Note 12 - Deferred tax
2009 2008
      DKK million   DKK million  
Deferred tax at January 1 (782) (892)
Currency translation 11  (13)
Tax related to the income statement (67) 68 
Tax on shareholders' equity items     206    55   
Deferred tax at December 31 (632) (782)
Deferred tax assets 62  68 
Deferred tax liabilities     (694)   (850)  
Deferred tax at December 31 (632) (782)
Deferred Deferred
tax assets tax liabilities Total
  DKK million   DKK million   DKK million  
Intangible assets and property, plant and equipment 48  (747) (699)
Deferred tax relating to inventories 216  (237) (21)
Tax-loss carry-forwards and balance re recapture of tax losses 28  (18) 10 
Stock options 175    - 175 
Liabilities, etc. 327    (424)   (97)  
794  (1,426) (632)
Offsetting items (732)   732      -  
Deferred tax at December 31, 2009 62  (694) (632)
Due after more than 12 months   -  (487)
Unrecognized share of tax-loss carry-forwards, etc. (mainly expiring in 2015 and 2016) 30    - 
Deferred Deferred
tax assets tax liabilities Total
  DKK million   DKK million   DKK million  
Intangible assets and property, plant and equipment 69  (692) (623)
Deferred tax relating to inventories 221  (209) 12 
Tax-loss carry-forwards and balance re recapture of tax losses 45  (18) 27 
Stock options 118    - 118 
Liabilities, etc. 228    (544)   (316)  
681  (1,463) (782)
Offsetting items (613)   613      -  
Deferred tax at December 31, 2008 68  (850) (782)
Due after more than 12 months   -  (779)
Unrecognized share of tax-loss carry-forwards, etc. (mainly expiring in 2015 and 2016) 47    - 
Tax-loss carry-forwards are recognized in deferred tax assets to the extent that the losses are expected to be realized in the form of future taxable profits.