Note 14 - Deferred tax


Audited by PwC
2010 2009
      DKK million   DKK million  
Deferred tax at January 1 (632) (782)
Currency translation 11 
Tax related to the income statement 145  (67)
Tax on shareholders' equity items     61    206   
Deferred tax at December 31 (422) (632)
Deferred tax assets 71  62 
Deferred tax liabilities     (493)   (694)  
Deferred tax at December 31 (422) (632)
Deferred Deferred
tax assets tax liabilities Total
  DKK million   DKK million   DKK million  
Intangible assets and property, plant and equipment 162  (735) (573)
Deferred tax relating to inventories 315  (313)
Tax-loss carry-forwards and balance re recapture of tax losses 18  (18)   -
Stock options 260    - 260 
Liabilities, etc. 283    (394)   (111)  
1,038  (1,460) (422)
Offsetting items (967)   967      -  
Deferred tax at December 31, 2010 71  (493) (422)
Due after more than 12 months (396)
Unrecognized share of tax-loss carry-forwards, etc. 79 
Deferred Deferred
tax assets tax liabilities Total
  DKK million   DKK million   DKK million  
Intangible assets and property, plant and equipment 48  (747) (699)
Deferred tax relating to inventories 216  (237) (21)
Tax-loss carry-forwards and balance re recapture of tax losses 28  (18) 10 
Stock options 175    - 175 
Liabilities, etc. 327    (424)   (97)  
794  (1,426) (632)
Offsetting items (732)   732      -  
Deferred tax at December 31, 2009 62  (694) (632)
Due after more than 12 months (487)
Unrecognized share of tax-loss carry-forwards, etc. 30 
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.

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