content_image/278127.jpg content_image/278126.jpg content_image/278125.jpg
## Cash flow from operating activities 

Cash flow from operating activities was DKK 9.1bn (2012: DKK 9.9bn), i.e. a change of DKK -0.8bn. The change was impacted by net working capital and higher paid restructuring cost than in 2012. 

The Group is continuously working to improve its cash flow and looking into new initia- tives. In some major markets, Carlsberg uses receivable transfer agreements to sell trade receivables on a non-recourse basis. Cash flow relating to trade payables improved because the Group focused on achieving better pay- ment terms with suppliers. 

Against the backdrop of the slow recovery of most European economies, the Group is fo- cusing on the generally increased credit risk, on collection of receivables and on tightening of credit control in certain Western European countries. 

These activities led to an improvement of 0.8% in average trade working capital as a percentage of net revenue, from 1% in 2012 to 0.2% in 2013. 

The development in average trade working capital is shown in the graph below: 

<img src='content_image/278127.jpg'>

Free cash flow amounted to DKK 200m, which compared to 2012 is significantly impacted by the acquisition of Chongqing Brewery Group in 2013, prepayment made for the acquisition of Chongqing Beer Group Assets Management Co. Ltd, capacity expan- sions and 2012 being positively impacted by the disposal of the Copenhagen brewery site. 

In the past five years, cash flow from opera - ting activities and free cash flow have devel- oped as follows: 

<img src='content_image/278126.jpg'>

## 1.5 ACCOUNTING POLICIES 

Cash flow from operating activities is calculated using the indirect method as the operating profit before special items adjusted for non-cash operating items, changes in working capital, re- structuring costs paid, interest received and paid, and income tax paid. 

## 1.5.1 Other specifications of cash flow from operating activities 

<img src='content_image/278125.jpg'>

