Odfjell SE Annual Report 2012

odfjell group
Specification of deferred taxes (deferred tax assets):
(USD 1 000) 2012
Change in
temporary
differences 2011
Revaluation of investments at fair value 61 (3 055) 3 116
Pensions 21 570 3 268 18 302
Financial instruments 26 735 8 217 18 518
Provisions (6 689) (7 392) 703
Unrealised currency related to non-current receivables and liabilities 1 777 596 1 181
Loss carried forward 94 883 64 900 29 983
Total negative temporary differences 138 338 66 534 71 803
Differences related to depreciation of non-current assets 121 646 46 905 74 741
Differences related to current assets 34 328 22 378 11 950
Deferred gain related to sale of non-current assets 3 337 (551) 3 888
Excess value related to investments of non-current assets 90 997 (11 891) 102 888
Total positive temporary differences 250 308 56 841 193 467
Temporary differences not accounted for *) (93 282) (36 536) (56 746)
Total recognised deferred tax liabilities 53 551 1 997 51 554
Tax rate 12–35%
Tax booked through income statement 7 904
*)
This applies to temporary differences for companies with losses where deferred tax assets are not recognized.
v
The Group has a total loss carried forward of USD 95 million at 31 December 2012 (2011 USD 30 million), that are available indefinitely to
offset against future taxable profits of the companies in which the losses arose. Tax group contributions are also available within the same
country and within the same tax regime. The distribution of dividend to the Odfjell SE’s shareholders does not affect the Company’s payable
or deferred tax.
Note 9 Pension liabilities
The Group operates a number of defined benefit and contribution plans throughout the world. The most significant defined benefit pension
plan is in Norway.
The main benefit from the defined benefit pension plan in Norway is a pension of 66% of the lower of the final salary and 12G (G = indexation
of the public national insurance base amount, presently G equals NOK 82 122) and a 30-year accrual period. The plan also includes survivor/
dependants and disability pensions. As at 31 December 2012, the different plans had 1,143 members. The commitment is calculated using
straight-line accrual.
The year’s pension costs:
(USD 1 000) 2012
Continued
operation 2011
Discontinued
operation 2011 2011
Service costs 8 246 6 193 1 744 7 937
Interest cost on accrued pension liabilities 3 852 3 485 2 057 5 543
Estimated yield on pension assets (3 221) (2 953) (1 310) (4 263)
Administrative expenses 273 258 – 258
Amortisation of actuarial gains/losses 1 688 855 630 1 485
Social security tax 894 824 – 824
Total pension cost 11 732 8 662 3 122 11 785
Actual yield on the pension assets in Norway, USA and Netherlands for 2012 is in the range of 0.4 %–26.7%.
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odfjell annual report 2012