Income Statement Infratek ASA

NOTE 4

PENSION EXPENSES, ASSETS AND LIABILITIES

Per 31 December 2012 the company had pension plans that covered a total of 4 people in the private plan and 5 people in a public plan. The plans provided rights to defined future benefits. These benefits depend chiefly on the number of years of service and pay level upon reaching retirement age. Pursuant to the law governing mandatory occupational pension, agreements have been established concerning defined contribution schemes for everyone who is not covered by the Group’s group pension plans.

Pension liabilities and costs

Amounts in thousand NOK

Liabilities in the balance sheet are arrived at as follows:

Present value of accrued pension liabilities in fund-based plans

Fair value of pension assets

Actual net pension liabilities (assets) for defined benefit plans in fund-based plans

Present value of liabilities not in fund-based plans

Estimate deviations not recognized in profit and loss

Social security contribution

Net pension liabilities (assets) in the balance sheet as of 31 December

Net pension expenses are arrived at as follows:

Present value of the year’s pension earnings

Interest expenses of liability

Expected yield on pension funds

Liabilities upon change in plan

Recognized estimate changes and estimate deviations

Social security contribution

Member contributions

One-time payment

Total pension expenses, defined benefit plans

Net financial cost from performance plans

Sum recognized performance-based pension costs

Total pension expenses, contribution plans

Adjustment pension premiums

Total pension expenses (incl. in personnel expenses)

Change in liabilities in the balance sheet:

Balance sheet value as of 1 January

Change in employee base due to business transfers

Change in accounting principle

Expenses recognized this year

Pensions paid and payment of pension premium

Deviation of periods estimate recognized in equity

Balance sheet value as of 31 December

The following economic assumptions are used in calculating pension liabilities:

Discount rate

Expected yield on pension funds

Salary growth

G regulation

Annual social security pensiond growth1)

0.50 % / 2.25 %

0.10% / 2.5%

1) Private pensions schemes 0.5 % and public pension schemes 2.25%.