Statement of shareholders' equity

Audited by PwC

	Attributable to shareholders in the company
	Common stock	Treasury stock	Currency translation	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, 2010	650	(1,624)	(49)	-	203	6,651	10	5,841

Comprehensive income for the year, total			440		(54)	1,614	2	2,002
Sale of treasury stock		145						145
Dividend						(359)		(359)
Stock-based payment						60		60
Tax related to equity items						147		147
Changes in shareholders' equity	-	145	440	-	(54)	1,462	2	1,995

Shareholders' equity at December 31, 2010	650	(1,479)	391	-	149	8,113	12	7,836



Shareholders' equity at January 1, 2009	650	(1,791)	(139)	29	78	5,638	11	4,476

Comprehensive income for the year, total			90	(29)	125	1,194	(1)	1,379
Sale of treasury stock		36						36
Dividend						(326)		(326)
Stock-based payment						61		61
Tax related to equity items		131				84		215
Changes in shareholders' equity	-	167	90	(29)	125	1,013	(1)	1,365

Shareholders' equity at December 31, 2009	650	(1,624)	(49)	-	203	6,651	10	5,841


The proposed dividend of DKK 504 million for 2010 is included in Retained earnings.

Reference is made to Note 20 concerning treasury stock and average number of shares.