Note 22 - Pensions and similar obligations

DKKm			2007	2006

	Pensions and similar obligations
	Other benefits		43	30
	Recognised obligation, end of year		43	30

	Defined benefit pension plans

	Present value of pension obligations funded through operations		129	123
	Present value of pension obligations funded through establishment of funds		1,163	1,175
	Gross pension obligation		1,292	1,298
	Fair value of plan assets		932	825
	Net pension obligation		360	473

	Specification of change in recognised pension obligations:
	Recognised pension obligation, beginning of year.		1,298	1,362
	Exchange rate adjustment		43	-41
	Present value of amounts accumulated during the year		60	65
	Capital costs of previously accumulated pensions		56	49
	Actuarial gains/losses		-105	-91
	Paid during the period		-46	-44
	Change in recognised employers' nat. ins. contribution		2	-2
	Effect associated with optional shift to contribution pension plan		-16	0
	Recognised pension obligation, end of year		1,292	1,298

	Change in carrying amount of plan assets:
	Carrying amount of plan assets, beginning of year		825	727
	Exchange rate adjustment		27	-22
	Investments in 2006		87	92
	Estimated return on pension funds		43	33
	Actuarial gains/losses		-9	26
	Paid during the period		-32	-31
	Effect associated with optional shift to contribution pension plan		-9	0
	Carrying amount of plan assets, end of year		932	825

	Total pensions and similar obligations, end of year		360	473
	Total recognised obligation, end of year		403	503

	Pension cost recognised in the income statement:
	Pension costs concerning current financial year		60	67
	Calculated interest concerning obligation		56	51
	Expected return on plan assets		-43	-34
	Pension costs concerning previous financial years		10	11
	Effect associated with optional shift to contribution pension plan		-7	0
	Total amount recognised		76	95

	The premium for the following financial year is estimated at:		103	103

	Estimated distribution of plan assets:		%	%
	Shares		18	20
	Bonds		66	64
	Property		16	16

	Average return on plan assets		8.2	7.6

	Assumptions used		%	%
	Discount rate		5.2	4.7
	Estimated return on pension funds		6.2	5.8
	Salary adjustment		4.5	4.5
	Pension adjustment		4.3	4.3
	G Adjustment		4.3	4.3
	Turnover		7.0	8.0
	Employers' nat. ins. contribution		14.1	14.1
	Take up of the AFP Early Retirement Plan		20.0	20.0
	Mortality table

		2007	2006	2005
	Pension obligation	1,292	1,298	1,362
	Plan assets	932	825	727
	Surplus/deficit	360	473	635

	Actuarial gains/losses associated with the pension obligation	104	90	-136
	Actuarial gains/losses associated with pension assets	-10	26	18

	The pension liability related to participation by the Norwegian member of the Group Executive Management in the Norwegian defined benefit pension plan is DKK 1.7m, 31.12.2007.

	The Group’s Swedish branch complies with the industry pension agreement, the FTP plan, which is insured with Försäkringsbranschens Pensionskassa - FPK.

	Under the terms of the agreement, the Group’s Swedish branch has undertaken, along with the other businesses in the collaboration, to pay the pensions of the individual employees in accordance with the applicable rules.

	The FTP plan is primarily a defined benefit plan in terms of the future pension benefits. FPK is unable to provide sufficient information for the Group to use defined benefit accounting. For this reason, the Group has accounted for the plan as if it were a defined contribution plan in accordance with IAS 19.30.

	The premium paid to FPK in 2007 amounted to DKK 1.0m, which is less than 1 % of the annual premium in FPK (2006). FPK writes in its half-year report for 2007 that it had a collective consolidation ratio of 131 at 30 June 2007 (118 at 30 June 2006). The collective consolidation ratio is defined as the market value of the plan assets relative to the total collective pension obligations.