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NCC AB Restates Figures for 2012 Due to Amended Standard for Pension Recognition


Thursday, 18 Apr 2013 08:40am EDT 

NCC AB announced that the Company is applying the revised accounting standard for pension recognition, IAS 19, Employee Benefits, as of January 1, 2013. The principal change is the elimination of the opportunity to use the corridor method, the method previously applied by NCC. Opening balances for 2013 and reported figures for 2012 have been restated to facilitate comparability. The amended standard entails that the present value of defined-benefit pension plans and the fair value of plan assets for pensions have to be recognized as a net pension provision. Following the amendment, the recognized pension provision will at all times match the actual net obligation that NCC has for its pensions. All historical unrecognized actuarial gains and losses, including effects of special payroll tax, will be deducted from shareholders’ equity, net after tax. As a result, shareholders’ equity at December 31, 2012 is reduced by SEK 1,340 million. Profit after net financial items for 2012 is increased by SEK 15 million. Operating profit is reduced by SEK 18 million, which is an effect of the recognition of interest expense and the return on pension liabilities and assets no longer being recognized as part of operating profit. Net financial items improve by SEK 33 million and net profit for the period after tax is increased by SEK 11 million. The restatement has no impact on cash flow apart from certain reclassifications. 

Company Quote

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27 Jan 2015