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## CALCULATION OF THE KEY FIGURES AND FINANCIAL RATIOS STATED IN THE ANNUAL REPORT 

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1 The dilutive effect is calculated as the difference between the number of shares that could be acquired at fair value for the proceeds from the exercise of the share op- tions and the number of shares that could be issued assuming that the options are exercised. 

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2 The calculation of net interest-bearing debt is specified in section 4.2. 

3 The calculation of free cash flow is specified in the statement of cash flows. 

4 The calculation of invested capital is specified in section 2.1. 

and, as is the case with eliminations and non-beverage activities, are not included in the operating profit/loss of the segments. 

Total segment assets comprise non-current assets used directly in the operating activities of the segment, including intangible assets, property, plant and equipment, investments in associates and current segment assets to the extent that they can be allocated directly to the individual segment, including invento- ries, trade receivables, other receivables and prepayments. 

The geographical allocation is made on the basis of the selling countries’ domicile and comprises countries individually accounting for more than 10% of the Group’s consolidated net revenue as well as the domicile country. 

## FINANCIAL RATIOS 

Earnings per share (EPS) and diluted earnings per share (EPS-D) are calculated in accord- ance with IAS 33. 

Other financial ratios are calculated in accord- ance with the Danish Society of Financial Ana- lysts’ guidelines on the calculation of financial ratios, “Recommendations and Financial Ratios 2010”, unless specifically stated. 

