SECTION 4.3  Capital structure TRANSACTIONS WITH SHAREHOLDERS TRANSACTIONS WITH NON- CONTROLLING INTERESTS Transactions with shareholders, primarily  dividends, led to a total cash outflow of DKK  -985m (2012: DKK -864m). During 2013, the Group had the following  transactions with non-controlling interests. The Group proposes dividends of DKK  1,220m (2012: DKK 915m), amounting to  DKK 8.00 per share (2012: DKK 6.00 per  share). The proposed dividends are included  in retained earnings at 31 December 2013.  DKK million 2013 2012 Dividends to share- holders -915 -839 Acquisition of treasury shares -167 -70 Disposal of treasury shares 97 45 Total -985 -864 DKK million 2013 2012 Acquisition of non- controlling interests -320 -4,916 Dividends to non-  controlling interests -359 -282 Total -679 -5,198 Dividends paid primarily related to entities  in Asia. 4.3.2  ACCOUNTING POLICIES 4.3.3  Financial risk management Currency translations in equity Currency translations in equity comprise foreign  exchange adjustments arising on translation of  financial statements of foreign entities from their  functional currencies into the presentation currency  used by Carlsberg A/S (DKK), balances considered  to be part of the total net investment in foreign  entities, and financial instruments used to hedge  net investments in foreign entities. On full or partial realisation of the net investment, the  foreign exchange adjustments are recognised in the  income statement in the same item as the gain/loss. Fair value adjustments in equity Fair value adjustments in equity comprise changes  in the fair value of hedging transactions that  qualify for recognition as cash flow hedges and  where the hedged transaction has not yet been  realised.  Proposed dividends Proposed dividends are recognised as a liability  at the date when they are adopted at the Annual  General Meeting (declaration date). The dividend  recommended by the Supervisory Board and  therefore expected to be paid for the year is dis- closed in the statement of changes in equity. Treasury shares  Cost of acquisition, consideration received and  dividends received from treasury shares are recog- nised directly as retained earnings in equity. Capital  reductions from the cancellation of treasury shares  are deducted from the share capital at an amount  corresponding to the nominal value of the shares. Proceeds from the sale of treasury shares in connection with the exercise of share options are recognised directly in equity. As the Group did not identify any additional  financial risk exposures in 2013, the risk  management activities were unchanged  compared to 2012. To reduce the exposure to these risks, the  Group enters into a variety of financial  instruments and generally seeks to apply  hedge accounting to reduce volatility in  profit and loss. The Group’s financial risks are managed  by Group Treasury in accordance with the  Financial Risk Management Policy approved  by the Supervisory Board and are an inte- grated part of the overall risk management  process in Carlsberg. The risk management  framework is described in the Management  review.  The Group’s activities create exposure to a  variety of financial risks. These risks include  market risk (foreign exchange risk, interest  rate risk and raw material risk), credit risk  and liquidity risk.  Consolidated financial statements SECTION 4: FINANCING COSTS, CAPITAL STRUCTURE AND EQUITY 93 Carlsberg Group Annual Report 2013 TRANSACTIONS WITH NON-CONTROLLING INTERESTS TRANSACTIONS WITH SHAREHOLDERS IN CARLSBERG A/S