Note 18 - Share capital
2005 2004
    DKK milion DKK milion  
Share capital
Nominal value
A share capital 107  107 
B share capital   589  619   
Share capital at December 31 696  726 
2005 2004
    No. No.  
Number of shares
A shares of DKK 10 10,748,720  10,748,720 
B shares of DKK 10   58,851,280  61,851,280   
Total shares 69,600,000  72,600,000 
Each A share gives entitlement to 100 votes, while each B share gives entitlement to 10 votes.
The share capital was written down in 2004 and 2005, but was unchanged in the period 2001-2003.
2005 2004
    No. No.  
Number of shares in circulation
Number of shares at January 1 66,590,000  69,515,782 
Purchase of treasury shares (3,449,031) (3,275,105)
Sale of treasury shares   770,131  349,323   
Number of shares at December 31 63,911,100  66,590,000 
2005 2004
    DKK milion DKK milion  
Treasury shares - B shares
Cost
Cost at January 1 1,316  1,018 
Additions during the year 1,053  847 
Disposals during the year (126) (43)
Write-down of share capital   (584) (506)  
Cost at December 31 1,659  1,316 
Nominal value
Nominal value at January 1 60  59 
Additions during the year 35  32 
Disposals during the year (8) (3)
Write-down of share capital   (30) (28)  
Nominal value at December 31 57  60 
Number of shares
Number of shares at January 1 6,010,000  5,923,050 
Additions during the year 3,449,031  3,275,105 
Disposals during the year (770,131) (349,323)
Write-down of share capital   (3,000,000) (2,838,832)  
Number of shares at December 31 5,688,900  6,010,000 
2005 2004
    DKK milion DKK milion  
Percentage of share capital
Percentage of share capital at January 1 8.3 % 7.9 %
Adjustment to figure at beginning of year as a result of write-down of share capital 0.3 % 0.3 %
Additions during the year 5.0 % 4.5 %
Disposals during the year (1.1)% (0.5)%
Write-down of share capital   (4.3)% (3.9)%  
Percentage of share capital at December 31 8.2 % 8.3 %
Acquisitions of treasury shares during the year took place to hedge share options and write down the share capital.
Average number of shares:
Weighted average number of outstanding shares excluding treasury shares 65,461,022  68,275,253 
Adjustment for share options   1,607,617  1,574,741   
Weighted average number of outstanding shares (diluted) excluding treasury shares
and including share options in-the-money: 67,068,639  69,849,994