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The Group expects to contribute DKK 22m (2012: DKK 23m) to the plan assets in 2014. 

Plan assets are invested in the following. 

## BREAKDOWN OF PLAN ASSETS 

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Plan assets do not include shares in or properties used by Group companies. 

The actuarial gain and foreign exchange adjustment recognised in other comprehen- sive income amounted to DKK 901m (2012: DKK -803m). The accumulated amount recognised at 31 December 2013 was DKK -2,432m (2012: DKK -3,333m), of which actuarial losses, net totalled DKK 2,735m (2012: DKK -3,557m). 

## 7.4.1  Significant assumptions applied 

Switzerland represents 39% (2012: 41%), the UK 42% (2012: 39%) and the euro- zone countries 11% (2012: 6%) of the gross obligation. 

The two most significant plans in the Group are in Carlsberg UK and in the Swiss entities, including Feldschlösschen. The mortality tables used in Carlsberg UK are S1PMA/S1PFA tables for post-retirement and AMC00/AFC00 for pre-retirement, both with CMI_2013 projections, while the Swiss 

## ASSUMPTIONS APPLIED 

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entities use the BVG 2010-2013 (KJ) mortal- ity table for valuation of their retirement obligations. 

The main assumptions applied in calculating the defined benefit obligations can be sum- marised as shown below. 

## 7.4.2  Sensitivity analysis 

The table below shows a sensitivity analysis of the total calculated retirement benefit obliga- tion. The sensitivity analysis is based on the following changes to the assumptions applied in the calculation of the obligation. 

The sensitivity analysis is based on a change in one of the assumptions while all other assumptions remain constant. This is highly unlikely to occur as a change in one assumption will likely affect other assump- tions as well. When calculating the obligation on the basis of a changed assumption, the same method has been applied as when calculating the pension liability recognised in the statement of financial position. 

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