SECTION 4.6  Interest rate risk TIME TO MATURITY FOR NON-CURRENT BORROWINGS 2013 DKK million 1-2 years 2-3 years 3-4 years 4-5 years >5 years Total Issued bonds - 2,824 7,413 - 11,176 21,413 Mortgages - - - - 1,457 1,457 Bank borrowings 277 78 30 33 7,077 7,495 Other non-current borrowings 271 8 6 22 14 321 Total 548 2,910 7,449 55 19,724 30,686 Total 2012 8,056 5,430 3,115 7,439 12,666 36,706 The floating-rate mortgage was repriced in  December 2013 at a rate of 0.34% (excl. mar- gin) commencing in January 2014 and will be  repriced again in July 2014. The time to ma- turity is more than five years. The floating- rate mortgage is repriced semi-annually with  reference to 6-month CIBOR. The main part of the bank borrowings pre- sented as having a fixed rate was originally at  floating rate but has been swapped to a fixed  rate of 4.94% incl. margin. The maturity of  these interest rate swaps is 1.5 years. At the reporting date, 60% of the net bor- rowings consisted of fixed-rate loans with  rates fixed for more than one year (2012:  86%). It is estimated that an interest rate  increase of 1 percentage point would lead  to an increase in annual interest expenses  of DKK 146m (2012: DKK 49m). The analy- sis assumes a parallel shift in the relevant  yield curves and 100% effective hedging of  changes in the yield curve. At 31 December 2013, the duration of the borrowings can be specified as in the table  below.  The decrease in duration was primarily due  to the passing of time. The Group did not  raise any significant new fixed-rate debt or  enter into new swaps during 2013. If the market interest rate had been 1 percent- age point higher (lower) at the reporting  date, it would have led to a financial gain  (loss) of DKK 1,072m (2012: DKK 1,332m).  However, since only interest rate swaps and  not fixed-rate borrowings are recognised  at fair value, marked-to-market, only the  duration contained in financial instruments  will impact on comprehensive income or the  income statement.  It is estimated that DKK 32m (2012: DKK 72m)  of the duration is contained in interest rate  derivatives designated as cash flow hedges,  meaning that the impact from changes in  interest rates will be recognised in other com- prehensive income, provided that the hedges  are efficient and that there is/are no ineffec- tive portion(s). If the market interest rates had  been 1 percentage point higher (lower) at 31  December 2013, equity would have been DKK  32m (2012: DKK 72m) higher (lower). The  remaining duration is included in borrowings  with fixed interest – primarily the issued bonds  which are carried at amortised cost.  The sensitivity analysis is based on the  financial instruments recognised at the  reporting date. The sensitivity analysis as- sumes a parallel shift in interest rates and  that all other variables, in particular foreign  exchange rates and interest rate differentials  between the different currencies, remain  constant. The analysis was performed on  the same basis as for 2012.  SENSITIVITY ANALYSIS DURATION DKK million 2013 2012 Swaps 32 72 Bonds 1,040 1,260 Total duration 1,072 1,332 Duration in years 2.9 3.9 Consolidated financial statements SECTION 4: FINANCING COSTS, CAPITAL STRUCTURE AND EQUITY 99 Carlsberg Group Annual Report 2013