Liquidity risk Carlsberg Group Annual Report 2013 Consolidated financial statements SECTION 4: FINANCING COSTS, CAPITAL STRUCTURE AND EQUITY 100 Liquidity risk results from the Group’s  potential inability to meet the obligations  associated with its financial liabilities, e.g.  settlement of its financial debt, paying its  suppliers and settling finance lease obliga- tions. The Group’s liquidity is managed by  Group Treasury. The aim is to ensure effec- tive liquidity management, which primar- ily involves obtaining sufficient committed  credit facilities to ensure adequate financial  resources, and to some extent tapping a  diversity of funding sources. At 31 December 2013, the Carlsberg Group  had net financial interest-bearing debt of  DKK 36,497m (2012: DKK 34,298m). The  credit resources available and the access  to unused committed credit facilities are  considered reasonable in light of the Group’s  current needs in terms of financial flexibility. At 31 December 2013, the Group had total  unutilised credit facilities of DKK 13,653m  (2012: DKK 14,863m). Credit resources avail- able consist of the unutilised non-current  credit facilities and cash and cash equiva- lents of DKK 3,714m (2012: DKK 5,760m)  The Group uses cash pools in its day-to-day  liquidity management for most of the entities  in Western Europe, as well as intra-Group  loans between Group Treasury and subsidiar- ies. As a result of withholding tax and local  legislation, the majority-owned entities in  Eastern Europe have their own credit facilities  and borrowings from banks. This is also the  case for the joint venture in Portugal (Unicer- Bebidas). In addition to efficient working capital man- agement and credit management, the Group  mitigates liquidity risk by arranging borrow- ing facilities with solid financial institutions. A few insignificant non-current committed  credit facilities include financial covenants  with reference to the ratio between net debt  and EBITDA. Management monitors this  ratio, and at 31 December 2013 there was  sufficient headroom below the ratio. less utilisation of current facilities of DKK  9,525m (2012: DKK 3,352m). CREDIT RESOURCES AVAILABLE COMMITTED NON-CURRENT CREDIT FACILITIES AND CREDIT RESOURCES AVAILABLE AT 31 DECEMBER 2013 DKK million Total non- current  committed  loans and  credit facilities Utilised portion of credit facilities Unused credit facilities 2012 Unused credit facilities <1 year 9,525 9,525 - - Total current committed loans and credit facilities 9,525 9,525 - - <1 year - - -9,525 -3,352 1-2 years 2,549 548 2,001 - 2-3 years 2,910 2,910 - 8,895 3-4 years 7,449 7,449 - 5,968 4-5 years 55 55 - - >5 years 31,376 19,724 11,652 - Total non-current committed loans and credit facilities 44,339 30,686 4,128 11,511 Cash and cash equivalents 3,714 5,760 Credit resources available (total non-current  committed loans and facilities minus net debt) 7,842 17,271