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## TRANSACTIONS WITH SHAREHOLDERS 

Transactions with shareholders, primarily dividends, led to a total cash outflow of DKK -985m (2012: DKK -864m). 

The Group proposes dividends of DKK 1,220m (2012: DKK 915m), amounting to DKK 8.00 per share (2012: DKK 6.00 per share). The proposed dividends are included in retained earnings at 31 December 2013. 

## TRANSACTIONS WITH SHAREHOLDERS IN CARLSBERG A/S 

<img src='content_image/247615.jpg'>

## TRANSACTIONS WITH NON- CONTROLLING INTERESTS 

During 2013, the Group had the following transactions with non-controlling interests. 

## TRANSACTIONS WITH NON-CONTROLLING INTERESTS 

<img src='content_image/247616.jpg'>

Dividends paid primarily related to entities in Asia. 

## 4.3.2 ACCOUNTING POLICIES 

## Currency translations in equity 

Currency translations in equity comprise foreign exchange adjustments arising on translation of financial statements of foreign entities from their functional currencies into the presentation currency used by Carlsberg A/S (DKK), balances considered to be part of the total net investment in foreign entities, and financial instruments used to hedge net investments in foreign entities. 

On full or partial realisation of the net investment, the foreign exchange adjustments are recognised in the income statement in the same item as the gain/loss. 

## Fair value adjustments in equity 

Fair value adjustments in equity comprise changes in the fair value of hedging transactions that qualify for recognition as cash flow hedges and where the hedged transaction has not yet been realised. 

## Proposed dividends 

Proposed dividends are recognised as a liability at the date when they are adopted at the Annual General Meeting (declaration date). The dividend recommended by the Supervisory Board and therefore expected to be paid for the year is dis- closed in the statement of changes in equity. 

## Treasury shares 

Cost of acquisition, consideration received and dividends received from treasury shares are recog- nised directly as retained earnings in equity. Capital reductions from the cancellation of treasury shares are deducted from the share capital at an amount corresponding to the nominal value of the shares. 

Proceeds from the sale of treasury shares in connection with the exercise of share options are recognised directly in equity. 

## 4.3.3 Financial risk management 

The Group’s activities create exposure to a variety of financial risks. These risks include market risk (foreign exchange risk, interest rate risk and raw material risk), credit risk and liquidity risk. 

The Group’s financial risks are managed by Group Treasury in accordance with the Financial Risk Management Policy approved by the Supervisory Board and are an inte- grated part of the overall risk management process in Carlsberg. The risk management framework is described in the Management review. 

To reduce the exposure to these risks, the Group enters into a variety of financial instruments and generally seeks to apply hedge accounting to reduce volatility in profit and loss. 

As the Group did not identify any additional financial risk exposures in 2013, the risk management activities were unchanged compared to 2012. 

