Cash flow from  operating activities CASH FLOW FROM OPERATING ACTIVITIES  AND FREE CASH FLOW  (DKK MILLION) 1.5  ACCOUNTING POLICIES Consolidated financial statements SECTION 1: OPERATING ACTIVITIES 68 Carlsberg Group Annual Report 2013 TRADE WORKING CAPITAL  (% OF NET REVENUE) Cash flow from operating activities was DKK  9.1bn (2012: DKK 9.9bn), i.e. a change of DKK  -0.8bn. The change was impacted by net  working capital and higher paid restructuring  cost than in 2012. The development in average trade working  capital is shown in the graph below:  The Group is continuously working to improve  its cash flow and looking into new initia- tives. In some major markets, Carlsberg uses  receivable transfer agreements to sell trade  receivables on a non-recourse basis. Cash flow  relating to trade payables improved because  the Group focused on achieving better pay- ment terms with suppliers. Against the backdrop of the slow recovery of  most European economies, the Group is fo- cusing on the generally increased credit risk,  on collection of receivables and on tightening  of credit control in certain Western European  countries. These activities led to an improvement of  0.8% in average trade working capital as a  percentage of net revenue, from 1% in 2012  to 0.2% in 2013. Free cash flow amounted to DKK 200m,  which compared to 2012 is significantly  impacted by the acquisition of Chongqing  Brewery Group in 2013, prepayment made  for the acquisition of Chongqing Beer Group  Assets Management Co. Ltd, capacity expan- sions and 2012 being positively impacted by  the disposal of the Copenhagen brewery site. Cash flow from operating activities is calculated  using the indirect method as the operating  profit before special items adjusted for non-cash  operating items, changes in working capital, re- structuring costs paid, interest received and paid,  and income tax paid. DKK million 2013 2012 Adjustment for other non-cash items Share of profit after tax, associates -116 -108 Gains on disposal of property,  plant and equipment and intangible assets, net -8 -112 Amortisation of on-trade loans etc. 728 554 Total 604 334 Change in trade working capital Inventories -182 -202 Trade receivables -504 206 Trade payables and deposit liabilities 1,313 848 Total 627 852 Change in other working capital Other receivables -316 -140 Other payables -361 -71 Retirement benefit obligations  and other liabilities related  to operating activities before  special items  -105 -301 Adjusted for unrealised foreign  exchange gains/losses -102 -11 Total -884 -523 Change in on-trade loans Loans provided -1,112 -1,089 Repayments 625 642 Total -487 -447 Change in financial receivables Loans and other receivables -368 -66 Other financial receivables 79 38 Total -289 -28 2009 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 Cash flow from operating activities Free cash flow 2011 2010 2012 2013 2013 Trade payables Total inventory Trade working capital (excl. deposits) Trade receivables 20 15 10 5 0 2011 2009 2010 2012 In the past five years, cash flow from opera - ting activities and free cash flow have devel- oped as follows: 1.5.1  Other specifications of cash  flow from operating activities