Of the total deferred tax assets recognised, DKK 728m (2012: DKK 718m) related to tax loss carryforwards, the utilisation of which depends on future positive taxable income exceeding the realised deferred tax liabilities. 

It is management’s opinion that the tax loss carryforwards can be utilised. 

Tax assets not recognised, DKK 1,489m (2012: DKK 1,328m), primarily related to tax losses which are not expected to be utilised in the foreseeable future. Tax losses that will not expire amounted to DKK 1,102m (2012: DKK 1,093m). 

Deferred tax of DKK 77m (2012: DKK 160m) was recognised in respect of earnings in enti- ties in the Eastern Europe region which are intended for distribution in the short term, as tax of 5% is payable on distributions. For other subsidiaries where distributable reserves are planned to be distributed, any distribution of earnings will not trigger a significant tax liability based on current tax legislation. 

Deferred tax on temporary differences relating to investments in subsidiaries, joint ventures and associates amounted to DKK 0m (2012: DKK 0m). 

The Group recognises deferred tax as- sets, including the expected tax value of tax loss carryforwards, if management assesses that these tax assets can be offset against positive taxable income in the foreseeable future. This judgement is made annually and based on budgets and business plans for the coming years, including planned commercial initiatives. 

Current tax payable and receivable is recognised in the statement of financial position as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. 

Deferred tax on all temporary differences between the carrying amount and the tax base of assets and liabilities is measured using the balance sheet liability method. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes or on office premises and other items where tem- porary differences, apart from business combina- tions, arise at the acquisition date without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on management’s planned use of the asset or settlement of the liability. 

If specific dividend plans exist for subsidiaries, joint ventures and associates in countries levying withholding tax on distributions, deferred tax is recognised on expected dividend payments. 

Deferred tax assets, including the tax base of tax loss carryforwards, are recognised under other non-current assets at the expected value of their utilisation, either as a set-off against tax on future income or as a set-off against deferred tax liabili- ties in the same legal tax entity and jurisdiction. Deferred tax assets and tax liabilities are offset if the entity has a legally enforceable right to offset 

current tax liabilities and tax assets or intends either to settle current tax liabilities and tax assets or to realise the assets and settle the liabilities simultaneously. Deferred tax assets are subject to annual impairment tests and are recognised only to the extent that it is probable that the assets will be utilised. 

Adjustment is made to deferred tax resulting from elimination of unrealised intra-Group profits and losses. 

Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at the end of the reporting period and when the deferred tax is expected to crystallise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the income statement. Changes to deferred tax on items recog- nised in other comprehensive income are, however, recognised in other comprehensive income. 

