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## Capital structure and equity 

## 4.1 Financial income and expenses 

Interest income relates to interest from cash and cash equivalents. Other financial income in 2012 mainly comprises gains on liquidation of subsidiaries. 

Interest income relates to interest from bor- rowings to subsidiaries and return of tax on 

## FINANCIAL ITEMS RECOGNISED IN THE INCOME STATEMENT 

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properties. Other financial income covers foreign exchange gains in 2013. 

Interest expenses primarily relate to interest on borrowings. 

No financial items have been recognised directly in other comprehensive income. 

## 4.2 Net interest-bearing debt 

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## 4.3 Equity 

According to the authorisation of the General Meeting, the Supervisory Board may, in the period until 24 March 2015, allow the Company to acquire treasury shares up to a total holding of 10% of the nominal share capital, at a price quoted on NASDAQ OMX Copenhagen at the time of acquisition with a deviation of up to 10%, in the period up to the next Annual General Meeting. 

In the financial year the Company acquired class B treasury shares of a nominal amount of DKK 6m (2012: DKK 3m) at an average price of DKK 578 (2012: DKK 495), corre- sponding to a purchase price of DKK 167m (2012: DKK 70m). Class B treasury shares are primarily acquired to facilitate settlement of share option schemes. The Company holds no class A shares. 

In the financial year the Company disposed of class B treasury shares at a total price of DKK 97m (2012: DKK 45m). The disposal was made in connection with settlement of share options. 

## TRANSACTIONS WITH SHAREHOLDERS IN CARLSBERG A/S 

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