Note 14 - Deferred tax
2011 2010
      DKK million   DKK million  
Deferred tax at January 1 (422) (632)
Currency translation adjustments
Acquisition of activities and companies (28)   -
Tax related to the income statement (26) 145 
Tax on shareholders' equity items     (160)   61   
Deferred tax at December 31 (630) (422)
Deferred tax assets 275  71 
Deferred tax liabilities     (905)   (493)  
Deferred tax at December 31 (630) (422)
Deferred Deferred
tax assets tax liabilities Total
  DKK million   DKK million   DKK million  
Intangible assets and property, plant and equipment 75  (1,018) (943)
Deferred tax relating to inventories 277  (145) 132 
Tax-loss carry-forwards and balance re recapture of tax losses 36    - 36 
Stock options 115    - 115 
Liabilities, etc. 246    (216)   30   
749  (1,379) (630)
Offsetting items (474)   474      -  
Deferred tax at December 31, 2011 275  (905) (630)
Due after more than 12 months (592)
Unrecognized share of tax-loss carry-forwards, etc. 38 
Deferred Deferred
tax assets tax liabilities Total
  DKK million   DKK million   DKK million  
Intangible assets and property, plant and equipment 162  (735) (573)
Deferred tax relating to inventories 315  (313)
Tax-loss carry-forwards and balance re recapture of tax losses 18  (18)   -
Stock options 260    - 260 
Liabilities, etc. 283    (394)   (111)  
1,038  (1,460) (422)
Offsetting items (967)   967      -  
Deferred tax at December 31, 2010 71  (493) (422)
Due after more than 12 months (396)
Unrecognized share of tax-loss carry-forwards, etc. 79 
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.