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Consolidated financial statements • 75
CONSOLIDATED
BALANCE SHEET
AT 31 DECEMBER
DKK million
Notes
2016
2015
ASSETS
Goodwill
2,571
2,424
Brand
1,057
1,057
Distribution network
184
216
Distribution rights
1,061
1,069
Other intangible assets
893
683
Total intangible assets
3.1
5,766
5,449
Property, plant and equipment
3.2
1,767
1,237
Deferred tax assets
2.5
946
879
Other financial assets
250
159
Total non-current assets
8,729
7,724
Inventories
3.3
2,729
2,357
Derivative financial instruments
4.5
161
65
Trade receivables
3.4
1,673
1,360
Income tax receivable
142
113
Other receivables
754
803
Cash
4.3
897
889
Total current assets
6,356
5,587
Total assets
15,085
13,311
EQUITY AND LIABILITIES
Share capital
4.1
117
122
Treasury shares
-4,334
-4,152
Reserves
1,181
1,023
Dividend proposed
1,007
1,511
Retained earnings
8,823
7,635
Total equity
6,794
6,139
Provisions
3.5
101
97
Loans and borrowings
4.3, 4.4
3,008
2,350
Deferred tax liabilities
2.5
393
394
Other payables
393
249
Total non-current liabilities
3,895
3,090
Provisions
3.5
1,004
971
Loans and borrowings
4.3, 4.4
3
257
Derivative financial instruments
4.4, 4.5
256
214
Trade payables
4.4
1,622
1,329
Income tax payable
547
306
Other payables
964
1,005
Total current liabilities
4,396
4,082
Total liabilities
8,291
7,172
Total equity and liabilities
15,085
13,311