Balance sheet at 31 december 2003

Management report

Signatures and
auditors' report

Accounting policies

Key figures and ratios

Profit and loss account

Balance sheet

Cash flow statement

Notes

Group companies

2002	2003			2003	2002
0	0		Patents and licences	6,477	2,611
0	0		Goodwill	7,144	8,578

0	0	6	Intangible assets	13,621	11,189

26,627	25,788		Land and buildings	167,058	165,254
0	0		Production plant and machinery	103,563	104,109
1,269	1,314		Fixtures, tools and equipment	135,381	122,937
0	0		Leasehold improvements	29,143	34,607
0	0		Prepayments and plants under construction	3,694	3,369

27,896	27,102	7	Tangible fixed assets	438,839	430,276

552,512	792,182	8	Shares in subsidiary undertakings	-	-
0	0	8	Shares in associated undertakings	2,174	1,356
1,063	1,106	8	Securities and participating interests	1,720	1,843
0	0	8	Other receivables	33,202	26,997
0	0	9	Deferred tax, asset	61,567	47,772

553,575	793,288		Financial asset investments	98,663	77,968

581,471	820,390		Total fixed assets	551,123	519,433

0	0		Raw materials and purchased components	231,768	239,826
0	0		Goods in progress	42,572	42,949
0	0		Finished goods	298,666	331,300

0	0		Inventories	573,006	614,075

0	0		Trade debtors	643,787	618,614
118,484	3,904		Intra-group receivable, subsidiary undertakings	-	-
22,188	20,503	4	Corporation tax	26,712	0
1,244	373		Other debtors	55,228	35,505
0	0		Non-realised gains on financial contracts	31,091	51,866
127	785	14	Prepayments and accrued expenses	25,881	35,590

142,043	25,565		Debtors	782,699	741,575

0	0		Liquid funds	108,144	116,478

142,043	25,565		Total current assets	1,463,849	1,472,128

723,514	845,955		Total assets	2,014,972	1,991,561

Accounting Policies
PARENT COMPANY	Note Liabilities (DKK - in thousands)	GROUP

2002	2003			2003	2002
74,713	70,294		Share capital	70,294	74,713
353,054	451,867		Retained earnings	451,867	353,054

427,767	522,161	11	Shareholders' equity	522,161	427,767


3,545	3,926	9	Provision for deferred tax	49,684	30,578
0	0	12	Other provisions	15,216	12,546

3,545	3,926		Provisions	64,900	43,124

0	0		Mortgage debt	2,862	3,267
98,684	88,539	13	Other long-term debt	538,248	707,647

98,684	88,539		Long-term creditors	541,110	710,914

10,249	10,277		Short-term part of long-term debt	15,305	27,666
150,747	203,419		Interest-bearing short-term debt	293,725	220,636
0	0		Trade creditors	144,794	124,705
0	0	4	Corporation tax	36,096	20,477
27,413	13,671		Intra-group payable, subsidiary undertakings	-	-
4,057	2,365		Other creditors	297,152	317,431
1,052	1,012		Non-realised losses on financial contracts	5,773	10,241
0	585	14	Prepayments and accrued income	93,956	88,600

193,518	231,329		Short-term creditors	886,801	809,756

292,202	319,868		Total creditors	1,427,911	1,520,670

723,514	845,955		Total liabilities	2,014,972	1,991,561


		15	Rent and lease obligations
		16	Contingent liabilities
		17	Employees
		18	Fees to auditors
		19	Related parties
		20	Government grants