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## SECTION 4.7 Liquidity risk 

The following table lists the contractual maturities of financial liabilities, including estimated interest payments and excluding the impact of netting agreements, and thus summarises the gross liquidity risk. 

The risk implied from the values shown in the table reflects the one-sided scenario of cash outflows only. Trade payables and other financial liabilities mainly originate from the financing of assets in the ongo- ing operations such as property, plant and equipment and investments in working capi- tal, e.g. inventories and trade receivables. 

Derivative financial instruments are in general traded with the Group’s relationship banks. The nominal amount/contractual cash flow of the financial debt is DKK 29m higher (2012: DKK 121m lower) than the carrying amount. The difference between the nominal amount and the carrying amount comprises differences between these amounts at initial recognition, which are treated as cost that is capitalised and am- ortised over the duration of the borrowings, and differences between nominal amounts and fair values of bonds. 

The interest expense is the contractual cash flows expected on the financial gross debt at 31 December 2013. For the part of bank borrowing and mortgages that has been 

## MATURITY OF FINANCIAL LIABILITIES 

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All items are stated at their nominal amounts. Derivative financial instruments are presented gross. 

swapped, the expected interest expense (before swaps but including margin) has been included. The expected net cash flow from the swaps related to the borrowings is included in the contractual cash flow for the derivative financial instrument. It should be noted that the cash flow regarding the interest expenses is estimated cash flow based on the notional amount of the above- mentioned borrowings and forward interest rates at year-end 2013 and 2012. Interest on debt recognised at year-end 2013 and 2012, 

for which no contractual obligation exists (current borrowing and part of the amount drawn on cash pools), has been included for a two-year period. 

