Los recursos

DKK million 2006 2005

Cost at 1 July 815.3 749.9

Additions due to establishment of subsidiaries 0.6 0.5 Capital increases by cash contribution 14.7 64.9 Disposal by transfer of subsidiaries (83.9) -

Cost at 30 June 746.7 815.3

Write-downs at 1 July (154.0) (149.6)

Write-downs (24.7) (4.4)

Write-downs at 30 June (178.7) (154.0)

Carrying amount at 30 June 568.0 661.3

14. OTHER NON-CURRENT ASSETS

Receivables from subsidiary

DKK million undertakings Deposits, etc.

Cost at 1 July 2004 62.4 2.3 Additions 2.5 0.1 Disposals (25.1) (0.2) Cost at 30 June 2005 39.8 2.2 Additions 723.6 0.1 Disposals (3.4) - Cost at 30 June 2006 760.0 2.3 Value adjustment at 1 July 2004 0.1 -

Currency translation, etc. 0.5 -

Value adjustment at 30 June 2005 0.6 -

Currency translation, etc. 5.6 -

Value adjustment at 30 June 2006 6.2 -

Carrying amount at 30 June 2006 766.2 2.3 Carrying amount at 30 June 2005 40.4 2.2 15. DEFERRED TAX MODERSE DKK million 2006 2005 Deferred tax assets at 1 July 81.5 30.8 Prior-year adjustments 0.5 -

Adjustment regarding changes in tax percentages - (2.0) Currency translation - -

Deferred tax on equity movements 25.0 (8.3) Change in deferred tax on profit/(loss) for the year 3.5 61.0 Net deferred tax assets at 30 June 110.5 81.5 Recognised as follows: Deferred tax assets 110.5 81.5 Deferred tax - -

Net deferred tax assets at 30 June 110.5 81.5

Breakdown of deferred tax assets at 30 June:

Gross deferred tax assets 149.0 126.0 Unrecognised tax assets (38.5) (44.5)

Net deferred tax assets at 30 June 110.5 81.5

PARENT COMPANY

Unrecognised tax assets relate to tax losses that are not assessed to be sufficiently likely to be utilised in the foreseeable future. The unrecognised tax losses have no expiry date.

DKK million

Net deferred tax asset at 1 July 2005

Recognised in profit for the year

Recognised in equity

Net deferred tax asset at 30 June 2006 Intangible assets 7.6 (3.6) - 4.0 Property, plant and equipment 37.5 (16.9) - 20.6 Receivables 0.3 - - 0.3 Other current assets (8.2) 8.2 - - Provisions 2.6 (1.5) - 1.1 Other current liabilities - (15.7) 15.3 (0.4) Share-based payment - 1.5 9.7 11.2 Tax losses carried forward 87.5 24.7 - 112.2 Unrecognised tax assets (45.8) 7.3 - (38.5) Total 81.5 4.0 25.0 110.5 DKK (million) Net deferred tax asset at 1 July 2004 Recognised in profit for the year

Recognised in equity

Net deferred tax asset at 30 June 2005 Intangible assets 8.7 (1.1) - 7.6 Property, plant and equipment 35.7 1.8 - 37.5 Receivables 0.7 (0.4) - 0.3 Other current assets 1.0 (9.2) - (8.2) Provisions 5.5 (2.9) - 2.6 Other current liabilities (16.9) 25.2 (8.3) - Tax losses carried forward 52.8 34.7 - 87.5 Unrecognised tax assets (56.7) 10.9 - (45.8) Total 30.8 59.0 (8.3) 81.5 2004/05 PARENT COMPANY 2005/06 PARENT COMPANY 16. INVENTORIES MODERSE DKK million 2006 2005

Raw materials and consumables 1.0 5.7 PARENT COMPANY

18. OTHER RECEIVABLES

DKK million 2006 2005

VAT receivable, etc. 4.0 1.0 Advance payments to employees, etc. - 0.1 Unrealised gain on financial contracts - 35.8

Receivables from sales of non-current assets 38.7 -

Sundry receivables 3.3 2.8 Other receivables at 30 June 46.0 39.7 PARENT COMPANY Management assesses that the carrying amount of receivables at 30 June 2006 in all material respects corresponds to the fair value, and that the receivables are not subject to any particular credit risk. 19. PREPAYMENTS, ASSETS DKK million 2006 2005 Collection samples 3.2 6.6 Advertising 2.8 0.0 Rent, etc. 2.8 2.3 Insurance 2.9 1.7 Others 7.5 3.8 Prepayments at 30 June 19.2 14.4 PARENT COMPANY 20. SHARE CAPITAL Information on number of shares, etc. is disclosed in note 20 to the consolidated financial statements. 21. OTHER PROVISIONS Provision Total DKK million for rent provisions Provisions at 1 July 2004 18.4 18.4 Taken to income under special items (8.6) (8.6) Expenditure (9.8) (9.8) Provisions at 30 June 2005 - -

Additions - -

Expenditure - -

22. CAPITALISED LEASE LIABILITY

Liabilities relating to assets held under finance lease fall due as follows:

(mio. DKK)

Amounts payable under

finance leases Interests

Carrying amount

Amounts payable under

finance leases Interests

Carrying amount

Maturity within 1 year 42.3 (0.8) 41.5 3.8 (1.3) 2.5

Maturity between 1 and 5 years 0.0 0.0 0.0 42.3 (0.8) 41.5

After more than 5 years 0.0 0.0 0.0 0.0 0.0 0.0

Total 42.3 (0.8) 41.5 46.1 (2.1) 44.0

2006 2005

PARENT COMPANY

Capitalised lease liabilities falling due in 0-1 years are classified as current liabilities in the Annual Report.

The finance lease liability relates to Danstruplund, which was sold in 2005/06. This liability is not due until 31 December 2006. The lease liability regarding Danstruplund amounts to DKK 41.5 million (30 June 2005: DKK 44.0 million).

No contingent rents are payable under the leases.

The fair value of the liabilities relating to assets held under finance leases corresponds to the carrying amount.

23. SHORT-TERM DEBT TO CREDIT INSTITUTIONS

The Parent Company’s total short-term debt to credit institutions comprises Danish and foreign overdraft facilities carrying interest at an average rate of 3.92 % p.a. (3.38 % p.a.).

Short-term debt is repayable on demand, and the fair value therefore corresponds to the carrying amount.

Short-term debt to credit institutions is denominated in the following currencies:

2006 2005 DKK 84% 46% EUR 5% 25% SEK 2% 3% PLN 5% 11% USD 3% 2% GBP 0% 2% PARENT COMPANY

24. TRADE PAYABLES

DKK million 2006 2005

Trade payables 83.5 66.7

Total 83.5 66.7

PARENT COMPANY

The carrying amount corresponds to the fair value of the liabilities.

25. OTHER DEBT

DKK million 2006 2005

VAT, customs and PAYE tax withheld 20.1 15.1 Salaries, social security costs and holiday allowance payable 27.0 26.0 Unrealised loss on financial contracts 45.1 -

Severance pay 7.1 4.7

Other costs payable 7.8 17.2

Total 107.1 63.0

PARENT COMPANY

The carrying amount of amounts payable under Other debt in all material respects corresponds to the fair value of the liabilities.

26. OPERATING LEASES

DKK million 2005/06 2004/05

Commitments under non-cancellable operating leases are: Shop leases and other land and buildings:

0-1 year 5.7 5.7

1-5 years 9.6 19.3

After 5 years - 124.9

Total 15.3 149.9

Lease of equipment and furniture etc.:

0-1 year 3.8 3.4

1-5 years 5.7 4.9

After 5 years - -

Total 9.5 8.3

PARENT COMPANY

The Parent Company leases land and buildings under operating leases. The lease period is typically between three and ten years with an option to extend on expiry.

In addition, the Parent Company leases cars and other operating equipment under operating leases. The lease period is typically between three and five years with an option to extend on expiry.

An amount of DKK 10.8 million (2004/05: DKK 9.6 million) relating to operating leases has been recognised in the Parent Company income statement for 2005/06.

27. OTHER LIABILITIES AND CONTINGENT LIABILITIES

DKK million 2006 2005

Guarantees and other collateral security

relating to subsidiaries 469.7 281.6

Other guarantees and other collateral security 2.8 1.8 PARENT COMPANY

For additional information see note 29 to the consolidated financial statements.

28. NON-CASH TRANSACTIONS

DKK million 2005/06 2004/05

Purchase of intangible assets and property, plant and equipment, cf. note 12 37.9 65.2 - hereof financial leased assets - (44.0) Paid regarding last years additions - 7.0 Currency translation etc. (3.6) - Paid regarding purchase of intangible assets and

property, plant and equipment 34.3 28.2

Proceeds from the raising of financial obligations - 44.0 - hereof raised from financial lease obligations - (44.0) Proceeds form the raising of financial obligations - -

PARENT COMPANY

29. CHANGES IN WORKING CAPITAL

DKK million 2005/06 2004/05

Change in inventories (57.3) (98.1)

Change in receivables 155.2 107.2

Change in short-term debt excluding tax 81.8 253.4

Total 179.7 262.5

PARENT COMPANY

30. CASH AT YEAR END

DKK million 2005/06 2004/05

Cash and cash equivalents 20.7 7.4 Financial institutions, short-term (288.5) (289.5)

33. EFFECT OF CHANGE IN ACCOUNTING POLICIES UPON TRANSITION TO IFRS