
of Brazil and West Africa.

In Norway, Falck Training has successfully increased revenue by
8% since 2010 in spite of strong competition, mainly because
customers see the value of safety courses of a high quality.
Falck generally saw substantial growth in the field of management
of major emergencies, where the training provided is
based on a number of realistic scenarios.
Falck opened a new training centre at Bremerhaven, Germany,
specially designed for safety training of employees in the wind
turbine industry. In addition, a 24-metre-high tower for wind
turbine training was built at Falck’s training centre at Teeside in
the United Kingdom.
Falck now also offers its courses to the oil and gas industry in
and around the Caspian Sea, as Falck has acquired a majority
interest in Caspian Safe, a company that operates a training centre
at Baku in Azerbaijan. This has given Falck a presence with
training activities in all important geographies for deep-sea oil
and gas exploration.
In 2011, Falck continued its endeavours to create a standardised
high level of quality within safety and rescue operations in the
offshore industry. This was partly done by constantly contributing
to the development of new training methods and technologies.
Also in 2011, eight Falck training centres were certified to
the ISO 18000 standard.
Revenue
DKK million
1,000
800
600
400
200
0
07 08 09 10 11
Organic growth
%
10
8
6
4
2
0
-2
At three training centres – in Malaysia and the United Kingdom
– Falck now offers health checks to course attendees before
they leave for their offshore jobs. Close to 10,000 attendees
availed themselves of this opportunity in 2011.
A total of 36,000 people took courses at Falck’s fire-training
centres, roughly the same number as in 2010. One-third of
them were professional firemen taking advanced fire-fighting
courses involving use of the latest technology.
The total number of course attendees at all the 36 Falck training
centres was 240,000, which was 21,000 more than in 2010.
Despite the year-on-year growth in revenue, operating profit
dropped from DKK 142 million to DKK 128 million, mainly
caused by one-off items in 2010 and a provision taken in 2011
for closing down the centre in the United Arab Emirates.
07 08 09 10 11
Management review | Falck Annual Report 2011 27
DKK million 2011 2010
Training
Revenue 1,019 958
Revenue growth 6.4% 4.0%
Organic growth 6.9% -1.5%
EBITA 128 142
EBITA margin (%) 12.6% 14.8%
Number of course participants
250,000
200,000
150,000
100,000
50,000
0
07 08 09 10 11

28 Falck Annual Report 2011 | Management review
Corporate social responsibility
At Falck, corporate social responsibility is at the very heart
of our business and thus deeply integrated into our business
models and operations. Falck’s mission is to prevent accidents,
diseases and emergency situations, to rescue and assist people
in emergencies quickly and competently and to rehabilitate
people after illness and injury. It naturally follows that we
contribute substantially to the development of the social and
healthcare infrastructure of the societies our organisation is a
part of.
The Falck Code of Conduct
Falck’s approach is to raise the social and healthcare bar with
the resources available. Moreover, we collaborate with authorities,
professionals, business partners and other stakeholders
in an endeavour to improve quality and efficiency and invest
in training of employees and the development of technology.
This raises the level of health, safety and security in these local
communities while also contributing to our business opportunities.
As a minimum, all business entities must comply with applicable legal requirements and the code of conduct defined for
the Falck Group.
The Falck Code of Conduct is based on the principles of the United Nations Global Compact, which cover the following areas:
Human rights
The company should
• support and respect the protection of internationally
proclaimed human rights within the area in which it
operates and has influence.
• make sure that it is not complicit in human rights
abuses.
Labour standards
The company should
• uphold the freedom of association and effective
recognition of the right to collective bargaining.
• support the elimination of all forms of forced and
compulsory labour.
• support the effective abolition of child labour.
• support the elimination of discrimination in respect
of employment and occupation.
Environment
The company should
• support a precautionary approach to environmental
challenges.
• take steps to promote greater environmental
responsibility.
• encourage the development and diffusion of
environmentally friendly technologies.
Anti-corruption
The company should
• work to counter all forms of corruption, including
extortion and bribery.

Corporate social responsibility (CSR) at Falck is defined as business practices that improve our workplaces or benefit society
beyond what we are obliged to do by law. Corporate social responsibility is at the heart of Falck’s business, and both social
and environmental considerations are deeply rooted in and integrated into Falck’s business models and operations when we
interact with our local communities, our business partners, our customers and our other stakeholders in our endeavours to
meet social, healthcare and safety needs.
This approach applies to all Falck’s business areas. In the field
of ambulance services, for instance, it is vital that we develop
ambulance-to-hospital video transmission technology that gives
us a competitive edge and raises the quality of pre-hospital services.
In the training of offshore employees, we are also working
towards higher standards, and this makes for a higher level of
safety in the oil and gas industry while also bringing in more
people to attend courses at Falck training centres. Falck Healthcare
provides a range of services which ensure that fewer people
get ill and that people on sick leave can recover and return
to their jobs: this benefits not only the workers themselves but
also their employers and society in general. Another example of
how we live up to our corporate social responsibility is the product
called Falck Sirius provided by our Assistance business. It is a
technology for bus companies that helps save fuel, improve traffic
safety and ensure more environmentally responsible driving.
Human rights and labour standards
In addition to compliance with the UN Global Compact described
above, Falck has defined policies regarding employment
and working conditions as well as health and safety at work.
They describe the framework under which the employment
relationship must be established in relation to compensation,
working hours, overtime, etc. In addition, Falck undertakes to
continuously work to improve the working conditions, including
safety at work.
Environment
Falck’s policy is to comply with all environmental requirements
in our countries of operation and to seek to reduce the adverse
environmental impact of our operations.
Anti-corruption
Falck has a zero-tolerance policy with respect to corruption,
which comprises extortion, fraud and bribery.
As part of our increased internationalisation, we will be increasing
our focus on laying down anti-corruption guidelines in the
coming year. In addition, we have initiated a process aimed at
implementing a formalised whistleblower system.
Monitoring
Management review | Falck Annual Report 2011 29
Each company of the Falck Group has individual responsibility
for complying with and implementing the principles of the
Falck Code of Conduct. Compliance with this will be monitored
by the persons responsible for the individual business areas. In
addition, in connection with controller visits, Group Finance
monitors whether any conditions exist that may be contrary
to the Falck Code of Conduct. Through their representation in
a worldwide workers council, the employees have the opportunity
to bring up matters which they do not consider to be in
accordance with the Falck Code of Conduct.
The overall responsibility for the company’s CSR procedures
have since the end of 2011 been anchored in the Group Management.
In addition to a representative from the Executive
Committee, the CSR Committee consists of the persons responsible
for Group Communications, the Legal Department, HR
and Controlling.

30 Falck Annual Report 2011 | Management review
Activities during the year
At Falck, most of the value creation is generated by the employees,
who are the primary resources of the organisation. The
Group therefore focuses its CSR activities on that area. Falck is
people who help people. Falck’s employees can only provide
optimal assistance to the people around them – and thus contribute
to Falck’s business – if they receive support from their
employer. For this reason, we have taken a number of steps,
adapted to local customs, to contribute to employee welfare
that goes beyond what is required by law.
These initiatives include activities that can help prevent and
remedy both physical and psychological injuries that may arise
in connection with work.
Physical injury mainly relates to musculoskeletal injuries such as
back injury. To prevent this type of injury, Falck offers interdisciplinary
treatment to employees who experience musculoskeletal
problems as a result of work-related tasks.
Ways to change work processes to reduce the risk of injury are
also considered regularly.
Psychological problems and injury may arise as a result of the
scenes rescue officers sometimes witness in connection with
incidents such as traffic accidents. In 2011, we started a project
to ensure that all Falck Group employees have the opportunity
to participate in debriefing sessions with a psychologist at the
same level as has been provided in countries where Falck has
had operations for a number of years.
In addition to the above, substantial resources are invested in
ensuring that Falck employees receive supplementary training
as well as training to maintain their skill level; this ensures a continuing
development of Falck’s quality of service.
Moreover, there is a growing focus on giving people with a less
than strong connection to the labour market an opportunity to
gain employment by adjusting the work they do in such a way
as to increase their working capacity in the longer term.
The initiatives described above help improve job satisfaction
and give people a better chance of handling a job. This results
in a low level of absenteeism: about 4% for the Group as a
whole. We see corporate social responsibility as an important
part of interacting with our business partners and customers in
both the public and private sectors.
Falck’s policy is to comply with all environmental
requirements in our countries of operation and to
seek to reduce the adverse environmental impact
of our operations

Corporate governance
Falck’s Management monitors corporate governance on a regular
basis. This is done to ensure that the Group is managed, both
internally and externally, in a manner that is consistent with national
and international rules and in line with the corporate mission,
and in a manner that matches the requirements of the different
stakeholder groups, including shareholder expectations.
Corporate governance
At Falck, corporate governance is considered a natural and crucial
element in the achievement of the Group’s goals and strategy.
Although Falck is not a publicly listed company, the Group
complies to a great extent with the corporate governance recommendations
applicable to companies listed on the NASDAQ
OMX Copenhagen stock exchange. However, certain recommendations
are considered mainly to be relevant to a company
with a broader ownership.
Board of Directors
Pursuant to Danish legislation, Falck has a two-tier management
system consisting of a Board of Directors and an Executive
Management Board. The Board of Directors’ role is to supervise
the Group’s activities, development, management and organisation,
whereas the Executive Management Board is responsible
for day-to-day developments and operations. The two bodies
are independent and do not have overlapping members.
The Board of Directors acts in compliance with applicable legislation
and meets a minimum of five times per year and in special cases.
The Board of Directors reviews the Group strategy once a year.
Members of the Board of Directors are elected annually.
There are three employee representatives from the Group on the
Board of Directors of Falck A/S. Moreover, employee representatives
on the Board of Directors of the subsidiary Falck Danmark A/S
are invited to and participate in the board meetings of Falck A/S.
The Board of Directors of Falck A/S consists of
Lars Nørby Johansen (Chairman)
Thorleif Krarup (Deputy Chairman)
Steen Hemmingsen
Søren Thorup Sørensen
Johannes Due
Henrik Poulsen
Vagn Flink Møller Pedersen (elected by the employees)
Management review | Falck Annual Report 2011 31
Jan Heine Lauvring (elected by the employees)
Per Aastrup (elected by the employees)
Mette Rosenfeldt (elected by the employees of Falck Danmark A/S)
Thorleif Krarup and Steen Hemmingsen represent the principal
shareholder of the Falck Group, the Lundbeck Foundation. The
other board members are independent of the Falck Group.
Audit Committee
The Audit Committee monitors the Group’s financial reporting
process, accounting policies, statutory auditing of the annual
report and the effectiveness of the internal control and risk
management systems. In addition, the Committee makes recommendations
on these issues to the Board of Directors and follows
up, on behalf of the Board of Directors, on the implementation
of initiatives to be initiated by the Executive Management
Board. The Committee receives information from a number of
head office departments and from the company’s auditors.
Audit Committee members are Søren Thorup Sørensen, Chairman,
and Steen Hemmingsen, both elected by the Board of
Directors. Also attending this committee’s meetings are the
Executive Management Board and the Chief Financial Officer.
The Company’s auditor attends the meetings of the Audit Committee
to the extent necessary. The Audit Committee meets at
least three times a year.
Executive Management Board
The Executive Management Board is responsible for the day-today
development and operation of Falck with a primary focus
on developing and implementing strategies and significant
initiatives approved by the Board of Directors. Moreover, the
Executive Management Board is responsible for ensuring that
the Board of Directors is informed about all material matters.
The Executive Management Board consists of Allan Søgaard
Larsen, President and CEO, and Morten Reignald Pedersen,
Deputy CEO.
Employee investment
In order to attract and retain the Group’s management competencies,
the remuneration paid to members of the Executive
Management Board and senior employees reflects the work they
do, the value they create and what their peers in comparable
companies receive. In order to ensure that the interests of the
Group’s Management and the shareholders coincide, a number

32 Falck Annual Report 2011 | Management review
of senior management employees have been offered to invest
in the Falck Group. A substantial number of senior management
employees have elected to take this opportunity to invest in the
Group, and the group of senior management employees, excluding
the members of the Executive Management Board, thus hold
2.94% of Falck Holding A/S (the parent company of Falck A/S).
The members of the Executive Management Board hold a total
of 10.25% of the shares of Falck Holding A/S
Moreover, all employees in Denmark were granted free employee
shares in Falck A/S in 2006.
Risk management
In Falck, risk management is considered an important and natural
element of the work to realise our goals and strategy. There
are risks inherent in our day-to-day activities, in implementation
of the strategy defined and in the continuous exploitation of
business opportunities, so the handling of these risks is considered
a natural and integral part of day-to-day work and a way of
ensuring stable and reliable growth.
Falck’s Management continuously discusses the Group’s risks
and how these can best be handled for the individual business
areas and the Group as a whole in order to ensure that risk management
is efficient.
The management of each of the business areas is responsible
for establishing and developing adequate risk management and
a sound and sufficient control environment. The management
of the individual business units is responsible for identifying, assessing
and handling risks and for reporting on such risks to the
Group Risk Management Department and the Executive Management
Board with a view to ensuring continuing improvement
and transparency of risk management across the Group.
Internal control
The management of the Falck Group requires the companies of
the Group to meet a certain standard with respect to business
procedures and internal control which, based on an individual
assessment of the activity of each company, ensures that Management
can use reporting from the companies as a true and
fair basis for making decisions.
Business procedures and internal controls include, among other
things, segregation of functions and areas of responsibility,
descriptions of functions, procedures, control measures and
analytical controls.
The group finance function has defined a number of monthly reporting
requirements which comprise a full income statement,
balance sheet and cash flow statement. Moreover, additional
relevant specifications, material for analysis and comments on
the reports submitted are supplied every month.
The monthly reporting from all companies of the Group is
consolidated into the Group financial statements. In addition
to the consolidation of relevant line items, this process includes
an analytical review of individual line items and a performance
comparison to the previous year and to forecasts. The analysis
is carried out at Group, company as well as business-area level,
whereby it is ensured, among other things, that the accounting
policies are consistently applied and there is correlation
between activity performance and the financial reporting. The
monthly reporting to the Board of Directors and the Executive
Management Board is prepared based on the consolidation, information
received, analyses and information obtained.
Both the consolidation and the analyses are performed by employees
who are accounting specialists who have insight into
the accounting context of the transactions included in the consolidation.
Most of these specialists have a professional background
in auditing. In addition, each business area has business
controllers who have a deeper insight into the business aspects
of the activity and its performance. As a supplement to the continuing
dialogue, meetings are held five times a year between
the management of each business area and the Executive Management
Board, at which the business area and financial performance
is reviewed and discussed.
In addition to the processes described above, the group finance
function pays routine visits to the companies of the Group in
order to ensure that necessary business procedures and internal
controls have been established in respect of the activity so as to
ensure true and fair reporting to the Group. The results of each
visit are reported to the Executive Management Board as well as
the management of the individual business area, and it is ensured
that any improvements proposed are subsequently implemented.
Moreover, annual reporting is provided to the Board of Directors’
Audit Committee containing a review of the visits during the year,
the results thereof, determination of special areas of focus and the
selection of the companies to receive visits during the next period.

Financial review
Falck’s revenue grew from DKK 8,367 million in 2010 to DKK
10,193 million in 2011, equivalent to a growth rate of 21.8%, of
which organic growth accounted for 3.6%. The revenue growth
and organic growth met Management’s expectations. The percentage
of Group revenue generated outside Denmark rose to
46.4% (2010: 36.7%), and the growth rate for markets outside
Denmark was 53.9%, of which organic growth accounted for
5.5%. The rate of organic growth in Denmark was 2.6%.
Operating profit before costs and amortisation from business
combinations and exceptional items (EBITA) was DKK 980 million
(2010: DKK 839 million), which was in line with our guidance.
This brought EBITA growth to 16.8%. The increase in EBITA
was attributable to growth in the business areas Emergency,
Assistance and Healthcare. The EBITA margin was 9.6% (2010:
10.0%). The year-on-year change in EBITA was mainly attributable
to Training and significant growth in revenue from the
Emergency business, for which the operating margin is lower
than in the other business areas.
Profit for the year rose by 12.7% to DKK 516 million (2010: DKK
458 million).
Falck generated a free cash flow of DKK 898 million in 2011
(2010: DKK 842 million), representing a cash conversion rate of
91.6% (2010: 100.4%) in terms of conversion of EBITA into cash.
New financial reporting standards
A number of new financial reporting standards and interpretations
have been implemented with effect for the financial year
2011. None of the new standards and interpretations have affected
recognition and measurement in 2011 nor earnings per
share and diluted earnings per share.
See note 1 to the consolidated financial statements for a complete
overview of new financial reporting standards and interpretations
implemented with effect for the financial year 2011.
Basis of presentation
The financial review is based on the financial highlights and key
ratios on pages 2 and cannot be derived directly from the consolidated
financial statements.
Group performance in 2011
Consolidated income statement
Consolidated revenue for 2011 was DKK 10,193 million, equivalent
to a growth rate of 21.8%. The growth was mainly attributable
to the acquisition of emergency operations in the United
States and South America. The organic growth rate was 3.6%.
During the past five years, revenue has grown by an average of
13.6%, of which organic growth accounted for 5.9%.
Other operating income amounted to DKK 48 million (2010:
DKK 70 million). This was attributable to a fall in gains from
sales of non-current assets as compared with 2010.
EBITA was DKK 980 million (2010: DKK 839 million), equivalent
to an EBITA margin of 9.6% (2010: 10.0%).
Costs and amortisation from business combinations totalled
DKK 89 million (2010: DKK 50 million). The year-on-year increase
was mainly attributable to higher amortisation charges
as a result of the acquisitions made in the United states and
South America and costs related to business combinations.
Revenue and organic growth
DKK million %
10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
Management review | Falck Annual Report 2011 33
2007 2008 2009 2010 2011
Organic growth Revenue
10
9
8
7
6
5
4
3
2
1
0

34 Falck Annual Report 2011 | Management review
Exceptional items amounted to an income of DKK 82 million
(2010 and expense of DKK 26 million) and related to a gain of
DKK 242 million on the sale of securities and an impairment
write-down of DKK 142 million on the investment in the subsidiary
that provides emergency services in Brazil, as it has been
decided to focus on the private and business markets in future
as a basis for generating growth in Brazil. In addition, costs were
incurred in relation to changes in the consortium of owners of
Falck.
Investments in associates generated a loss of DKK 1 million
(2010: DKK 0 million).
Financials amounted to a net expense of DKK 272 million
(2010: DKK 122 million). The increase in net financial expenses
was attributable to one-off items in connection with the refinancing
of the Group following the sale of Falck A/S to Falck
Holding A/S. Moreover, interest expenses were higher in 2011
than in 2010 as a result of loans obtained in connection with
the acquisitions made during the year.
Profit before tax was DKK 700 million (2010: DKK 641 million).
The increase was due to the improvement in EBITA and to exceptional
items, however, this improvement was partially offset
by higher financial expenses.
EBITA and EBITA margin
DKK million %
1,000
900
800
700
600
500
400
300
200
100
0
2007 2008 2009 2010 2011
10
9
8
7
6
5
4
3
2
1
0
EBITA margin Operating profit before costs and amortisation from
business combinations and exceptional items (EBITA)
Tax on the profit for the year was DKK 184 million (2010: DKK
183 million), equivalent to an effective tax rate of 26.2% (2010:
28.6%). The lower tax rate was primarily the result of nontaxable
exceptional items and an increase in non-deductible
costs related to acquisitions. Adjusted for this, the effective tax
rate was 28.8% in 2011. Out of the total tax on the profit for the
year, tax on the Danish operations amounted to DKK 136 million
(2010: DKK 139 million).
Profit for the year rose by 12.7% to DKK 516 million (2010: DKK
458 million).
Normalised profit after tax for the year rose by 6.6% to DKK 561
million (2010: DKK 527 million).
Consolidated cash flow statement
The free cash flow was DKK 898 million (2010: DKK 842 million).
The free cash flow as a percentage of EBITA (the cash conversion
rate) was 91.6% (2010: 100.4%).
The free cash flow in 2011 in was affected by higher operating
profit, which was, however, partially offset by higher net investments
in property, plant and equipment.
Profit for the year
DKK million
500
450
400
350
300
250
200
150
100
50
0
2007 2008 2009 2010 2011

In 2011, DKK 89 million (2010: DKK 45 million) out of total
investments of DKK 326 million (2010: DKK 160 million) was
invested in non-current assets related to expansion and start-up
of activities. Investments in 2010 were affected by the divestment
of non-current assets.
Income taxes paid amounted to DKK 150 million (2010: DKK
195 million). Income taxes paid declined mainly because part of
income taxes for 2011 cannot be paid until in 2012 due to the
Danish regulations on payment of taxes on account.
Interest paid amounted to DKK 230 million (2010: DKK 143
million). The increase as compared with 2010 was attributable
to higher interest expenses as a result of loans raised in connection
with the acquisitions made during the year and refinancing
of the Group in connection of the sale of Falck A/S to Falck Holding
A/S.
Payments for acquisitions totalled DKK 565 million (2010: DKK
720 million) and primarily related to the acquisitions of Lifestar
Response in the United States and Grupo EMI in South America.
Dividends paid, changes in interest-bearing debt and other
equity movements relating to shareholders generated a cash
inflow of DKK 298 million (2010: DKK 166 million), which was
primarily related to the refinancing in 2011.
EBITA, Free cash flow and Cash conversion rate
DKK million %
1,200
1,000
800
600
400
200
0
2007 2008 2009 2010 2011
Cash conversion rate Free cash flow
Operating profit before costs and amortisation from business
combinations and exceptional items (EBITA)
150
125
100
75
50
25
0
Consolidated balance sheet
Net operating assets
Consolidated net operating assets excluding goodwill stood at
DKK 472 million (2010: DKK 432 million).
The increase in net operating assets was attributable to acquisitions,
which increased net operating assets excluding goodwill
by DKK 116 million, and assets classified as held for sale, to
which assets of DKK 98 million was reclassified.
Consolidated net operating assets including goodwill stood at
DKK 6,068 million (2010: DKK 5,364 million). The increase was
attributable to the year’s additions of goodwill and intangible
assets from acquisitions.
Equity
Equity attributable to Falck A/S rose by 17.5% to DKK 2,025 million
(2010: DKK 1,723 million). The increase primarily consisted
of profit for the year attributable to Falck A/S of DKK 500 million
less other comprehensive income after tax.
Non-controlling interests totalled DKK 69 million (2010: DKK
65 million) and primarily related to non-controlling interests in
the training operations in Nigeria and emergency operations in
Spain and Slovakia.
Net operating assets excluding goodwill
DKK million
700
600
500
400
300
200
100
0
Management review | Falck Annual Report 2011 35
2007 2008 2009 2010 2011

36 Falck Annual Report 2011 | Management review
Revenue generated in North and South
America was DKK 1,679 million, up from
DKK 318 million in 2010
Net interest-bearing debt
The Group’s net interest-bearing debt increased by DKK 310
million to DKK 3,259 million from a starting point of DKK 2,949
million at year-end 2010. The increase was due to loans raised
in connection with the acquisitions made during the year and
debt in the companies acquired.
Provisions for acquisitions of operations
and non-controlling interests
Contingent consideration and earn-outs payable totalled DKK
39 million (2010: DKK 146 million). The decline was attributable
to payments and adjustments relating to prior-year acquisitions.
Provisions for acquisitions of non-controlling interests
were recognised in the amount of DKK 516 million (2010: DKK
311 million) based on expected earnings at the time of use. The
year-on-year increase was primarily attributable to the acquisition
of Grupo EMI. If the non-controlling shareholders in the
relevant subsidiaries do not exercise their options to sell their
shares, Falck has an equivalent option to buy the shares in an
agreed period.
Acquisitions
The Falck Group’s most important acquisitions in 2011 were:
Lifestar Response Corporation
In January, the Group acquired all the shares of Lifestar Response
Corporation in the United States. Lifestar operates
ambulance services in seven states on the US East Coast and
in Washington D.C. and operates 440 ambulances and similar
vehicles.
EMI Holdings Managements S.A. (Grupo EMI)
In March, the Group acquired 63.1% of the shares of EMI Holdings
Management. The company is the parent company of the
leading group of ambulance and medical companies in South
America (Grupo EMI), which is headquartered in Colombia and
has operations in Uruguay, Venezuela, Ecuador, El Salvador and
Panama.
Starowka
In March, the Group acquired 75% of the shares of Starowka in
Poland. The company operates four medical clinics with general
practitioners and specialists and out-patient treatment in Warsaw
and the central part of Poland.
HealthCare Danmark
In May, the Group acquired HealthCare Danmark, the secondlargest
private provider of healthcare solutions in Denmark. The
company operates healthcare clinics and manages healthcare
schemes for employees in private-sector and public-sector companies.
Servicio Emergencias Regional (SER)
In August, the Group acquired all the shares of SER, a Colombian-based
ambulance company, which operates in three large
cities in Colombia and has a substantial network of physicians.
Kranken-Transport Herzig
In September, the Group acquired all the shares of Kranken-
Transport Herzig, a company operating ambulance services in
North Rhine-Westphalia, Germany.
Acquisitions after the balance sheet date
VL Transport Sanitari S.L.U and Grup VL Serveis Sanitaris, S.L.U. (VL)
In February, the Group acquired a 75% stake in VL together with
its partner in Spain, Grupo Dominguis. VL operates ambulance
services in Catalonia, Spain.

Revenue, EBITA, operating margin and organic growth by geographical area
DKK million Revenue EBITA Operating margin (%)
Performance by area
Denmark
Revenue in Denmark was DKK 5,459 million (2010: DKK 5,292
million), equivalent to a 3.2% increase, of which 2.6% was organic
growth. The increase was attributable to Emergency and
Assistance, of which travel assistance, in particular, generated
revenue growth in 2011.
EBITA was DKK 569 million (2010: DKK 542 million). In addition
to the growth in revenue, performance was also affected by
lower costs in connection with assistance provided under subscriptions
as compared with 2010, as severe winter weather was
only seen in the first quarter of 2011, whereas unusually severe
winter weather was seen in both the first and fourth quarters of
2010.
The EBITA margin for 2011 was 10.4% (2010: 10.2%).
Nordic region
Revenue from operations in the Nordic region (excluding Denmark)
increased by DKK 164 million or 10.6% to DKK 1,705 million.
The rate of organic growth was 3.3% and was generated by
the Assistance and Emergency business.
EBITA was DKK 127 million (2010: DKK 108 million), equivalent
to an EBITA margin of 7.4% (2010: 7.0%). The increase in EBITA
and the EBITA margin was mainly attributable to higher earnings
from the Assistance business in Norway and from all business
areas in Sweden.
Organic
% of total 1) 2011 2010 2011 2010 2011 2010 growth
Denmark 53.6 5,459 5,292 569 542 10.4 10.2 2.6
Nordic region 16.7 1,705 1,541 127 108 7.4 7.0 3.3
Europe 11.9 1,212 1,087 117 121 9.7 11.1 9.2
North America 10.5 1,073 175 64 17 6.0 9.7 (10.2)
South America 5.9 606 143 91 31 15.0 21.7 23.0
Rest of the world 1.4 138 129 12 20 8.7 15.5 9.1
Group total 100.0 10,193 8,367 980 839 9.6 10.0 3.6
1) Revenue in DKK for 2011 as a percentage of consolidated revenue
Management review | Falck Annual Report 2011 37
Europe
Revenue in Europe (excluding Denmark and the Nordic region)
totalled DKK 1,212 million (2010: DKK 1,087 million),
equivalent to a growth rate of 11.5%, of which organic growth
accounted for 9.2%. The growth was primarily attributable to
an increase in the level of activity in the Emergency business in
Poland, Slovakia and Spain, whereas lower activity was seen in
the Emergency business in the Netherlands in 2011.
EBITA was DKK 117 million (2010: DKK 121 million), equivalent
to an EBITA margin of 9.7% (2010: 11.1%). The fall in EBITA and
the EBITA margin was due to lower earnings in Poland as a result
of costs incurred to participate in tender rounds and in the
Netherlands as a result of lower earnings.
North America
Revenue generated in North America was DKK 1,073 million
(2010: DKK 175 million). The increase in revenue was attributable
to the acquisition of Care Ambulance in December 2010
and Lifestar Response in January 2011. Organic growth was
negative at the rate of 10.2%, which was due to lower activity
in the Training business in the United States. The Emergency
activities in the United States are not included in the calculation
of organic growth as acquisitions are not included in the calculation
until they have been owned for 12 months.
EBITA was DKK 64 million (2010: DKK 17 million), equivalent to
an EBITA margin of 6.0% (2010: 9.7%). The lower EBITA margin
was mainly attributable to the fact that the Emergency activi-

38 Falck Annual Report 2011 | Management review
ties acquired have a lower EBITA margin than the Training activities
already operated in the area.
South America
Revenue generated in South America was DKK 606 million
(2010: DKK 143 million). The increase was primarily attributable
to the acquisition of Grupo EMI. The rate of organic growth was
23.0%, which was attributable to an increase in Training activities
in Brazil and in Trinidad & Tobago. Organic growth from
Grupo EMI is not included in the calculation of organic growth
until the companies have been owned for 12 months.
EBITA rose to DKK 91 million (2010: DKK 31 million), which was
attributable to the acquisition of Grupo EMI.
The EBITA margin for 2011 was 15.0% (2010: 21.7%).
Rest of the world
Revenue in the rest of the world was DKK 138 million (2010:
DKK 129 million), equivalent to a rate of organic growth of
9.1%, which was mainly attributable to the Training activities in
Nigeria, Malaysia and Thailand. In 2011, the level of activity declined
in the United Arab Emirates, which resulted in a decision
to reduce the size of the training centre in that country in 2012.
EBITA dropped to DKK 12 million (2010: DKK 20 million) as a result
of costs incurred to close down the existing training centre
in the United Arab Emirates.
Outlook for 2012
The Group expects revenue for 2012 to be at the level of DKK
11 billion, partly attributable to an increase in the rate of organic
growth as compared with 2011. A minor increase in the EBITA
margin is expected in 2012.
Forward-looking statements
Certain statements in this financial review are forward-looking
statements. Such statements are based on current expectations
and are by their nature subject to a number of uncertainties
that could cause actual results and performance to differ materially
from future results or performance, expressed or implied,
by the forward-looking statements.
Other matters
In July 2011, Falck got new owners as the holding company,
Falck Holding A/S, acquired 98.8% of the shares of Falck A/S.
The employees hold 1.1% of the shares of Falck A/S as a result of
a grant of employee shares in 2006.
Shareholders holding 5% or more of Falck Holding A/S are
shown in the table below:
Share holders of Falck Holding A/S
Name Ownership
Lundbeckfond Invest A/S, Hellerup 57.36%
KIRKBI Invest A/S, Billund 20.00%
Liberatio A/S, Aarhus (owned by executive management) 10.25%
Other 12.39%
Events after the balance sheet date
On 9 February 2012, Falck signed an agreement to acquire 75%
of the shares of VL Transport Sanitari and Grup VL Serveis Sanitaris
for DKK 108 million. The companies operate ambulance
services in Catalonia, Spain.
On 17 February 2012, Falck signed an agreement on the divestment
of the Brazilian emergency activities. The divestment will
not affect profit for 2012.

Risk factors
The Board of Directors and the Executive Management Board
of Falck regularly monitor and assess the Group’s overall risk exposure
relative to probability and implications as well as established
risk measures. The Board of Directors and the Executive
Management Board monitor developments in risks relative to
an established risk strategy.
This description of risk factors includes examples of the risks
which Management estimates may have an impact on the
Group’s future growth, activities, financial position and results
of operations.
The following sections do not contain an exhaustive description
of all risks associated with the activities of the Group. The risk
factors are divided into business risks and financial risks and are
described in random order.
Business risks
Political risks
Some of Falck’s activities are based on contracts with public authorities.
Falck’s opportunity of renewing existing contracts and
winning additional contracts is dependent on the political decision-making
process with regard to outsourcing of public-sector
operating activities. If Falck does not have the opportunity to
renew or successfully tender for these contracts, or if contracts
are terminated, it may therefore have a material adverse impact
on Falck’s business.
Image
Falck has a strong image built up over a long period of time
which to some extent is the product of Falck operating in a
number of areas that are subject to a high level of public interest.
This strong image is of material importance to the Group’s
ability to retain and develop Falck’s activities. There is consequently
very high focus on ensuring that Falck operates morally
and ethically correctly and with a high quality of the services
provided.
Cost structure
Falck’s activities are labour-intensive and consequently affected
by the cost of labour, pensions, regulations on working
hours, social security contributions and other employee ben-
Management review | Falck Annual Report 2011 39
efits provided to Falck’s employees. Falck may be affected by
non-acceptance by the market of price increases explained by
increases in payroll costs. However, historically, it has been possible
to include a large proportion of increases in payroll costs in
Falck’s pricing.
Especially in the Assistance business and to some extent in the
Emergency business in South America and in the Healthcare
business, the costs are also dependent on the extent to which
customers use the resources provided for in the subscription
contracts. For instance, increased use of assistance by subscribers
of roadside assistance will entail increased costs related to
such responses. In the Emergency business in North America,
activities are almost entirely based en payment per response.
Consequently, there can be no guarantee that the level of activity
is sufficient to cover the costs of the level of preparedness
established.
Attracting and retaining employees
Falck relies on being able to attract and retain employees with
special competencies and experience in order to achieve its
business goals. The special competencies are to a great extent
built up during the employment relationship. The Group has
historically had a low staff turnover rate, but continually implements
initiatives both locally and in the Group as a whole aimed
at ensuring that Falck continues to be an attractive and wellreputed
organisation.
Growth
An important element of Falck’s business strategy is to expand
and grow in new markets or product areas, also through
acquisitions. However, persistently high growth may result in
pressure, for instance on management resources. Thus, Falck’s
ability to generate growth depends on its ability to retain and
strengthen management, attract, train and retain its staff, and
on the organisation’s ability to continuously implement and
optimise operational, financial and other management information
systems in a timely manner.
Growth also depends on Falck’s ability to continue to attract
new customers and retain a substantial number of its existing
customers and on its continued ability to offer products adapted
to the conditions on the individual markets.

40 Falck Annual Report 2011 | Management review
Dependence on IT and communications systems
Falck’s business model and operations are to a great extent dependent
on well-functioning IT and communications systems.
Falck’s central systems handling operations are designed to
withstand power and data-line breakdowns and similar events
to the greatest possible extent. Historically, the operational reliability
of Falck’s systems has been very high, and the individual
systems are continuously optimised.
Competition
One of the characteristics of Falck is that there are local or
global competitors within the individual business area, but no
competitor matches Falck’s product portfolio. However, there is
nevertheless a risk that a major competitor with the necessary
capital resources may set out to conquer markets or business
areas in which Falck operates.
In the field of the Assistance business, the existing competitors
are mainly marketing/franchise networks, whereas in the rest of
Europe there are a number of large assistance operators run as
membership clubs and by insurance companies.
In the field of the Emergency business, there are very few
private ambulance operators, and none of them operate internationally.
In North America, however, there are two competitors
who are larger than Falck as well as a number of small and
medium-sized ambulance companies. Falck seeks to position
itself in the market as a company focused on meeting customer
demand through close interaction with and a high level of quality
based on the requirements defined by customers. Outside
North America, Falck’s competitors are often small operators.
In the private fire-fighting business in Denmark, competitors
are mainly municipal fire services. Internationally, Falck focuses
on industrial fire services, where customers have typically previously
used in-house corporate fire services.
The Healthcare business is characterised by a number of small
competitors, especially in Denmark, whereas the market in
Sweden is more mature and thus characterised by a number of
large competitors.
In the Training business, there are only few global training
operators, whereas there are often small local training centres
in the local markets. Falck considers it an advantage that it is
able to serve customers globally according to a uniform, high
standard.
Financial risks
Interest rate and foreign exchange risk
The Group’s interest rate risk is mainly affected by the Group’s
overall financing. Based on the current market situation, the
Group’s Executive Management Board and the Board of Directors
have decided to convert 77% of the overall financing to a
fixed three-year rate of interest via interest rate swaps. The rest
of the overall financing is based on short-term interest rates.
The interest rate exposure is hedged by interest rate swaps
during the hedging period to the effect that interest rates on
the part of the debt that is denominated in DKK cannot exceed
1.40%, for debt denominated in EUR interest rates cannot exceed
1.17%, and for debt denominated in USD interest rates
cannot exceed 0.55%.
Credit institutions, floating-rate loans
DKK million 2011 2010
DKK 805 2.271
EUR 25 855
USD 157 249
Other 79 -
Total 1.066 3.375
The Group is therefore only to a minor extent sensitive to fluctuations
in market interest rates, and a fluctuation by 1% would
change the interest expense for the year by DKK 11 million.
Sensitivity analysis, market-rate fluctuations of 1%
DKK million 2011 2010
DKK 8 7
EUR - -
USD 2 2
Other 1 -
Total 11 9
The Group monitors developments in market interest rates closely
in order to be able to react if the market situation changes.
The exchange rate exposure of the Group’s transactions is
limited since subsidiaries outside Denmark largely operate in
local currencies, to the effect that the revenues and most of the
expenses of the individual subsidiaries are denominated in the
same currency. The main exchange rate exposure faced by the

Group relates to the translation into Danish kroner of the financial
results and equity of subsidiaries.
A concurrent fall in all exchange rates by 1% relative to DKK
would reduce revenue by DKK 48 million, EBITA by DKK 4 million
and equity by DKK 30 million.
In the event of a change in the DKK/EUR exchange rate by 1%,
the Group’s debt would change by DKK 15 million, which would
be recognised in the income statement. Fluctuations in the
DKK/USD exchange rate will have no impact on the income
statement or equity as the debt has been raised to hedge investments
in subsidiaries.
The Group regularly assesses its foreign exchange risks in order
to determine whether the exposure should be hedged by loans
in the same currencies or forward exchange contracts.
Credit risk
When entering into significant contracts, the Group makes a
credit assessment of the customer in order to assess the potential
credit risk. Trade receivables are monitored and evaluated
on a continuing basis in order to assess any need to make provisions
for bad debts.
The Group’s credit exposure to large customers is considered
low as the Group’s large customers are, to a great extent, public
authorities.
Subscription sales to private and corporate customers are not
deemed to involve material risks to the Group as the amounts
are small for the individual subscriptions, and general as well as
individual write-downs are made for anticipated bad debts.
Falck’s entry on the ambulance market in the United States has
increased the Group’s credit risk as payments for ambulance
services are collected directly from the patient transported if
the patient does not have health insurance or is covered by a
public insurance scheme. Collection may be difficult, especially
in the event of emergency transport operations.
Liquidity risk
The Group’s liquidity risk primarily concerns its ability to meet
its obligations to pay its employees and creditors and to service
its debts. The Group continuously monitors its free cash flow in
order to assess its liquidity risks. Certain of the Group’s loans,
Management review | Falck Annual Report 2011 41
including the debt of Falck A/S, are subject to certain loan
covenants, and the Group continuously monitors whether the
covenants are observed.
The Group’s cash reserve comprises cash and cash equivalents
and unused credit facilities. The purpose of the cash resources
is to allow the Group to operate adequately in case of unforeseen
fluctuations in cash.
At year-end 2011, the Group’s unused credit facilities were in
the region of DKK 960 million. Of this amount, DKK 400 million
is only available for acquisitions. With the addition of available
cash and cash equivalents of DKK 962 million, total cash resources
were in the region of DKK 1,922 million. Management
believes that the Group’s cash resources are fully sufficient.
Capital structure
The Group is not subject to any general capital requirements
other than standard statutory requirements. The company’s
share capital is not divided into share classes. The capital structure
has been determined based on an assessment of how large
a debt the Group is able to service in a suitable manner as well as
the amounts of earnings and cash flows generated in the Group
in view of the Group’s growth expectations and ambitions.
The Group is financed by an overall syndicated loan raised together
with Falck Holding A/S and Falck Danmark A/S. The loan
terms require that certain financial performance indicators are
met. All loan terms were met in 2011. The outstanding debt of
the Falck A/S Group was DKK 3,806 million as at 31 December
2011. The outstanding debt rose by DKK 760 million in the
course of 2011 as a result of new debt raised in connection with
acquisitions. Through regular instalments payable on the syndicated
loan in the period 2012 to 2017, the debt will be reduced
to DKK 1,900 million, which must be repaid in full in 2018.
Moreover, the Group has mortgage loans totalling DKK 377 million
and other interest-bearing debt of DKK 168 million.
The Group monitors and manages its capital structure with a
view to ensuring that it can meet its financing obligations.
As at 31 December 2011, the Group’s net interest-bearing debt
stood at DKK 3,259 million, while equity stood at DKK 2,025
million.

42 Falck Annual Report 2011 | Management review
Contents of the
Group financial statements
Financial statements
Income statement 43
Statement of comprehensive income 44
Cash flow statement 45
Balance sheet 46
Equity statement 48
Notes to the financial statements
1. Accounting policies 49
2. Accounting estimates and judgments 59
3. Segment information 60
Notes to the income statement
4. Revenue 63
5. Other operating income 63
6. Fees to auditors appointed at the annual
general meeting 64
7. Staff costs 64
8. Amortisation and depreciation 65
9. Amortisation of intangible assets and
costs from business combinations 65
10. Exceptional items 65
11. Financial income 65
12. Financial expenses 65
13. Income taxes 66
14. Earnings per share 66
Notes to the balance sheet
15. Intangible assets 67
16. Property, plant and equipment 69
17. Investments in associates 70
18. Inventories 70
19. Trade receivables 70
20. Cash and securities 71
21. Equity, treasury shares and dividends 71
22. Pension obligations 72
23. Other employee obligations 74
24. Deferred tax
25. Provisions for acquisitions of operations
74
and non-controlling interests 75
26. Other provisions 76
27. Credit institutions 76
28. Other payables 78
29. Deferred income 78
Notes to the cash flow statement
30. Net financials
31. Investments in subsidiaries, non-controlling
78
interests and operations 78
32. Dividends paid to non-controlling interests 80
33. Other movements relating to shareholders 80
Supplementary notes
34. Contingent liabilities, contractual obligations
and collateral security 81
35. Financial instruments 82
36. Assets held for sale 88
37. Related parties 88
38. Events after the balance sheet date 89

Income statement for the year ended 31 December
Group | Falck Annual Report 2011 43
Note DKK million 2011 2010
4 Revenue 10,193 8,367
5 Other operating income 48 70
Cost of sales and external assistance (1,300) (1,149)
6 Other external costs (1,977) (1,537)
7 Staff costs (5,691) (4,655)
8 Amortisation, depreciation and impairment (382) (307)
Operating profit before exceptional items 891 789
Analysed as:
Operating profit before costs and amortisation from business combinations
and exceptional items 980 839
9 Amortisation of intangible assets and costs from business combinations (89) (50)
Operating profit before exceptional items 891 789
10 Exceptional items 82 (26)
PROFIT BEFORE FINANCIALS 973 763
17 Income after tax from associates (1) -
11 Financial income 38 33
12 Financial expenses (310) (155)
PROFIT BEFORE TAX 700 641
13 Income taxes (184) (183)
PROFIT FOR THE YEAR 516 458
PROFIT ALLOCATION
Falck A/S 500 444
Non-controlling interests 16 14
TOTAL 516 458
14 EARNINGS PER SHARE
Earnings per share (EPS) 5.4 4.8
Diluted earnings per share (DEPS) 5.3 4.6

44 Falck Annual Report 2011 | Group
Statement of comprehensive income for the year ended 31 December
Note DKK million 2011 2010
Foreign exchange differences 33 86
Actuarial adjustment of pension provisions (3) 2
Value adjustment of currency hedging instruments (17) 13
Value adjustment of interest hedging instruments (8) 2
Settlement of interest hedging instruments 51 -
Value adjustment of available-for-sale securities 25 180
Sale of securities, transferred to exceptional items (242) -
Adjustment for hyperinflation 1 -
13 Tax on other comprehensive income (1) (38)
Other comprehensive income after tax (161) 245
Profit for the year 516 458
TOTAL COMPREHENSIVE INCOME 355 703
PROFIT ALLOCATION
Falck A/S 341 687
Non-controlling interests 14 16
TOTAL 355 703

Cash flow statement for the year ended 31 December
Group | Falck Annual Report 2011 45
Note DKK million 2011 2010
Total revenue 10,241 8,437
Total costs (9,350) (7,648)
Profit before financials 891 789
8 Amortisation, depreciation and impairment 382 307
Profit before financials and amortisation, depreciation and impairment 1,273 1,096
Reversal of profit/(loss) on divestments of non-current assets (25) (52)
Change in operating assets (127) (181)
Change in intercompany balance with associates (36) (21)
Change in operating payables 59 89
Change in provisions (14) (21)
Cash flow from operating activities before financials and tax 1,130 910
Exceptional items (5) (26)
30 Net financials (230) (143)
13 Income taxes paid (150) (195)
CASH FLOW FROM OPERATING ACTIVITIES 745 546
31 Investments in subsidiaries, non-controlling interests and operations (523) (648)
Cash flows from hedging of net investments 6 (25)
Divestments of subsidiaries, non-controlling interests and operations - 10
Investments in other shares and securities (31) (45)
Sale of other shares and securities 331 -
Investments in intangible assets (42) (27)
Investments in property, plant and equipment (321) (374)
Sale of property, plant and equipment 62 289
Investments in associates - (12)
CASH FLOW FROM INVESTING ACTIVITIES (518) (832)
32 Dividends paid to non-controlling interests (19) (29)
33 Other movements relating to shareholders 5 (283)
Changes in interest-bearing outstanding balances with Group companies 9 -
Interest-bearing debt raised 4,413 777
Repayment of and change in interest-bearing debt (4,110) (299)
CASH FLOW FROM FINANCING ACTIVITIES 298 166
Change in cash 525 (120)
Cash at beginning of year 439 538
Foreign exchange differences relating to cash (2) 21
20 CASH AT YEAR-END 962 439

46 Falck Annual Report 2011 | Group
Balance sheet as at 31 December
Note DKK million 2011 2010
Assets
Goodwill 5,302 4,711
Intangible assets from acquisitions 345 261
Other intangible assets 122 97
15 TOTAL INTANGIBLE ASSETS 5,769 5,069
Land and buildings 722 712
Leasehold improvements 58 57
Fixtures and fittings, tools and equipment 845 795
16 TOTAL PROPERTY, PLANT AND EQUIPMENT 1,625 1,564
17 Investments in associates 15 23
Other investments 6 1
24 Deferred tax assets 78 75
24 TOTAL FINANCIAL ASSETS 99 99
TOTAL NON-CURRENT ASSETS 7,493 6,732
18 Inventories 60 60
19 Trade receivables 1,173 1,088
Receivables from associates 55 21
Other receivables 210 246
Prepayments 147 131
20 Securities 172 372
20 Cash 885 439
2,642 2,297
36 Assets held for sale 98 -
TOTAL CURRENT ASSETS 2,800 2,357
TOTAL ASSETS 10,293 9,089

Balance sheet as at 31 December
Group | Falck Annual Report 2011 47
Note DKK million 2011 2010
Equity and liabilities
Share capital 46 46
Reserve for treasury shares (6) -
Hedging reserve 9 (10)
Currency translation reserve 29 (11)
Reserve for value adjustments of available-for-sale financial assets - 217
Retained earnings 1,947 1,481
EQUITY ATTRIBUTABLE TO PARENT COMPANY 2,025 1,723
Non-controlling interests 69 65
21 TOTAL EQUITY 2,094 1,788
22 Pension obligations 2 -
23 Other employee obligations 29 32
24 Deferred tax 284 280
25 Provisions for acquisitions of operations and non-controlling interests 512 388
26 Other provisions 11 34
27 Credit institutions 4,233 3,159
Payables to Group companies 21 -
TOTAL NON-CURRENT DEBT 5,092 3,893
27 Credit institutions 83 601
25 Provisions for acquisitions of operations and non-controlling interests 43 69
26 Other provisions 12 20
Trade payables 607 581
Income taxes 51 40
Payables to Group companies 9 -
28 Other payables 873 803
29 Deferred income 1,331 1,294
3,009 3,408
36 Liabilities relating to assets held for sale 98 -
TOTAL CURRENT DEBT 3,107 3,408
TOTAL EQUITY AND LIABILITIES 10,293 9,089

48 Falck Annual Report 2011 | Group
Equity statement
Reserve
for value
adjustment
Reserve of available-
for Currency for-sale Non-
Share treasury Hedging translation financial Retained controlling Total
2011 DKK million capital shares reserve reserve assets earnings Total interests equity
Equity at 1 January 2011 46 - (10) (11) 217 1,481 1,723 65 1,788
Equity movements in 2011
Foreign exchange differences 35 35 (2) 33
Value adjustment of currency hedging instruments (17) (17) (17)
Settlement of interest hedging instruments 51 51 51
Value adjustment of interest hedging instruments (8) (8) (8)
Adjustment for hyperinflation 1 1 1
Sale of available-for-sale securities (242) (242) (242)
Value adjustment of available-for-sale securities 25 25 25
Actuarial adjustment of pension provisions (3) (3) (3)
Tax on other comprehensive income (7) 5 1 (1) (1)
Other comprehensive income - - 19 40 (217) (1) (159) (2) (161)
Profit for the year 500 500 16 516
Total comprehensive income - - 19 40 (217) 499 341 14 355
Increase in non-controlling interests' ownership share - 6 6
Adjustment of provision for acquisition of
non-controlling interests (44) (44) (44)
Acquisitions of treasury shares (6) (6) (6)
Issuance of warrants 11 11 11
Dividend - (16) (16)
Total transactions with owners - (6) - - - (33) (39) (10) (49)
Total equity movements in 2011 - (6) 19 40 (217) 466 302 4 306
EQUITY AT 31 DECEMBER 2011 46 (6) 9 29 - 1,947 2,025 69 2,094
2010 DKK million
Equity at 1 January 2010 46 (8) (21) (62) 37 1,354 1,346 61 1,407
Equity movements in 2010
Foreign exchange differences 84 84 2 86
Value adjustment of currency hedging instruments 13 13 13
Value adjustment of interest hedging instruments 2 2 2
Value adjustment of available-for-sale securities 180 180 180
Actuarial adjustment of pension provisions 2 2 2
Tax on other comprehensive income (4) (33) (1) (38) (38)
Other comprehensive income - - 11 51 180 1 243 2 245
Profit for the year 444 444 14 458
Total comprehensive income - - 11 51 180 445 687 16 703
Reduction in non-controlling interests' ownership share - (2) (2)
Increase in non-controlling interests' ownership share
Losses on divestments and acquisitions of
- 3 3
non-controlling interests
Adjustment of provision for acquisition of
(32) (32) (32)
non-controlling interests 5 5 5
Acquisitions of treasury shares (6) (6) (6)
Disposals of treasury shares 14 16 30 30
Buy back of warrants (307) (307) (307)
Dividend - (13) (13)
Total transactions with owners - 8 - - - (318) (310) (12) (322)
Total equity movements in 2010 - 8 11 51 180 127 377 4 381
EQUITY AT 31 DECEMBER 20010 46 - (10) (11) 217 1,481 1,723 65 1,788

Notes to the Group financial statements
Note
1 Accounting policies
The annual report for the year ended 31 December 2011
includes both the consolidated financial statements of Falck
A/S and its subsidiaries (the Group) and the separate financial
statements of the parent company.
The annual report of Falck A/S is presented in accordance with
International Financial Reporting Standards (IFRS) as adopted
by the EU and additional Danish disclosure requirements for
annual reports for accounting class C large. The annual report
also complies with the International Financial Reporting Standards
issued by the IASB.
The Board of Directors and the Executive Management Board
considered and approved the annual report for 2011 of Falck
A/S on 16 March 2012. The annual report will be submitted
to the shareholders of Falck A/S for adoption at the annual
general meeting to be held on 26 April 2012.
The annual report has been prepared under the historical cost
convention, except that the following assets and liabilities are
measured at fair value: derivative financial instruments and
financial instruments at fair value.
The annual report is presented in DKK rounded to the nearest
million.
IMPLEMENTATION OF NEW
FINANCIAL REPORTING REGULATIONS
Falck A/S has implemented the standards and interpretations
that come into force for 2011. None of these have affected
recognition and measurement and the presentation and classification
for 2011, nor are they expected to affect Falck A/S
going forward.
FUTURE IFRS CHANGES
Standards and additions issued by the IASB which come
into force after 31 December 2011 or which have not been
adopted by the EU, and which have therefore not been implemented,
comprise:
• IFRS 9 Financial instruments
• IFRS 10 Consolidated financial statements
• IFRS 11 Joint arrangements
• IFRS 12 Disclosure of interests in other entities
• IFRS 13 Fair value measurement
• Revised IAS28 Investments in associates and joint ventures
• Addition to IAS 1 Presentation of other comprehensive
income
• Additions to IAS 19 Employee benefits
Group | Falck Annual Report 2011 49
The implementation of these standards will result in additional
note specifications and reclassifications but will not
significantly affect recognition and measurement.
The accounting policies set out below have been consistently
applied to the financial year and the comparative figures.
BASIS OF CONSOLIDATION
The Group financial statements consolidate the accounts of
the parent company, Falck A/S, and the subsidiaries in which
Falck A/S directly or indirectly holds a majority of the votes or
in any other way exercises a controlling interest. In assessing
control, potential voting rights that are exercisable as of the
balance sheet date are taken into account
The Group financial statements are prepared on the basis of
the financial statements of Falck A/S and subsidiaries by adding
items of a like nature.
The financial statements used for consolidation are prepared
in accordance with the Group’s accounting policies.
In the consolidation, investments in subsidiaries, intercompany
income and expenses, intercompany balances and gains
and losses on transactions between Group companies are
eliminated.
The line items of the financial statements of subsidiaries are
fully consolidated in the consolidated financial statements.
Profit for the year and equity attributable to non-controlling
interests in subsidiaries that are not fully controlled is included
in the consolidated profit and equity but stated as separate
line items.
Associates
Enterprises in which the Falck Group exercises significant influence
but not control are classified as associates. Significant
influence is generally achieved by directly or indirectly holding
or controlling more than 20%, but less than 50%, of the voting
rights.
Unrealised gains on transactions with associates are eliminated
in proportion to the Group’s share of the enterprise.
Business combinations
Companies acquired or established during the financial year
are recognised as from the date of acquisition or inception.
Companies divested or discontinued are recognised in the
income statement until the date of divestment. The comparative
figures are not restated to reflect companies acquired,
divested or discontinued.

50 Falck Annual Report 2011 | Group
Notes to the Group financial statements
Note
1 Accounting policies (continued)
Acquisitions of subsidiaries or associates are accounted for
applying the acquisition method. Identifiable assets, liabilities
and contingent liabilities of acquirees are stated at their fair
value at the date of acquisition. Identifiable intangible assets
are recognised if they are separable or derive from a contractual
right. Deferred tax on revaluations is recognised.
The acquisition date is the date on which the Group obtains
control of the acquiree.
Any positive difference between the consideration and the value
of non-controlling interests in the acquiree and the fair value
of the previously held interests in the acquiree, on the one
hand, and the fair value of the identifiable assets, liabilities
and contingent liabilities, on the other hand, is recognised in
the balance sheet as goodwill. Goodwill is not amortised, but
is tested for impairment at least once a year. On acquisition,
goodwill is allocated to the cash-generating units which will
subsequently form the basis for future impairment tests. Any
goodwill arising and any fair value adjustments made on the
acquisition of a foreign company whose functional currency is
not the same as the presentation currency used by the Group
are treated as assets and liabilities of the foreign company and
are translated on initial recognition to the foreign company’s
functional currency at the exchange rate ruling at the transaction
date. Any negative difference is recognised in the income
statement on the date of acquisition
The consideration in a business combination consists of the
fair value of the agreed purchase price. For business combinations
in which the agreement includes a provision on
adjustment of the consideration conditional on future events
(earn-out), the fair value of this part of the consideration is
recognised at the date of acquisition. Any changes in the fair
value of the contingent consideration after initial recognition
are recognised in the income statement. Put options issued in
connection with acquisitions, the value of which is contingent
on future events, will be recognised as part of the consideration
at the date of acquisition. The put options issued are
subsequently measured at fair value. Any changes in the fair
value of the issued put options after initial recognition are
recognised in equity. Acquisition costs directly attributable to
the acquisition are recognised in the income statement.
Adjustments of liabilities in connection with contingent consideration
and issued put options, the value of which is conditional
on future events relating to business combinations with
an acquisition date prior to 1 January 2010, will continue to be
recognised in accordance with IFRS 3 (2004), i.e. adjustments
are recognised in goodwill until the conditions have been met
or the issued put options are exercised.
If uncertainties regarding the measurement of acquired identifiable
assets, liabilities, contingent liabilities or the consideration
for the business combination exist at the acquisition date,
initial recognition takes place on the basis of preliminary fair
values. If identifiable assets, liabilities, contingent liabilities
and the consideration for the business combination are subsequently
determined to have had a different fair value at the
acquisition date than first assumed, goodwill is adjusted until
12 months after the acquisition date. The effect of the adjustments
is recognised in the opening equity, and the comparative
figures are restated accordingly. Goodwill is not adjusted
subsequently except in the event of material errors.
Gains or losses on divestment or winding up of subsidiaries
and associates are stated as the difference between the sales
or disposal amount and the carrying amount of the net assets
including goodwill at the time of sale plus sales or winding
up costs. In addition, any retained non-controlling interests
are measured at fair value. Gains or losses on the divestment
or winding up of subsidiaries and associates and the effect of
renewed measurement of any non-controlling interests are
recognised in the income statement.
Non-controlling interests
On initial recognition, non-controlling interests are measured
either at fair value (including the fair value of goodwill related
to non-controlling interests in the acquiree) or as non-controlling
interests’ share of the acquiree’s identifiable assets,
liabilities and contingent liabilities measured at fair value
(excluding the fair value of goodwill related to non-controlling
interests’ share of the acquiree). The basis of measurement
of non-controlling interests is chosen on a transaction-bytransaction
basis.
Acquisition and divestment of non-controlling interests
Any increase and reduction of non-controlling interests is
accounted for as transactions with owners in their capacity as
owners. As a consequence of this, any differences between
the adjustment to the carrying amount of non-controlling
interests and the fair value of the consideration received or
paid is recognised directly in equity.
When put options are issued as part of the consideration for
business combinations, the non-controlling interests receiving
put options are considered to have been redeemed on the
acquisition date. The non-controlling interests are removed
and a liability is recognised at fair value on initial measurement.
The fair value is determined as the present value of the
exercise price of the option. The subsequent measurement is
at amortised cost with recognition in equity of amortisation
and value changes as they arise.

Notes to the Group financial statements
Note
1 Accounting policies (continued)
Issued put options related to business combinations with an
acquisition date prior to 1 January 2010 will continue to be
recognised in accordance with IFRS 3 (2004), i.e. subsequent
measurement takes place at amortised cost with recognition
of interest expenses in the income statement and value
changes in goodwill as they arise. Any subsequent dividend
payments to option holders are recognised as a financial
expense in the income statement in the cases where the option
price is independent of the dividend payment. Dividend
payments are included in the determination of the cost of the
put options in cases where the option price is adjusted for
dividend payments received.
Foreign currency translation and hyperinflation
A functional currency is determined for each of the reporting
entities of the Group. The functional currency is the currency
in the primary economic environment in which the reporting
entity operates. Transactions in currencies other than the
functional currency are transactions in foreign currencies.
On initial recognition, transactions denominated in foreign
currencies are translated to the functional currency at the
exchange rates ruling at the transaction date. Exchange differences
arising between the exchange rate ruling at the transaction
date and the exchange rate ruling at the date of actual
payment are recognised in the income statement under
financial income or financial expenses.
Receivables, payables and other monetary items denominated
in foreign currency are translated into the functional currency
at the exchange rate ruling at the balance sheet date. The
difference between the exchange rate ruling at the balance
sheet date and the exchange rate ruling at the date when
the receivable or payable arose or the exchange rate applied
in the most recent financial statements is recognised in the
income statement under financial items.
The income statements of foreign subsidiaries are translated
at the exchange rates ruling at the transaction dates, and the
balance sheet is translated at the exchange rates ruling at the
balance sheet date. An average exchange rate for the month is
used as the exchange rate ruling at the transaction date to the
extent that this does not significantly change the presentation
of the underlying transactions. Exchange differences arising
on the translation of the equity of foreign subsidiaries at the
beginning of the year to the exchange rates ruling at the balance
sheet date and on the translation of income statements
from the exchange rate ruling at the transaction date to the
exchange rate ruling at the balance sheet date are recognised
directly in other comprehensive income and classified in
equity in a separate currency translation reserve. Exchange dif-
Group | Falck Annual Report 2011 51
ferences are allocated between the parent company’s and the
non-controlling interests' shares of equity.
However, for foreign subsidiaries and associates operating in
hyperinflationary economies, revenue and costs are translated
at the exchange rate ruling at the balance sheet date. Prior to
the translation, the income statement and the non-monetary
items of the balance sheet are restated taking into account
the buying power of the functional currency based on inflation
until the balance sheet date (inflation correction). The
effect of the inflation correction is recognised in the currency
translation reserve in equity. In the income statement, it is
recognised in financials as a loss/gain on the monetary net
position in the relevant entities. The assessment of when an
economy is hyperinflationary is based on qualitative as well as
quantitative factors, including whether the accumulated inflation
over a three-year period is in the order of 100%.
Foreign exchange adjustments of balances that are considered
part of the overall net investment in companies with
functional currencies other than DKK are recognised in the
consolidated financial statements directly in other comprehensive
income and classified in equity in a separate currency
translation reserve. Similarly, exchange gains and losses on the
part of loans and derivative financial instruments effectively
hedging the net investment in such companies and which effectively
hedge against corresponding exchange gains/losses
on the net investment in the company are recognised directly
in other comprehensive income and are classified in equity in
a separate currency translation reserve.
On recognition in the consolidated financial statements
of associates with a functional currency other than Danish
kroner, the share of results for the year is translated at average
exchange rates, and the share of equity including goodwill is
translated at the exchange rates ruling at the balance sheet
date. Exchange differences arising on the translation of the
share of the opening equity of foreign associates to exchange
rates ruling at the balance sheet date and on the translation of
the share of results for the year from average exchange rates
to exchange rates ruling at the balance sheet date are recognised
directly in other comprehensive equity and are classified
in equity in a separate currency translation reserve.
On the divestment of wholly-owned foreign entities, foreign
exchange adjustments accumulated in equity via other comprehensive
income and which can be attributed to entities
are reclassified from the “Currency translation reserve” to
the income statement together with any gain or loss on the
divestment.

52 Falck Annual Report 2011 | Group
Notes to the Group financial statements
Note
1 Accounting policies (continued)
On the divestment of partially owned foreign subsidiaries,
the part of the currency translation reserve that relates to
non-controlling interests is not recognised in the income
statement.
On partial divestment of foreign subsidiaries without giving
up control, a proportionate share of the currency translation
reserve is transferred from the parent company shareholders’
to the non-controlling shareholders’ share of equity.
On partial divestment of associates and joint ventures, the
proportionate share of the accumulated currency translation
reserve recognised in other comprehensive income is
transferred to profit for the year together with the gain or loss
on the divestment
Any repayment of intercompany balances that are considered
part of the net investment is not considered, in itself, a partial
divestment of subsidiaries.
Derivative financial instruments
Derivative financial instruments are recognised from the trade
date and measured at fair value.
The fair value of derivative financial instruments is recognised
as separate assets or liabilities in other receivables or other
payables respectively.
The fair value of derivative financial instruments is determined
on the basis of market data and generally accepted pricing
models.
Hedges of net investment
Derivative financial instruments entered into in order to effectively
hedge investments in foreign subsidiaries are recognised
in the balance sheet at the time they are entered into and are
measured at fair value at the balance sheet date. Exchange
gains and losses are recognised directly in equity as a separate
hedging reserve.
Fair value hedges
Derivative financial instruments entered into in order to hedge
other assets and liabilities denominated in foreign currency
are recognised in the balance sheet at the time they are
entered into and are stated at fair value at the balance sheet
date.
Any market value adjustments of derivative financial instruments
entered into to hedge other assets and liabilities are
recognised in the income statement in the same line items as
the transactions hedged.
Cash flow hedges
Changes in the part of the fair value of derivative financial instruments
designated as and qualifying for hedging of future
cash flows, and which effectively hedge changes in the value
of the hedged item, are recognised in other comprehensive
income in a separate hedging reserve in equity. When the
hedged transaction is realised, any gains or losses regarding
such hedging transactions are transferred from equity and
recognised in the same financial item as the hedged item.
When proceeds from future borrowings are hedged, any gains
or losses regarding hedging transactions are, however, transferred
from equity over the maturity period of the borrowings.
Forward premiums or forward discounts on forward exchange
transactions are recognised in the income statement during
their terms.
Other derivative financial instruments
For derivative financial instruments which do not meet the
criteria for hedge accounting, changes in the fair value are
recognised in the income statement under financials.
INCOME STATEMENT
Revenue represents the value of services and goods delivered
and invoiced subscriptions attributable to the financial period,
and is recognised in the income statement if delivery and
transfer of risk to the buyer have taken place before year-end,
and if the income can be reliably measured and is expected to
be received.
The value of services rendered is included on the basis of the
percentage delivered out of the total service.
Revenue from subscriptions is allocated to the income statement
on a straight-line basis.
Revenue from sales of goods is recognised when the significant
risks and rewards of ownership have been transferred to
the buyer.
Revenue is measured at the fair value of the agreed consideration
excluding VAT and other taxes collected on behalf of third
parties. All discounts granted are recognised in revenue.
Other operating income represents revenue of a secondary
nature relative to the Group’s principal activities, such as gains
on the sale of assets and rental income.
Cost of sales and external assistance represents costs incurred
and external assistance used to generate the year’s revenue.

Notes to the Group financial statements
Note
1 Accounting policies (continued)
Other external costs include costs relating to operating and
maintaining equipment and property as well as sales and
administrative expenses.
Staff costs represent salaries and wages, pension contributions,
social security costs and other staff costs.
Goodwill impairment represents impairment of goodwill
based on an annually performed impairment test of each
cash-generating unit.
Exceptional items represent material items of a non-recurring
nature that are not directly attributable to the Group’s ordinary
activities.
Income from investments in associates are recognised in the
income statement at the proportionate share of the results
after tax and non-controlling interests of the associates and
after elimination of the proportionate share of intra-group
profits/losses.
Financials represent interest receivable and payable, realised
and unrealised capital gains and losses and amortisation
related to financial assets and liabilities. Dividends to capital
holders who have received put options in connection with
business combinations are recognised as a financial expense
in the cases where the option price is independent of dividend
payments. Financials are recognised at the amounts related to
the year. Furthermore, realised and unrealised gains and losses
on derivative financial instruments which cannot be classified
as hedging arrangements are included.
INCOME TAXES
Falck A/S and all Danish subsidiaries are jointly taxed with
Lundbeckfond Invest A/S, which is the management company
for the national joint taxation and consequently settles all
payments of income taxes with the tax authorities in respect
of the jointly taxed companies.
Current Danish corporation tax is allocated among the jointly
taxed companies according to the taxable income of these
companies. The jointly taxed companies pay tax under the
on-account tax scheme.
Income tax for the year, consisting of current tax for the year
and changes in deferred tax, is recognised in profit for the
year, in other comprehensive income, or directly in equity.
Group | Falck Annual Report 2011 53
Income taxes payable
Corporation tax payable includes corporation tax made up on
the basis of estimated taxable income for the financial year
and prior-year adjustments.
Deferred tax
Deferred tax is calculated according to the balance sheet liability
method and is based on all timing differences between the
accounting and tax value of assets and liabilities.
Deferred tax is not recognised on goodwill that is not tax
deductible, and deferred tax is not recognised on undistributed
profits in subsidiaries and timing differences that arose
at the time of recognition in the balance sheet other than for
acquisitions, if such differences will not affect profit or taxable
income.
When alternative tax rules can be applied to determine the
tax base, deferred tax is measured based on Management’s
planned use of the asset or settlement of the liability respectively.
Deferred tax assets, including the tax base of tax loss carryforwards,
are recognised under other non-current assets
at the expected value of their utilisation, either as a set-off
against tax on future income or as a set-off against deferred
tax liabilities within the same legal tax entity and jurisdiction.
Deferred tax assets and liabilities are offset within the same
legal tax unit or jurisdiction. Deferred tax assets are measured
at the value at which they are expected to be realised.
Deferred tax is measured using the tax rate expected to apply
when timing differences are reversed. Changes in deferred tax
as a result of changes in tax rates are recognised in the income
statement.
BALANCE SHEET
Non-current assets in general
Intangible assets and property, plant and equipment, except
for goodwill and other intangible assets with indefinite useful
lives, are measured at cost less accumulated straight-line amortisation
and depreciation and impairment losses. Goodwill
and intangible assets with indefinite useful lives are measured
at cost less accumulated impairment losses. Amortisation,
depreciation and impairment losses are recognised in the
income statement.

54 Falck Annual Report 2011 | Group
Notes to the Group financial statements
Note
1 Accounting policies (continued)
The basis of depreciation is calculated with due consideration
to the asset’s scrap value, reduced by any impairment losses.
The scrap value is determined at the date of acquisition and
revalued each year. Where the scrap value exceeds the carrying
amount, the property ceases to be depreciated.
If the amortisation or depreciation period or the scrap value
is changed, the effect on amortisation or depreciation going
forward is recognised as a change in accounting estimates.
Cost includes direct costs related to the asset and the initial
estimate of the costs related to dismantling and removing
the item and restoring the site on which it is located, if the
costs meet the definition of a liability. Cost further includes
borrowing costs from specific and general borrowings directly
relating to the acquisition, construction or development of
the individual qualifying asset.
Where parts of an item of property, plant and equipment
have different useful lives, they are accounted for as separate
items.
Each year, the assets are reviewed in order to assess whether
there are indications of impairment. If such indications exist,
the recoverable amount, determined as the higher amount
of the fair value of the asset adjusted for expected sales costs
and the value in use of the asset, is calculated. The value in
use is calculated based on the estimated future cash flows, discounted
by using a pre-tax discount rate that reflects current
market assessments of the time value of money and the risks
specific to the assets.
If the recoverable amount of an asset or its cash-generating
unit is lower than the carrying amount, an impairment charge
is recognised in respect of the asset. The impairment loss is
recognised in the income statement.
In addition, for goodwill and other intangible assets with
indefinite useful lives, impairment tests are performed at each
balance sheet date, regardless of whether there are any indications
of impairment. For acquisitions, the first impairment test
is performed before the end of the year of acquisition.
Impairment losses are reversed if the recoverable amount increases.
Impairment losses will only be reversed to the extent
that the value in use does not exceed the carrying amount of
the asset if the impairment had never been made. Impairment
losses on goodwill are not reversed.
Intangible assets
Goodwill is recognised in the balance sheet at cost on initial
recognition as described under “Business combinations”.
Goodwill is subsequently measured at cost less accumulated
impairment. Goodwill is not amortised.
Intangible assets acquired on acquisition are measured at cost
less accumulated amortisation and impairment. Intangible assets
acquired on acquisition are amortised over the expected
economic life, estimated to be 3 to 10 years.
Other intangible assets are measured at cost including costs
which can be directly or indirectly attributed to the assets in
question.
Other intangible assets include software, etc.
Software is amortised over the expected economic life, estimated
to be 3 to 5 years. For major administrative systems,
the economic life is estimated to be 8 years.
Property, plant and equipment
Land and buildings are measured at cost less accumulated
depreciation and impairment of buildings.
Depreciation of buildings is calculated on a straight-line basis
over the expected useful lives of the assets, estimated to be
between 25 and 33 years. Certain installations are depreciated
over ten years.
Leasehold improvements are depreciated on a straight-line
basis over the term of the lease.
Other operating equipment is depreciated on a straightline
basis over the estimated useful lives of the assets. The
expected useful lives are as follows:
Years
Vehicles according to category 5-12
Fixtures and fittings, tools and equipment 3-10
Dispatch centres, radio systems, major
administrative systems and networks 8
Other IT equipment 3-5
Fire extinguishers and similar equipment
installed at customer locations 3-5
Assets held under finance leases are recognised under property,
plant and equipment and measured at the lower of the
fair value and value in use of the future lease payments at the
inception of the lease.

Notes to the Group financial statements
Note
1 Accounting policies (continued)
Assets held under finance leases are depreciated over the useful
lives of the assets or, if shorter, over the lease term.
Gains or losses on the disposal or scrapping of property, plant
and equipment are determined as the difference between the
sales price less dismantling, selling and re-establishing costs
and the carrying amount. Any gains or losses are recognised in
the income statement as other operating income or external
expenses respectively.
Financial assets
Investments in associates in the consolidated financial statements
are measured using the equity method and recognised
at the proportionate share of the equity of the relevant enterprise,
made up according to the Group’s accounting policies,
with the addition of values added on acquisition, including
goodwill. Investments in associates are tested for impairment
when there is an indication that the investment may be
impaired. Associates with negative equity value are measured
at zero value. If the Group has a legal or constructive obligation
to cover the associate’s negative balance, such obligation
is recognised under liabilities. Receivables from associates are
measured at amortised cost. Provision is made for bad debts.
CURRENT ASSETS
Inventories
Goods purchased for resale and assistive aids are measured at
cost using the FIFO method.
Where the net realisable value is lower than cost, inventories
are written down to this lower value.
Receivables
Receivables are measured at amortised cost less provision
for bad debts. The provision is made individually and on a
portfolio level. In the event there is no objective indication
of individual impairment, receivables are tested for objective
indications of impairment on a portfolio level.
Impairment losses are calculated as the difference between
the carrying amount and the present value of expected
future cash flows, including realisable values of any collateral
provided.
Prepayments
Prepayments comprise prepaid costs, which are measured at
amortised costs.
Group | Falck Annual Report 2011 55
Securities
Listed securities and unlisted securities, which are currently all
classified as available for sale, are recognised under current assets
at fair value, corresponding to the officially quoted price
of listed securities and estimated fair values based on current
market data and recognised valuation methods for unlisted
securities. Unrealised fair value adjustments are recognised
directly in equity, except for impairment losses, which are
recognised in the income statement under financials. On
realisation, the accumulated fair value adjustment recognised
in equity is transferred to financials in the income statement.
EQUITY
Dividend
Dividend that has been finally adopted is recognised as a
liability. Dividend expected to be paid in respect of the year is
recognised as a separate line item under equity.
Hedging reserve
Hedging transactions that meet the criteria for hedging future
cash flows and for which the hedged transaction has yet to be
realised are recognised in equity under the hedging reserve.
Foreign exchange adjustments relating to hedging transactions
used to hedge the Group’s net investments in such entities
are recognised in equity under the hedging reserve.
Currency translation reserve
Foreign exchange adjustments arising on the translation
of financial statements for entities which have a functional
currency other than Danish kroner and foreign exchange adjustments
relating to financial assets and liabilities representing
a part of the Group’s net investment in such entities are
recognised in equity under the currency translation reserve.
On full or partial realisation of a net investment, foreign exchange
adjustments are recognised in the income statement.
Reserve for fair value adjustment of available-for-sale
financial assets
Reserve for fair value adjustment comprises accumulated
changes in the fair values of available-for-sale financial assets.
The reserve, which forms part of the Group’s free reserves,
is dissolved and transferred to the income statement as the
investment is sold or written down.
Reserve for treasury shares
Reserve for treasury shares comprises the cost of the Company’s
holding of treasury shares. Dividends in respect of

56 Falck Annual Report 2011 | Group
Notes to the Group financial statements
Note
1 Accounting policies (continued)
treasury shares are recognised directly in retained earnings
under equity.
Gains and losses on the sale of treasury shares are recognised
in the reserve for treasury shares.
Non-controlling interests
The proportionate shares of the profits and equity of subsidiaries
attributable to non-controlling interests are recognised
as a separate item under equity. On initial recognition, noncontrolling
interests are stated as described under “Business
combinations” above. Put options issued as part of the
consideration for business combinations are recognised as
described under “Acquisition and divestment of non-controlling
interests” above.
Warrant programme
Warrants are issued at the market value on the date of grant.
Payments received and made in relation to the warrant programme
are recognised in equity.
LIABILITIES
Pension obligations
Most of the Group's pension agreements are defined contribution
plans under which payments are made to external pension
institutions. Contributions to such plans are recognised in
the income statement in the period in which they are earned
by the employees, and outstanding payments are included in
the balance sheet under other payables.
In certain countries, the Group has pension agreements that
are defined-benefit plans. These plans are either externally
funded, with the assets of the plans held separately from
those of the Group in independently administered funds, or
unfunded. The liabilities related to the defined-benefit plans
are determined using the projected unit credit method.
An actuarial assessment is made annually to determine the
present value of the future benefits to be paid under the
defined-benefit plans. The present value is calculated on the
basis of assumptions regarding the future developments in
the wage/salary level as well as interest, inflation and mortality
rates in the countries where such plans exist. The present
value is calculated only for benefits to which the employees
have already earned the right during their employment with
the Group until the present time.
The actuarial calculation of the pension obligation is recognised
as a liability in the balance sheet. If a pension plan constitutes
a net asset, the asset is only recognised to the extent
that it equals future repayments under the plan, or if it will
lead to a reduction in future payments under the plan.
Actuarial gains and losses arise mainly from changes in
actuarial assumptions and differences between actuarial assumptions
and what has actually occurred. Actuarial gains and
losses are recognised directly in other comprehensive income.
For defined-benefit plans, costs charged to the income statement
consist of current service cost, based on actuarial assessments
and financial forecasts made at the beginning of the
year, including expected service cost, interest cost, expected
return on plan assets and past service cost. The past service
cost for the enhancement of pension benefits is accounted for
when such benefits vest or become a constructive obligation.
Interest from pension assets and liabilities is recognised under
financials.
Other non-current employee benefits are similarly recognised
based on an actuarial calculation. All actuarial gains and losses
are recognised immediately in the income statement, however.
Other non-current employee obligations include jubilee
bonuses and non-current severance schemes.
Provisions
Provisions are recognised when, as a consequence of an event
occurring before or on the balance sheet date, the Group has
a legal or constructive obligation and it is probable that an
outflow of resources will be required to settle the obligation.
Provisions for restructuring are recognised when a detailed,
formal plan for the restructuring has been made before or
on the balance sheet date and has been announced to the
parties involved. In connection with acquisitions, provisions
for restructuring costs are only included in the computation of
goodwill if an obligation exists for the entity acquired as of the
date of acquisition.
Provisions are made for onerous contracts when the anticipated
benefits to the Group from a contract are outweighed
by the unavoidable costs under the contract.
When the Group is under an obligation to dismantle an asset
or re-establish the site where the asset has been used, a
provision is made corresponding to the present value of the
expected future costs. The provision is determined based on
current orders and estimated future costs, discounted to their
present value. The discount factor used reflects the general
level of interest rates. The present value of the costs is recognised
in the cost of the item of property, plant and equipment

Notes to the Group financial statements
Note
1 Accounting policies (continued)
in question and depreciated together with these assets. The
increase of the present value over time is recognised in the
income statement under financial expenses.
Financial liabilities
Debt to credit institutions is recognised at the raising of a loan
at fair value less transaction costs. In subsequent periods,
financial liabilities are measured at amortised cost.
Residual lease commitments from finance leases are recognised
at amortised cost.
Other financial liabilities are measured at amortised cost.
Deferred income
Deferred income primarily represents subscription revenue
relating to several financial periods.
Assets held for sale
Assets held for sale comprise non-current assets and disposal
groups held for sale. A disposal group is a group of assets to
be disposed of, by sale or otherwise, together as a group in
a single transaction. Liabilities regarding assets held for sale
are liabilities directly associated with those assets that will be
transferred in the transaction. Assets are classified as “held
for sale” if their carrying amount will be recovered principally
through a sale transaction within 12 months in accordance
with a formal plan rather than through continuing use.
Assets or disposal groups held for sale are measured at the
lower of the carrying amount at the date when the assets
were classified as held for sale and fair value less costs to sell.
Assets are not depreciated or amortised as from the date they
are classified as “held for sale”.
Impairment losses from the initial classification of the noncurrent
assets as held for sale as well as gains and losses from
following measurement of the lowest value of the carrying
amount or the fair value less costs to sell are recognised in the
income statement. Gains and losses are disclosed in the notes
to the financial statements.
Assets and related liabilities are recognised separately in the
balance sheet, and the main items are specified in the notes
to the financial statements. Comparative figures in the balance
sheet are not restated.
Leasing
For financial reporting purposes, lease liabilities are classified
as either finance or operating lease liabilities.
Group | Falck Annual Report 2011 57
Leases are classified as finance leases when substantially all
risks and rewards of ownership of the leased asset are transferred.
Other leases are classified as operating leases.
The accounting treatment of assets held under finance leases
and the related liability is described in the sections on property,
plant and equipment and financial liabilities respectively.
Assets held under operating leases are not recognised in the
balance sheet. Lease liabilities under operating leases are
disclosed as contingent liabilities.
Lease payments concerning operating leases are recognised in
the income statement on a straight-line basis over the term of
the lease.
CASH FLOW STATEMENT
The cash flow statement is presented according to the indirect
method and shows the cash flow from operating activities, the
cash flow from investing activities, the cash flow from financing
activities and cash and securities at the beginning and end
of the year.
The cash flow statement includes cash flows from companies
acquired as from the date of acquisition, and cash flows from
companies divested until the date of divestment.
Cash flow from operating activities
Cash flows from operating activities include revenue less operating
expenses and interest adjusted for non-cash operating
items and changes in working capital.
Cash flows from operating activities are adjusted for cash
flows related to special items and corporation tax.
Cash flow from investing activities
Cash flows from investing activities include cash flows from
the acquisition and divestment of companies, non-controlling
interests and operations and the purchase and sale of
intangible assets, property, plant and equipment and other
non-current assets and the purchase and sale of securities not
included in cash and cash equivalents.
Entering into a finance lease is considered a non-cash transaction.
Cash flows from financing activities
Cash flows from financing activities include cash flows from
changes in share capital and related costs, purchases and sales

58 Falck Annual Report 2011 | Group
Notes to the Group financial statements
Note
1 Accounting policies (continued)
of treasury shares, cash flows from dividends, cash flows from
interest-bearing debt raised and repayment thereof.
Cash flows relating to assets held under finance leases are
recognised as payment of interest and repayment of debt.
Cash and cash equivalents
Cash and cash equivalents comprise cash and short-term marketable
securities with a term of three months or less which
are subject to an insignificant risk of changes in value.
Cash flows in currencies other than the functional currency
are translated at average exchange rates unless these differ
materially from the exchange rate ruling at the transaction
day.
SEGMENT REPORTING
The segment information has been prepared in accordance
with the Group’s accounting policies and is based on the internal
management reporting.
Segment income, expenses and assets comprise items that
can be directly attributed to individual segments and items
that can be allocated to the individual segments on a reasonable
basis. Unallocated items are primarily assets and income
and expenses relating to the Group's administrative functions,
income taxes and similar items. Non-current assets in a segment
comprise non-current assets used directly in the operation
of the segment, including intangible assets, property,
plant and equipment and investments in associates. Current
assets in a segment comprise current assets used directly in
the operation of the segment, including inventories, trade
receivables, other receivables, prepaid expenses and cash.
FINANCIAL RATIOS
For definitions of financial ratios, see page 115.

Notes to the Group financial statements
Note
2 Accounting estimates and judgments
The calculation of the carrying amounts of certain assets and
liabilities relies on judgments, estimates and assumptions
about future events.
The estimates and assumptions applied are based on historical
experience and other factors that Management considers
reasonable under the circumstances, but which are inherently
uncertain and unpredictable. Such assumptions may be
incomplete or inaccurate, and unexpected events or circumstances
may occur. In addition, the Group is subject to risks
and uncertainties that may cause actual outcomes to deviate
from such estimates.
Estimates material to the financial reporting are made in
the calculation of, inter alia, depreciation, amortisation and
impairment losses, pensions and similar liabilities, provisions,
the determination of fair values, share-based compensation as
well as contingent liabilities and assets.
Amortisation and depreciation periods and scrap values
In the determination of the carrying amount of intangible
assets and property, plant and equipment, estimates are
required of the estimated economic lives of the assets and of
scrap values.
Goodwill impairment test
In the annual goodwill impairment test or in case of any
indication of an impairment requirement, an assessment is
made of how the parts of the Group (cash-generating units) to
which the goodwill relates will be able to generate sufficient
cash flows in future to support the value of goodwill and other
net assets in the relevant part of the Group.
Group | Falck Annual Report 2011 59
As a result of the nature of the company’s business, expected
cash flows must be estimated over a period of a number of
years, which inherently produces some degree of uncertainty.
This uncertainty is reflected in the discount rate applied.
The impairment test of goodwill and the associated particularly
sensitive factors and sensitivity analyses are described in
note 15 to the consolidated financial statements.
Provisions for acquisition of non-controlling interests
In the determination of the fair value of issued put options
under which the Group assumes an obligation to buy shares
in subsidiaries held by non-controlling shareholders, Management
makes certain estimates, including of the future
financial performance of the subsidiaries, the probability that
the option holders exercise their right to sell and the time
of exercise. These factors are of material importance to the
determination of the fair value, which is therefore subject to
uncertainty.
Purchase price allocation in business combinations
In connection with the allocation of the purchase price in business
combinations, a determination is made of the fair values
of the assets and liabilities acquired. As this determination
is based on expected future cash flows related to the assets
and liabilities acquired, the realisation of such cash flows as anticipated
is subject to an inherent uncertainty. In accordance
with IFRS 3, the allocation of the purchase price in business
combinations may be adjusted for up to 12 months from the
date of acquisition.

60 Falck Annual Report 2011 | Group
Notes to the Group financial statements
Note
3 Segment information
Business areas
Falck's reporting segments are its four independent business
areas, Emergency, Assistance, Healthcare and Training, which
sell various services.
Emergency
Falck is the largest international ambulance service provider in
the world. Falck provides ambulance services to the people in
14 countries in Europe and North and South America in close
collaboration with the authorities. Falck operates more than
1,800 ambulances with ambulance officers, treating more
than two million sick or injured people every year. In addition,
Falck also helps handle many other pre-hospital services
such as the operation of doctors' emergency cars, emergency
response vehicles and emergency helicopters. Falck is also the
world's largest international fire-fighting operator, with activities
in eight different countries. In Denmark, Falck provides
fire-fighting and fire-prevention services in two-thirds of the
country. In the other countries, Falck is active in industrial
fire services, fire training and fire services consulting for both
public and industrial customers.
Assistance
Falck's Assistance services are concentrated in four Nordic
countries Denmark, Finland, Norway and Sweden. The services
provide the citizens with the greatest possible security and
peace of mind, either by preventing accidents or by providing
fast and competent assistance when accidents occur. The
services are often subscription-based and especially provide
help to people with their cars and homes. As an example,
Falck helps members whose car has broken down or if they
are involved in an accident. In most cases, Falck staff can
repair the car on the spot. And Falck helps homeowners with
everything from water in the basement to snow on the roof.
Also, both private individuals, companies and public authorities
can make use of Assistance services in situations involving
buildings, health, travel and more.
Healthcare
Falck Healthcare is Denmark's largest private provider of
healthcare services. Under this business area, Falck helps
create healthy people and healthy workplaces. An important
part of Falck Healthcare's efforts consists of preventing illness,
stress and attrition. The goal is to ensure that each individual
has a better, longer and healthier worklife. This also means
greater job satisfaction at the workplace, as well as lower costs
related to illness, lower public-sector costs for social security,
lower costs for insurance companies saving money on claims
resulting from a reduction in or loss of working capacity, for
example.
Training
Falck provides rescue and safety courses and other safety
services in 15 countries on five continents. This happens at 28
training centres aimed at the offshore industry and the maritime
sector, but the chemical industry, the aviation industry
and the armed forces in Denmark and Sweden also make use
of Falck's facilities and services. In addition, Falck has eight
land-based training centres in the Netherlands. At all these
centres, people are instructed in safe behaviour in order to
avoid accidents in the workplace, and they are taught how to
react correctly – also under extreme conditions – if accidents
do occur. Falck is the world's leading provider within this area
with competencies developed on the basis of more than 100
years of experience in rescue services.
The accounting policies of all business areas are identical to
those described in the accounting policy note to the financial
statements. The performance of the business areas is evaluated
on the basis of operating profit before costs and amortisation
from business combinations and exceptional items.
Revenue and other transactions within and between business
areas are accounted for as if they had taken place with third
parties in accordance with Falck's rules on transfer pricing and
internal settlement.

Notes to the Group financial statements
Note DKK million
3 Segment information (continued)
Group | Falck Annual Report 2011 61
Elimination
and non-
allocated
Business areas 2011 Emergency 2) Assistance Healthcare Training items Total
KEY RATIOS
Operating margin (%) 1) 6.8 12.4 7.4 12.6 9.6
INCOME STATEMENT
Revenue 6,385 2,693 1,112 1,019 (1,016) 10,193
Operating profit before amortisation,
depreciation, impairment and
exceptional items 633 360 100 180 - 1,273
Amortisation, depreciation and impairment (269) (31) (20) (62) - (382)
Operating profit before exceptional items 364 329 80 118 - 891
Analysed as follows:
Operating profit before costs and
amortisation from business
combinations and exceptional items 435 335 82 128 - 980
Amortisation of intangible assets and
costs from business combinations (71) (6) (2) (10) - (89)
Operating profit before exceptional items 364 329 80 118 - 891
Exceptional items (154) - - - 236 82
Profit before financials 210 329 80 118 236 973
Financials, etc. (273) (273)
Profit before tax 700 700
Income taxes (184) (184)
Profit for the year 516 516
BALANCE SHEET
Total assets 4,929 2,696 1,109 1,750 (191) 10,293
Net investments in intangible assets,
property, plant and equipment 145 61 6 72 - 284
1) Operating profit before costs and amortisation from business combinations and exceptional items as a percentage of revenue.
2) The Emergency business includes operations in Venezuela, which is classified as a hyperinflationary economy. The revenue and operating
profit stated above therefore include an adjustment for hyperinflation of DKK 4 million and DKK 0 million respectively. The effect on
profit for the year was a reduction by DKK 1 million.

62 Falck Annual Report 2011 | Group
Notes to the Group financial statements
Note DKK million
3 Segment information (continued)
Elimination
and non-
allocated
Business areas 2010 Emergency Assistance Healthcare Training items Total
KEY RATIOS
Operating margin (%) 1) 6.8 10.9 6.3 14.8 10.0
INCOME STATEMENT
Revenue 4,834 2,470 1,196 958 (1,091) 8,367
Operating profit before amortisation,
depreciation, impairment and
exceptional items 508 280 96 188 24 1,096
Amortisation, depreciation and impairment (204) (22) (26) (55) (307)
Operating profit before exceptional items 304 258 70 133 24 789
Analysed as follows:
Operating profit before costs and
amortisation from business combinations
and exceptional items 329 269 75 142 24 839
Amortisation of intangible assets and
costs from business combinations (25) (11) (5) (9) (50)
Operating profit before exceptional items 304 258 70 133 24 789
Exceptional items - - - - (26) (26)
Profit before financials 304 258 70 133 (2) 763
Financials, etc. (122) (122)
Profit before tax 641 641
Income taxes (183) (183)
Profit for the year 458 458
BALANCE SHEET
Total assets 3,875 2,572 1,071 1,750 (179) 9,089
Net investments in intangible assets,
property, plant and equipment 33 49 11 41 (22) 112
1) Operating profit before costs and amortisation from business combinations and exceptional items as a percentage of revenue.

Notes to the Group financial statements
Group | Falck Annual Report 2011 63
Note DKK million 2011 2010
3 Segment information (continued)
Non-current Non-current
assets assets
excluding excluding
deferred deferred
Geographic breakdown Revenue tax assets Revenue tax assets
Denmark 5,459 4,054 5,292 4,075
Nordic region 1,705 833 1,541 773
Europe 1,212 653 1,087 596
North America 1,073 885 175 687
South America 606 786 143 309
Rest of the world 138 204 129 217
Total 10,193 7,415 8,367 6,657
The breakdown of revenue is based on customers' country of residence. No single customer accounts for 10% or more of revenue.
Breakdown of assets based on physical location.
The Nordic region comprises the following countries:
Norway, Sweden and Finland.
Europe comprises the following countries:
Belgium, Estonia, the Netherlands, Poland, Romania, Slovakia, Spain, United Kingdom, Turkey and Germany.
North America comprises the following country:
United States
South America comprises the following countries:
Brazil, Colombia, Ecuador, El Salvador, Panama, Trinidad & Tobago, Uruguay and Venezuela.
The rest of the world comprises the following countries:
Azerbaijan, United Arab Emirates, India, Kazakhstan, Malaysia, Nigeria, Russia, Singapore, Thailand and Vietnam.
Note DKK million 2011 2010
4 Revenue
Services 10,121 8,318
Products 72 49
Total revenue 10,193 8,367
5 Other operating income
Gain on sales of assets 25 52
Other operating income 23 18
Total other operating income 48 70
Other operating income relates mainly to rent from premises.

64 Falck Annual Report 2011 | Group
Notes to the Group financial statements
Note DKK million 2011 2010
6 Fees to auditors appointed at the annual general meeting
KPMG
Audit (8) (6)
Other assurance engagements - -
Tax advisory services (1) (2)
Preparation of a potential IPO (5) (8)
Other services (2) (2)
Total fees (16) (18)
7 Staff costs
Salaries and wages to employees (4,610) (3,771)
Ordinary remuneration to the Executive Management Board (8) (10)
Of which paid by Falck Holding A/S 4 -
Remuneration to the Executive Management Board relating to preparation of a potential IPO - (7)
Remuneration to the Board of Directors (3) (2)
Total (4,617) (3,790)
Of which reinvoiced - 3
Total salaries and remuneration (4,617) (3,787)
Defined-contribution pension plans (271) (255)
Defined-benefit pension plans - 18
Other social security costs (448) (330)
Other staff costs (355) (301)
Total other staff costs (1,074) (868)
Total staff costs (5,691) (4,655)
Number of full-time employees 20,115 14,352
Number of part-time employees 5,147 4,791
Number of employees (full-time equivalents) 17,143 13,727
Remuneration to the Executive Management Board does not include pension contributions
The service contracts for the members of the Executive Management Board include severance
periods which, in the case of resignation by an executive, are 6 months and, in the case of
termination by the company, are 12 months.
Warrant programme, Executive Management Board
Number of warrants at 1 January - 4,443,120
Grant of new warrants. See note 21 4,443,120 -
Cancellation of warrants. See note 21 (4,443,120) -
Buy back in the period. See note 21 - (4,443,120)
Number of warrants at 31 December - -
At the extraordinary general meeting held on 25 February 2011, the Board of Directors was authorised to establish a new warrant
programme. At the Board meeting held on 15 March 2011, the Board of Directors adopted a resolution to establish a new warrant programme
for the Executive Management Board. The new warrant programme comprises 4,443,120 warrants. Each warrant entitles the
holder to subscribe for one share with a nominal value of DKK 0.50 on 30 December 2015 at a price of DKK 125 per share. The warrants
issued were acquired at market value, equivalent to DKK 11 million, and there are no conditions attached to the acquisition of the warrants.
The warrants issued have been transferred to Falck Holding A/S and subsequently cancelled at an extraordinary general meeting of
Falck A/S.

Notes to the Group financial statements
Group | Falck Annual Report 2011 65
Note DKK million 2011 2010
8 Amortisation, depreciation and impairment
Intangible assets from acquisitions (56) (27)
Other intangible assets (29) (28)
Buildings (33) (36)
Leasehold improvements (12) (10)
Fixtures and fittings, tools and equipment (245) (206)
Amortisation, depreciation and impairment for the year (7)
Total amortisation, depreciation and impairment (382) (307)
9 Amortisation of intangible assets and costs from
business combinations
Amortisation of intangible assets from business combinations (56) (27)
Costs from business combinations (33) (23)
Total amortisation of intangible assets and costs from business combinations (89) (50)
10 Exceptional items
Gains on the sale of available-for-sale securities 242 -
Exceptional items, income 242 -
Impairment loss on available-for-sale securities (142) -
Costs relating to sale of Falck A/S (18) (26)
Exceptional items, costs (160) (26)
Total exceptional items 82 (26)
11 Financial income
Foreign exchange gains 23 21
Interest from cash 10 6
Interest from securities held to maturity 2 1
Other financial income 3 5
Total financial income 38 33
12 Financial expenses
Foreign exchange losses (17) (14)
Interest to credit institutions (188) (119)
Costs of debt restructuring (74) -
Interest element on discounted liabilities (5) (12)
Interest expenses to Group companies (1) -
Other financial expenses (25) (10)
Total financial expenses (310) (155)

66 Falck Annual Report 2011 | Group
Notes to the Group financial statements
Note DKK million 2011 2010
13 Income taxes
Current tax (214) (184)
Change in deferred tax for the year 32 (1)
Prior year adjustments (2) 2
Total income taxes (184) (183)
Tax on other comprehensive income (1) (38)
Total tax (185) (221)
Income taxes paid during the year (150) (195)
Breakdown of tax rate:
Total income taxes (184) (183)
Tax base for current tax 700 641
Effective tax rate 26.2% 28.6%
Danish tax rate 25.0% 25.0%
Differences in foreign tax rates relative to Danish rate (0.4%) 0.4%
Non-deductible costs/(tax-exempt income) (0.4%) 2.8%
Current year's non-capitalised tax losses 0.6% 0.3%
Utilisation of non-capitalised tax losses (0.1%) (0.4%)
Other adjustments including adjustments relating to prior years 1.5% 0.5%
Effective tax rate 26.2% 28.6%
Tax on other comprehensive income
Tax on foreign exchange differences 6 (33)
Tax on actuarial adjustments relating to pension obligations 1 (1)
Tax on value adjustments relating to currency hedging instruments (11) (3)
Tax on value adjustments of interest hedging instruments 3 (1)
Total tax on other comprehensive income (1) (38)
14 Earnings per share
Profit for the year 516 458
Profit attributable to non-controlling interests 16 14
Profit attributable to the Falck Group 500 444
Average number of shares 92,786,800 92,786,800
Average number of treasury shares 51,559 268,079
Average number of outstanding shares 92,735,241 92,518,721
Average dilutive effect of outstanding warrants 2,284,057 3,553,820
Diluted average number of outstanding shares 95,019,298 96,072,541
Earnings per share (EPS) of DKK 0.50 5.4 4.8
Diluted earnings per share (DEPS) of DKK 0.50 5.3 4.6

Notes to the Group financial statements
Note DKK million
15 Intangible assets
Group | Falck Annual Report 2011 67
Intangible
assets Other
from intangible
2011 Goodwill acquisitions assets Total
Cost at 1 January 2011 4,711 336 170 5,217
Foreign exchange differences 61 15 - 76
Additions on acquisitions 746 166 9 921
Transfer to assets held for sale (82) (16) - (98)
Additions - - 42 42
Revaluation of put options and earn-outs (56) - - (56)
Disposals and reclassification - - (6) (6)
Adjustments to prior-year acquisitions (78) (36) - (114)
Cost at 31 December 2011 5,302 465 215 5,982
Amortisation and impairment at 1 January 2011 - (75) (73) (148)
Foreign exchange differences - (2) - (2)
Transfer to assets held for sale 82 16 - 98
Disposals and reclassification - - 9 9
Amortisation - (56) (29) (85)
Impairment (82) (3) - (85)
Amortisation and impairment at 31 December 2011 - (120) (93) (213)
Carrying amount at 31 December 2011 5,302 345 122 5,769
Intangible
assets Other
from intangible
2010 Goodwill acquisitions assets Total
Cost at 1 January 2010 4,075 127 169 4,371
Foreign exchange differences 91 12 3 106
Additions on acquisitions 575 197 1 773
Additions - - 27 27
Revaluation of put options and earn-outs (30) - - (30)
Disposals and reclassification - - (30) (30)
Cost at 31 December 2010 4,711 336 170 5,217
Amortisation and impairment at 1 January 2010 - (46) (75) (121)
Foreign exchange differences - (2) (2) (4)
Disposals and reclassification - - 32 32
Amortisation - (27) (28) (55)
Amortisation and impairment at 31 December 2010 - (75) (73) (148)
Carrying amount at 31 December 2010 4,711 261 97 5,069
Intangible assets from acquisitions primarily relate to customer contracts and other customer relations. The acquisitions were primarily
made to achieve synergies with existing business areas, to further develop existing markets and to establish a presence on new markets.
As a result, a large part of the consideration is allocated to goodwill.
Other intangible assets are primarily related to software.
Except for goodwill, all intangible assets are deemed to have a limited economic life.

68 Falck Annual Report 2011 | Group
Notes to the Group financial statements
Note DKK million
15 Intangible assets (continued)
Impairment tests of goodwill
Goodwill is tested for impairment at least once a year, and more frequently if there are indications of impairment. In impairment tests,
the discounted value of the future net cash flows of each of the cash-generating units (value in use) are compared with their carrying
amounts.
2011 2010
Goodwill is related to the following business areas:
Emergency 1,537 956
Assistance 1,964 1,948
Healthcare 811 761
Training 990 1,046
Total goodwill 5,302 4,711
For the above mentioned business areas, goodwill is tested for impairment in the relevant cash generating units within the business
areas based on the following parameters and assumptions:
The future net cash flows are based on the consolidated budget for 2012 and the Group’s strategic plan for the period until 2015. Moreover,
growth during the terminal period has been estimated at 2-3% (2010: 3.0%).
The key parameters for the impairment test are performance in terms of revenue and the EBITA margin. As capital tied up in net operating
assets is generally low in the Group, this parameter does not have any material impact on the impairment test.
The Emergency activities primarily consist of ambulance services, including transportation of patients, and of fire fighting for public- and
private-sector customers, and they do not fluctuate materially from year to year. Emergency also includes training and consulting activities
for private-sector companies in several countries. The discount rate for Emergency has been set at 8% (2010: 8%).
The Assistance activities primarily consist of subscriptions and are therefore stable from year to year. The discount rate has been set at
8% (2010: 8%).
The Healthcare activities primarily consist of subscriptions and longer term contracts and are therefore stable from year to year. The
discount rate has been set at 8% (2010: 8%). Substantial growth is expected in the Healthcare business in the years ahead.
Healthcare also includes staffing business which mainly consists of payments on a case-by-case basis. The discount rate has therefore
been set at 9% (2010: 9%).
Training activities primarily consist of rescue and safety courses and other safety services and is to a certain extent affected by the activity
level in the oil industry. The discount rate has therefore been set at 9% (2010: 9%). The main assumptions in the strategic plan until
2015 are the expected organic growth and that off-shore exploration activities will pick up pace.
The impairment tests of goodwill did not result in any impairment.

Notes to the Group financial statements
Note DKK million
16 Propertry, plant and equipment
Group | Falck Annual Report 2011 69
Fixtures,
Leasehold fittings,
Land and improve- tools and
2011 buildings ments equipment Total
Cost at 1 January 2011 858 91 1,174 2,123
Foreign exchange differences (4) (15) (19)
Additions on acquisitions 1 5 107 113
Transfer to assets held for sale - - (45) (45)
Additions 45 13 263 321
Disposals and reclassification 2 (7) (253) (258)
Cost at 31 December 2011 902 102 1,231 2,235
Depreciation and impairment at 1 January 2011 (146) (34) (379) (559)
Foreign exchange differences (1) 1 5 5
Transfer to assets held for sale - - 45 45
Disposals and reclassification - 1 217 218
Depreciation (33) (12) (245) (290)
Impairment - - (29) (29)
Depreciation and impairment at 31 December 2011 (180) (44) (386) (610)
Carrying amount at 31 December 2011 722 58 845 1,625
of which assets under construction 16 - 26 42
of which assets held under finance leases 18 - 12 30
Fixtures,
Leasehold fittings,
Land and improve- tools and
2010 buildings ments equipment Total
Cost at 1 January 2010 844 82 1,100 2,026
Foreign exchange differences 16 4 41 61
Additions on acquisitions - 2 63 65
Additions 152 7 215 374
Disposals and reclassification (154) (4) (245) (403)
Cost at 31 December 2010 858 91 1,174 2,123
Depreciation and impairment at 1 January 2010 (118) (26) (288) (432)
Foreign exchange differences (4) (1) (30) (35)
Disposals and reclassification 12 3 145 160
Depreciation (36) (10) (206) (252)
Depreciation and impairment at 31 December 2010 (146) (34) (379) (559)
Carrying amount at 31 December 2010 712 57 795 1,564
of which assets under construction 14 - 18 32
of which assets held under finance leases 12 - 12 24

70 Falck Annual Report 2011 | Group
Notes to the Group financial statements
Note DKK million 2011 2010
17 Investments in associates
Cost at 1 January 22 2
Additions on acquisitions - 20
Adjustments to prior-year acquisitions (8) -
Cost at 31 December 14 22
Share of valuation adjustments at 1 January (4) (5)
Share of profit after tax (1) -
Disposals and reclassifications - 1
Impairment and share of valuation adjustments at 31 December (5) (4)
Carrying amount before offset in receivables at 31 December 9 18
Companies with negative carrying amount offset in receivables 6 5
Carrying amount at 31 December 15 23
See "Legal entities" for a list of companies.
Summary financial information about associates (100%):
Revenue 46 19
Profit for the year 1 3
Total assets 320 283
Total liabilities 320 275
18 Inventories
Goods for resale 60 60
Total inventories 60 60
Value of inventories recognised at net realisable value - -
Write-downs during the year 1 3
Reversal of write-downs during the year - -
19 Trade receivables
Total trade receivables 1,173 1,088
Write-downs at 1 January 29 27
Write-downs during the year 127 27
Realised write-downs during the year (3) (25)
Write-downs at 31 December 153 29
The credit quality of receivables that are not overdue and have not been written down is assessed based on the Group's internal credit
assessment procedures. They are generally deemed to be of a high quality with a low risk of losses as they are typically minor subscription
receivables from individual customers, and a significant part of the receivables are from public authorities and other major customers.
However write-downs of receivables increased in 2011 as a result of the acquisitions of Care Ambulance and Lifestar Response, as ambulance
companies in the United States collect payment directly from the patient if the patient does not have health insurance or is covered
by a public insurance scheme. This may be difficult, especially in the event of emergency responses.
Write-downs are generally recognised in other external costs. However, write-downs of receivables from private customers in the United
States are recognised in revenue when it is assumed in advance that they cannot be collected.
Write-downs of receivables are based on individual assessments of customers' ability to pay. Moreover, general write-downs may be made
based on experience and the age distribution of receivables from customers.

Notes to the Group financial statements
Group | Falck Annual Report 2011 71
Note DKK million 2011 2010
19 Trade receivables (continued)
Breakdown by maturity:
Not due 692 703
Due within - 1 to 30 days 279 167
Due within - 31 to 90 days 156 97
Due within - more than 90 days 199 150
1,326 1,117
Provision for bad debts (153) (29)
Total trade receivables 1,173 1,088
Fair value of trade receivables 1,173 1,088
20 Cash and securities
Cash 885 439
Securities 172 372
Total cash and securities 1,057 811
Breakdown of cash and securities:
Cash 885 439
Securities with maturities of less than 3 months 77 -
Cash and securities as per cash flow statement 962 439
Securities subject to regulations on solvency requirements 95 66
Available-for-sale securities - 306
Total cash and securities 1,057 811
DKK 95 million (2010: DKK 66 million) of the Group’s cash and securities is held in a Swedish subsidiary which is subject to Swedish insurance
regulations and which is therefore subject to solvency requirements.
21 Equity, treasury shares and dividends
Capital structure
The Group is generally not subject to any capital requirements other than usual statutory requirements.
The Group monitors and manages its capital structure in order to ensure that it can meet its financial obligations. No changes have been
made to the Group's management of capital as compared with 2010.
A capital increase of DKK 1 million was made in 2009. There have been no other changes to the share capital during the past five years.
The share capital is divided into 92,786,800 shares (2010: 92,786,800 shares) with a nominal value of DKK 0.50 each. The shares are
fully paid up and are not divided into classes.
Number of shares Nominal value (DKK thousand) % of share capital
Treasury shares 2011 2010 2011 2010 2011 2010
Treasury shares at 1 January - 258,219 - 129 - 0.29
Additions 76,191 95,238 38 48 0.08 0.10
Disposals - (353,457) - (177) - (0.39)
Treasury shares at 31 December 76,191 - 38 - 0 -
All treasury shares are owned by Falck Danmark A/S and have been bought back from former employees.
The purchase price of treasury shares acquired during the financial year was DKK 6 million (2010: DKK 6 million).
The sales price of treasury shares sold during the financial year was DKK 0 million (2010: DKK 30 million).

72 Falck Annual Report 2011 | Group
Notes to the Group financial statements
Note DKK million 2011 2010
21 Equity, treasury shares and dividends (continued)
Warrants
At an extraordinary general meeting held on 25 February 2011, the Board of Directors was
authorised to establish a new warrant programme. At a meeting of the Board of Directors held
on 15 March 2011, the Board passed a resolution to establish a new warrant programme for the
Executive Management Board. The new warrant programme comprises 4,443,120 warrants.
Each warrant entitles the holder to subscribe for one share with a nominal value of DKK 0.50 at
DKK 125 per share on 30 December 2015. The warrants issued were acquired at market price,
equivalent to DKK 11 million, and no conditions were attached to the acquisition.
The warrant programme was transferred to Falck Holding A/S in connection with the acquisition
of Falck A/S by Falck Holding A/S, and was subsequently cancelled at an extraordinary
general meeting of Falck A/S.
Warrant programme
Number of warrants at 1 January 4,443,120 -
Buy back of own warrants - 4,443,120
Cancellation of own warrants (4,443,120) -
Grant of new warrants 4,443,120 -
Cancellation of new warrants (4,443,120) -
Number of warrants at 31 December - 4,443,120
Dividend
A dividend of DKK 0 million is proposed (2010: DKK 0 million).
22 Pension obligations
The Group contributes to pension plans which cover employees in various companies of the Group. The pension plans are typically
defined-contribution plans. The Group has defined benefit-plans in Norway and the Netherlands.
The Group has a defined-benefit plan in Sweden which is partially covered by an external pension company. It is not possible for the pension
company to make an actuarial calculation of the pension obligation. As a result, the plan is accounted for as a defined-contribution plan.
The defined-benefit plans result in unfunded pension obligations which are not insured in an independent insurance company. The
consolidated balance sheet includes unfunded pension obligations based on actuarial calculations. Changes in actuarial gains and losses
are recognised fully in equity.
2011 2010
DEFINED-BENEFIT PLANS
Costs in current financial year - 2
One-off effects of transition to defined-contribution plan - (20)
Interest expenses related to pension obligations 1 1
Expected return on plan assets (1) (1)
Recognised pension cost - (18)
Breakdown of provision for the Group's obligations:
Present value of pension obligations 30 24
Fair value of plan assets (28) (26)
Total pension provisions 2 (2)
Recognised in the balance sheet as follows:
Pension assets - 2
Provision for pensions (2) -
Total (2) 2
The pension assets are included in other receivables.

Notes to the Group financial statements
Group | Falck Annual Report 2011 73
Note DKK million 2011 2010
22 Pension obligations (continued)
Breakdown of movements in present value of pension provisions:
Pension provisions at 1 January 24 75
Foreign exchange differences 2 4
Cost in respect of current financial year - 2
Changes in actuarial estimates 4 (37)
One-off effects of transition to defined-contribution plan - (20)
Calculated interest 1 1
Paid out during the period (1) (1)
Pension provisions at 31 December 30 24
Expected contributions for next year - -
Movements in fair value of plan assets
Plan assets at 1 January 26 56
Foreign exchange differences 1 3
Expected return on plan assets 1 1
Employer's contributions to plan during the period - 2
Changes in actuarial estimates 1 (35)
Paid out during the period (1) (1)
Total plan assets at 31 December 28 26
Actual return on plan assets (1) (1)
Total actuarial gains recognised in the statement of comprehensive income 3 2
Total accumulated actuarial gains recognised in the statement of comprehensive income (7) (7)
Breakdown of plan assets:
Shares 2 4
Bonds 21 16
Property etc. 4 4
Other 1 2
Total plan assets 28 26
The defined-contribution plans are paid and recognised as incurred, and the Group has no
obligations to the employees thereafter.
The calculation of the obligation is based on the following assumptions:
Norway
Salary increases 3.8% 4.0%
Expected return on plan assets 4.8% 5.0%
Discount rate 3.3% 3.6%
Netherlands
Salary increases 3.8% 3.8%
Expected return on plan assets 5.5% 5.5%
Discount rate 5.5% 5.5%
The return on plan assets has been set on the basis of market expectations of the rate of return.

74 Falck Annual Report 2011 | Group
Notes to the Group financial statements
Note DKK million
22 Pension obligations (continued)
Breakdown of the Group's pension obligations for the current and the preceding four years:
2011 2010 2009 2008 2007
Actuarial pension obligations (30) (24) (75) (72) (70)
Plan assets 28 26 56 49 53
(Under funding)/over funding (2) 2 (19) (23) (17)
Experience-based change to obligations 5 (1) (9) (2) (5)
Experience-based change to plan assets (1) 0 (3) (3) 0
23 Other employee obligations
2011 2010
Employee obligations at 1 January 32 36
Adjustment in respect of current financial year 1 1
Paid out during the period (4) (5)
Employee obligations at 31 December 29 32
The employee obligations primarily concern a special severance scheme for executives employed
before 1991. The scheme is closed to new members.
24 Deferred tax
Deferred tax provisions at 1 January 205 93
Foreign exchange differences - (1)
Additions on acquisitions 18 73
Change in deferred tax for the year (32) 39
Change in deferred tax for prior years 15 1
Deferred tax provisions at 31 December 206 205
Deferred tax assets (78) (75)
Deferred tax provision 284 280
Deferred tax provisions at 31 December 206 205
Breakdown of deferred tax:
Intangible assets 115 115
Property, plant and equipment 92 111
Current assets 6 13
Non-current debt and provisions (14) (17)
Current debt 31 12
Tax losses carried forward (37) (36)
Foreign exchange differences recognised in equity 13 7
Deferred tax provisions at 31 December 206 205
Tax losses carried forward and not included in deferred tax assets amount to DKK 33 million (2010: DKK 35 million).
Deferred tax assets are recognised on the basis of expected future earnings.
The Group does not have a material liability for withholding taxes in connection with potential dividend payments from subsidiaries.

Notes to the Group financial statements
Group | Falck Annual Report 2011 75
Note DKK million 2011 2010
25 Provisions for acquisitions of operations and non-controlling interests
Provisions for acquisitions of non-controlling interests 516 311
Outstanding consideration and earn-outs 39 146
Provisions at 31 December 555 457
Non-current provisions:
Provisions for acquisitions of non-controlling interests 493 311
Outstanding consideration and earn-outs 19 77
Total 512 388
Current provisions:
Provisions for acquisitions of non-controlling interests 23 -
Outstanding consideration and earn-outs 20 69
Total 43 69
Total provisions 555 457
Provisions for acquisitions of non-controlling interests
Provisions at 1 January 311 227
Foreign exchange differences 24 28
Additions on acquisitions 258 103
Additions on divestments of non-controlling interests 1 41
Reclassification to provisions relating to assets held for sale (17) -
Disposals on acquisitions of non-controlling interests (2) (49)
Interest element on discounted liabilities 5 12
Dividends paid (3) (16)
Adjustment relating to prior-year acquisitions (47)
Revaluation recognised in goodwill (58) (30)
Revaluation and interests recognised in equity 44 (5)
Provisions for acquisitions of non-controlling interests at 31 December 516 311
Classification of provisions for acquisitions of non-controlling interests by expected maturity:
Within 1 year 23 -
Between 1 and 3 years 374 156
More than 5 years 119 155
Provisions for acquisitions of non-controlling interests at 31 December 516 311
Outstanding consideration and earn-outs
Provisions at 1 January 146 59
Adjustment relating to prior-year acquisitions (40) -
Additions on acquisitions 19 134
Reclassification to provisions relating to assets held for sale (35) -
Payments during the year (51) (47)
Outstanding consideration and earn-outs at 31 December 39 146
Classification of outstanding consideration and earn-outs by expected maturity:
Within 1 year 20 69
Between 1 and 5 years 19 77
More than 5 years - -
Outstanding consideration and earn-outs at 31 December 39 146

76 Falck Annual Report 2011 | Group
Notes to the Group financial statements
Note DKK million
25 Provisions for acquisitions of operations and non-controlling interests (continued)
In connection with Falck assuming an obligation to acquire non-controlling interests, a concurrent right was obtained for Falck to acquire
the same non-controlling interests in an agreed period.
The consideration for obligations and rights to acquire non-controlling interests is determined on the basis of profit before exercise multiplied
by an already agreed multiple less net debt in the relevant companies. On recognition in the balance sheet, this value is made up at
fair value on the basis of earnings and net debt at the time when the non-controlling interests are expected to exercise their right to sell
their shares to Falck. The calculated fair value assumes an increase in earnings and a decrease in net debt in the relevant companies as
compared with the value recognised in the financial statements.
26 Other provisions
2011 2010
Provisions at 1 January 54 13
Additions on acquisitions 15 43
Provisions used during the year (22) (2)
Reversed provisions (1) -
Reversed provisions relating to assets held for sale (23) -
Other provisions at 31 December 23 54
Classification of provisions by expected maturity:
Within 1 year 12 20
Between 1 and 5 years 3 25
More than 5 years 8 9
Other provisions at 31 December 23 54
Other provisions concern pending litigation, an unprofitable lease contract for premises and the
Group's obligation to clean up and demolish facilities on leased land.
27 Credit institutions
Non-current liabilities:
Assets held under finance leases 48 13
Long-term loans 4,185 3,146
Total 4,233 3,159
Current liabilities:
Assets held under finance leases 23 5
Short-term loans 60 596
Total 83 601
Total credit institutions 4,316 3,760
Of total long-term loans, mortgage loans represent DKK 377 million (2010: DKK 385 million)
Breakdown by maturity:
Due within 1 year 83 601
Due between 1 and 5 years 1,480 2,769
Due after 5 years 2,753 390
Total 4,316 3,760

Notes to the Group financial statements
Group | Falck Annual Report 2011 77
Note DKK million 2011 2010
27 Credit institutions (continued)
Breakdown by currency:
DKK 2,161 2,554
EUR 1,492 886
NOK 19 6
USD 604 283
SEK 10 18
BRL 2 13
Other 28 -
Total 4,316 3,760
Interest reset periods:
Within 3 months 3,939 3,375
After 12 months 377 385
Total 4,316 3,760
The statements set out above do not include liabilities relating to interest for subsequent financial periods. See note 35 for a description
of the Group's risks and cash resources.
The effective interest rate has been determined at 4.3% (2010: 3.4%).
For debt with an interest reset period within 3 months, regular assessments are made of how long the interest period should be. As at
the balance sheet date, the interest rate in DKK was fixed for one month and averaged approximately 3.4% (2010: 1.8%).
As at the balance sheet date, the interest rate in EUR was fixed for one month and averaged approximately 3.5% (2010: 1.0%) during the
financial year. As at the balance sheet date, the interest rate in USD was fixed for one month and averaged approximately 2.6% (2010:
0.7%) during the financial year.
For debt with an interest reset period beyond 12 months (in DKK) the effective interest rate is currently approximately 4.5% (2010: 4.5%).
The market value of debt with an interest reset period within 3 months is approximately DKK 3,941 million (2010: DKK 3,378 million),
and the market value of debt with an interest reset period beyond 12 months is approximately DKK 415 million (2010: DKK 411 million).
DKK 38 million (2010: DKK 26 million) of capitalised loan costs has been deducted from the carrying amount of debt.
The Group is funded by a general syndicated loan with loan terms requiring that certain financial performance indicators are met. All
loan terms were met in 2011.
Assets held under finance leases
Assets held under finance leases comprise leased vehicles and buildings. The lease contracts do not include any contingent lease payments.
Breakdown of liabilities concerning assets held under finance leases:
Present value Minimum
of lease lease
2011 payments Interest payments
Due within 1 year 23 3 26
Due between 1 and 5 years 38 2 40
Due after 5 years 9 - 9
Total as at 31 December 2011 70 5 75
Present value Minimum
of lease lease
2010 payments Interest payments
Due within 1 year 5 1 6
Due between 1 and 5 years 10 1 11
Due after 5 years 3 - 3
Total as at 31 December 2010 18 2 20

78 Falck Annual Report 2011 | Group
Notes to the Group financial statements
Note DKK million 2011 2010
28 Other payables
Holiday pay, wages, etc. 609 552
Employee income taxes, etc. 80 62
VAT 118 77
Accrued interest 1 1
Other 65 111
Total other payables 873 803
29 Deferred income
Subscription commitments 1,036 1,013
Other deferred income 295 281
Total deferred income 1,331 1,294
30 Net financials
Financial income and expenses (272) (122)
Of which unrealised gains and losses (3) (7)
Interest element, discounted liabilities 5 12
Change in amortised borrowing costs (10) (24)
Repayment of interest rate swaps offset against loan proceeds 51 -
Change in interest payable (1) (2)
Total net financials (230) (143)
31 Investments in subsidiaries, non-controlling interests and operations
Lifestar EMI Other 2011 2010
Assets
Intangible assets (3) (6) - (9) (1)
Property, plant and equipment (63) (28) (22) (113) (65)
Cash and cash equivalents (4) (236) (17) (257) (96)
Other current assets (100) (58) (25) (183) (256)
Equity and liabilities
Interest-bearing debt 70 134 9 213 43
Current debt, provisions, etc. 60 120 24 204 216
Non-controlling interests - - 4 4 2
Net assets acquired (40) (74) (27) (141) (157)
Goodwill (111) (514) (121) (746) (575)
Intangible assets (82) (54) (30) (166) (197)
Deferred tax on intangible assets 31 18 7 56 71
Value in excess of/below fair value relating to acquisitions
of non-controlling interests - - - - 5
Provisions for acquisitions of non-controlling interests,
used during the year - - 2 2 (49)
Provisions for acquisitions of non-controlling interests,
addition during the year 16 243 - 259 103
Purchase price (186) (381) (169) (736) (799)
Adjustment for cash and cash equivalents acquired 4 236 16 256 96
Outstanding consideration - 13 6 19 43
Effect of hedging the consideration denominated in
foreign currency (12) - - (12) 31
Consideration relating to prior-year acquisitions - - (50) (50) (19)
Cash consideration for acquisitions of Group companies (194) (132) (197) (523) (648)
Costs from business combinations, expensed 33 23

Notes to the Group financial statements
Note DKK million
Group | Falck Annual Report 2011 79
31 Investments in subsidiaries, non-controlling interests and operations (continued)
Other than customer contracts and customer relations with a value of DKK 166 million (2010: DKK 197 million), no assets or liabilities
have been identified which were not recognised in the companies acquired on the date of acquisition.
Business combinations can be adjusted up to 12 months after the acquisition.
Adjustment of goodwill and other intangible assets acquired in 2011 relating to business combinations closed in 2010 amounted to DKK
97 million (2010: DKK 6 million)
Acquired assets include receivables from sales at a fair value of DKK 125 million. The contractual gross receivable is DKK 172 million, of
which DKK 47 million was deemed to be unrecoverable as of the date of takeover.
The following acquisitions were made during the financial year. All acquisitions have been recognised applying the acquisition
method.
Percentage
Considera- of voting
Main Month of Purchase tion rights
Acquisitions 2011 activity Country acquisition price paid in acquired
Lifestar Response Emergency USA Jan. 186 Cash 100%
Starowka Healthcare Poland Mar. 27 Cash 75%
Grupo EMI Emergency South America Mar. 381 Cash 63%
HealthCare Danmark Healthcare Denmark May 27 Cash 100%
Servicio Emergencias Regional (SER) Emergency Colombia Aug. 65 Cash 100%
Others 50 Cash
Total acquisitions 2011 736
Profit of acquired companies after date of acquisition 30
Full-year revenue including acquisitions 10,376
Full-year profit including acquisitions 522
Lifestar Response is a US-based ambulance company which mainly provides non-emergency transport in a number of states on the US
East Coast. The acquisition of Lifestar Response gives Falck a further presence in the United States, where Lifestar Response is one of the
largest providers in the region. It is expected that the US market has substantial growth potential based on the demographic changes in
the country. Part of the purchase price has been allocated to existing customer contracts and the rest to goodwill, which represents the
expected value of the future growth potential and expected synergies.
Starowka operates four medical clinics in the Warsaw area in Poland. The clinics provide both public and private healthcare services.
The acquisition of Starowka represents a geographic expansion of the business area in Poland. The purchase price has primarily been allocated
to goodwill, which represents the value of the expected future growth potential and expected synergies.
Grupo EMI is a group of South American ambulance and medical service companies headquartered in Colombia. EMI offers a range of
rescue services and products in six countries in the region and operates more than 250 ambulances and an extensive network of family
doctors and clinics. Falck intends to use EMI's strong presence in the region as a platform for future expansion on the South American
continent. Part of the purchase price has been allocated to the customer portfolio and goodwill in the form of the company's expected
growth and expansion in the region.
HealthCare Danmark is a private provider of healthcare solutions that manages healthcare schemes for employees in public-sector and
private-sector companies. Employees are treated and receive advice by interdisciplinary teams of physiotherapists, nurses, ergotherapists,
massage therapists and zone therapists. The acquisition of HealthCare Danmark strengthens Falck's healthcare business, which can
now, to an even greater extent, develop and roll out private healthcare services with a focus on prevention. The purchase price has been
allocated to the existing customer portfolio and goodwill in the form of expected growth and operating and business synergies.
Servicio Emergencias Regional (SER) is a Colombian-based ambulance company which provides subscription-based services with an
owned fleet of ambulances and other vehicles in three major cities in Colombia and also has a network of doctors. The acquisition of SER
strengthens the presence in Colombia and, together with the acquisition of EMI earlier in the year, it enables Falck to provide the best
possible emergency assistance and doctor's assistance to people in that part of the country. Part of the purchase price has been allocated
to the customer portfolio and the rest to goodwill in the form of the company's expected growth and synergies.

80 Falck Annual Report 2011 | Group
Notes to the Group financial statements
Note DKK million
31 Investments in subsidiaries, non-controlling interests and operations (continued)
Percentage
Considera- of voting
Main Month of Purchase tion rights
Acquisitions 2010 activity Country acquisition price paid in acquired
Resource Protection International Ltd. Emergency UK Mar. 78 Cash 100%
S Reg AB Assistance Nordic region Sep. 181 Cash 100%
Toesa Service S.A. Emergency Brazil Oct. 170 Cash 60%
Care Ambulance Service, Inc. Emergency USA Dec. 322 Cash 100%
Falck AVD B.V. Emergency Netherlands Apr. 20 Cash 20%
Other acquisitions 28 Cash
Total acquisitions 2010 799
Profit of acquired companies after date of acquisition 11
Full-year revenue including acquisitions 8,966
Full-year profit including acquisitions 510
Percentage
Considera- of voting
Main Month of Purchase tion rights
Acquisitions 2012 activity Country acquisition price paid in acquired
VL Emergency Spain Mar. 108 Cash 75%
Total acquisitions 2012 108
Falck acquired 75% of the shares of VL in February 2012
VL Transport Sanitari and Grup VL Serveis Sanitaris (VL) are Spanish ambulance companies which operate 70 ambulances for emergency
as well as non-emergency transportation of patients in Catalonia, Spain. Falck intends to use the acquisition of VL as a platform for further
expansion in the field of ambulance services on the Spanish market.
It has not yet been possible to complete the purchase price allocation due to the date of acquisition.
32 Dividends paid to non-controlling interests
2011 2010
Dividend to non-controlling interests recognised in equity (16) (13)
Dividend to non-controlling interests recognised in provisions for acquisitions of
non-controlling interests (3) (16)
Total dividends paid to non-controlling interests (19) (29)
33 Other movements relating to shareholders
Acquisition of treasury shares (6) (6)
Disposal of treasury shares - 30
Issuance of warrants 11 -
Buy back of warrants - (307)
Total other movements relating to shareholders 5 (283)

Notes to the Group financial statements
Group | Falck Annual Report 2011 81
Note DKK million 2011 2010
34 Contingent liabilities, contractual obligations and collateral security
Contingent liabilities
Total guarantee commitments 9 11
The Falck Group is a party to certain litigation and claims. Management believes that rulings in
this respect will not have a material impact on the Group’s financial position.
Falck A/S is jointly and severally liable for the Group’s overall VAT liability together with other
jointly registered Danish enterprises.
The Group has issued performance bonds to a certain extent in connection with a number of
contracts, including performance bonds for a total of DKK 249 million (2010: DKK 249 million)
provided in connection with ambulance contracts in Denmark.
As part of the Group's activities, usual supplier agreements have been entered into.
In connection with the divestment of companies and operations, usual representations and
warranties are made. There are currently no outstanding claims which are not sufficiently
recognised in the balance sheet.
Contractual obligations
Minimum lease payments for operating lease commitments:
Due within 1 year 291 262
Due between 1 and 5 years 693 674
Due after 5 years 872 799
Operating lease commitments at 31 December 1,856 1,735
Net present value of lease commitments 1,486 1,444
The present value has been calculated on the basis of current market interest rates in the
individual countries.
Lease payments recognised in the income statement 348 275
The operating lease commitments concern leases for vehicles and buildings. The lease period
for cars is typically between 4 and 9 years. The lease period for buildings is typically up to 20
years.
None of the leases include material contingent lease payments, whereas Falck has a right of first
refusal to buy a number of buildings at a preset value. At the end of the year, Falck had notified
the owner that it wanted to exercise such a right of first refusal in 2012. The value of the acquisition
of the property is DKK 68 million.
Collateral security
The shares in the subsidiary Falck Danmark A/S have been provided as collateral for debt in Falck A/S.
Carrying amount of the Group's properties that have been mortgaged in security of loans 507 512
Carrying amount of the Group's operating equipment that has been provided as collateral for loans. 11 19
Bearer mortgages issued and used as collateral for credits 380 385
Unused bearer mortgages 15 15
See the note on liquidity risks for the conditions applicable to mortgaged assets.

82 Falck Annual Report 2011 | Group
Notes to the Group financial statements
Note DKK million
35 Financial instruments
Financial risks
As a consequence of its operations, investments and financing, the Group is exposed to a number of financial risks, including market risk
(foreign exchange and interest rate risk), credit risk and liquidity risk.
Group policy is not to actively speculate in financial risks. Accordingly, the Group’s financial management exclusively involves the management
and mitigation of financial risks that arise as a direct consequence of the Group’s operations, investments and financing.
The Group's risk exposure is subject to continuous changes as a result of inflation risk in emerging markets, foreign exchange risk and
interest rate risk. The Group monitors these risks in an ongoing process and hedges them, if necessary. The Group's risk exposure and
risk management is adapted to the expanded activities in North America and the new activities in South America. Falck's presence in the
US ambulance market has increased the Group's credit risk. See description below. Other than as described above, there are no material
changes in the Group's risk management as compared to 2010.
Foreign exchange risk
The Group's foreign subsidiaries are not severely exposed to exchange rate fluctuations, as both revenue and most costs of the individual
subsidiaries are denominated in the same currencies. The main exchange rate exposure faced by the Group relates to the translation of
the financial results and equity of foreign subsidiaries into Danish kroner.
The Group regularly assesses its foreign exchange risks in order to determine whether the exposure should be hedged by same-currency
loans or forward exchange contracts. The forward exchange contracts stated below were entered into with a view to reducing the
Group’s foreign exchange risks in respect of the translation risk for investments in subsidiaries. See the section below regarding hedging.
53% of the Group’s revenue and earnings is denominated in Danish kroner (DKK) (2010: 63%). Other currencies that account for more
than 5% of revenue or earnings are United States dollars (USD), Norwegian kroner (NOK), euros (EUR) and Swedish kroner (SEK).
The income statement is affected to a minor extent by changes in exchange rates, as the profit of foreign subsidiaries is translated into
Danish kroner using average exchange rates.
The hypothetical impact on the profit for the
year and the Group's equity from reasonably Probable change Hypothetical impact on Hypothetical impact
probable changes in exchange rates: in exchange rate profit for the year on equity
EUR/DKK 1% 15 15
USD/DKK 10% - 52
BRL/DKK 10% - -
PLN/DKK 10% - 10
NOK/DKK 5% - 15
GBP/DKK 5% - 8
SEK/DKK 5% - 14
The hypothetical impact on the profit for the
year and the Group's equity from reasonably Probable change Hypothetical impact on Hypothetical impact
probable changes in exchange rates: in exchange rate profit for the year on equity
EUR/DKK 1% 9 9
USD/DKK 10% - -
BRL/DKK 10% - 6
PLN/DKK 10% - 6
NOK/DKK 5% - 3
GBP/DKK 5% - 4
SEK/DKK 5% - 14
Assumptions regarding sensitivity information:
The sensitivities related to financial instruments have been determined on the basis of the financial instruments recognised at 31
December. The sensitivities stated have been determined on the basis of an assumption that sales, price level and interest rate level are
unchanged. The foreign exchange risk stated above thus does not take into account the translation risk on the translation into DKK of
the profit and equity of foreign subsidiaries.
2011
2010

Notes to the Group financial statements
Note DKK million
35 Financial instruments (continued)
Group | Falck Annual Report 2011 83
Interest rate risk
The Group’s interest rate risk is mainly affected by the Group’s overall financing. Based on the current market situation, the Group's
Executive Management Board and the Board of Directors have decided to swap 77% of the overall financing to a fixed three-year rate
of interest via interest rate swaps. The rest of the overall financing is based on short-term interest rates. The interest rate exposure is
hedged by interest rate swaps during the hedging period to the effect that interest rates on part of the debt that is denominated in DKK
cannot exceed 1.40%, for debt denominated in EUR, interest rates cannot exceed 1.17%, and for debt denominated in USD, interest rates
cannot exceed 0.55%. The remaining part of the syndicated financing is to be based on short-term interest rates. The Group is therefore
sensitive to fluctuations in market interest rates, and a fluctuation by 1% would change the Group’s interest expense by DKK 11 million
(2010: DKK 13 million) as a large part of the interest rate risk is hedged by interest rate swaps. Without these hedges, a fluctuation by 1%
would change the Group's interest expense by DKK 40 million (2010: DKK 34 million).
The Group monitors developments in market interest rates closely so that it can react if the market situation changes.
Assumptions regarding sensitivity information:
The sensitivity stated has been determined based on the recognised financial assets and liabilities as at 31 December 2011. No adjustment
has been made for servicing and raising of debt or the like in 2011. Furthermore, it is assumed that all hedges of floating-rate loans
are effective.
Credit risk
The Group’s credit risk primarily concerns primary financial assets. Credit risk related to financial assets equals the values recognised in
the balance sheet.
The Group is not exposed to significant risks concerning individual customers or business partners. When entering into significant
contracts, the Group makes a credit assessment of the customer in order to reduce the potential credit risk. The Group’s credit
exposure to large customers is generally considered low as the Group’s large customers are mainly public authorities. However, writedowns
of receivables increased in 2011 as a result of the acquisitions of Care Ambulance and Lifestar Response, as ambulance companies
in the United States collect payment directly from the patient if the patient does not have health insurance or is covered by a public
insurance scheme. This may be difficult, especially in the event of emergency responses.
Subscription sales to private and corporate customers are not deemed to involve material risks to the Group as the amounts are small for
the individual subscriptions, and general as well as individual provisions are made for anticipated bad debts.
Liquidity risk
The Group’s liquidity risk primarily concerns its ability to meet its obligations to pay its employees and creditors and to service its
debts.
See note 27 for a breakdown of maturities of liabilities to credit institutions. In addition to its recognised liabilities, the Group also has
the option to draw on short-term credits.
The Group continuously monitors its free cash flow in order to assess its liquidity risks.
At year-end 2011, the Group’s unused credit and other facilities were in the region of DKK 960 million (2010: DKK 720 million).
With the addition of available cash and cash equivalents of DKK 962 million (2010: DKK 745 million), total cash resources were in the
region of DKK 1,922 million (2010: DKK 1,465 million).
Certain of the Group’s loans are subject to certain loan covenants, and the Group continuously monitors whether the covenants are
observed.
Derivative financial instruments recognised in the balance sheet are stated at a value equivalent to the market value.

84 Falck Annual Report 2011 | Group
Notes to the Group financial statements
Note DKK million
35 Financial instruments (continued)
Maturity analysis of financial assets and liabilities
Assumptions applied in the maturity analysis:
The maturity analysis is based on all undiscounted cash flows, including estimated interest payments. Interest payments are estimated
based on the current market conditions.
The undiscounted cash flows from derivative financial instruments are presented gross, unless the parties have a contractual right/obligation
to settle net.
Due Due Due Contrac-
within between between Due tual Total
one 1 and 3 3 and 5 after 5 cash carrying Market
Contractual cash flows including interest 2011 year years years years flows amount value
Financial assets:
Trade receivables 1,173 - - - 1,173 1,173 1,173
Receivables from associates 55 - - - 55 55 55
Other receivables 210 - - - 210 210 210
Cash and cash equivalents 885 - - - 885 885 885
Loans and receivables 2,323 - - - 2,323 2,323 2,323
Securities 172 - - - 172 172 172
Available-for-sale financial assets 172 - - - 172 172 172
Total financial assets 2,495 - - - 2,495 2,495 2,495
Financial liabilities:
Credit institutions 331 910 1,067 2,975 5,283 4,316 4,356
Provisions for acquisitions of operations
and non-controlling interests 43 65 575 190 873 555 555
Trade payables 607 - - - 607 607 607
Payables to Group companies 9 - - - 9 9 9
Other payables 855 - - - 855 855 855
Financial liabilities measured at
amortised cost 1,845 975 1,642 3,165 7,627 6,342 6,348
Derivative financial instruments to
hedge future cash flows - 21 - - 21 21 21
Derivative financial instruments to
hedge net investments in foreign enterprises 18 - - - 18 18 18
Financial liabilities used as
hedging instruments 18 21 - - 39 39 39
Total financial liabilities 1,863 996 1,642 3,165 7,666 6,381 6,387

Notes to the Group financial statements
Note DKK million
35 Financial instruments (continued)
Group | Falck Annual Report 2011 85
Due Due Due Contrac-
within between between Due tual Total
one 1 and 3 3 and 5 after 5 cash carrying Market
Contractual cash flows including interest 2010 year years years years flows amount value
Financial assets:
Trade receivables 1,088 - - - 1,088 1,088 1,088
Receivables from associates 21 - - - 21 21 21
Other receivables 246 - - - 246 246 246
Cash and cash equivalents 439 - - - 439 439 439
Loans and receivables 1,794 - - - 1,794 1,794 1,794
Securities 372 - - - 372 372 372
Available-for-sale financial assets 372 - - - 372 372 372
Derivative financial instruments to
hedge net investments in foreign enterprises 5 - - - 5 5 5
Financial assets used as hedging instruments 5 - - - 5 5 5
Total financial assets 2,171 - - - 2,171 2,171 2,171
Financial liabilities:
Credit institutions 687 2,895 35 488 4,105 3,760 3,789
Provisions for acquisitions of operations
and non-controlling interests 71 90 171 191 523 457 457
Trade payables 581 - - - 581 581 581
Other payables 733 - - - 733 733 733
Financial liabilities measured at
amortised cost 2,072 2,985 206 679 5,942 5,531 5,560
Derivative financial instruments to
hedge future cash flows 32 25 - - 57 64 64
Derivative financial instruments to
hedge net investments in foreign enterprises 6 - - - 6 6 6
Financial liabilities used as hedging instruments 38 25 - - 63 70 70
Total financial liabilities 2,110 3,010 206 679 6,005 5,601 5,630

86 Falck Annual Report 2011 | Group
Notes to the Group financial statements
Note DKK million
35 Financial instruments (continued)
Hedging and derivative financial instruments
The Group uses forward exchange contracts to hedge its risks related to exchange rates.
The fair value of the effective part of the outstanding foreign exchange contracts as at 31 December used as hedging instruments and
qualifying for hedge accounting in respect of future transactions has been recognised directly in equity until the hedged transactions are
recognised in the income statement.
2011 2010
Contract Market Contract Market
Foreign currency sold/(bought) on forward contracts: value value value value
BRL (expires in 2011) - - (63) 3
NOK (expires in 2012) 311 (3) 69 (2)
GBP (expires in 2012) 161 (5) 76 2
PLN (expires in 2012) 99 (1) 62 -
SEK (expires in 2012) 288 (9) 289 (4)
USD (expires in 2011) - - (239) -
Total 859 (18) 194 (1)
Of which recognised in income statement - -
For future recognition (18) (1)
The market value is recognised in other receivables/other payables.
All contracts expire in 2012, and as they hedge net investments
abroad , they do not affect the income statement.
2011 2010
Contract Market Contract Market
Interest rate collar/interest rate swap: value value value value
DKK collar (floor 3.25% / cap 5.5%) repaid in 2011 - - 855 (30)
EUR collar (floor 3.25% / cap 5.5%) repaid in 2011 - - 855 (34)
DKK interest rate swap (fixed rate1.4%) expires in 2014 1,000 (18) - -
USD interest rate swap (fixed rate 0.553%) expires in 2014 431 - - -
EUR interest rate swap (fixed rate 1.17%) expires in 2014 1,487 (3) - -
Total (21) (64)
Of which recognised in income statement - -
For future recognition (21) (64)
The market value is recognised in other payables
The DKK, EUR and USD interest rate swaps all expire in 2014 and are recognised in the income statement until expiry.

Notes to the Group financial statements
Note DKK million
35 Financial instruments (continued)
Methods and assumptions for the determination of fair values
The portfolio of listed securities is valued at officially quoted prices or price quotes.
The fair value of mortgage debt is valued on the basis of the fair value of the underlying bonds.
The fair value of credit institution is valued by discounting based on market expectations.
Group | Falck Annual Report 2011 87
Forward exchange contracts and interest rate swaps are valued using generally accepted valuation techniques based on relevant observable
swap curves and exchange rates.
Quoted Non-
market Observable observable
Fair value hierarchy for financial instruments measured prices input input
at fair value in the balance sheet (Level 1) (Level 2) (Level 3) Total
Finacial assets
Securities 172 - - 172
Total financial assets 172 - - 172
Financial liabilities
Derivative financial instruments to hedge future cash flows - 21 - 21
Derivative financial instruments to hedge net investments
in foreign enterprises - 18 - 18
Total financial liabilities - 39 - 39
Quoted Non-
market Observable observable
Fair value hierarchy for financial instruments measured prices input input
at fair value in the balance sheet (Level 1) (Level 2) (Level 3) Total
Finacial assets
Securities 372 - - 372
Derivative financial instruments to hedge net investments
in foreign enterprises - 5 - 5
Total financial assets 372 5 - 377
Financial liabilities
Derivative financial instruments to hedge future cash flows - 64 - 64
Derivative financial instruments to hedge net investments
in foreign enterprises - 6 - 6
Total financial liabilities - 70 - 70
2011
2010

88 Falck Annual Report 2011 | Group
Notes to the Group financial statements
Note DKK million 2011 2010
36 Assets held for sale
Falck has decided to sell its subsidiary that provides rescue services in Brazil as it has been decided
to focus on the private and business market as a basis for growth in Brazil going forward. An
impairment write-down to fair value less expected costs to sell has therefore been recognised
in respect of the investment. The impairment charge has been recognised in the consolidated
income statement under exceptional items.
An agreement to sell the company was signed on 17 February 2012. The divestment will not
affect profit for the 2012 financial year.
Assets and liabilities relating to assets held for sale can be broken down into the following main
groups.
Receivables 92 -
Other current assets 6 -
Total assets held for sale 98 -
Non-current liabilities 23 -
Current liabilities 75 -
Total liabilities relating to assets held for sale 98 -
37 Related parties
Falck A/S is subject to controlling influence by Falck Holding A/S, Polititorvet 1,
DK-1567 Copenhagen V, Denmark, which holds 98.8% of the company's share capital.
Falck A/S has registered the following shareholders who hold 5% or more of the share capital:
Falck Holding A/S 98.8% 0.0%
Lundbeckfond Invest A/S, Hellerup - 36.0%
Falck L.P., Jersey - 43.9%
ATP PEP 1 K/S, Copenhagen - 6.4%
Liberatio A/S, Aarhus (owned by the members of the Executive Management Board) - 5.2%
Trading with these related parties has been as follows:
Costs invoiced to Falck L.P. 8 6
Interest rate swaps 1 -
The warrant programme was transferred to Falck Holding A/S in connection with the acquisition
of Falck A/S by Falck Holding A/S and was subsequently cancelled at an extraordinary
general meeting of Falck A/S.
Falck A/S has hedged its interest rate risks through interest rate swaps with Falck Holding A/S,
which has entered into corresponding interest rate swaps with banks.
Management
Related parties in Falck A/S with significant influence include the Executive Management Board
and the Board of Directors and their close relatives. Related parties also comprise companies in
which these individuals have material interests.
Trading with Management was as follows:
New warrant programme, Executive Management Board 11 -
Buy back of own warrants, Executive Management Board - 307
Sale of own shares, Board of Directors - 1
Sale of own shares, Executive Management Board - 29
The Group had no additional transactions with the members of the Executive Management Board,
Board of Directors or other persons with significant influence other than the remuneration paid to
the Management, stated in note 7. Warrants were bought back in 2010 at DKK 69.05 per warrant.

Notes to the Group financial statements
Group | Falck Annual Report 2011 89
Note DKK million 2011 2010
37 Related parties (continued)
Associates
The related parties of Falck A/S also include associates in which the company has significant
influence. See note 17 and "Legal entities" for an overview of associates.
Trading with associates was as follows:
Sale of property, plant and equipment 28 -
Purchase of services 23 38
Lease costs 17 -
Receivables from associates are stated in the balance sheet, and interest thereon was DKK 0 million in 2011.
Transactions with subsidiaries have been eliminated in the Group financial statements in accordance with the accounting policies.
38 Events after the balance sheet date
On 17 February, Falck signed an agreement on the divestment of Toesa Ltda. The divestment will not affect profit for 2012.
On 9 February 2012, Falck signed an agreement to acquire 75% of the shares of VL Transport Sanitari and Grup VL Serveis Sanitaris for
DKK 108 million. The companies operate ambulance services in Catalonia, Spain.

90 Falck Annual Report 2011 | Management review
Contents of the parent
company financial statements
Financial statements
Income statement 91
Statement of comprehensive income 92
Cash flow statement 93
Balance sheet 94
Equity statement 96
Notes to the financial statements
1. Accounting policies 97
Notes to the income statement
2. Other operating income 98
3. Fees to auditors appointed at the annual
general meeting 98
4. Staff costs 98
5. Exceptional items 99
6. Financial income 99
7. Financial expenses 99
8. Income taxes 99
Notes to the balance sheet
9. Investments in subsidiaries 100
10. Share capital and treasury shares 100
11. Deferred tax 100
12. Credit institutions 101
13. Other payables 102
Notes to the cash flow statement
14. Net financials 102
15. Other movements relating to shareholders 102
Supplementary notes
16. Contingent liabilities, contractual obligations
and collateral security 102
17. Financial instruments 103
18. Related parties 106

Income statement for the year ended 31 December
Parent Company | Falck Annual Report 2011 91
Note DKK million 2011 2010
2 Other operating income 6 7
3 Other external costs (6) 2
4 Staff costs (7) (13)
Operating profit before exceptional items (7) (4)
5 Exceptional items (5) (20)
PROFIT/(LOSS) BEFORE FINANCIALS (12) (24)
Dividends from Group companies 625 557
6 Financial income 31 14
7 Financial expenses (201) (96)
PROFIT BEFORE TAX 443 451
8 Income taxes 44 20
PROFIT FOR THE YEAR 487 471
PROPOSED PROFIT ALLOCATION
Proposed dividend - -
Retained earnings 487 471
TOTAL 487 471
DIVIDEND PER SHARE
Dividend per share - -

92 Falck Annual Report 2011 | Parent Company
Statement of comprehensive income for the year ended 31 December
Note DKK million 2011 2010
Value adjustment of currency hedging instruments 51 -
Value adjustment of interest hedging instruments - 2
8 Tax on other comprehensive income (13) (1)
Other comprehensive income after tax 38 1
Profit for the year 487 471
TOTAL COmPREHENSIVE INCOmE 525 472

Cash flow statement for the year ended 31 December
Parent Company | Falck Annual Report 2011 93
Note DKK million 2011 2010
Total revenue 6 7
Total costs (13) (11)
Operating profit before exceptional items (7) (4)
Changes in outstanding balances with Group companies - 42
Exceptional items (5) (20)
14 Net financials (120) (82)
8 Income taxes paid (13) 30
CASH FLOW FROm OPERATING ACTIVITIES (145) (34)
Dividends received from Group companies 625 557
15 Other movements relating to shareholders (296) 24
Changes in interest-bearing outstanding balances with Group companies 472 (776)
Interest-bearing debt raised 2,374 522
Repayment of and change in interest-bearing debt (3,038) (286)
CASH FLOW FROm FINANCING ACTIVITIES 137 41
Change in cash (8) 7
Cash at beginning of year 8 1
CASH AT YEAR-END - 8

94 Falck Annual Report 2011 | Parent Company
Balance sheet as at 31 December
Note DKK million 2011 2010
Assets
9 Investments in subsidiaries 3,249 3,249
Receivables from Group companies 106 378
TOTAL FINANCIAL ASSETS 3,355 3,627
TOTAL NON-CURRENT ASSETS 3,355 3,627
Receivables from Group companies 814 992
Income taxes 11 -
Cash - 8
TOTAL CURRENT ASSETS 825 1,000
TOTAL ASSETS 4,180 4,627

Balance sheet as at 31 December
Parent Company | Falck Annual Report 2011 95
Note DKK million 2011 2010
Equity and liabilities
10 Share capital 46 46
Hedging reserve (10) (48)
Retained earnings 1,645 1,454
TOTAL EQUITY 1,681 1,452
11 Deferred tax 21 30
12 Credit institutions 2,401 2,721
Payables to Group companies 56 34
TOTAL NON-CURRENT DEBT 2,478 2,785
12 Credit institutions 21 302
Income taxes - 24
13 Other payables - 64
TOTAL CURRENT DEBT 21 390
TOTAL EQUITY AND LIABILITIES 4,180 4,627

96 Falck Annual Report 2011 | Parent Company
Equity statement
Reserve for
Share treasury Hedging Retained
2011 DKK million capital shares reserve earnings Total
Equity at 1 January 2011 46 - (48) 1,454 1,452
Equity movements in 2011
Settlement of interest hedging instruments 51 51
Value adjustment of interest hedging instruments - -
Tax on other comprehensive income (13) (13)
Other comprehensive income - - 38 - 38
Profit for the year 487 487
Total comprehensive income - - 38 487 525
Issuance of warrants 11 11
Buy back of warrants from subsidiaries (307) (307)
Total equity movements in 2011 - - 38 191 229
EQUITY AT 31 DECEmBER 2011 46 - (10) 1,645 1,681
2010 DKK million
Equity at 1 January 2010 46 (8) (49) 967 956
Equity movements in 2010
Value adjustment of interest hedging instruments 2 2
Tax on other comprehensive income (1) (1)
Other comprehensive income - - 1 - 1
Profit for the year 471 471
Total comprehensive income - - 1 471 472
Capital increase -
Buy back of treasury shares (6) (6)
Sale of treasury shares 14 16 30
Total equity movements in 2010 - 8 1 487 496
EQUITY AT 31 DECEmBER 2010 46 - (48) 1,454 1,452

Notes to the parent company financial statements
Note
1 Accounting policies
The separate financial statements of Falck A/S (the parent
company) have been incorporated into the annual report
in compliance with the provisions of the Danish Financial
Statements Act requiring separate parent company financial
statements for companies having adopted IFRS.
The parent company's financial statements are presented in
accordance with International Financial Reporting Standards
(IFRS) as adopted by the EU and additional Danish disclosure
requirements for annual reports for accounting class C large,
cf. the IFRS Order issued pursuant to the Danish Companies
Act. The annual report also complies with the International
Financial Reporting Standards as issued by the IASB.
ImPLEmENTATION OF NEW
FINANCIAL REPORTING STANDARDS
See note 1 to the consolidated financial statements for a
description.
ACCOUNTING POLICIES
The accounting policies applied by the parent company
deviate from the accounting policies set out in note 1 to the
consolidated financial statements in the following respects:
FOREIGN CURRENCY TRANSLATION
Foreign exchange adjustment of balances that are considered
as part of the overall net investment in enterprises with
functional currencies other than Danish kroner are recognised
in the parent company's financial statements in the income
statement under financials. Similarly, exchange gains and
losses on the part of loans and derivative financial instruments
effectively hedging the net investment in such enterprises are
recognised directly in the income statement under financials.
Parent Company | Falck Annual Report 2011 97
REVENUE
Distributions of retained earnings in subsidiaries are recognised
as income in the income statement of the parent
company in the year in which the dividend is declared. An
impairment test is made if more than the comprehensive
income of a subsidiary is distributed.
INVESTmENTS IN SUBSIDIARIES
Investments in subsidiaries are measured at cost in the parent
company financial statements. Cost includes the consideration
at fair value plus direct acquisition costs.
If there is an indication of impairment, an impairment test is
performed as described in the accounting policies applying
to the consolidated financial statements. Where the carrying
amount exceeds the recoverable amount, the investments are
written down to this lower value.
In the event of distribution of other reserves than retained
earnings in a subsidiary, such distribution will be deducted
from the acquisition price, if the distribution is in the nature of
repayment of the parent company's investment.

98 Falck Annual Report 2011 | Parent Company
Notes to the parent company financial statements
Note DKK million 2011 2010
2 Other operating income
Management fees from Group companies 6 7
Total other operating income 6 7
3 Fees to auditors appointed at the annual general meeting
KPmG
Audit (1) (1)
Other assurance engagements - -
Preparation of a potential IPO - (8)
Total fees (1) (9)
4 Staff costs
Ordinary remuneration to the Executive Management Board (4) (7)
Remuneration to the Executive Management Board relating to preparation of a potential IPO - (7)
Remuneration to the Board of Directors (3) (2)
Total (7) (16)
Of which reinvoiced - 3
Total staff costs (7) (13)
Number of full-time employees 1 2
Remuneration to the Executive Management Board does not include pension contributions
The service contracts for the members of the Executive Management Board include severance
periods which, in the case of resignation by an executive, are 6 months and, in the case of
termination by the company, are 12 months.
Warrant programme, Executive management Board
Number of warrants at 1 January - 4,443,120
Grant of new warrants. See note 21 to the Group financial statements 4,443,120 -
Cancellation of new warrants. See note 21 to the Group financial statements (4,443,120) (4,443,120)
Number of warrants at 31 December - -
At the extraordinary general meeting held on 25 February 2011, the Board of Directors was authorised to establish a new warrant
programme. At the Board meeting held on 15 March 2011, the Board of Directors adopted a resolution to establish a new warrant programme
for the Executive Management Board. The new warrant programme comprises 4,443,120 warrants. Each warrant entitles the
holder to subscribe for one share with a nominal value of DKK 0.50 on 30 December 2015 at a price of DKK 125 per share. The warrants
issued were acquired at market value, equivalent to DKK 11 million, and there are no conditions attached to the acquisition of the warrants.
The warrants issued have been transferred to Falck Holding A/S and subsequently cancelled at an extraordinary general meeting of
Falck A/S.
The consideration to the Executive Management Board concerns the first half of 2011.

Notes to the parent company financial statements
Parent Company | Falck Annual Report 2011 99
Note DKK million 2011 2010
5 Exceptional items
Costs relating to sale of Falck A/S (5) (20)
Total exceptional items (5) (20)
6 Financial income
Foreign exchange gains 4 -
Interest from Group companies 27 14
Total financial income 31 14
7 Financial expenses
Foreign exchange losses - (2)
Interest to credit institutions (126) (94)
Costs of debt restructuring (74) -
Other financial expenses (1) -
Total financial expenses (201) (96)
8 Income taxes
Current tax 32 6
Change in deferred tax for the year 12 15
Prior-year adjustments - (1)
Total income taxes 44 20
Tax on other comprehensive income (13) (1)
Total tax 31 19
Income taxes paid during the year (13) 30
Breakdown of tax rate:
Total income taxes 44 20
Profit before tax 443 451
Dividends from Group companies (625) (557)
Tax base for current tax (182) (106)
Effective tax rate 24.2% 18.9%
Reconciliation of tax rate:
Danish tax rate 25.0% 25.0%
Non-deductible costs/(tax-exempt income) (1.0%) (4.6%)
Other adjustments including adjustments relating to prior years 0.2% (1.5%)
Effective tax rate 24.2% 18.9%
Tax on other comprehensive income
Tax on value adjustments of interest hedging instruments (13) (1)
Total tax on other comprehensive income (13) (1)

100 Falck Annual Report 2011 | Parent Company
Notes to the parent company financial statements
Note DKK million 2011 2010
9 Investments in subsidiaries
Cost at 1 January 3,249 3,249
Cost at 31 December 3,249 3,249
Carrying amount at 31 December 3,249 3,249
See "Legal entities" for a list of companies
10 Share capital and treasury shares
A capital increase of DKK 1 million was made in 2009. There have been no other changes to the share capital during the past five years.
The share capital is divided into 92,786,800 shares (2010: 92,786,800 shares) with a nominal value of DKK 0.50 each. The shares are
fully paid up and are not divided into classes.
Nominal value
Number of shares (DKK thousand) % of share capital
Treasury shares 2011 2010 2011 2010 2011 2010
Treasury shares at 1 January - 258,219 - 129 - 0.29
Additions - 95,238 - 48 - 0.10
Disposals - (353,457) - (177) - (0.39)
Treasury shares at 31 December - - - - - -
The purchase price of treasury shares acquired during the financial year was DKK 0 million (2010: DKK 6 million).
The sales price of treasury shares sold during the financial year was DKK 0 million (2010: DKK 30 million).
Note DKK million 2011 2010
11 Deferred tax
Deferred tax provisions at 1 January 30 45
Change in deferred tax for the year (12) (15)
Change in deferred tax for prior years 3 -
Deferred tax provisions at 31 December 21 30
Deferred tax provision 21 30
Deferred tax provisions at 31 December 21 30
Breakdown of deferred tax:
Intangible assets 21 32
Non-current debt and provisions - (2)
Deferred tax provisions at 31 December 21 30

Notes to the parent company financial statements
Parent Company | Falck Annual Report 2011 101
Note DKK million 2011 2010
12 Credit institutions
Non-current liabilities:
Long-term loans 2,401 2,721
Current liabilities:
Short-term loans 21 302
Total credit institutions 2,422 3,023
Breakdown by maturity:
Due within 1 year 21 302
Due between 1 and 5 years 535 2,721
Due after 5 years 1,866 -
Total 2,422 3,023
Breakdown by currency:
DKK 1,539 1,921
EUR 683 853
USD 200 249
Total 2,422 3,023
Interest reset periods:
Within 3 months 2,422 3,023
Total 2,422 3,023
The statements set out above do not include liabilities relating to interest for subsequent financial periods. See note 35 to the Group
financial statements for a description of the Group's risks and cash resources.
The effective interest rate has been determined at 4.2% (2010: 3.2%).
For debt with an interest reset period within 3 months, regular assessments are made of how long the interest period should be. As at
the balance sheet date, the interest rate in DKK was fixed for one month and averaged approximately 3.4% (2010: 1.8%).
As at the balance sheet date, the interest rate in EUR was fixed for one month and averaged approximately 3.5% (2010: 1.0%) during the
financial year. As at the balance sheet date, the interest rate in USD was fixed for one month and averaged approximately 2.6% (2010:
0.7%) during the financial year.
The market value of debt with an interest reset period within 3 months is approximately DKK 2,445 million (2010: DKK 3,024 million).
DKK 35 million (2010: DKK 25 million) of capitalised loan costs has been deducted from the carrying amount of debt.

102 Falck Annual Report 2011 | Parent Company
Notes to the parent company financial statements
Note DKK million 2011 2010
13 Other payables
Fair value of interest rate collar - 64
Total other payables - 64
14 Net financials
Financial income and expenses (170) (82)
Of which unrealised gains and losses (4) -
Repayment of interest rate swaps offset against loan proceeds 51 -
Change in amortised borrowing costs 3 -
Total net financials (120) (82)
15 Other movements relating to shareholders
Acquisition of rights from subsidiaries (307) -
Acquisition of treasury shares - (6)
Disposal of treasury shares - 30
Issuance of warrants 11 -
Total other movements relating to shareholders (296) 24
16 Contingent liabilities, contractual obligations and collateral security
Falck A/S is jointly and severally liable for the Group’s overall VAT liability together with other jointly registered Danish enterprises.
A portion of the Company's cash is deposited in bank accounts which are included in a cash pool under which Falck Danmark A/S controls
the principal facility account. The companies are jointly and severally liable with the total deposits on the said accounts vis-à-vis the bank
in question.
The shares in the subsidiary Falck Danmark A/S have been provided as collateral for debt in Falck A/S.

Notes to the parent company financial statements
Note DKK million
17 Financial instruments
Parent Company | Falck Annual Report 2011 103
There are continuing developments in the risk exposure of Falck A/S as a result of changes in its debt. The company monitors these risks
in an ongoing process and hedges them, if necessary. There are no material changes in the company's risk management as compared to
2010. See also note 35 to the consolidated financial statements of Falck A/S.
Foreign exchange risk 2011 2010
The hypothetical impact on the Probable Hypothetical Probable Hypothetical
profit for the year and the change in impact Hypothetical change in impact Hypothetical
equity from reasonably probable exchange on profit impact exchange on profit impact
changes in exchange rates: rate for the year on equity rate for the year on equity
EUR/DKK 1% 15 15 1% 9 9
Interest rate risk
The interest rate risk of Falck A/S is mainly affected by the company's syndicated financing. Based on the current market situation, the
Executive Management Board and Board of Directors have decided to swap approximately 81% of Falck A/S's syndicated financing to
fixed rates via interest rate swaps, and the rest of the syndicated financing is to be based on short-term interest rates. The company is
therefore sensitive to fluctuations in market interest rates, and a fluctuation by 1% would change the interest expense for the year by
DKK 5 million (2010: DKK 13 million) as a large part of the interest rate risk is hedged by interest rate swaps. Without these hedges, a
fluctuation by 1% would change the company's interest expense by DKK 25 million (2010: DKK 34 million).
The interest rate swaps mentioned above ensure that interest rates during the hedging period on part of the debt denominated in DKK
cannot exceed 1.4%, and that interest rates on part of the debt denominated in EUR cannot exceed 1.17%.
Falck A/S monitors developments in market interest rates closely so that it can react if the market situation changes.
Assumptions regarding sensitivity information:
The sensitivity stated has been determined based on the recognised financial assets and liabilities as at 31 December 2011. No adjustment
has been made for servicing and raising of debt or the like in 2011. Furthermore, it is assumed that all hedges of floating-rate loans
are deemed to be effective.
maturity analysis of financial assets and liabilities
Assumptions applied in the maturity analysis:
The maturity analysis is based on all non-discounted cash flows including estimated interest payments. Interest payments have been
estimated based on the current market conditions.
The undiscounted cash flows from derivative financial instruments are presented gross, unless the parties have a contractual right/obligation
to settle net.

104 Falck Annual Report 2011 | Parent Company
Notes to the parent company financial statements
Note DKK million
17 Financial instruments (continued)
Due Due Due Contrac-
within between between Due tual Total
one 1 and 3 3 and 5 after 5 cash carrying market
Contractual cash flows including interest 2011 year years years years flows amount value
Financial assets:
Receivables from Group companies 106 814 - - 920 920 920
Loans and receivables 106 814 - - 920 920 920
Total financial assets 106 814 - - 920 920 920
Financial liabilities:
Credit institutions 123 411 498 1,990 3,022 2,422 2,422
Payables to Group companies 44 - - - 44 44 44
Financial liabilities measured at amortised cost 167 411 498 1,990 3,066 2,466 2,466
Derivative financial instruments to hedge
future cash flows 12 12 12 12
Financial liabilities used as hedging instruments - 12 - - 12 12 12
Total financial liabilities 167 423 498 1,990 3,078 2,478 2,478
Due Due Due Contrac-
within between between Due tual Total
one 1 and 3 3 and 5 after 5 cash carrying market
Contractual cash flows including interest 2010 year years years years flows amount value
Financial assets:
Receivables from Group companies 992 378 - - 1,370 1,370 1,370
Cash 8 - - - 8 8 8
Loans and receivables 1,000 378 - - 1,378 1,378 1,378
Total financial assets 1,000 378 - - 1,378 1,378 1,378
Financial liabilities:
Credit institutions 368 2,836 - - 3,204 3,023 3,024
Payables to Group companies 34 - - - 34 34 34
Financial liabilities measured at amortised cost 402 2,836 - - 3,238 3,057 3,058
Derivative financial instruments to hedge
future cash flows 32 25 57 64 64
Financial liabilities used as hedging instruments 32 25 - - 57 64 64
Total financial liabilities 434 2,861 - - 3,295 3,121 3,122

Notes to the parent company financial statements
Note DKK million
17 Financial instruments (continued)
Parent Company | Falck Annual Report 2011 105
Hedging and derivative financial instruments 2011 2010
Hedged market Hedged market
Interest rate collar: value value value value
DKK collar (floor 3.25% / cap 5.5%) repaid in 2011 - - 855 (30)
EUR collar (floor 3.25% / cap 5.5%) repaid in 2011 - - 855 (34)
DKK interest rate swap (fixed rate1.4%) expires in 2014 500 (9) - -
EUR interest rate swap (fixed rate 1.17%) expires in 2014 1,487 (3) - -
(12) (64)
Of which recognised in income statement - -
For future recognition (12) (64)
The market value is recognised in other payables.
methods and assumptions for the determination of fair values
Interest rate swaps are valued using generally accepted valuation techniques based on relevant observable swap curves.
Quoted Non-
market Observable observable
Fair value hierarchy for financial instruments prices input input
measured at fair value in the balance sheet (Level 1) (Level 2) (Level 3) Total
Financial liabilities
Derivative financial instruments to hedge future cash flows 0 12 0 12
Total financial liabilities 0 12 0 12
Quoted Non-
market Observable observable
Fair value hierarchy for financial instruments prices input input
measured at fair value in the balance sheet (Level 1) (Level 2) (Level 3) Total
Financial liabilities
Derivative financial instruments to hedge future cash flows 0 64 0 64
Total financial liabilities 0 64 0 64
2011
2010

106 Falck Annual Report 2011 | Parent Company
Notes to the parent company financial statements
Note DKK million 2011 2010
18 Related parties
As a parent company, Falck A/S has a controlling interest in the Group.
Falck A/S has registered the following shareholders who hold 5% or more of the share capital:
Falck Holding A/S 98.8% 0.0%
Lundbeckfond Invest A/S, Hellerup - 36.0%
Falck L.P., Jersey - 43.9%
ATP PEP 1 K/S, Copenhagen - 6.4%
Liberatio A/S, Aarhus (owned by the members of the Executive Management Board) - 5.2%
Trading with these related parties has been as follows:
Costs invoiced to Falck L.P. 8 6
Interest rate swaps 1 -
The warrant programme was transferred to Falck Holding A/S in connection with the acquisition
of Falck A/S by Falck Holding A/S, and was subsequently cancelled at an extraordinary
general meeting of Falck A/S.
Falck A/S has hedged its interest rate risks through interest rate swaps with Falck Holding A/S,
which has entered into corresponding interest rate swaps with banks.
management
Related parties in Falck A/S with significant influence include the Executive Management Board
and the Board of Directors and their close relatives. Related parties also comprise companies in
which these individuals have material interests.
Trading with Management was as follows:
New warrant programme, Executive Management Board 11 -
Sale of own shares, Board of Directors - 1
Sale of own shares, Executive Management Board - 29
Falck A/S had no additional transactions with the members of the Executive Management
Board, Board of Directors or other persons with significant influence other than the remuneration
paid to the Management, stated in note 7 to the Group financial statements.
Group companies
The related parties of Falck A/S also include Group companies in which the company has a
controlling interest. See note "Legal entities" for an overview of Group companies.
Trading with Group companies was as follows:
Interest from Group companies 27 14
Management fee paid 2 3
Management fee received 6 7
Dividends from Group companies 625 557

Management’s statement
Statements | Falck Annual Report 2011 107
The Board of Directors and the Executive Management Board today considered and approved the annual report of Falck A/S for 2011.
The annual report has been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU
and additional Danish disclosure requirements for annual reports. In our opinion, the accounting policies are appropriate, and the
Group’s and the parent company’s financial statements give a true and fair view of the Group’s and parent company’s assets, liabilities
and financial position as at 31 December 2011 and of the results of the Group’s and parent company’s operations and cash flows for the
financial year 1 January – 31 December 2011.
Furthermore, in our opinion, the management review includes a fair review of developments in the Group’s and the parent company’s
activities and finances, the profit for the year and the Group’s and the parent company’s financial position.
We recommend the annual report to be approved by the shareholders at the annual general meeting.
Copenhagen, 16 March 2012
Executive management Board:
Allan Søgaard Larsen Morten R. Pedersen
President and CEO Deputy CEO
Board of Directors:
Lars Nørby Johansen Thorleif Krarup Steen Hemmingsen
Chairman Deputy Chairman
Søren Thorup Sørensen Johannes Due Henrik Poulsen
Vagn Flink Møller Pedersen* Jan Heine Lauvring* Per Aastrup*
* Elected by the employees

108 Falck Annual Report 2011 | Statements
Independent auditors' report
To the shareholders of Falck A/S
Independent auditors' report on the consolidated financial statements and the parent company financial statements
We have audited the consolidated financial statements and the parent company financial statements of Falck A/S for the financial year
1 January – 31 December 2011. The consolidated financial statements and the parent company financial statements comprise income
statement, statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes, including
a summary of significant accounting policies for the Group as well as for the parent company. The consolidated financial statements
and the parent company financial statements are prepared in accordance with International Financial Reporting Standards as adopted
by the EU and additional disclosure requirements in the Danish Financial Statements Act.
management's responsibility for the consolidated financial statements and the parent company financial statements
Management is responsible for the preparation of consolidated financial statements and parent company financial statements that
give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and additional disclosure
requirements in the Danish Financial Statements Act and for such internal control that Management determines is necessary to enable
the preparation of consolidated financial statements and parent company financial statements that are free from material misstatement,
whether due to fraud or error.
Auditors' responsibility
Our responsibility is to express an opinion on the consolidated financial statements and the parent company financial statements based
on our audit. We conducted our audit in accordance with International Standards on Auditing and additional requirements under Danish
audit regulation. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance
as to whether the consolidated financial statements and the parent company financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements
and the parent company financial statements. The procedures selected depend on the auditors' judgement, including the assessment
of the risks of material misstatement of the consolidated financial statements and the parent company financial statements,
whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the Company's preparation
of consolidated financial statements and parent company financial statements that give a true and fair view in order to design
audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Company's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by Management, as well as evaluating the overall presentation of the consolidated financial statements and
the parent company financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Our audit has not resulted in any qualification.
Opinion
In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the
Group's and the parent company's financial position at 31 December 2011 and of the results of the Group's and the parent company's
operations and cash flows for the financial year 1 January – 31 December 2011 in accordance with International Financial Reporting
Standards as adopted by the EU and additional disclosure requirements in the Danish Financial Statements Act.
Statement on the management's review
Pursuant to the Danish Financial Statements Act, we have read the Management's review. We have not performed any further procedures
in addition to the audit of the consolidated financial statements and the parent company financial statements. On this basis, it is
our opinion that the information provided in the Management's review is consistent with the consolidated financial statements and the
parent company financial statements.
Copenhagen, 16 March 2012
KPmG
Statsautoriseret Revisionspartnerselskab
Flemming Brokhattingen Søren Kok Olsen
State Authorised Public Accountant State Authorised Public Accountant

Board of Directors, Executive Management Board and auditors
BOARD OF DIRECTORS
Lars Nørby Johansen, born 1949
Chairman
Member of the boards of directors of:
• William Demant Holding A/S (chairman)
• Georg Jensen A/S (chairman)
• Danmarks Vækstråd (chairman)
• Dansk vækstkapital (chairman)
• Syddansk Universitet (chairman)
• DONG Energy A/S (deputy chairman)
• Rockwoolfonden (deputy chairman)
• Index Award A/S
• Codan A/S and Codan Forsikring A/S
• Arp-Hansen Hotel Group A/S
• Institut for selskabsledelse
Thorleif Krarup, born 1952
Deputy Chairman
Member of the boards of directors of:
• Sport One Danmark A/S (chairman)
• Exiqon A/S (chairman)
• ALK-Abelló A/S (chairman)
• H. Lundbeck A/S (deputy chairman)
• Lundbeckfond Invest A/S (deputy chairman)
• The Lundbeck Foundation
• Bisca A/S
Steen Hemmingsen, born 1945
Member of the boards of directors of:
• H.J. Hansen Holding A/S (chairman)
• H.J. Hansen Genvindingsindustri A/S (chairman)
• Max Bank af 2011 A/S (chairman)
• Obel-LFI Ejendomme A/S (deputy chairman)
• Amagerbanken af 2011 A/S
• Det Østasiatiske Kompagnis Almennyttige Fond
Søren Thorup Sørensen, born 1965
CEO of KIRKBI A/S and KIRKBI Invest A/S
Member of the boards of directors of:
• K & C Holding (chairman)
• KIRKBI AG (deputy chairman)
• INTERLEGO AG (deputy chairman)
• LEGO A/S
• LEGO Juris A/S
• KIRKBI Invest A/S
• KIRKBI Estates Limited
• Topdanmark A/S and Topdanmark Forsikring A/S
• TDC A/S
• Koldingvej 2, Billund A/S
• Merlin Entertainments Group
B oard of Directors and Executive Management Board | Falck Annual Report 2011 109
Johannes Due, born 1949
CEO of Sygeforsikringen "danmark"
Member of the boards of directors of:
• Forsikringsselskabernes Data Central (chairman)
• Administrationsselskabet "danmark" A/S (chairman)
• The Prevention fund (chairman)
• KREVI (chairman)
• The Royal Danish Academy of Fine Arts Schools of Architecture,
Design and Conservation) (chairman)
• Bikuben Fonden and Kollegiefonden Bikuben (deputy chairman)
• The Danish Insurance Association
• International Federation of Health Plans
Henrik Poulsen, born 1967
CEO of TDC A/S
Member of the boards of directors of:
• YouSee A/S (chairman)
• Chr. Hansen Holding A/S
• Danmark-Amerika Fondet
Vagn Flink møller Pedersen, born 1957
Rescue Officer
Elected by the employees
Jan Heine Lauvring, born 1953
Rescue Officer
Elected by the employees
Per Aastrup, born 1959
Rescue Officer
Elected by the employees

110 Falck Annual Report 2011 | B oard of Directors and Executive Management Board
EXECUTIVE mANAGEmENT BOARD OF FALCK A/S
Allan Søgaard Larsen, born 1956
President and CEO
Member of the boards of directors of:
• PensionDanmark Holding A/S
• AMBU A/S
• The Central board of the Confederation of Danish Industry
morten R. Pedersen, born 1968
Deputy CEO
AUDITORS APPOINTED BY THE GENERAL mEETING
KPMG
Osvald Helmuths Vej 2
DK-2000 Frederiksberg
Denmark
by/Flemming Brokhattingen and Søren Kok Olsen
State Authorised Public Accountants
COmPANY INFORmATION
Falck A/S
Polititorvet
DK-1780 Copenhagen V
Denmark
Tel.: 45 70 33 33 11
www.falck.com
www.falck.dk
CVR no. 28 10 13 76

Legal entities in the Falck Group as at 31 December
Group | Falck Annual Report 2011 111
Company name Country Equity interest
Falck A/S Denmark
Falck Danmark A/S Denmark 100%
Falck Health Care Holding A/S Denmark 100%
Falck Health Care A/S Denmark 100%
HealthCare Danmark ApS Denmark 100%
ActivCare A/S Denmark 100%
ActivCare Privat A/S Denmark 100%
Ulfab Danmark A/S Denmark 100%
Vikteam A/S Denmark 80%
Falck Hjælpemidler A/S Denmark 92%
Falck JobService A/S Denmark 85%
Falck Hjemmepleje A/S Denmark 100%
Lone Hovmand Sundhedsafdeling A/S Denmark 100%
North Securities A/S 2) Denmark 49%
Falck Norge Holding AS Norway 100%
Falck Redning AS Norway 100%
Stor Oslo Service AS Norway 100%
Falck Emergency AS Norway 100%
Falck Ambulanse AS Norway 100%
Falck Norge Leasing AS Norway 100%
Falck Health Care Norge AS Norway 100%
Falck Sevices AS Norway 100%
Falck Nutec Holding A/S Denmark 100%
Falck Nutec Esbjerg A/S Denmark 100%
Falck Nutec Management A/S Denmark 100%
Falck Global Safety B.V. The Netherlands 100%
Falck Nutec AS Norway 100%
Falck Nutec Ltd. UK 100%
Nutec Centre for Safety Ltd. 1) UK 100%
Falck Onsite Limited UK 100%
Onsite Training Services Limited. 1) UK 100%
Falck Nutec Trinidad and Tobago Limited Trinidad & Tobago 80%
Nutec UK Ltd. UK 100%
Nutec Belgium Holding BVBA 1) Belgium 100%
Nutec Belgium BVBA 1) Belgium 100%
Falck Nutec B.V. The Netherlands 100%
Marinesafety International Rotterdam B.V. The Netherlands 100%
MSTS Asia Sdn. Bhd. Malaysia 70%
Risktec (M) Sdn. Bhd. Malaysia 100%
Falck Bestari Healthcare Sdn Bhd Malaysia 82%
MSTS Asia (S'pore) Pte. Ltd. Singapore 100%
Falck Bedrijfshulpverlening BV The Netherlands 100%
Falck Prime Atlantic Limited Nigeria 51%
Falck caspian Safe LLC Aserbajdsjan 65%
Falck Nutec Brasil Participacoes Ltda Brazil 100%
Falck Nutec Brasil Treinamentos em Segurança Marítima Ltda Brazil 100%
Southfield Ltd Thailand 50%
Falck Nutec (Thailand) Ltd Thailand 65%
Falck Nutec Nigeria Limited Nigeria 51%
Falck USA Holdings, Inc USA 100%
Falck Alford Holdings, Inc USA 80%
Alford Services, Inc USA 100%
Alford Safety Services, Inc USA 100%
Alford Safety & Compliance, L.L.C. USA 100%
Haztec Services - West Indies, L.L.C. USA 100%
Haztec Services St. Lucia Ltd St. Lucia 100%
Haztec Services Trinidad Limited Trinidad & Tobago 100%

112 Falck Annual Report 2011 | Group
Legal entities in the Falck Group as at 31 December
Company name Country Equity interest
Falck Alford International BV The Netherlands 100%
Falck Alford Holding S.A. de C.V. Mexico 100%
Falck Alford Training S.A.I.P. de C.V. Mexico 100%
Falck Nutec Vietnam Limited Vietnam 80%
Falck Safety Services LLC UAE 49%
Falck Investment Norge AS Norway 100%
Falck Followit Norge AS Norway 100%
VIFA AB Sweden 100%
Falck Sverige Holding AB Sweden 100%
Falck Investment Sverige AB Sweden 100%
Falck Räddningskär AB Sweden 100%
Falck Forsäkrings AB Sweden 100%
Falck TravelCare AB Sweden 100%
Falck Ambulans AB Sweden 100%
Falck Räddningstjänst AB Sweden 100%
Falck Services AB Sweden 100%
Svensk Sjöambulans AB 2) Sweden 50%
Ulfab Sairaankuljetus OY Finland 100%
S Reg Holding A/S Denmark 100%
S Reg AB Sweden 100%
S Reg Service AB Sweden 100%
S Reg A/S Denmark 100%
S Reg Oy Finland 100%
S Reg AS Norway 100%
Falck USA, Inc. USA 100%
FCA Corp. USA 87%
Care Ambulance Service, Inc. USA 100%
Falck EMS Corp. USA 95%
Lifestar Response Corporation, Inc. USA 100%
Lifestar Response of Alabama, Inc. USA 100%
Medibus, Inc. USA 100%
STAT Equipment Corp. USA 100%
STAT EMS, LLC USA 51%
Bi-County Ambulance & Ambulette Transport Services Corp. USA 100%
Lifestar Response of New Jersey, Inc. USA 100%
Lifestar Response of Maryland, Inc. USA 100%
Access Transport Services Holding, Inc. USA 100%
Access on Time Language Services LLC USA 100%
Home Care Equipment, Inc. USA 100%
Robinson's Ambulance & Oxygen Service, Inc. USA 100%
Falck Southeast Corp. USA 100%
Falck Health Care Sverige Holding AB Sweden 100%
FalckAM Health Care AB Sweden 100%
Falck Health Care AM A/S Denmark 100%
Falck Aktiv Arbetsmedicin AB Sweden 100%
Falck Healthcare AB Sweden 100%
Falck Investments Finland Oy Ab Finland 100%
Falck Finland Oy Finland 100%
Falck Oy Finland 100%
Falck Autoabi OÜ Estonia 100%
Falck Benelux NV Belgium 93%
Ambuce Rescue Team BVBA Belgium 100%
Ambuce Limburg BVBA Belgium 100%
MDV International BVBA Belgium 100%
Falck Investments NV Belgium 80%
Falck Medical Services LLC UAE 49%
Falck Eurasia B.V. The Netherlands 95%

Legal entities in the Falck Group as at 31 December
Group | Falck Annual Report 2011 113
Company name Country Equity interest
Beijing Falck Rescue Consulting Services Co., Ltd China 100%
Falck Kazakhstan LLP Kazakhstan 100%
Falck Fire Services Rus LLC Russia 100%
Falck Foundation VZW Belgium 100%
Falck Medycyna Sp.z o.o. Poland 100%
Starowka sp zo.o Poland 75%
Falck SK a.s. Slovakia 93%
Falck Emergency AS Slovakia 51%
Falck Záchranná a.s. Slovakia 100%
Falck Academy s.r.o. Slovakia 100%
La Salus, a.s. Slovakia 100%
La Salus Phrama s.r.o. Slovakia 100%
Falck Fire Services a.s. Slovakia 100%
Falck CZ a.s. Czech Republic 93%
Lainsa Servicios Contra Incendios, S.A. Spain 51%
Falck France SAS France 100%
Falck AVD Holding B.V. The Netherlands 100%
Falck AVD B.V. The Netherlands 100%
Advisebureau van Dijke B.V. The Netherlands 100%
AVD-ICT B.V. The Netherlands 100%
Safety Center Holding B.V. The Netherlands 100%
Safety Center Holland B.V. The Netherlands 100%
Safety Center Zuid Holland B.V. The Netherlands 100%
Safety Center Colleage c.v. The Netherlands 51%
Safety Center Zuid Holland c.v. The Netherlands 52%
MIT B.V. The Netherlands 100%
Safe Building B.V. The Netherlands 100%
Safety Center Team B.V. The Netherlands 100%
AVD Consultancy N.V. Belgium 100%
Falck Brasil AVD Participações Ltda. Brazil 100%
Falck Brasil Plano de Saúde Ltda. Brazil 100%
Falck Brasil 747 Participações Ltda. Brazil 100%
Toesa Service S.A. Brazil 60%
Tefe Tefe Servicos de Saude Ltda Brazil 100%
Falck Brasil FF Participações Ltda. Brazil 100%
Falck Fire & Safety do Brasil S.A. Brazil 100%
Falck Panama Holding S.A. Panama 100%
EMI Holdings Management S.A. Panama 63%
EMI Foreign Holdings 1 S.A. Panama 100%
EMI Foreign Holdings 2 S.A. Panama 100%
EMI Foreign Holdings 3 S.A. Panama 100%
EMI Foreign Holdings 4 S.A. Panama 100%
Empresa de Medicina Prepagada
- Servicio de Ambulancia Prepagada - Grupo EMI S.A. Colombia 100%
EMI El Salvador S.A. de C.V. El Salvador 100%
Inversiones EMI Worldwide S.A. Panama 100%
EMI Panama S.A. Panama 100%
EMI Ecuador S.A.- Emergencia Medica Integral Ecuador 100%
Perses S.A. Uruguay 100%
Portovenus S.A. Uruguay 16%
EMI Venezuela Holding S.A. Panama 100%
Emergencia Medica Integral EMI Centro S.A. Venezuela 100%
Centro Medico Integral CEMICA S.A. Venezuela 100%

114 Falck Annual Report 2011 | Group
Legal entities in the Falck Group as at 31 December
Company name Country Equity interest
Panamedical Health Systems S.A. Panama 100%
Solution Services International Inc. Panama 100%
Scandinavian Worldwide Capital Corp. Panama 100%
Rheades Business Inc. Panama 100%
Right Connection Services Corp. Panama 100%
Servicio Emergencias Regional SER S.A. Colombia 100%
Falck Rettungsdienst GmbH Germany 100%
Kranken-Transport Herzig GmbH Germany 100%
KS-Medi-Service GmbH Germany 100%
Falck Österreich GmbH Austria 100%
Falck Yardim Hizmetleri Limited ¸Sirketi Turkey 95%
Falck UK Limited UK 100%
Falck EMS UK Limited UK 100%
Resource Protection International Ltd. UK 100%
Falck India Limited UK 93%
Falck Services Limited Mauritius 100%
Falck India Pvt. Ltd. India 100%
Falck Services Pvt Ltd. India 100%
Falck Fire Services S.R.L Romania 93%
Falck Treasury A/S Denmark 100%
Investeringsselskabet af 17. december 2007 A/S Denmark 100%
Falck Asset Management 9 A/S Denmark 100%
Falck DRF Luftambulance A/S Denmark 51%
A C Trafik A/S Denmark 100%
A C Trafik 2 ApS Denmark 100%
KPC Ejendomme af 6. juni 2002 A/S 2) Denmark 25%
Falck Nederland Holding B.V. The Netherlands 100%
1) Associated company
2) The company is at present without activity (dormant)

Notes Definitions to the of Group ratiosfinancial
statements
The ratios are basically calculated on the basis of the annual
report and the Group’s accounting policies. The Falck Group calculates
a number of ratios on the basis of the financial-highlight
figures in “Financial highlights and key ratios” on page 2. The
definitions of those ratios are stated below.
Organic growth
Growth in external revenue in local currency relative to the preceding
year adjusted for:
• Acquisitions: Revenue relating to acquired entities or operations
generated in the current year is not included. For entities or
operations acquired in the preceding year, revenue generated in
the current year is only included from the time when revenue is
recognised in the comparative period for the preceding year.
• Divestments: Revenue from the preceding year relating to entities
or operations divested in the preceding year is not included.
For entities or operations divested in the current year, revenue
from the preceding year is only recognised for the comparative
period of the current year.
• Contracts: Material contracts entered into before or during the
year after the acquisitions, where Falck has had a material impact
on the contract in question, are recognised in revenue and
considered organic growth. Any material isolated operations
which Falck terminates or public-sector customers' insourcing of
tasks without invitations for tender are considered divestments.
• Redefinition of segments: Revenue related to entities that are
redefined to another segment are accounted for as acquisitions
and divestments, as the case may be, in the respective business
segments.
EBITA margin
Operating profit before costs and amortisation from business
combinations and exceptional items (EBITA) as a percentage of
revenue.
Effective tax rate
Tax charged in respect of the financial year as a percentage of
profit before tax.
Net capital investments
Investments in land and buildings, operating equipment and
intangible assets less land and buildings, operating equipment
and intangible assets sold.
Definitions of ratios | Falck Annual Report 2011 115
Equity ratio
Total equity at year-end as a percentage of equity and liabilities at
year-end.
Return on equity
Profit for the year attributable to Falck as a percentage of average
equity excluding non-controlling interests.
Net operating assets
Net operating assets excluding goodwill defined as trade receivables
and other current operating assets plus property, plant and
equipment and intangible assets (excluding goodwill), less trade
payables, other payables and other operating liabilities.
Net interest-bearing debt to EBITDA
Net interest-bearing debt and purchase consideration payable
divided by EBITDA. EBITDA has been normalised for the full-year
effect of acquisitions made during the period.
Free cash flow
Operating profit before amortisation from business combinations
and exceptional items (EBITA) adjusted for non-cash operating
items and change in net operating assets.
Cash conversion rate
Free cash flow as a percentage of operating profit before costs
and amortisation from business combinations and exceptional
items (EBITA). The rate of operating profit before costs and
amortisation from business combinations and exceptional items
(EBITA) to the free cash flow (cash conversion rate) shows the
Group’s ability to generate cash flows from operating activities
after investments in intangible assets and property, plant and
equipment and cash that must be tied up in working capital in
order to generate cash.
Earnings per share (EPS)
Earnings attributable to the parent company’s shareholders per
average number of outstanding shares.
Diluted earnings per share (DEPS)
Diluted earnings attributable to the parent company’s shareholders
per diluted average number of outstanding shares.
Normalised profit after tax
Profit for the year less costs and amortisation from business combinations
and exceptional items and tax thereon.

116 Falck Annual Report 2011
Design and graphic production: meyer & bukdahl as

Falck A/S
Polititorvet
1780 Copenhagen V
Denmark
Tel.: +45 70 33 33 11
www.falck.com
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