www.carlsberggroup.com/investor/financials cember 2012, primarily impacted by higher  CapEx and net foreign exchange adjust- ments, primarily related to Russia. Financial assets declined by DKK 4.0bn to DKK 5.6bn due to the change in the accounting for Chongqing Brewery Group  (now fully consolidated). related to the acquisition of Chongqing Brewery Group.  Liabilities decreased to DKK 79.6bn com- pared to DKK 80.3bn at 31 December 2012.  The decrease was due to lower deferred tax  liabilities and retirement benefit obligations  partly offset by higher trade payables. The increase in current borrowings to DKK  9.5bn from DKK 3.4bn was due to a EUR  bond of 1bn maturing in May 2014 and has  consequently been moved from non-current  to current borrowings.  Inventories and receivables amounted  to DKK 12.7bn (DKK 12.4bn in 2012). The  change was driven by the acquisition of  Chongqing Brewery Group. Tax totalled DKK -1,894m against DKK  -1,861m in 2012. The tax rate was 24.1%. Non-controlling interests were DKK 480m,  a decrease of DKK 158m versus 2012 (DKK  638m) due to the exclusion of non-control- ling interests in Baltika Breweries following  the buyout of minority shareholders in 2012. Carlsberg’s share of net profit was DKK  5,471m. Adjusted net profit (adjusted for  special items after tax) was DKK 5,795m  compared to DKK 5,504m in 2012. At 31 December 2013, Carlsberg had total assets of DKK 151.1bn against DKK 154.0bn  at 31 December 2012.  Intangible assets were DKK 91.9bn (DKK  91.2bn at 31 December 2012). The increase of DKK 0.7bn was mainly due to acquisition  of entities offset by foreign exchange adjust- ments, primarily related to Russia.  Property, plant and equipment increased to  DKK 33.5bn against DKK 32.0bn at 31 De- The change in equity of DKK -2.2bn was  mainly due to profit for the period of DKK  +6.0bn; foreign exchange losses of DKK  -7.5bn; payment of dividends to shareholders  of DKK -1.3bn; acquisition of non-controlling  interests (mainly in Laos) of DKK -0.6bn;  retirement benefit obligations of DKK +0.8bn;  and acquisition of entities of DKK +0.5bn  In all, cash flow from operating activities  was DKK 9,083m (DKK 9,871m in 2012),  impacted by net working capital and higher  paid restructuring costs versus 2012. Paid net interest etc. amounted to DKK  -2,122m (DKK -1,996m in 2012). The slight  increase versus 2012 was due to phasing into 2013 of coupon payments related to the bond issues in 2012.  Equity decreased to DKK 71.5bn compared  to DKK 73.7bn at 31 December 2012. DKK  67.8bn was attributed to shareholders in  Carlsberg A/S and DKK 3.7bn to non-  controlling interests. Cash decreased from DKK 5.8bn at 31 De- cember 2012 to DKK 3.7bn at 31 December  2013, mainly due to acquisitions, CapEx and  paid dividends. Other receivables etc. totalled DKK 3.8bn  against DKK 3.0bn at 31 December 2012.  The change was mainly due to prepayments  in relation to the acquisition of Chongqing  Beer Group Assets Management (approval  of transaction pending) and prepayments in  connection with sponsorships. Operating profit before depreciation and amortisation was DKK 13,833m (DKK  13,812m in 2012).  The change in trade working capital was  DKK 627m (DKK 852m in 2012). Other work- ing capital was DKK -884m (DKK -523m in  2012), impacted negatively primarily by an  extraordinary increase in prepayments and  a decrease in debt to public authorities. The  main part of the development was of a one- off nature. Average trade working capital to  net revenue continued to decline and was  0.2% at the end of the year versus 1.0% at the end of 2012. Cash flow from investing activities amounted  to DKK -8,883m against DKK -3,974m in 2012.  Total operational investments were DKK  6.1bn (DKK 5.1bn in 2012) and primarily  included capacity expansion in Poland and  Asia, greenfield breweries in Asia, invest- ments related to network optimisation in  Western Europe and sales investments. Financial investments were impacted by  the acquisition of 30.29% of the shares in  Chongqing Brewery Company at the end of  2013 and prepayments related to the acquisi- tion of Chongqing Beer Group Assets Man- agement at the end of 2013. In 2012, cash  flow from investing activities was positively  impacted by the proceeds from the sale of  the Copenhagen brewery site of DKK 1.9bn.  Free cash flow was DKK 200m against DKK 5,897m in 2012. At 31 December 2013, gross interest-bearing  debt amounted to DKK 40.4bn and net  interest-bearing debt amounted to DKK  35.0bn. The difference of DKK 5.4bn was  other interest-bearing assets, including DKK  3.7bn in cash and cash equivalents. Of the gross interest-bearing debt, 76% (DKK  30.7bn) was long-term, i.e. with maturity  more than one year from 31 December 2013.  The net interest-bearing debt consisted pri- marily of facilities in EUR and approximately  60% was at fixed interest (fixed-interest  period exceeding one year). Management review FINANCIAL REVIEW 53 FINANCING  Liabilities CASH FLOW  Assets STATEMENT OF FINANCIAL POSITION Current and historical  quarterly financial data are available in Excel. Carlsberg Group Annual Report 2013