SECTION 4  Capital structure and equity 4.4  Borrowings TREASURY SHARES INTEREST RATE RISK Carlsberg Group Annual Report 2013 Parent Company SECTION 4: CAPITAL STRUCTURE AND EQUITY 149 2012  The fixed-rate mortgages comprised one mort- gage with a time to maturity of more than five years. Swaps were settled in 2012  so there were no fair value  adjustment in 2013 (2012: DKK -8m). 2013  The fixed-rate mortgage is one loan which has a fixed interest rate until 2017.  Non-current borrowing consists of employee bonds  that carry a fixed interest rate and one mortgage carrying a fixed interest. At 31 December 2013 the fair value of treasury shares amounted to DKK 14m (2012: DKK 1m). B shares  carry two votes per DKK 20 share. A prefer- ential right to an 8% non-cumulative dividend is  attached to B shares. Apart from votes and dividends   all shares rank equally. A shares  carry 20 votes per DKK 20 share.  The fair value of borrowings in subsidiaries corresponds to the carrying amount in all material respects. Borrowings are measured at amortised cost. Other non-current borrowings include employee bonds of DKK 13m (2012: DKK 18m). No bonds have been issued  in 2013 or 2012. 4.5  Interest rate risk SHARE CAPITAL Class A shares Class B shares Total share capital Shares of  DKK 20 Nominal  value   DKK ’000 Shares of  DKK 20 Nominal  value   DKK ’000 Shares of  DKK 20 Nominal  value   DKK ’000 1 January 2012 33 699 252 673 985 118 857 554 2 377 151 152 556 806 3 051 136 No change in 2012 - - - - - - 31 December 2012 33 699 252 673 985 118 857 554 2 377 151 152 556 806 3 051 136 No change in 2013 - - - - - - 31 December 2013 33 699 252 673 985 118 857 554 2 377 151 152 556 806 3 051 136 Shares of  DKK 20 Nominal  value  DKKm Percentage of share capital 1 January 2012 33 498 - 0.0% Acquisition of treasury shares 141 000 3 0.1% Used to settle share options -172 911 -3 -0.1% 31 December 2012 1 587 - 0.0% 1 January 2013 1 587 - 0.0% Acquisition of treasury shares 288 582 6 0.2% Used to settle share options -266 228 -5 -0.2% 31 December 2013 23 941 1 0.0% DKK million Average effective  interest rate 2013 Interest rate  Fixed for Carrying amount Interest  rate risk Mortgages Fixed-rate Fixed 3.12% 2-3 years 209 Fair value Total mortgage 3.12% 209 2012 Mortgages Fixed-rate Fixed 2.85% 3-4 years 209 Fair value Total mortgages 2.85% 209 DKK million 2013 2012 Non-current borrowings Mortgages 209 209 Other non-current borrowings 13 18 Total 222 227 Current borrowings Current portion of other non-current borrowings 5 - Borrowings from subsidiaries 1 093 740 Total 1 098 740 Total non-current and current borrowings 1 320 967 Fair value 1 327 980