Note 10 - Tax
2011 2010
    DKK million DKK million  
Tax payable on net profit 487  415 
Change in deferred tax 69  81 
Adjustment for previous years   31  13   
Tax in the income statement 587  509 
Calculation of effective tax rate:
Corporation tax rate in Denmark 25.0% 25.0%
Non-deductible expenses, net 0.6% 1.4%
Difference in foreign tax rates (0.7)% 0.5%
Other adjustments   (0.6)% (2.9)%  
Effective tax rate 24.3% 24.0%