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Statement of shareholders' equity

Share capital Revaluation reserve according to the equity method Treasury shares Retained earnings Proposed dividend Total
  DKK milion DKK milion DKK milion DKK milion DKK milion DKK milion  
Shareholders' equity at January 1, 2005 726  519  (1,316) 3,755  233  3,917 
Net profit 143  714  857 
Dividend:
      Dividend paid (254) (254)
      Dividend paid relating to treasury shares 21  23 
      Proposed dividend, gross (278) 278   
      Proposed dividend relating to treasury shares 22  (22)  
Treasury shares:
      Purchase of treasury shares (1,053) (1,053)
      Sale of treasury shares 126  126 
      Write-down of share capital (30) 584  (554)  
Currency translation of investments in subsidiaries, etc. 242  242 
Value adjustment of hedging instruments (141) (141)
Other adjustments       35    35   
Shareholders' equity, December 31, 2005 696  662  (1,659) 3,797  256  3,752 
Shareholders' equity at December 31, 2003 754  737  (1,018) 3,452  219  4,144 
Adjustment relating to change of accounting policies (24) (24)
Shareholders' equity at January 1, 2004 754  737  (1,018) 3,428  219  4,120 
Net profit (218) 997  779 
Dividend:  
      Dividend paid (238) (238)
      Dividend paid relating to treasury shares 19  21 
      Proposed dividend, gross (254) 254   
      Proposed dividend relating to treasury shares 21  (21)  
Treasury shares:
      Purchase of treasury shares (847) (847)
      Sale of treasury shares 43  43 
      Write-down of share capital (28) 506  (478)
Currency translation of investments in subsidiaries, etc. (108) (108)
Value adjustment of hedging instruments 17  17 
Other adjustments       130    130   
Shareholders' equity, December 31, 2004 726  519  (1,316) 3,755  233  3,917 
Reference is made to Note 18 in the consolidated financial statements concerning treasury shares and average number of shares.
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