Report - Kongsberg Gruppen 2007 - Kongsberg Maritime ...

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48 The year's pension costs were calculated as follows: Amounts in MNOK 2007 2006 2005 Service cost 110 95 75 Interest cost on pension liabilities 75 63 63 Expected return on pension plan assets (53) (47) (50) Amortisation of past service cost 1 1 Accrued social security expenses 19 16 12 151 128 101 Settlement of the pension plan, including social security tax (341) Total net pension expenses (190) 128 101 Expenses related to defined contribution pension plans 10 8 5 Change in net pension liabilities recognised on the balance sheet 2007 2006 Amounts in MNOK Funded Unfunded Total Funded Unfunded Total Changes in gross pension liabilities Gross pension liabilities at 1 Jan. 1 624 175 1 799 1 514 160 1 674 Net change in social security expenses (45) (5) (50) 10 1 11 Acquisition/disposal of activities - - - 11 - 11 Buy-out upon termination - - - (92) - (92) Net current value of accruals for the year 99 11 110 87 8 95 Interest expenses on pension liabilities 68 7 75 58 5 63 Premium payments, plan changes (299) - (299) - (14) (14) Actuarial losses/gains (17) 25 8 54 22 76 Transition to proportionate consolidation method (10) - (10) - - - Payments pensions/paid-up policies (334) (10) (344) (18) (7) (25) Gross pension liabilities at 31 Dec. 1 086 203 1 289 1 624 175 1 799 Changes, gross pension fund assets Fair value, pension plan assets at 1 Jan. 1 049 - 1 049 1 005 - 1 005 Acquisition/disposal of activities - - - 8 - 8 Buy-out upon termination - - - (92) - (92) Expected rate of return on pension funds 53 - 53 47 - 47 Actuarial losses/gains 31 - 31 (30) - (30) Transition to proportionate consolidation method (9) - (9) - - - Premium payments 160 - 160 129 - 129 Payments of pensions/paid-up policies (334) - (334) (18) - (18) Fair value, pension plan assets at 31 Dec. 950 - 950 1 049 - 1 049 Net pension liabilities (136) (203) (339) (575) (175) (750) Unrecognised plan changes - 3 3 - 3 3 Net capitalised pension liabilities at 31 Dec. (136) (200) (336) (575) (172) (747) The percentage distribution of pension plan assets by investment categories at 31 Dec. 2007 and earlier was: 2007 2006 2005 Long-term bonds 28% 30% 27% Money market 7% 5% 17% Bonds 21% 20% 18% Shares 25% 30% 23% Property 16% 13% 12% Other items 3% 2% 3% Actual investment performance, pension plan assets 11.8% 7.5% 7.3% Amounts in MNOK 2007 2006 2005 Net obligation 1 Jan. (747) (665) (456) Net change in social security expenses 50 (11) (26) Recognised pension expenses (132) (112) (87) Settlement of pension scheme, excl. social security expenses 299 - - Premium payments 160 129 150 Premium payments, plan changes - 14 - Disbursements, early retirement 10 7 7 Downsizing process - - 3 Purchases/sales - (3) 16 Transition to proportionate consolidation method 1 - (9) Actuarial gain/loss on pension expenses 23 (106) (263) Net capitalised pension liabilities at 31 Dec. (336) (747) (665) Actuarial losses/gains are taken directly to equity. Kongsberg – Annual Report and Sustainability Report 2007
THE GROUP VISION, OBJECTIVES AND DIRECTORS' REPORT & ACCOUNTS BUSINESS ACTIVITIES CORPORATE GOVERNANCE AND SUSTAINABILITY REPORT 1–11 STRATEGY 12–19 20–75 76–101 FINANCIAL STATEMENTS 102–125 126–160 49 Historical information Amounts in MNOK 2007 2006 2005 2004 Gross pension liabilities 31 Dec. 1 289 1 799 1 674 1 328 Fair value, pension plan assets 31 Dec. 950 1 049 1 005 868 Net pension liabilities 31 Dec. (339) (750) (669) (460) Actuarial gains/losses on pension liabilities at 31 Dec. 8 76 234 77 Actuarial gains/losses on pension plan assets 31 Dec. 31 (30) (29) 4 The age limit for taking an early retirement pension (AFP) is 62. The Group's extended pension liabilities are included in the accounts in accordance with actuarial standards based on a lower ordinary retirement age, 40 per cent signing propensity, 25 per cent employer financing and otherwise the same assumptions as apply to ordinary pensions. Changes in actual signing propensity as well as final funding can lead to changes in the final pension liabilities. Pension expenses for the year are estimated based on the financial and actuarial assumptions that apply at the beginning of the year. Gross pension liabilities are based on the financial and actuarial assumptions made at year end. Pension premium payments for the defined benefit scheme in 2008 are expect - ed to total MNOK 40. Most of the Group's Norwegian companies have collective service pension schemes that entitle employees to certain future pension benefits in accordance with net benefit plans. Pension benefits depend on the individual employee's number of years of service and salary level upon reaching retirement age. The defined benefit plan requires 30 years' of accrual to qualify for a full pension. Shorter service time will result in pro rata reduction in the pension. Net pension liabilities are stipulated on the basis of actuarial estimatespredicat - ed on assumptions related to the discount rate, future wage growth, pension adjust ments, expected return on pension fund assets, and voluntary resignation. These assumptions are updated annually. The discounting rate is stipulated on the basis of the long-term government bond interest rate with a mark-up of 30 basis points that reflect the time frame for paying out on the pension liability. The balance sheet shows net pension liabilities including social security. Sensitivity analysis on pension calculations The following estimates are based on facts and circumstances that applied at 31 Dec. 2007, provided all other parameters are constant. The actual results may deviate significantly from these estimates. Annual wage growth/ Annual adjustment Dscount rate basic amount (G) of pensions Retirement rate Changes in % are percentage points 1% -1% 1% -1% 1% -1% 1% -1% Changes in pension Projected benefit obligation (PBO) 20–22% 20–22% 10–12% 10–12% 15–17% 15–17% 2–3% 2–3% Net pension expenses during the period 22–24% 22–24% 18–20% 18–20% 10–12% 10–12% 2–3% 2–3% Defined contribution pension plans Kongsberg's companies abroad generally have defined contribution plans. At 31 Dec. 2007, there were also 72 Kongsberg employees in Norway covered by defined contribution plans. As from 1 January 2008, 2 460 employees in Norway will be covered by defined contribution plans. 12 Remuneration to the auditor Subsidi- Subsidi- Subsidi- Subsidi- Parent aries aries Parent aries aries Amounts in NOK 1 000 company in Norway abroad Total 2007 company in Norway abroad Total 2006 Corporate auditor Ernst & Young: Statutory audits 850 5 520 1 230 7 600 875 5 310 1 089 7 274 Other assurance services 66 376 - 442 - 550 - 550 Tax consultancy - 673 140 813 - 503 75 578 Services other than auditing - 910 - 910 - 1 217 - 1 217 Total fees, Ernst & Young 916 7 479 1 370 9 765 875 7 580 1 164 9 619 Others auditors Estimated auditing fees - 89 - 89 - 110 273 383 Kongsberg – Annual Report and Sustainability Report 2007
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127 SUSTAINABILITY REPORT Corporate
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161 ADDRESSES The Group is headquar
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