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## Other disclosure requirements 

## Key developments 2013 

35.9 

Basic earnings per share decreased slightly due to changes in special items, net, partly offset by lower financial items, net. 

8.00 

The Supervisory Board proposes a dividend per share of DKK 8.00, equalling a payout ratio of 22. 

33% 

Increase in dividend per share of 33%. 

## Earnings per share 

## EARNINGS PER SHARE 

<img src='content_image/241090.jpg'>

The Supervisory Board proposes a dividend per share of DKK 8.00, an increase of 33% (2012: DKK 6.00). 

Diluted earnings per share exclude 152,200 share options (2012: 353,744) which do not 

have a dilutive effect as the total of the ex- ercise price and the fair value of the options at the grant date is higher than the average market price of the Carlsberg B share in the year. These share options could potentially dilute earnings in the future. 

