content_image/261036.jpg
## Net interest- bearing debt 

At 31 December 2013, gross interest-bearing debt amounted to DKK 40.4bn and net interest-bearing debt amounted to DKK 35bn. Of the gross interest-bearing debt, 76% (DKK 30.7bn) was long-term, i.e. with maturity after more than one year. 

Net interest-bearing debt increased by DKK 2.5bn during 2013, primarily due to acquisi- tion of entities (DKK 2.3bn) and the inclusion of the net interest-bearing debt in Chongqing Brewery Group (DKK 1.1bn), which became fully consolidated in December 2013. 

## NET INTEREST-BEARING DEBT 

<img src='content_image/261036.jpg'>

