26 JOTUN GROUP SCHEMES WITH NET PENSION OBLIGATIONS (NOK THOUSAND) 2015 2014 CHANGES IN PENSION OBLIGATIONS INCLUDING SOCIAL SECURITY Pension obligation at the beginning of the period 458 819 427 571 Translation difference at the beginning of the period 46 052 50 680 Pension earning for the year 14 652 –755 Interest cost on pension obligations 18 552 20 178 Actuarial loss / gain (–) 320 –10 429 Social security upon paying pension premiums –190 –460 Pension payments –31 267 –27 966 Pension obligation at the end of the period 506 938 458 819 CHANGES IN PLAN ASSETS Plan assets at the beginning of the period 313 998 280 472 Conversion difference at the beginning of the period 38 776 38 488 Expected return on plan assets 14 803 13 716 Settlement 8 397 5 796 Actuarial loss / gain (–) –2 538 –10 383 Payments in / out (–) 497 4 015 Pension payments –22 898 –18 107 Plan assets at the end of the period 351 036 313 998 RECONCILIATION OF PENSION LIABILITIES/ASSETS RECOGNISED IN THE BALANCE SHEET Net pension obligation – overfunded / underfunded (–) –155 902 –144 821 Other severance schemes –58 110 –48 344 Total pension assets / liabilities (–) –214 012 –193 164 THE PERIOD’S PENSION COSTS INCLUDING SOCIAL SECURITY Pension earnings for the year 14 672 –729 Interest cost for the pension obligations 18 550 19 150 Expected return on plan assets –12 771 –12 652 Pension cost recognised in profit or loss statement 20 451 5 769 Actuarial gain (–) / loss recognised in other comprehensive income (net of taxes) 2 113 –1 137 BREAKDOWN OF NET PENSION LIABILITIES AT 31 DECEMBER IN UNFUNDED AND FUNDED SCHEMES Present value of funded pension obligations –442 456 –393 738 Pension plan assets 351 036 313 998 Net funded pension assets –91 420 –79 740 Present value of unfunded pension obligations –122 592 –113 425 Capitalised net pension liabilities –214 012 –193 164
Jotun - Annual Report 2015
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