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## Non-controlling interests 

The Group has entities primarily in Asia which are not fully owned. The share of the consolidated profit attributable to the non- controlling interests is shown below. 

## NON-CONTROLLING INTERESTS’ SHARE OF PROFIT FOR THE YEAR 

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## 5.4 ACCOUNTING POLICIES 

On acquisition of non-controlling interests (i.e. subsequent to the Carlsberg Group obtaining control), acquired net assets are not remeasured at fair value. The difference between the cost and the non-controlling interests’ share of the total carrying amount, including goodwill, is transferred from the non-controlling interests’ share of equity to equity attributable to shareholders in Carlsberg A/S. The amount deducted cannot exceed the non-controlling interests’ share of equity immedi- ately before the transaction. 

On disposal of shareholdings to non-controlling interests, the difference between the sales price and the share of the total carrying amount, including goodwill acquired by the non-controlling interests, is transferred from equity attributable to shareholders in Carlsberg A/S to the non-control- ling interests’ share of equity. 

Fair value adjustment of put options written on non-controlling interests on or after 1 January 2010 is recognised directly in the statement of changes in equity. Fair value adjustment of put options written no later than 31 December 2009 is recognised in goodwill. 

## ACQUISITION OF NON-CONTROLLING INTERESTS 

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1  Comprises transactions with shareholdings in Carlsberg South Asia Pte. Ltd. (Singapore), Lao Brewery Co. Ltd. (Laos), JSC Aldaris (Latvia), OJSC Carlsberg Ukraine, Luen Heng F&B Sdn BHD (Malaysia) and Myanmar Carlsberg Co. Ltd. 

2  In June 2012 Baltika Breweries completed a cancellation of 7,954,071 treasury shares acquired in the share buy- back in 2011. After the cancellation, Carlsberg completed a voluntary offer to the non-controlling interests in Bal- tika Breweries in August 2012, followed by a compulsory purchase of all outstanding shares completed in Novem- ber 2012. In total Carlsberg increased its shareholding 

by 13,058,025 shares in the two transactions, leaving Carlsberg as the sole shareholder of Baltika Breweries. 

3  Comprises transactions with shareholdings in OJSC Olivaria Brewery (Belarus), Carlsberg South Asia Pte. Ltd. (Singapore), Carlsberg Kazakhstan, Lao Brewery Co. Ltd. (Laos), Carlsberg Distributers Taiwan Ltd, UAB Svyturys- Utenos Alus (Lithuania), JSC Aldaris (Latvia), Carlsberg Serbia d.o.o., Carlsberg Croatia d.o.o., Carlsberg Bulgaria AD, Bottling and Brewing Group Ltd. (Malawi) and adjustment to the acquisition price for PJSC Carlsberg Ukraine due to dividends received for 2011. 

