Dividends on investments in subsidiaries, joint  ventures and associates are recognised as income  in the income statement of the Parent Company  in the financial year in which the dividend is  declared. Investments in subsidiaries, joint ventures and  associates are measured at the lower of cost and  recoverable amount. Management performs an annual test for  indications of impairment of investments  in subsidiaries, joint ventures and associ- ates. Impairment tests are conducted  in the same way as for goodwill in the  Carlsberg Group, cf. section 2 in the con- solidated financial statements. It is man- agement’s assessment that no indications  of impairment existed at year-end 2013.  Impairment tests have therefore not been  carried out for subsidiaries and associates. The carrying amount includes goodwill of DKK 11,207m (2012: 11,207m) on acquisition of subsidiaries. Share-based  payment to employees in subsidiaries comprises exercised as well as outstanding share options.  5.1  Investments in subsidiaries 5.1  ACCOUNTING POLICIES 5.1  SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS DKK million 2013 2012 Cost at 1 January 45,517 45,389 Disposals during the year - -35 Share-based payment to employees in subsidiaries 6 163 Cost at 31 December 45,523 45,517 Carrying amount at 31 December 45,523 45,517 COST Investments in  subsidiaries, associates  and joint ventures Parent Company SECTION 5: INVESTMENTS IN SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES 151 Carlsberg Group Annual Report 2013