## 3.2 ACCOUNTING POLICIES 

Provisions, including warranty provisions, are recognised when, as a result of events arising before or at the end of the reporting period, the Group has a legal or a constructive obligation and it is probable that there may be an outflow of resources embodying economic benefits to settle the obliga- tion. Other provisions are discounted if the effect is material to the measurement of the liability. The Carlsberg Group’s average borrowing rate is used as the discount rate. 

Restructuring costs are recognised under liabilities when a detailed, formal restructuring plan has been announced to the persons affected no later than at the end of the reporting period. On acquisition of entities, restructuring provisions in the acquiree 

are only included in the opening balance when the acquiree has a restructuring liability at the acquisi- tion date. 

A provision for onerous contracts is recognised when the benefits expected to be derived by the Group from a contract are lower than the unavoid- able costs of meeting its obligations under the contract. 

When the Group has a legal obligation to disman- tle or remove an asset or restore the site on which the asset is located, a provision is recognised cor- responding to the present value of expected future costs. 

## Contingent liabilities 

The Group is party to certain lawsuits, dis- putes etc. of various scopes. It is manage- ment’s opinion that, apart from items recog- nised in the statement of financial position or disclosed in the consolidated financial statements, the outcome of these lawsuits, disputes etc. will not have a material effect on the Group’s financial position. 

The Group has issued guarantees for loans etc. raised by third parties (non-consolidated entities) of DKK 626m (2012: DKK 674m). Guarantees issued for loans raised by joint ventures and associates are described in sec- tion 5.5 and 5.6. 

Certain guarantees etc. are issued in connec- tion with disposal of entities and activities etc. Apart from items recognised in the state- ment of financial position or disclosed in the consolidated financial statements, these guarantees etc. will not have a material ef- fect on the Group’s financial position. 

Contractual commitments, and lease and ser- vice agreements are described in section 2.4. 

