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## SECTION 4 Capital structure and equity 

## SHARE CAPITAL 

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A shares  carry 20 votes per DKK 20 share. 

## TREASURY SHARES 

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At 31 December 2013 the fair value of treasury shares amounted to DKK 14m (2012: DKK 1m). 

B shares  carry two votes per DKK 20 share. A prefer- ential right to an 8% non-cumulative dividend is attached to B shares. Apart from votes and dividends, all shares rank equally. 

## 4.4 Borrowings 

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Other non-current borrowings include employee bonds of DKK 13m (2012: DKK 18m). No bonds have been issued in 2013 or 2012. 

Borrowings are measured at amortised cost. 

The fair value of borrowings in subsidiaries corresponds to the carrying amount in all material respects. 

## 4.5 Interest rate risk 

## INTEREST RATE RISK 

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2013  The fixed-rate mortgage is one loan which has a fixed interest rate until 2017. 

Non-current borrowing consists of employee bonds that carry a fixed interest rate and one mortgage carrying a fixed interest. 

2012  The fixed-rate mortgages comprised one mort- gage with a time to maturity of more than five years. 

Swaps were settled in 2012, so there were no fair value adjustment in 2013 (2012: DKK -8m). 

