Audited by PwC

Statement of shareholders' equity

  Attributable to shareholders in the company
Common stock Treasury stock Currency translations Available-for-sale financial assets Cash flow hedges Retained earnings Minority interests Total
  DKK million DKK million DKK million DKK million DKK million DKK million DKK million DKK million  
Shareholders' equity at January 1, 2008 650  (1,837) (176) 82  117  4,821  10  3,667 
Currency translation of subsidiaries and minority interests 47    - 47 
Fair value adjustment of derivatives (14) (15) 18  (10)
Transferred to Financial income and Financial costs (38) (62) (100)
Tax related to equity items              
Items recognized directly in Shareholders' equity   -    -  37  (53) (39)   - (54)
Net profit           1,062    - 1,062   
Comprehensive income for the year   -    -  37  (53) (39) 1,062  1,008 
Sale of treasury stock 24  24 
Dividend (309)   - (309)
Stock-based payment 40  40 
Other adjustments   22        24    - 46   
Other changes in Shareholders' equity   - 46    -    -    -  (245)   - (199)
Shareholders' equity at December 31, 2008 650  (1,791) (139) 29  78  5,638  11  4,476 
The proposed dividend of DKK 325 million for 2008 is included in Retained earnings.
Reference is made to Note 18 concerning treasury stock and average number of shares.
       
   

  Attributable to shareholders in the company
Common stock Treasury stock Currency translations Available-for-sale financial assets Cash flow hedges Retained earnings Minority interests Total
  DKK million DKK million DKK million DKK million DKK million DKK million DKK million DKK million  
Shareholders' equity at January 1, 2007 650  (1,449) (67) 77  76  4,072  34  3,393 
 
Currency translation of subsidiaries and minority interests (135) (1) (136)
Fair value adjustment of derivatives 32  40  26  98 
Transferred to Financial income and Financial costs (35) 16  (19)
Tax related to equity items     (6)   (1) 29    22   
Items recognized directly in Shareholders' equity   -    -  (109) 41  29  (1) (35)
Net profit           1,048  (6) 1,042   
Comprehensive income for the year   -    -  (109) 41  1,077  (7) 1,007 
Purchase of treasury stock (500) (500)
Sale of treasury stock 112  112 
Dividend (278) (1) (279)
Stock-based payment 20  20 
Other adjustments           (70) (16) (86)  
Other changes in Shareholders' equity   - (388)   -    -    -  (328) (17) (733)
Shareholders' equity at December 31, 2007 650  (1,837) (176) 82  117  4,821  10  3,667 
       
The dividend of DKK 309 milllion for 2007 is included in Retained earnings.
Reference is made to Note 18 concerning treasury stock and average number of shares.