Grundfos Holding A/S. Annual Report 2009

Transcription

1 Grundfos Holding A/S Central Business Register (CVR) no Annual Report 2009 (second financial year)

2 Grundfos Holding A/S Contents Page Company details 1 Management Statement 2 Independent auditor's report 3 Management's Review 5 Accounting policies 8 Profit and loss account for Balance sheet as at 31 December Statement of changes in equity 18

3 Grundfos Holding A/S 1 Company details Company GRUNDFOS Holding A/S (Secondary name: Grundfos Management A/S) Poul Due Jensens Vej 7 DK-8850 Bjerringbro Central Business Register (CVR) no Registered municipality Viborg Telephone: Internet Board of Directors Niels Due Jensen, Group Chairman (Chairman) Lars Kolind, Director (Vice Chairman) Niels Christian Nielsen, Professor Thomas Lund, Managing Director Ingelise Bogason, Director Executive Board Carsten Bjerg, Group President and CEO Søren Ø. Sørensen, Group Executive Vice President Lars Aagaard, Group Executive Vice President Auditor Deloitte Statsautoriseret Revisionsaktieselskab Adopted at the general meeting of the company on 23 April 2010 Chairman of the meeting

4 Grundfos Holding A/S 2 Management Statement Today, we have approved the Annual Report of Grundfos Holding A/S for the financial year 1 January to 31 December The Annual Report has been prepared in accordance with the Danish Financial Statements Act (årsregnskabsloven). In our opinion, the financial statements give a true and fair view of the company's assets, liabilities, financial position, and results. It is also our opinion that the management's review contains a fair disclosure of the matters described. We recommend that the Annual Report be approved by the general meeting. Bjerringbro, 24 March 2010 Executive Board Carsten Bjerg Søren Ø. Sørensen Lars Aagaard Board of Directors Niels Due Jensen Lars Kolind Niels Christian Nielsen Chairman Thomas Lund Ingelise Bogason

5 Grundfos Holding A/S 3 Independent auditor's report To the shareholders of Grundfos Holding A/S We have audited the financial statements of Grundfos Holding A/S for the financial year 1 January to 31 December 2009, which comprise accounting policies, profit and loss account, balance sheet, statement of changes in equity, notes, and the management's review. The financial statements and the management's review have been prepared in accordance with the Danish Financial Statements Act (årsregnskabsloven). Management's responsibility for the financial statements and management's review Management is responsible for the preparation and fair presentation of financial statements in accordance with the Financial Statements Act, and for the preparation of a management's review that contains a fair disclosure in accordance with the Financial Statements Act. This responsibility includes designing, implementing and maintaining internal controls relevant to the preparation and presentation of financial statements and a management's review free from material misstatement, whether due to fraud or error, selecting and applying appropriate accounting policies, and making accounting estimates that are reasonable in the circumstances. Auditor's responsibility and basis of opinion Our responsibility is to express an opinion on the financial statements and the management's review based on our audit. We conducted our audit in accordance with Danish auditing standards. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance that the financial statements and the management's review are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements and the management's review. The procedures selected depend on the auditor's judgment, including the assessment of the risk of material misstatement in the financial statements and the management's review, whether due to fraud or error. In making those risk assessments, the auditor will consider the internal controls relevant to the company's preparation and fair presentation of financial statements and to a management's review which contains a fair disclosure 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 the accounting policies adopted by the management and the reasonableness of the accounting estimates made by the

6 Grundfos Holding A/S 4 management as well as evaluating the overall presentation of the financial statements and the management's review. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Our audit has not resulted in any qualification. Opinion In our opinion, the financial statements give a true and fair view of the company's assets, liabilities and financial position at 31 December 2009 and of the results of the company's activities for the financial year 1 January to 31 December 2009 in accordance with the Financial Statements Act, and the management's review contains a fair disclosure in accordance with the Financial Statements Act. Aarhus, 24 March 2010 Deloitte Statsautoriseret Revisionsaktieselskab H. P. Møller Christiansen Anders Dons State-Authorised Public Accountant State-Authorised Public Accountant

7 Grundfos Holding A/S 5 Management's Review DKK '000 DKK '000 Financial highlights Key figures Net turnover 2,561,807 2,713,284 Operating profit 114,788 72,090 Income from investments 71,240 60,367 Result of net financials -27,500-15,551 Profit before tax 158, ,906 Profit for the year 114,196 50,736 Equity 7,236,833 7,128,731 Balance sheet total 8,438,976 8,483,433 Investments in intangible assets and and tangible fixed assets 178, ,569 Number of employees at year-end 1,043 1,144 Financial ratios Operating profit as a percentage of net turnover 4.5% 2.7% Return on equity (%) 1.6% 0.7% Equity ratio (%) 85.8% 84.0% Definition of financial ratios Operating profit as a percentage of net turnover = Return on equity = Equity ratio = Operating profit x 100 Net turnover Net profit for the year x 100 Average equity Equity x 100 Balance sheet total

8 Grundfos Holding A/S 6 Management's Review Principal activity The company's principal activities have been extended considerably in connection with the change in corporate structure referred to below. The company's activities now include overall and long-term development, coordination, planning and control functions within the Grundfos Group as well as servicing of the Group's major OEM customers. Finally, the company is the parent of the Grundfos Group's subsidiaries and performs a number of cross-group functions. Changes in corporate structure With effect from 1 January 2009, the company merged with Grundfos Management A/S and Grundfos Holding Danmark A/S, and changed its name from GNH 2009 A/S to Grundfos Holding A/S. In connection with an intra-group restructuring, also effective from 1 January 2009, the company acquired ownership of the Group's subsidiaries. Comparatives in the 2008 profit and loss account have been restated and for the balance sheet the figures from the opening balance sheet at 1 January 2009 for the merger have been used as comparatives. Development in activities and financial situation The profit for the year after tax is DKK 114,196,000. The profit is below budget, as the budget was prepared immediately before the consequences of the financial crisis became seriously evident. This necessitated significant cost reductions, including staff cuts. In the circumstances, the profit is considered satisfactory. Environmental issues and corporate social responsibility The company's activities have no particular impact on the external environment. In connection with the development of new products, however, there is focus on product sustainability, mainly in terms of material use and energy optimisation. One means of ensuring and maintaining the strongest possible focus on environmental performance is environmental certification of the development functions and all of Grundfos' production companies. Except for newly established production companies, all Grundfos' production companies are today certified to the international environmental standard ISO

9 Grundfos Holding A/S 7 For further information about corporate social responsibility (CSR), please see the consolidated financial statements of the Poul Due Jensen Foundation, Central Business Register (CVR) no Research and development activities and knowledge resources Research focuses on identifying and developing materials, production processes and other technologies which ensure low environmental impact production and product use and at the same time the lowest possible total costs, including energy consumption, during the life of the pump. Through extensive research efforts, Grundfos' classic hallmark, stainless steel pumps, has been supplemented with new materials which have so far been confined to very expensive products within aviation and aerospace, such as titanium and advanced ceramics. The research findings are used for optimising and developing trend-setting products, which are successively introduced on the market. Events occurring after the end of the financial year No events have occurred from the balance sheet date until today that change the evaluation of the Annual Report. Expectations for 2010 The operating profit for 2010 is expected to remain at the 2009 level.

10 Grundfos Holding A/S 8 Accounting policies The Annual Report has been prepared in accordance with the provisions of the Financial Statements Act applying to reporting class C (large enterprises). The company has chosen not to prepare a cash flow statement in accordance with section 86(4) of the Financial Statements Act. In addition, information about the fee for the auditor elected by the general meeting will not be provided in accordance with section 96(3) of the Financial Statements Act. In accordance with section 112 of the Financial Statements Act, no consolidated financial statements have been prepared. The company is included in the consolidated financial statements of the Poul Due Jensen Foundation, DK-8850 Bjerringbro. The consolidated financial statements of the Poul Due Jensen Foundation are publicly available from the Danish Commerce and Companies Agency (Central Business register (CVR) no ). The accounting policies are unchanged from last year. However, the company now presents the Annual Report in accordance with the rules of reporting class C (large enterprises), and not reporting class B as previously. General information about recognition and measurement Assets are recognised in the balance sheet when the company is likely to capitalise on them in the future and when the asset value can be measured reliably. Liabilities are recognised in the balance sheet when they are probable and can be measured reliably. Assets and liabilities are measured at cost at the initial recognition. Subsequently, assets and liabilities are measured for the individual items as described below. At recognition and measurement, allowance is made for predictable risks and losses that appear before the Annual Report is presented and that confirm or deny conditions that were present on the balance sheet date.

11 Grundfos Holding A/S 9 Accounting policies Income is recognised in the profit and loss account as it is realised, while costs are recognised at the amounts relating to the financial year. Value adjustment of fixed asset investments and liabilities are recognised in the profit and loss account as financial income or financial expenses. Business combinations The uniting-of-interests method is applied in connection with intercompany business combinations. The difference between the amount paid as consideration for the acquired business and the equity value of the acquired business is recognised directly in the equity of the acquiring business at the beginning of the financial year in which the transaction is made. Comparative figures are restated as if the businesses had been merged at the beginning of the year of comparison. Foreign currency translation At initial recognition, foreign currency transactions are translated using the exchange rates prevailing at the dates of the transactions. Exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the profit and loss account. Foreign currency receivables and payables are translated into Danish kroner using the rate prevailing at the balance sheet date. Both realised and unrealised translation adjustments are included in the profit and loss account. Derivative financial instruments Derivative financial instruments are initially recognised in the balance sheet at cost and subsequently measured at fair value. Positive and negative fair values of derivative financial instruments are included in other accounts receivable and other liabilities, respectively. Changes in the fair value of derivative financial instruments that hedge the fair value of recognised assets or liabilities are recognised in the profit and loss account in the same item as changes in the value of the hedged asset or liability. Changes in the fair value of derivative financial instruments that hedge the value of future assets or liabilities are recognised directly in equity. When the hedged transactions are realised, the changes are recognised in the relevant items.

12 Grundfos Holding A/S 10 Accounting policies Government grants Grants for research and development are recognised as revenue in the profit and loss account under R&D costs, thus offsetting the costs they compensate. Grants for the purchase of assets and development projects that are capitalised are offset against the cost of the assets for which the grants are given. Profit and loss account Net turnover Net turnover includes invoiced management, development and consulting services for the period to the Grundfos Group companies as well as invoiced sale less products returned and discounts directly related to the sale. Research and development costs R&D costs include costs, including salaries and depreciation, which are attributable to the company's R&D activities. Research costs are recognised in the profit and loss account in the year they are incurred. Development costs incurred for the maintenance and optimisation of existing products or production processes are charged to the profit and loss account. Costs for the development of new products are recognised in the profit and loss account, unless the criteria for recognition in the balance sheet are met for the individual development project. Production costs Production costs include costs, including salaries, amortisation, depreciation and write-downs, which are attributable to the company's overall production and logistics activities. Production costs also include the cost of sales relating to the OEM business. Sales and distribution costs Sales and distribution costs include costs relating to the sale and distribution of the company's products and services, including salaries for sales staff, advertising and exhibition expenses, depreciation, etc.

13 Grundfos Holding A/S 11 Accounting policies Administrative expenses Administrative expenses include costs for the administrative staff and management, including salaries and depreciation. Income from investments in subsidiaries Income from investments in subsidiaries include dividends received from subsidiaries and any value adjustments made. Financials Financials include interest received and interest paid as well as translation adjustments of foreign currency financials. Tax on profit for the year The estimated tax on the taxable income for the year is charged to the profit and loss account, adjustment being made for any change in deferred tax. Changes in deferred tax as a result of changed tax rates are recognised in the profit and loss account. Deferred tax is provided using the balance-sheet liability method on all temporary differences between the book value and the tax base of assets and liabilities. Deferred tax assets, including the tax base of tax loss carry-forwards, are recognised in the balance sheet at their expected realisable value, either by offsetting against deferred tax liabilities or as net tax assets. The company is jointly taxed with consolidated Danish enterprises. The current Danish corporation tax is allocated between the jointly taxed Danish companies in proportion to their taxable income (full allocation with refund in relation to tax losses). Balance sheet Development projects Development projects are recognised as intangible assets where they are concerned with products that are clearly defined and identifiable, and where the technical rate of utilisation, adequate

14 Grundfos Holding A/S 12 Accounting policies resources and a potential future market or development opportunity in the company can be shown, and where the intention is to produce, market or use the product in question. Other development costs are recognised as costs in the profit and loss account at the time when the costs are incurred. Recognised development costs are measured at cost less the lower of accumulated depreciation and recoverable amount. The cost of development projects includes costs, including wages, salaries and amortisation, that are directly and indirectly attributable to the company s development projects. After completion of the development work, recognised development projects are amortised on a straight-line basis over the estimated economic life of the asset. The amortisation period is normally five to ten years. Other intangible assets Other intangible assets are measured at cost less accumulated depreciation and write-downs. Amortisation of other intangible assets is provided on a straight-line basis over the estimated economic life of the asset, which, based on individual assessments, has been determined as follows: Other intangible assets Goodwill 5 to 7 years 5 to 7 years Tangible fixed assets Land and buildings are measured at cost less accumulated depreciation and write-downs. Technical installations and machinery, and other installations are measured at cost less accumulated depreciation and write-downs. The cost includes the purchase price, expenses directly relating to the acquisition and expenses for the preparation of the asset until the time when the asset is ready for use.

15 Grundfos Holding A/S 13 Accounting policies The cost of self-constructed tangible fixed assets includes direct and indirect costs of materials, components, subsuppliers, wages and salaries. Tangible fixed assets are depreciated on a straight-line basis over the estimated technical/economic life of the assets to the estimated residual value. The useful life and expected residual value of large assets are determined individually, whereas the useful life of other assets is determined for groups of similar assets. The expected useful lives are: Buildings Aircraft Computers Technical installations, machinery and other installations 40 years 10 years 3 years 4 to 10 years Fixed asset investments Investments in subsidiaries are measured at cost. Where the cost exceeds the recoverable amount of the investments, the cost is written down to such lower amount. If dividends distributed exceed the total income of the subsidiary since the parent company acquired the investments, this is considered an indication of impairment. Inventories Inventories are measured at the lower of cost using the FIFO method and net realisable value. The cost includes direct labour costs, costs of goods sold and indirect production costs. Obsolete goods, including slow-moving goods, are written down. Accounts receivable Accounts receivable are measured at amortised cost, which usually equals the nominal value, less write-downs for expected losses. Equity The proposed dividend for the financial year is recognised as a separate item under equity.

16 Grundfos Holding A/S 14 Accounting policies Liabilities under guarantees Liabilities under guarantees include expected costs of liabilities under guarantees for goods sold which are typically assumed by the company.

17 Grundfos Holding A/S 15 Profit and loss account for Note DKK '000 DKK '000 Net turnover 1 2,561,807 2,713,284 Production costs 2-1,005,973-1,073,327 Gross profit 1,555,834 1,639,957 R&D costs 2-665, ,564 Sales and distribution costs 2-331, ,446 Administrative costs 2-444, ,857 Operating profit 114,788 72,090 Income from investments in associated companies 71,240 60,367 Financials, net -27,500-15,551 Profit before tax 158, ,906 Tax on profit for the year 4-44,332-66,170 Profit for the year 114,196 50,736 Proposal for the distribution of net profit Ordinary dividend for the year 143,984 0 Transferred to retained earnings -29,788 50, ,196 50,736

18 Grundfos Holding A/S 16 Balance sheet as at 31 December Note DKK '000 DKK '000 Completed development projects 255, ,722 Other intangible assets 7,783 9,748 Goodwill 20,254 2,220 Development projects in progress 173, ,383 Intangible assets 5 457, ,073 Land and buildings 2,919 3,005 Technical installations and machinery 73,435 79,931 Other installations 180, ,475 Tangible fixed assets in progress 27,783 9,105 Tangible fixed assets 6 284, ,516 Investments in associated companies 6,705,880 6,292,620 Other accounts receivable 1,500 0 Fixed asset investments 7 6,707,380 6,292,620 Fixed assets 7,449,346 7,050,209 Inventories 8 52, ,250 Accounts receivable from sales 217, ,900 Accounts receivable from associated companies 494, ,882 Corporation tax Other accounts receivable 72,970 69,643 Accruals and deferred income 63,483 50,684 Accounts receivable 848,496 1,004,355 Cash at bank and in hand 88, ,619 Current assets 989,630 1,433,224 Assets 8,438,976 8,483,433

19 Grundfos Holding A/S 17 Balance sheet as at 31 December Note DKK '000 DKK '000 Share capital 380, ,909 Retained profit 6,711,940 6,747,822 Proposed dividend 143,984 0 Equity 7,236,833 7,128,731 Liabilities under guarantee 9 2,000 1,000 Deferred tax 4 115, ,029 Provisions 117, ,029 Other monetary creditors 39,320 0 Debts to associated companies 80,000 80,000 Long-term liabilities ,320 80,000 Short-term part of other monetary creditors 21,125 23,855 Bank overdrafts and loans 9, ,679 Trade creditors 123,506 54,397 Debts to associated companies 736, ,686 Corporation tax 15, Other liabilities 59,047 57,372 Accruals and deferred income Short-term liabilities 964,899 1,138,673 Payables 1,084,219 1,218,673 Liabilities 8,438,976 8,483,433 Related parties 11 Shareholder information 12 Charges and contingent liabilities, etc. 13 Forward contracts, etc. 14

20 Grundfos Holding A/S 18 Statement of changes in equity Share Retained Proposed capital profit Premium dividend In total DKK '000 DKK '000 DKK '000 DKK '000 DKK '000 Equity Reduction of share capital Capital increase by non-cash contribution 380,909 6,942,091 7,323,000 Business combination balance -150, ,533 Adjustment of accounting policies in merged companies -43,736-43,736 Transferred to retained profit 6,942,091-6,942,091 0 Equity as per merger balance sheet 380,909 6,747, ,128,731 Profit for the year -29, , ,196 Value adjustment of hedging instruments, opening -13,377-13,377 Tax on equity items, opening 3,344 3,344 Value adjustment of hedging instruments, closing 5,252 5,252 Tax on equity items, closing -1,313-1,313 Equity ,909 6,711, ,984 7,236,833 The share capital is divided into 38,090,911 shares of DKK 10 each and amounts to DKK 380,909 in total. In addition to the above, there have been no changes in the company's share capital since its formation on 20 November 2008.

21 Grundfos Holding A/S 19 Notes 1. Net turnover DKK '000 DKK '000 Intra-group turnover 1,518,211 1,595,667 Extra-group turnover 1,043,596 1,117,617 2,561,807 2,713, Staff costs Wages and salaries 566, ,243 Pensions 42,898 44,183 Social contributions 12,328 14,200 Of this, total remuneration to: 621, ,626 Board of directors 2,788 3,050 Executive board 21,988 24,457 24,776 27,507 Average number of full-time employees 1,117 1,142 Number of full-time employees, opening 1,043 1, Financial costs, net Financial income associated companies 0 2,690 Translation adjustments associated companies ,319 Other financial income 1,298 2,831 Financial costs associated companies -20,589-15,765 Other financial costs -7,824-7,626-27,500-15,551

22 Grundfos Holding A/S 20 Notes 4. Tax on profit for the year DKK '000 DKK '000 Current tax 21,952 5,176 Deferred tax 907 4,832 Adjustment re previous years -2, Taxes paid at source abroad 24,429 56,913 44,332 66,170 Reconciliation of tax: Calculated tax on profit for the year after tax 39,632 29,226 Adjustment of deferred tax, previous years -17,981-5,624 Taxed paid at source abroad 24,429 56,913 Tax effect of: Adjustment of tax, previous years 15, Non-deductible costs 1,106 1,520 Non-taxable income -17,879-15,114 Tax for the year in total 44,332 66,170 Tax rate on pre-tax profit 28.0% 56.6% The deferred tax relates primarily to fixed assets.

23 Grundfos Holding A/S 21 Notes 5. Intangible assets Completed Other Developm. developm. intangible projects in projects assets Goodwill progress DKK '000 DKK '000 DKK '000 DKK '000 Cost Additions by merger 408,575 14,591 3, ,383 Additions 36, ,340 80,430 Disposals ,506 Cost ,081 14,591 26, ,307 Amortisation/write-downs Additions by merger 113,853 4,843 1,480 0 Amortisation/write-downs for the year 65,456 1,965 4,306 0 Write-downs for the year 10, Amortisation and write-downs on disposals for the year Amortisation/write-downs ,309 6,808 5,786 0 Book value ,772 7,783 20, ,307 Book value opening balance sheet ,722 9,748 2, ,383

24 Grundfos Holding A/S 22 Notes 6. Tangible fixed assets Land and instal. and Technical Other Tangible instal., fixed assets buildings machinery etc. in progress DKK '000 DKK '000 DKK '000 DKK '000 Cost Additions by merger 3, , ,290 9,105 Additions 0 14,559 42,082 18,678 Disposals 0-1,605-38,966 0 Cost , , ,406 27,783 Depreciation/write-downs Additions by merger , ,815 0 Depreciation for the year 86 20,619 90,568 0 Deprecation/write-downs on disposals for the year 0-1,169-38,690 0 Depreciation/write-downs , ,693 0 Book value ,919 73, ,713 27,783 Book value opening balance sheet ,005 79, ,475 9,105 "Other installations, etc." include finance lease assets at a book value of DKK 29,612,000.

25 Grundfos Holding A/S 23 Notes 7. Fixed asset investments Investments Other in assoc. accounts companies receivable DKK '000 DKK '000 Cost Additions by merger 622,820 0 Additions by business transfer 7,323,000 0 Additions 429,148 1,500 Disposals -15,888 0 Cost ,359,080 1,500 Value adjustments Dividends received following restructuring -1,653,200 0 Value adjustments ,653,200 0 Book value ,705,880 1,500 Book value opening balance sheet ,292,620 0 Equity investments in associated companies include: Equity investments in associated companies include: Grundfos Holding AG, Switzerland, 100% (and 109 underlyding subsidaries) Bombas Grundfos Espanã S.A.U, Spain, 100% Bombas Grundfos Portugal S.A, Portugal, 100% Grundfos NoNox Holding A/S, Denmark, 100% (and 1 underlying subsidiary) Grundfos Pompe Italia S.r.l, Italy, 100% Grundfos Pumps Latvia Ltd., Latvia, 100% UAB Grundfos Pumps, Lithuania, 100%

26 Grundfos Holding A/S 24 Notes Grundfos New Business A/S, Denmark, 100% (and 5 underlying subsidiaries) Grundfos Pumps Estii OÜ, Estonia, 100% Pompes Grundfos S.A.S, France 100% Pompes Grundfos Distribution S.A.S, France, 100% Grundfos Submersible Motors S.r.l, Italy, 100% Badring Investement SA, Luxembourg, 100% The Poul Due Jensen Foundation, Bjerringbro, Denmark, which holds 87% of the shares in Grundfos Holding A/S, prepares consolidated financial statements in which all of the above companies are included. 8. Inventories DKK '000 DKK '000 Work in progress 24,938 92,855 Manufactured goods and goods for resale 27,908 37,395 Inventories 52, , Liabilities under guarantees Liabilities under guarantees Additions by merger 1,000 0 Changes during the year 1, Liabilities under guarantees ,000 1, Long-term liabilities Debts falling due after more than five years: Other monetary creditors 1, ,307 0

27 Grundfos Holding A/S 25 Notes 11. Related parties Related parties with control over Grundfos Holding A/S: The company's parent foundation, The Poul Due Jensen Foundation 12. Shareholder information The following shareholders hold more than 5% of the company's share capital: The Poul Due Jensen Foundation, Bjerringbro, Denmark, 87% 13. Charges and contingent liabilities, etc. A charge has been registered over the company's machinery as security for mortgage loans raised by other companies in the Grundfos Group: DKK '000 DKK '000 The book value of the assets charged is: Technical installations and machinery 73,435 79,931 Lease obligations: Accumulated lease payments on operational leasing contracts that are due during the next 7 years amount to a maximum amount of DKK 49 million. 14. Forward contracts, etc. Grundfos Holding A/S has for hedging purposes entered into forward exchange transactions, which at the balance sheet day may be divided into the following principal items:

28 Grundfos Holding A/S 26 Notes Contract Contract Deferred Deferred value value gain/loss gain/loss DKK '000 DKK '000 DKK '000 DKK '000 GBP 43,015 55, ,689 JPY 11,356 19, ,127 USD 238, ,199 4,334 5, , ,963 5,252 13,377 Deferred gains on forward contracts have been recognised in the balance sheet under other receivables and equity. The currency hedging periods at 31 December 2009 for each currency varies between 2 and 12 months.