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## SECTION 7 STAFF COSTS AND REMUNERATION 

## LONG-TERM INCENTIVE PLAN (PERFORMANCE SHARES) 

In 2013 a new performance share pro- gramme was established under which a total of 45,144 performance shares were granted to 2 employees. The grant date fair value of these performance shares was DKK 10m. The total cost of performance shares was DKK 2m, which is recognised in the income statement under staff costs. Refunds etc. between Carlsberg A/S and its subsidi- aries are recognised directly in equity. 

## LONG-TERM INCENTIVE PLAN (PERFORMANCE SHARES) 

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## ASSUMPTIONS 

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There were no exercisable performance shares in the long-term incentive plan at 31 December 2013. 

The assumptions underlying the calculation of the fair value of performance shares are described in section 7.3.1 in the consolidated financial statements. 

## 7.2  ACCOUNTING POLICIES 

The fair value of granted share-based incentives to employees in the Parent Company’s subsidiar- ies is recognised in investments in subsidiaries as the services rendered in exchange for the granted incentives are received in the subsidiaries, with a set-off directly against equity. 

The difference between the purchase price and the sales price for the exercise of share-based incentives by employees in subsidiaries is settled between Carlsberg A/S and the individual subsidi- ary, with a set-off directly against investments in subsidiaries. 

The difference at the end of the reporting period between the fair value of the Parent Company’s equity instruments and the exercise price of out- standing share-based incentives is recognised as a receivable in Carlsberg A/S, with a set-off directly against investments in subsidiaries. 

Share-based incentives granted to the Parent Com- pany’s own employees are recognised and meas- ured in accordance with the accounting policies used by the Carlsberg Group; see the consolidated financial statements for a description of accounting policies. 

