Note 9 - Tax
2005 2004
    DKK milion DKK milion  
Tax payable on net profit 322  392 
Change in deferred tax 18  (126)
Impact of change in tax rate from 30% in 2004 to 28% in 2005 (35)  
Adjustment for previous years   (16) 15   
Tax in the income statement 289  281 
Calculation of effective tax rate:
Corporation tax in Denmark 28.0 % 30.0 %
Impact of change in tax rate from 30% in 2004 to 28% in 2005  (3.1)% -
Non-deductible expenses 0.4 % 0.4 %
Difference in foreign tax rates (2.0)% (5.2)%
Other adjustments   1.8 % 1.4 %  
Effective tax rate 25.1 % 26.6 %