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The Group gained control of Chongqing Brewery Group in December 2013, at which point it was derecognised as an associate and was fully consolidated as a subsidiary. Accordingly, the 2013 profit after tax in associates includes 11 months’ activity for Chongqing Brewery Group. 

## KEY FIGURES FOR ASSOCIATES 

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Section 5.1. contains a more detailed de- scription of the acquisition and purchase price allocation for this transaction. 

In May 2013, the Group increased its share- holding in the Qinghai and Lanzhou Group to 50% and in late December 2013 the 

shareholding in Tibet Lhasa Brewery Co. Ltd was increased to 50%. 

For associates in which the Group holds an ownership interest of less than 20%, the Group participates in the management of the company and is therefore exercising signifi- cant influence. 

The Group also has minor investments in en- tities in which the Group is unable to exercise significant influence. 

## CONTINGENT LIABILITIES 

The Group has issued guarantees for loans etc. raised by associated entities (non-con- solidated share of loans) of DKK 71m in 2013 (2012: DKK 83m). 

## FAIR VALUE OF INVESTMENTS IN LISTED ASSOCIATES 

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## 5.5 ACCOUNTING POLICIES 

The proportionate share of the results of associates after tax is recognised in the consolidated income statement after elimination of the proportionate share of unrealised intra-Group profits/losses. 

Investments in associates are recognised ac- cording to the equity method and measured at the proportionate share of the entities’ net asset values calculated in accordance with the Group’s accounting policies. The proportionate share of unrealised intra-Group profits and the carrying amount of goodwill are added, whereas the pro- portionate share of unrealised intra-Group losses is deducted. 

Investments in associates with negative net asset values are measured at DKK 0. If the Group has a legal or constructive obligation to cover a deficit in the associate, the deficit is recognised under provisions. Any amounts owed by associates are written down to the extent that the amount owed is deemed irrecoverable. 

On acquisition of investments in associates, the acquisition method is used, cf. section 5.1. 

