Hexagon Annual Report 2019

(NOK 1 000) 2019 2018 Current service cost 1 201 488 Interest cost on benefit obligation 481 407 Expected return on plan assets -401 -306 Administrative costs 97 176 Employer’s contribution 58 77 Recognised effect of change of plan 639 Total pension expenses 1 438 1 481 PENSION EXPENSES FOR THE YEAR RELATING TO THE DEFINED BENEFIT PENSION PLANS ARE CALCULATED AS FOLLOWS (NOK 1 000) 2019 2018 Present value of funded obligations 22 255 19 258 Fair value of plan assets -19 602 -17 624 Employer's contributions on net pension liabilities 81 64 Net liability recognized in balance sheet 31 December 2 735 1 698 PENSION LIABILITIES AND PLAN ASSETS (NOK 1 000) 2019 2018 Net liability recognized in balance sheet 1 January 1 698 1 454 Translation differences 107 13 Recognized benefit expense 1 438 1 481 Benefits paid -1 394 -2 036 Additions from purchase of companies 18 Actuarial gains and losses arising from changes in financial assumptions -111 105 Actuarial gains and losses arising from changes in demographic assumptions 1 010 681 Net liability recognized in balance sheet 31 December 2 735 1 698 Retirement benefit obligation 2 735 1 698 Plan assets 0 0 (NOK 1 000) 2019 2018 Benefit obligation 1 January 19 258 19 604 Current service cost 1 201 488 Interest expense 481 407 Actuarial gains/losses (-) 702 605 Pension payments -325 -290 Translation differences 107 50 Effect change of plans -1 607 Additions from purchase of companies 829 Retirement benefit obligation 31 December 22 255 19 258 CHANGE IN BENEFIT LIABILITY DURING YEAR Expected premium payment next year is NOK 1 328 thousand. 43 129 2019 AT A GLANCE FROM THE BOARD ROOM FINANCIAL STATEMENTS