Financial  statements 105 5.1 Acquisition of subsidiaries 109 5.2 Impact from acquisitions 109 5.3 Cash flow effect from acquisitions 110 5.4 Non-controlling interests 111 5.5 Associates 112 5.6 Investments in proportionately consolidated entities 113 6.1 Corporation tax 115 6.2 Deferred tax 117 7.1 Staff costs 118 7.2 Remuneration  119 7.3 Share-based payment 124 7.4 Retirement benefit obligations and similar obligations 98 4.6 Interest rate risk 100 4.7 Liquidity risk 102 4.8 Financial instruments 104 4.9 Determination of fair value Carlsberg Group Annual Report 2013 90 4.1 Financial income and expenses 91 4.2 Net interest-bearing debt 92 4.3 Capital structure 94 4.4 Borrowings and cash 95 4.5 Foreign exchange risk related to net investments and financing activities 73 2.1 Return on invested capital 74 2.2 Segmentation of assets 75 2.3 Impairment 80 2.4 Intangible assets and property, plant and equipment 69 1.6 Trade receivables and on-trade loans 68 1.5 Cash flow from operating activities 67 1.4 Foreign exchange risk related to earnings 64 1.3 Operating expenses, inventory and deposit liability 62 1.2 Revenue and segmentation of operations 61 1.1 Business developments 85 3.1 Special items 87 3.2 Provisions 88 3.3 Contingent liabilities 55   Income statement 55Statement of comprehensive income 56   Statement of financial position 57Statement of changes in equity 59Statement of cash flows 60Notes 140 Parent Company 160 Reports 105 SECTION 5 ACQUISITIONS AND ASSOCIATES 85 SECTION 3 SPECIAL ITEMS AND PROVISIONS 60 SECTION 1 OPERATING ACTIVITIES 72 SECTION 2 ASSET BASE AND RETURNS 89 SECTION 4 FINANCING COSTS, CAPITAL STRUCTURE AND EQUITY 113 SECTION 6 TAX 117 SECTION 7 STAFF COSTS AND  REMUNERATION 127 SECTION 8 OTHER DISCLOSURE  REQUIREMENTS 127 8.1 Earnings per share 128 8.2 Related party disclosures 129 8.3 Fees to auditors 129 8.4 Events after the reporting period 130 9.1 Significant accounting estimates 131 9.2 General accounting policies 136 9.3 New legislation 138 SECTION 10 GROUP COMPANIES 130 SECTION 9 BASIS FOR PREPARATION 54 Consolidated financial statements CONTENTS