Balance sheet at 31 december 2005

Management report

Signatures and
auditors' report

Accounting policies

Key figures and ratios

Profit and loss account

Balance sheet

Cash flow statement

Shareholders' equity

Notes

Group companies

2004	2005	Note		2005	2004
0	0	9	Acquired patents and licences	9,675	16,325
0	0	9	Goodwill	54,342	43,096

0	0		Intangible assets	64,017	58,421

24,950	24,770	10	Land and buildings	503,576	333,451
0	0	10	Production plant and machinery	138,263	113,312
998	534	10	Fixtures, tools and equipment	180,214	137,975
0	0	10	Leasehold improvements	26,609	29,400
0	0	10	Prepayments and plants under construction	7,578	6,426

25,948	25,304		Tangible assets	856,240	620,564

1,209,006	1,434,799	11	Shares in subsidiary undertakings	-	-
0	0	11	Shares in associated undertakings	3,824	3,828
1,556	3,118	11	Securities and participating interests	3,505	2,038
0	37,511	11	Receivables	144,344	68,099
0	0	12	Deferred tax	100,766	70,185

1,210,562	1,475,428		Other long-term assets	252,439	144,150

1,236,510	1,500,732		Total long-term assets	1,172,696	824,135

0	0	13	Inventories	632,336	602,651


0	0		Trade receivables	862,599	756,981
0	84	7	Corporation tax	4,385	4,674
0	0		Other receivables	49,510	59,472
62	0		Non-realised gains on financial contracts	1,625	35,322
331	0		Prepayments and accrued expenses	35,545	31,276

393	84		Receivables	953,664	887,725

0	0		Cash and cash equivalents	134,685	126,434

393	84		Total short-term assets	1,720,685	1,616,810

1,236,903	1,500,816		Total assets	2,893,381	2,440,945

Accounting Policies

PARENT COMPANY	Liabilities (DKK - in thousands)	GROUP

2004	2005	Note		2005	2004
67,515	65,569		Share capital		67,515
0	27,498		Net revaluation under the equity method	65,569	-
577,590	660,703		Retained earnings	690,900	578,058

645,105	753,770		Shareholders' equity	756,469	645,573


0	0	14	Mortgage debt	196,699	2,438
78,238	68,024	14	Other long-term debt, credit institutes	487,346	455,235
4,027	5,146	12	Provision for deferred tax	35,798	27,004
0	0	15	Provisions	25,393	19,792

82,265	73,170		Long-term payables	745,236	504,469

10,268	10,299		Short-term part of long-term debt, credit institutes	17,931	12,335
369,270	414,392		Interest-bearing debt	658,938	660,775
0	0		Trade payables	218,585	164,721
5,769	0	7	Corporation tax	15,695	20,406
112,478	239,692		Intra-group payables, subsidiary undertakings	-	-
0	0	15	Provisions	3,351	1,653
7,920	8,493		Other payables	368,950	337,915
953	432		Non-realised losses on financial contracts	2,154	953
2,875	568		Prepayments and accrued income	106,072	92,145

509,533	673,876		Short-term payables	1,391,676	1,290,903

591,798	747,046		Total payables	2,136,912	1,795,372

1,236,903	1,500,816		Total liabilities	2,893,381	2,440,945


		16	Interest rate risk
		17	Rent and lease obligations
		18	Contingent liabilities
		19	Related parties
		20	Government grants
		21	Acquisitions of undertakings