SECTION 4.7  Liquidity risk The following table lists the contractual  maturities of financial liabilities, including  estimated interest payments and excluding  the impact of netting agreements, and thus  summarises the gross liquidity risk. The risk implied from the values shown in the table reflects the one-sided scenario  of cash outflows only. Trade payables and  other financial liabilities mainly originate  from the financing of assets in the ongo- ing operations such as property, plant and  equipment and investments in working capi- tal, e.g. inventories and trade receivables. Derivative financial instruments are in  general traded with the Group’s relationship  banks. The nominal amount/contractual  cash flow of the financial debt is DKK 29m  higher (2012: DKK 121m lower) than the  carrying amount. The difference between  the nominal amount and the carrying  amount comprises differences between these  amounts at initial recognition, which are  treated as cost that is capitalised and am- ortised over the duration of the borrowings,  and differences between nominal amounts  and fair values of bonds.  The interest expense is the contractual cash  flows expected on the financial gross debt  at 31 December 2013. For the part of bank  borrowing and mortgages that has been  swapped, the expected interest expense  (before swaps but including margin) has  been included. The expected net cash flow  from the swaps related to the borrowings  is included in the contractual cash flow for  the derivative financial instrument. It should  be noted that the cash flow regarding the  interest expenses is estimated cash flow  based on the notional amount of the above- mentioned borrowings and forward interest  rates at year-end 2013 and 2012. Interest on  debt recognised at year-end 2013 and 2012,  for which no contractual obligation exists  (current borrowing and part of the amount  drawn on cash pools), has been included for  a two-year period. Consolidated financial statements SECTION 4: FINANCING COSTS, CAPITAL STRUCTURE AND EQUITY 101 Carlsberg Group Annual Report 2013 All items are stated at their nominal amounts. Derivative financial instruments are presented gross.  MATURITY OF FINANCIAL LIABILITIES 2013 DKK million Contractual cash flows Maturity <1 year Maturity >1 year <5 years Maturity >5 years Carrying amount Derivative financial instruments Derivative financial instruments, payables 331 198 133 - 334 Non-derivative financial instruments Financial debt, gross 40,240 9,530 10,861 19,849 40,211 Interest expenses 4,376 1,134 2,528 714 N/A Trade payables and other liabilities 14,575 14,575 - - 14,575 Liabilities related to the acquisition of entities 1,837 652 157 1,028 1,837 Non-derivative financial instruments 61,028 25,891 13,546 21,591 - Financial liabilities 61,359 26,089 13,679 21,591 - Financial liabilities 2012 60,284 18,294 27,362 14,628 -