26 JOTUN GROUP SCHEMES WITH NET PENSION OBLIGATIONS (NOK THOUSAND) 2016 2015 CHANGES IN PENSION OBLIGATIONS INCLUDING SOCIAL SECURITY Pension obligation at the beginning of the period 506 938 458 819 Translation difference at the beginning of the period –73 094 46 052 Curtailment in future increase in wages 92 – Pension earning for the year 5 798 14 652 Interest cost on pension obligations 15 940 18 552 Actuarial loss / gain (–) 83 262 320 Social security upon paying pension premiums –187 –190 Pension payments –27 644 –31 267 Pension obligation at the end of the period 511 105 506 938 CHANGES IN PLAN ASSETS Plan assets at the beginning of the period 351 036 313 998 Translation difference at the beginning of the period –65 284 38 776 Expected return on plan assets 11 061 14 803 Settlement 7 627 8 397 Actuarial loss / gain (–) 53 125 –2 538 Payments in / out (–) 3 423 497 Pension payments –7 389 –22 898 Plan assets at the end of the period 353 598 351 036 RECONCILIATION OF PENSION LIABILITIES/ASSETS RECOGNISED IN THE BALANCE SHEET Net pension obligation – overfunded / underfunded (–) –157 507 –155 902 Other severance schemes –67 954 –58 110 Total pension assets / liabilities (–) –225 461 –214 012 THE PERIOD’S PENSION COSTS INCLUDING SOCIAL SECURITY Pension earnings for the year 8 543 14 672 Interest cost for the pension obligations 15 837 18 550 Expected return on plan assets –11 130 –12 771 Pension cost recognised in income statement 13 250 20 451 Actuarial gain (–) / loss recognised in other comprehensive income (net of taxes) 22 638 2 113 BREAKDOWN OF NET PENSION LIABILITIES AT 31 DECEMBER IN UNFUNDED AND FUNDED SCHEMES Present value of funded pension obligations –445 232 –442 456 Pension plan assets 353 598 351 036 Net funded pension assets –91 634 –91 420 Present value of unfunded pension obligations –133 827 –122 592 Capitalised net pension liabilities –225 461 –214 012
Jotun Annual Report 2016
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