The most significant interest rate risk in the  Group relates to borrowings. As the Group’s  net debt is primarily in EUR and DKK, interest  rate exposure relates to the development in  the interest rates in these two currencies.  The interest rate risk is measured by the  duration of the net borrowings. The target  is to have a duration between one and five years. Interest rate risks are mainly  managed using interest rate swaps and  fixed-rate bonds. A cross-currency swap has been used to change  the interest on the GBP 300m bond from fixed  to floating 6-month EURIBOR +4.01%. The  bond and the swap are designated as a fair  value hedge relationship, meaning that the car- rying amount of the bond is the fair value. The EUR 750m bond maturing 3 July 2019  consists of two bond issues of EUR 250m  and EUR 500m. The EUR 500m bond was  issued in July 2012, while the EUR 250m  bond was issued in November 2012. 2013 DKK million Interest rate  Average  effective  interest rate Fixed  for Carrying amount Interest  rate risk Issued bonds EUR 1,000m maturing 28 May 2014 Fixed 6.22% <1 year 7,455 Fair value GBP 300m maturing 28 November 2016 Fixed 7.41% 2-3 years 2,824 Fair value EUR 1,000m maturing 13 October 2017 Fixed 3.55% 3-4 years 7,413 Fair value EUR 750m maturing 3 July 2019 Fixed 2.49% >5 years 5,624 Fair value EUR 750m maturing 15 November 2022 Fixed 2.71% >5 years 5,552 Fair value Total issued bonds 4.25% 28,868 Total issued bonds 2012 4.43% 30,847 Mortgages Floating-rate Floating 0.99% <1 year 1,248 Cash flow Fixed-rate Fixed 3.12% 2-3 years 209 Fair value Total mortgages 1.29% 1,457 Total mortgages 2012 1.71% 1,457 Bank borrowings Floating-rate Floating 0.85% <1 year 6,212 Cash flow Fixed-rate Fixed 4.94% 1-2 years 3,118 Fair value Total bank borrowings 9,330 Total bank borrowings 2012 6,901 2013  Interest rate 2 DKK million  Net financial interest-bearing  debt 1  Floating   Fixed   Floating %   Fixed %  EUR 28,733 7,091 21,642 25% 75% DKK 2,038 1,816 222 89% 11% PLN 508 508 - 100% - USD 2,916 2,916 - 100% - CHF 1,857 1,857 - 100% - RUB -653 -653 - 100% - Other 1,098 1,045 53 95% 5% Total 36,497 14,580 21,917 40% 60% 2012 EUR 29,855 748 29,107 3% 97% DKK -465 -692 227 149% -49% USD 1,180 1,180 - 100% 0% CHF 1,892 1,892 - 100% - RUB -3,049 -3,049 - 100% - Other 4,885 4,818 67 98% 2% Total 34,298 4,897 29,401 14% 86% 1 Net financial interest-bearing debt consists of current and non-current debt after swaps and currency derivatives  less cash and cash equivalents. 2 Before currency derivatives. Consolidated financial statements SECTION 4: FINANCING COSTS, CAPITAL STRUCTURE AND EQUITY 98 Carlsberg Group Annual Report 2013 Interest rate risk NET FINANCIAL INTEREST-BEARING DEBT BY CURRENCY INTEREST RATE RISK AT 31 DECEMBER