Note 12 - Deferred tax

		2007	2006
		DKK million	DKK million

Deferred tax at January 1		(711)	(532)
Currency translation		14	18
Acquisition of companies		(31)	(7)
Tax on shareholders' equity items		(77)	(97)
Tax for the year		(87)	(93)
Deferred tax at December 31		(892)	(711)

Deferred tax assets		47	45
Deferred tax liabilities		(939)	(756)
Deferred tax at December 31		(892)	(711)

	Deferred	Deferred
	tax assets	tax liabilities	Total
	DKK million	DKK million	DKK million
Intangible assets and property, plant and equipment	5	(704)	(699)
Deferred tax relating to inventories	124	(187)	(63)
Tax-loss carry-forwards and balance re. recapture of tax losses	41	(16)	25
Share options	172	-	172
Liabilities and other	242	(569)	(327)
	584	(1,476)	(892)
Netting	(537)	537	-
Deferred tax at December 31, 2007	47	(939)	(892)

Of which due after more than 12 months	-	-	(446)
Unrecognized share of tax-loss carry-forwards, etc.	25	-	-
Recognized tax-loss carry-forwards, previously unrecognized	-	-	-

	Deferred	Deferred
	tax assets	tax liabilities	Total
	DKK million	DKK million	DKK million
Intangible fixed assets and property, plant and equipment	9	(642)	(633)
Deferred tax relating to inventories	85	(135)	(50)
Tax-loss carry-forwards and balance re. recapture of tax losses	15	(19)	(4)
Share options	271	-	271
Liabilities and other	218	(513)	(295)
	598	(1,309)	(711)
Netting	(553)	553	-
Deferred tax at December 31, 2006	45	(756)	(711)

Of which due after more than 12 months	-	-	(696)
Unrecognized share of tax-loss carry-forwards, etc.	-	-	-
Recognized tax-loss carry-forwards, previously unrecognized	6	-	-

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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