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## Financing costs, capital structure and equity 

## Borrowings Key developments 2013 

Borrowings are diversified between a number of funding sources. 

## -1,533 m 

Net financials totalled DKK -1,533m, down from DKK -1,772m in 2012. 

## 2.5 bn 

Net interest-bearing debt increased DKK 2.5bn, primarily due to investments in Chong- qing Brewery Group. 

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## 4.1% 

Average funding rate of 4.1%, down from 4.5% in 2012. 

The main reason for the decline was the redemp- tion of a GBP 200m bond in February 2013 and EUR 1bn swaps maturing in the second half of the year. Both the bond and the swaps had a high interest rate. 

## 7.8 bn 

Carlsberg had available credit resources of DKK 7.8bn at 31 December 2013. 

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## 2,510 m 

In December 2013, exist- ing credit facilities of EUR 1,749m (maturing October 2015) and EUR 800m (ma- turing December 2016) were replaced by a EUR 2,510m multi-currency credit facility. The new facility matures in February 2019 and may be extended for another two years. 

