STATEMENT OF CHANGES IN EQUITY 2012 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 2012 3,051 -7,728 -1,159 -8,887 71,702 65,866 5,763 71,629 Consolidated profit - - - - 5,607 5,607 638 6,245 Other comprehensive income Foreign exchange adjustments of foreign entities - 1,952 - 1,952 - 1,952 -48 1,904 Value adjustments of hedging instruments - -216 327 111 - 111 - 111 Retirement benefit obligations - - - - -729 -729 -12 -741 Share of other comprehensive income in associates - - - - 4 4 - 4 Effect of hyperinflation - 71 - 71 - 71 4 75 Other - - - - -2 -2 - -2 Corporation tax - 56 74 130 -42 88 - 88 Other comprehensive income - 1,863 401 2,264 -769 1,495 -56 1,439 Total comprehensive income for the year - 1,863 401 2,264 4,838 7,102 582 7,684 Acquisition/disposal of treasury shares - - - - 12 12 - 12 Exercise of share options - - - - -37 -37 - -37 Share-based payment - - - - 54 54 - 54 Dividends paid to shareholders - - - - -839 -839 -282 -1,121 Acquisition of non-controlling interests - - - - -1,897 -1,897 -2,674 -4,571 Total changes in equity - 1,863 401 2,264 2,131 4,395 -2,374 2,021 Equity at 31 December 2012 3,051 -5,865 -758 -6,623 73,833 70,261 3,389 73,650 DKK million Shareholders in Carlsberg A/S Consolidated financial statements MAIN STATEMENTS 58 Carlsberg Group Annual Report 2013