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## Trade receivables and on-trade loans 

The Group’s non-current receivables mainly consist of on-trade loans. 

The current receivables comprise receivables from trade and other receivables. 

## RECEIVABLES INCLUDED IN THE STATEMENT OF FINANCIAL POSITION 

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Trade receivables comprise invoiced goods and services as well as short-term on-trade loans to customers. Other receivables com- prise VAT receivables, loans to partners and associates, interest receivables and other financial receivables. 

## RECEIVABLES BY ORIGIN 

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The fair value of the on-trade loans was DKK 1,916m (2012: DKK 2,022m). 

## AVERAGE EFFECTIVE INTEREST RATES 

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Non-current receivables fall due more than one year from the end of the reporting period, with DKK 137m (2012: DKK 142m) falling due more than five years from the end of the reporting period. 

## ON-TRADE LOANS 

Under certain circumstances the Group grants loans to on-trade customers in France, the UK, Germany, Switzerland and Sweden. On-trade loans are spread across a large number of customers/debtors and consist of several types of loans, including loans repaid in cash or through reduced dis- counts, and prepaid discounts. The operating entities monitor and control these loans in accordance with central guidelines. 

The following on-trade loan items are recog- nised in other operating activities, net: 

## ON-TRADE LOANS 

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## 1.6  SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS 

The on-trade loan agreements are typi- cally complex and cover several aspects of the relationship between the parties. Management assesses the recognition and classification of income and expenses for each of these agreements, including the allocation of payments from the cus- tomer between revenue, discounts, inter- est on the loan (other operating activities) and repayment of the loan. 

