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Jotun Annual Report 2014

26 JOTUN GROUP Note 4 continues PENSIONS AND OTHER LONG-TERM EMPLOYEE BENEFITS Schemes with net pension obligations (NOK thousand) 2014 2013 Changes in pension obligations including social security Pension obligation as of 1 January 427 571 404 181 Translation difference as of 1 January 50 680 28 345 Pension earning for the year -755 8 507 Interest cost on pension obligations 20 178 14 480 Actuarial loss/(gain) -10 429 -2 Social security upon paying pension premiums -460 -1 011 Pension payments -27 966 -26 899 Pension obligation as of 31 December 458 819 427 601 Changes in plan assets Plan assets as of 1 January 280 472 256 411 Translation difference as of 1 January 38 488 23 660 Expected return on plan assets 13 716 13 689 Settlement 5 796 5 542 Actuarial (loss) / gain -10 383 -12 174 Payments in / (out) 4 015 8 400 Pension payments -18 107 -15 055 Plan assets as of 31 December 313 998 280 472 Reconciliation of pension liabilities/assets recognised in the consolidated statement of financial position Net pension obligation - overfunded (underfunded) -144 821 -147 129 Other severance schemes -48 344 -37 759 Total pension liabilities -193 164 -184 888 The period’s pension costs including social security Pension earnings for the year -729 8 553 Interest cost for the pension obligations 19 150 14 370 Expected return on plan assets -12 652 -12 746 Curtailment and settlements - 2 081 Pension cost recognised in the consolidated statement of profit or loss 5 769 12 258 Actuarial (gain) / loss recognised in other comprehensive income, net of taxes -1 137 9 623 Breakdown of net pension liabilities as of 31 December in unfunded and funded schemes Present value of funded pension obligations -393 738 -361 137 Pension plan assets 313 998 280 472 Net funded pension assets -79 740 -80 665 Present value of unfunded pension obligations -113 425 -104 223 Capitalised net pension liabilities -193 164 -184 888


Jotun Annual Report 2014
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