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Accounting policies

The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as approved by the EU and with the standard RR30:06, Supplementary accounting rules for groups, and the Annual Accounts Act. The consolidated financial statements have been prepared under the historical cost convention, as modified by the revaluation of availablefor- sale financial asset and derivative financial instruments at fair value through equity in accordance with hedge accounting.

Segment reporting

The Group’s primary segment is business units and the secondary is geographical
areas. A business unit is a group of assets and operations engaged in providing products or services that are subject to risks and returns that are different from those of other business segments. The geographical areas provide products or services within an economic environment that is subject to risks and returns that are different from those of segments operating in other economic environments.

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