4.2  Net interest-bearing debt 4.1  Financial income and expenses 4.3  Equity FINANCIAL ITEMS RECOGNISED IN THE INCOME STATEMENT TRANSACTIONS WITH SHAREHOLDERS  IN CARLSBERG A/S Parent Company SECTION 4: CAPITAL STRUCTURE AND EQUITY 148 Carlsberg Group Annual Report 2013 DKK million 2013 2012 Financial income Interest income 12 17 Dividends from subsidiaries and associates 917 - Other financial income 2 741 Total 931 758 Financial expenses Interest expenses -18 -22 Interest cost on obligations, defined benefit plans - -1 Other financial expenses -7 -8 Total -25 -31 Financial items, net recognised in the income statement 906 727 DKK million 2013 2012 Non-current borrowings 222 227 Current borrowings 1,098 740 Gross interest-bearing debt 1,320 967 Loans to subsidiaries -501 -521 Net interest-bearing debt 819 446 Changes in net interest-bearing debt Net interest-bearing debt at 1 January 446 95 Cash flow from operating activities 255 177 Cash flow from investing activities -867 -690 Dividends to shareholders 915 839 Acquisition/disposal of treasury shares and exercise of share options 70 25 Total change 373 351 Net interest-bearing debt at 31 December 819 446 DKK million 2013 2012 Dividends to shareholders -915 -839 Acquisition of treasury shares -167 -70 Disposal of treasury shares 97 45 Total -985 -864 properties. Other financial income covers  foreign exchange gains in 2013. Interest expenses primarily relate to interest  on borrowings. No financial items have been recognised  directly in other comprehensive income. Interest income relates to interest from bor- rowings to subsidiaries and return of tax on  Interest income relates to interest from cash  and cash equivalents. Other financial income  in 2012 mainly comprises gains on liquidation  of subsidiaries. According to the authorisation of the General  Meeting, the Supervisory Board may, in the period until 24 March 2015, allow the  Company to acquire treasury shares up to a total holding of 10% of the nominal share  capital, at a price quoted on NASDAQ OMX  Copenhagen at the time of acquisition with  a deviation of up to 10%, in the period up to  the next Annual General Meeting. In the financial year the Company acquired  class B treasury shares of a nominal amount  of DKK 6m (2012: DKK 3m) at an average  price of DKK 578 (2012: DKK 495), corre- sponding to a purchase price of DKK 167m  (2012: DKK 70m). Class B treasury shares  are primarily acquired to facilitate settlement  of share option schemes. The Company  holds no class A shares. In the financial year the Company disposed  of class B treasury shares at a total price of  DKK 97m (2012: DKK 45m). The disposal  was made in connection with settlement of  share options. Capital structure  and equity 