Operating activities 1.1  Other operating activities, net AVERAGE EFFECTIVE INTEREST RATES Parent Company SECTION 1: OPERATING ACTIVITIES 144 Carlsberg Group Annual Report 2013 The fair value of receivables corresponds to the carry- ing amount in all material respects. 1.2  Cash flow 1.3  Receivables RECEIVABLES BY ORIGIN CHANGE IN WORKING CAPITAL OTHER OPERATING ACTIVITIES DKK million 2013 2012 Real estate, net -36 -7 Research activities, including operation of the Carlsberg Laboratory, net -46 -46 Other, net -9 -10 Total -91 -63 DKK million 2013 2012 Other receivables 10 7 Trade payables and other liabilities -140 23 Total -130 30 DKK million 2013 2012 Loans to subsidiaries 501 521 Receivables from subsidiaries  57 64 Other receivables 91 109 Total 649 694 % 2013 2012 Loans to associates 1.3 1.5