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## Liquidity risk 

Liquidity risk results from the Group’s potential inability to meet the obligations associated with its financial liabilities, e.g. settlement of its financial debt, paying its suppliers and settling finance lease obliga- tions. The Group’s liquidity is managed by Group Treasury. The aim is to ensure effec- tive liquidity management, which primar- ily involves obtaining sufficient committed credit facilities to ensure adequate financial resources, and to some extent tapping a diversity of funding sources. 

## CREDIT RESOURCES AVAILABLE 

At 31 December 2013, the Carlsberg Group had net financial interest-bearing debt of DKK 36,497m (2012: DKK 34,298m). The credit resources available and the access to unused committed credit facilities are considered reasonable in light of the Group’s current needs in terms of financial flexibility. 

At 31 December 2013, the Group had total unutilised credit facilities of DKK 13,653m (2012: DKK 14,863m). Credit resources avail- able consist of the unutilised non-current credit facilities and cash and cash equiva- lents of DKK 3,714m (2012: DKK 5,760m) 

less utilisation of current facilities of DKK 9,525m (2012: DKK 3,352m). 

A few insignificant non-current committed credit facilities include financial covenants with reference to the ratio between net debt and EBITDA. Management monitors this ratio, and at 31 December 2013 there was sufficient headroom below the ratio. 

In addition to efficient working capital man- agement and credit management, the Group mitigates liquidity risk by arranging borrow- ing facilities with solid financial institutions. 

The Group uses cash pools in its day-to-day liquidity management for most of the entities in Western Europe, as well as intra-Group loans between Group Treasury and subsidiar- ies. As a result of withholding tax and local legislation, the majority-owned entities in Eastern Europe have their own credit facilities and borrowings from banks. This is also the case for the joint venture in Portugal (Unicer- Bebidas). 

## COMMITTED NON-CURRENT CREDIT FACILITIES AND CREDIT RESOURCES AVAILABLE AT 31 DECEMBER 

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