DKK million Shareholders in Carlsberg A/S 2013 Share capital Currency translation Hedging reserves Total reserves Retained earnings Equity, shareholders  in Carlsberg  A/S Non-  controlling interests Total equity Equity at 1 January 2013 3,051 -5,865 -758 -6,623 73,833 70,261 3,389 73,650 Consolidated profit - - - - 5,471 5,471 480 5,951 Other comprehensive income Foreign exchange adjustments of foreign entities - -7,327 - -7,327 - -7,327 -172 -7,499 Value adjustments of hedging instruments - -118 128 10 - 10 - 10 Retirement benefit obligations - - - - 815 815 7 822 Share of other comprehensive income in associates - - - - 4 4 - 4 Effect of hyperinflation - 58 - 58 - 58 3 61 Other - - - - -18 -18 -11 -29 Corporation tax - 44 -52 -8 -195 -203 - -203 Other comprehensive income - -7,343 76 -7,267 606 -6,661 -173 -6,834 Total comprehensive income for the year - -7,343 76 -7,267 6,077 -1,190 307 -883 Capital increase - - - - - - 32 32 Acquisition/disposal of treasury shares - - - - -13 -13 - -13 Exercise of share options - - - - -57 -57 - -57 Share-based payment - - - - 57 57 - 57 Dividends paid to shareholders - - - - -915 -915 -359 -1,274 Acquisition of non-controlling interests - - - - -332 -332 -224 -556 Acquisition of entities - - - - - - 543 543 Total changes in equity - -7,343 76 -7,267 4,817 -2,450 299 -2,151 Equity at 31 December 2013 3,051 -13,208 -682 -13,890 78,650 67,811 3,688 71,499 The proposed dividend of DKK 8.00 per share, in total  DKK 1,220m (2012: DKK 6.00 per share, in total DKK  915m), is included in retained earnings at 31 December  2013. Dividends paid out in 2013 for 2012 amount to  DKK 915m (paid out in 2012 for 2011: DKK 839m),  which is DKK 6.00 per share (2012: DKK 5.50 per  share). Dividends paid out to shareholders of Carlsberg  A/S do not impact taxable income in Carlsberg A/S. Consolidated financial statements MAIN STATEMENTS 57 Carlsberg Group Annual Report 2013 STATEMENT OF CHANGES IN EQUITY