content_image/262093.jpg
## Investments in subsidiaries, associates and joint ventures 

## 5.1 Investments in subsidiaries 

## COST 

<img src='content_image/262093.jpg'>

The carrying amount includes goodwill of DKK 11,207m (2012: 11,207m) on acquisition of subsidiaries. Share-based payment to employees in subsidiaries comprises exercised as well as outstanding share options. 

## 5.1  ACCOUNTING POLICIES 

Dividends on investments in subsidiaries, joint ventures and associates are recognised as income in the income statement of the Parent Company in the financial year in which the dividend is declared. 

Investments in subsidiaries, joint ventures and associates are measured at the lower of cost and recoverable amount. 

## 5.1  SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS 

Management performs an annual test for indications of impairment of investments in subsidiaries, joint ventures and associ- ates. Impairment tests are conducted in the same way as for goodwill in the Carlsberg Group, cf. section 2 in the con- solidated financial statements. It is man- agement’s assessment that no indications of impairment existed at year-end 2013. Impairment tests have therefore not been carried out for subsidiaries and associates. 

