Page 40 - Kitron Annual Report 2011

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Notes to the consolidated financial statements
40
Kitron annual report 2011
Change in carrying amount of pension commitments
(Amounts in NOK 1000)
2011
2010
Opening balance
12 076
21 326
Cost recognised in the profit and loss account for the year
1 517
(5 568)
Benefits paid
(4 672)
(3 682)
Closing balance
8 921
12 076
The following assumptions have been applied in calculating pension commitments:
(Amounts in NOK 1000)
2011
2010
Discount rate
2,5%
4,0%
Annual pay adjustment
3,5%
3,5%
Annual pension adjustment
3,5%
3,5%
Social security tax rate
14,1%
14,1%
Assumptions on mortality rates are based on published statistics in Norway
K2005
K2005
Number of employeees in defined benefit plans
68
65
(Amounts in NOK 1000)
Restructuring
Additions recognised in profit and loss account
17 200
Amounts incurred and charged in profit and loss account
(11 076)
Total charged in profit and loss account
6 124
Classification in the balance sheet
(Amounts in NOK 1000)
2011
2010
Value at 1 January
23 481
-
Conversion differencies
(128)
-
Additional provisions made in period
17 400
23 481
Amounts incurred and charged against provision in period
(11 076)
-
Total at 31 December
29 677
23 481
Of the provision at 31 December 2011 NOK 29.677.000 is related to restructuring of Kitron in Sweden.
The provision is based on detailed calculations. The main components are cost for personnel and cost for rent
and facilitity. About 7.0 million NOK of the provision is for other costs. Unsertainty in calculations is regarded to
be about 10 per cent of the total provision.
In 2011 no dividend was paid. For the year ended 31 December 2011 a dividend of NOK 0.05 per share is to
be proposed at the annual general meeting on 26 April 2012. The dividend is not included in the consolidated
accounts for the group.
Note 24 Provisions
Note 25 Dividends per share