Determination of fair value Carlsberg has no financial instruments  measured at fair value on the basis of level  1 input (quoted prices) or level 3 input (non- observable data). The fair value of borrowings is disclosed in  section 4.4.1. The carrying amount of other  financial assets and liabilities approximates  their fair value.  The methods and assumptions used in  determining the fair values of each category  of financial assets and financial liabilities  are described in the table. The methods are  unchanged from 2012. METHODS AND ASSUMPTIONS TO DETERMINE FAIR VALUE  CATEGORY MEASUREMENT METHOD Derivative financial instruments Fair value is determined based on observable market data using  generally accepted methods. Internally calculated values are used,  and these are compared to external market quotes on a quarterly  basis. Calculated by a) estimating the notional future cash flows using observable mar- ket data such as yield curves and the aluminium forward curves b) discounting the estimated and fixed cash flow to present value c)   translating the amounts in foreign currency into the functional  currency at the year-end foreign exchange rate Loans and other receivables Carrying amount approximates fair value On-trade loans Recognised at amortised cost. Based on discounted cash flows using  the interest rates at the end of the reporting year, these loans have  a fair value of DKK 1,916m (2012: DKK 2,022m) Other financial liabilities Other financial liabilities, including issued bonds, mortgages, bank  borrowings, finance lease obligations, trade payables and other  liabilities, are measured at amortised cost with the exception of a  GBP 300m bond, which is measured at fair value based on move- ments in a benchmark interest rate Consolidated financial statements SECTION 4: FINANCING COSTS, CAPITAL STRUCTURE AND EQUITY 104 Carlsberg Group Annual Report 2013