Accounting policies

The accounting policies are unchanged from last year.

In connection with the change of ownership on 2 March 2009, a review was carried out of a number of accounting estimates and presentation of the income statement and balance sheet, resulting, among other things, in minor corrections being made to some previous accounting estimates. These estimates have been adjusted via the income statement for 2009, cf. discussion in the section on Cost control in the Management's review.

Consolidation
The consolidated financial statements cover the Parent Company and enterprises in which the Parent Company directly or indirectly owns more than 50% of the voting rights or otherwise has control. Enterprises in which the Parent Company directly or indirectly owns between 20% and 50% of the voting rights or otherwise exercises significant influence are considered associates.

The financial statements of subsidiaries are prepared in accordance with the same accounting policies as those applied by the Parent Company. The consolidated financial statements are prepared by combining the financial statements of the Parent Company and the subsidiaries by adding together items of a uniform nature.

Intercompany income, expenditure, losses, profits and balances are eliminated.

The Parent Company’s and subsidiaries’ investments in subsidiaries are eliminated at the proportionate share of the relevant subsidiary’s equity.

Newly acquired and divested Group enterprises are included in the consolidated income statement for the period of ownership. The comparative figures for enterprises which have been divested or newly acquired are not restated.

The purchase method is applied to acquisition of new enterprises. The acquisition cost is calculated as the cash consideration plus directly attributable costs. Conditional payments are recognised at the amount expected to be paid. Identifiable assets and liabilities in the acquired enterprises are recognised at fair value on the acquisition date. Any remaining difference between the acquisition cost and the Group’s share of the net value of the identifiable assets and liabilities is goodwill or negative goodwill. Restructuring provisions related to the acquired enterprise are included in the calculation, provided the restructuring has been approved and announced on the acquisition date.

Foreign currency translation
Transactions in foreign currencies are translated into Danish kroner at the rate prevailing on the transaction date. Monetary assets and liabilities in foreign currencies are translated into Danish kroner at the rates prevailing on the balance sheet date. Realised and unrealised foreign exchange gains and losses are included under financial items in the income statement.

Derivative financial instruments
Derivative financial instruments are measured at fair value. Positive and negative fair values are recognised as other receivables and other payables respectively.

The change in the fair value of financial instruments which are classified as and fulfil the conditions for hedging of expected future transactions is recognised in equity under the hedging reserve where the effective portion of the hedging is concerned. The ineffective portion is recognised in the income statement. If the hedged transaction results in an asset or liability, the amount – which is deferred under equity – is transferred from equity and recognised in the cost of the asset or liability respectively. If the hedged transaction results in a revenue or cost, the amount – which is deferred under equity – is transferred from equity to the income statement in the period in which the hedged transaction is recognised. The amount is recognised in the same item as the hedged transaction.