Net interest- bearing debt At 31 December 2013, gross interest-bearing  debt amounted to DKK 40.4bn and net  interest-bearing debt amounted to DKK  35bn. Of the gross interest-bearing debt,  76% (DKK 30.7bn) was long-term, i.e. with  maturity after more than one year.  Net interest-bearing debt increased by DKK  2.5bn during 2013, primarily due to acquisi- tion of entities (DKK 2.3bn) and the inclusion  of the net interest-bearing debt in Chongqing  Brewery Group (DKK 1.1bn), which became  fully consolidated in December 2013. Carlsberg Group Annual Report 2013 DKK million 2013 2012 Non-current borrowings 30,686 36,706 Current borrowings 9,525 3,352 Payables, acquisitions 188 - Gross interest-bearing debt 40,399 40,058 Cash and cash equivalents -3,714 -5,760 Loans to associates, interest-bearing portion -95 -110 On-trade loans -1,916 -2,022 Non-interest-bearing portio n 935 1,012 Other receivables -2,168 -2,088 Non-interest-bearing portion 1,581 1,390 Net interest-bearing debt 35,022 32,480 DKK million 2013 2012 Changes in net interest-bearing debt Net interest-bearing debt at 1 January 32,480 32,460 Cash flow from operating activities -9,083 -9,871 Cash flow from investing activities, excl. acquisition of entities, net 6,543 3,947 Cash flow from acquisition of entities, net 2,340 27 Dividends to shareholders and non-controlling  interests 1,274 1,121 Acquisition of non-controlling interests 320 4,916 Acquisition/disposal of treasury shares and  exercise of share options 70 25 Acquired net interest-bearing debt from acquisition of entities 1,039 -154 Change in interest-bearing lending 249 18 Effect of currency translation -134 327 Other -76 -336 Total change 2,542 20 Net interest-bearing debt at 31 December 35,022 32,480 NET INTEREST-BEARING DEBT Consolidated financial statements SECTION 4: FINANCING COSTS, CAPITAL STRUCTURE AND EQUITY 91