1.6.1  Credit risk  Exposures on  trade receivables  are man- aged locally in the operating entities and  credit limits set as deemed appropriate for  the customer taking into account the current  local market conditions. The Group does not generally renegotiate the terms of trade receivables with the indi- vidual customer and trade receivables are not changed to on-trade loans. However, if a negotiation takes place, the outstanding  balance is included in the sensitivity analysis  based on the original payment terms. No  significant trade receivables or on-trade loans  were renegotiated during 2012 and 2013. It is Group policy to reduce the credit risk  through prepayments or cash payments on  delivery, especially for certain categories of  customers in each country. The local entities  assess the credit risk and whether it is appro- priate and cost-effective to hedge the credit  risk by way of credit or bank guarantees,  credit insurance, conditional sale etc. Such  security is taken into account when assess- ing impairment losses. Security is primarily  received from on-trade customers. On-trade loans  are usually repaid through  discounts during the continuing sales rela- tionship with the individual customer, which  Carlsberg Group Annual Report 2013 Consolidated financial statements SECTION 1: OPERATING ACTIVITIES 70 is reflected in the repayment scheme and the  discounting of the loans. Consequently, there  are no significant overdue on-trade loans.  Management also assesses whether de- velopments of importance to the on-trade  could indicate impairment of on-trade loans  in a market in general. Such developments  also include changes in local legislation,  which may have an adverse effect on the  earnings in the industry as a whole and  where the effect cannot be allocated to  individual loans. The credit risk on on-trade loans is usually  reduced through collateral and pledges of  on-trade movables (equipment in bars, cafés  etc.). The fair value of the pledged on-trade  movables cannot be estimated reliably but is  assessed to be insignificant as the movables  are used. Movables received through pledges  usually need major repair before they can be  used again. The credit risk on loans to partners is re- duced through pledge of shares in one of  the Group’s subsidiaries that are held by the borrower.  The carrying amount of financial assets  represents the maximum credit exposure. The  carrying amount of financial assets, excluding  cash and cash equivalents, of DKK 11,982m  (2012: DKK 12,129m) is summarised above.  The Group’s receivables from the sale of goods and services and on-trade loans are allocated to the countries shown to the right. TRADE RECEIVABLES AND ON-TRADE LOANS  BROKEN DOWN BY COUNTRY EXPOSURE TO CREDIT RISK 2013 DKK million Net carrying  amount  at 31 Dec. Of which neither impaired nor past due at the reporting date Past due  less than  30 days Past due  between  30 and 90 days Past due  more than  90 days 2012 Net carrying  amount at 31 Dec. Receivables from sale of goods and services 7,258 6,472 269 146 371 7,117 On-trade loans 1,916 1,837 4 7 68 2,022 Other receivables 2,808 2,581 86 36 105 2,990 Total 11,982 10,890 359 189 544 12,129 AGEING OF RECEIVABLES AND ON-TRADE LOANS Russia 30%  UK 9% France 9% Switzerland 6% Germany 5% Poland 5% Sweden 3% Ukraine 3% Norway 3% Other 27% SECTION 1.6  Trade receivables and on-trade loans