SECTION 4.5  Foreign exchange risk related to net investments and financing activities EXCHANGE RATE SENSITIVITY APPLIED EXCHANGE RATES Carlsberg Group Annual Report 2013 Consolidated financial statements SECTION 4: FINANCING COSTS, CAPITAL STRUCTURE AND EQUITY 97 APPLIED EXCHANGE RATES  The DKK exchange rates applied for the most  significant currencies when preparing the  consolidated financial statements are pre- sented below. The average exchange rate for  the year was calculated using the monthly  exchange rates weighted according to the  phasing of the Group’s net revenue through- out the year. the consolidated profit and loss for 2013. The  hypothetical impact ignores the fact that the  subsidiaries’ initial recognition of revenue, cost  and debt would be similarly exposed to the  changes in the exchange rates. The calculation  is made on the basis of items in the statement  of financial position at 31 December. Other comprehensive income is affected  by changes in the fair value of currency  derivatives designated as cash flow hedges  of future purchases and sales. If the foreign  exchange rates of the currencies hedged  had been 5% higher on 31 December, other  comprehensive income would have been DKK  162m lower (2012: DKK 170m lower). An adverse development in the exchange  rates would, all other things being equal,  have the following hypothetical impact on  net investment hedges amounted to DKK  -7,204m (2012: DKK 1,686m). Losses were  primarily incurred in RUB, as the RUB/DKK  rate depreciated 10.5% during the year. SENSITIVITY ANALYSIS Closing rate Average rate DKK 2013 2012 2013 2012 Swiss Franc (CHF) 6.0856 6.1758 6.0589 6.1777 Chinese Yuan (CNY) 0.8929 0.9079 0.9144 0.9204 Euro (EUR) 7.4603 7.4604 7.4577 7.4431 Pound Sterling (GBP) 8.9195 9.1320 8.7930 9.1931 Malaysian Ringgit (MYR) 1.6429 1.8486 1.7906 1.8735 Norwegian Krone (NOK) 0.8854 1.0167 0.9538 0.9973 Polish Zloty (PLN) 1.7982 1.8281 1.7743 1.7791 Russian Rouble (RUB) 0.1659 0.1855 0.1759 0.1863 Swedish Krona (SEK) 0.8356 0.8714 0.8614 0.8565 Ukrainian Hryvnia (UAH) 0.6757 0.7080 0.7053 0.7315 2013 EUR  receivable EUR  payable EUR  loans EUR  cash Gross  exposure Derivative Net  exposure % change Effect  on P/L EUR/RUB 11 -103 - 4 -88 - -88 10.00% -9 EUR/UZS - -16 -196 4 -208 - -208 10.00% -21 EUR/Other 68 -226 - 112 -46 -69 -115 5.00% -5 Total -35 2012 EUR/RUB 7 -100 - 1 -92 - -92 10.00% -9 EUR/UZS - -14 -223 9 -228 - -228 10.00% -23 EUR/Other 39 -149 - 184 74 - 74 10.00% 7 Total -25 2013 USD  receivable USD  payable USD  loans USD  cash Gross  exposure Derivative Net  exposure %  change Effect  on P/L USD/UAH 1 -39 - 357 319 - 319 10.00% 32 USD/KZT - -1 -132 - -133 -133 5.00% -7 Total 25 2012 USD/UAH 1 -49 - 329 281 - 281 10.00% 28 Total 28 DKK million