Note 12 - Deferred tax
2008 2007
      DKK million   DKK million  
Deferred tax at January 1 (892) (711)
Currency translation (13) 14 
Acquisition of companies   - (31)
Tax on shareholders' equity items 55  (77)
Tax for the year     68    (87)  
Deferred tax at December 31 (782) (892)
Deferred tax assets 68  47 
Deferred tax liabilities     (850)   (939)  
Deferred tax at December 31 (782) (892)
Deferred Deferred
tax assets tax liabilities Total
  DKK million   DKK million   DKK million  
Intangible assets and property, plant and equipment 69  (692) (623)
Deferred tax relating to inventories 221  (209) 12 
Tax-loss carry-forwards and balance re recapture of tax losses 45  (18) 27 
Stock options 118    - 118 
Liabilities, etc. 228    (544)   (316)  
681  (1,463) (782)
Offsetting items (613)   613      -  
Deferred tax at December 31, 2008 68  (850) (782)
Due after more than 12 months   -    -  (779)
Unrecognized tax loss carry forward, etc. 47    -    - 
Deferred Deferred
tax assets tax liabilities Total
  DKK million   DKK million   DKK million  
Intangible assets and property, plant and equipment (704) (699)
Deferred tax relating to inventories 124  (187) (63)
Tax-loss carry-forwards and balance re recapture of tax losses 41  (16) 25 
Stock options 172    -  172 
Liabilities, etc. 242    (569)   (327)  
584  (1,476) (892)
Offsetting items (537)   537      -  
Deferred tax at December 31, 2007 47  (939) (892)
Due after more than 12 months   -    -  (446)
Unrecognized tax loss carry forward, etc. 25    -    - 
Tax-loss carry-forwards are recognized in deferred tax assets to the extent that the losses are expected to be realized in the form of future taxable profits.