NCC’s restated figures for 2012 due to amended standard for pension recognition

NCC 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 effect of the restatement on NCC’s financial
statements and key figures for full-year 2012 is specified in the appendix.

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 changes in funded pension plans are to be recognized directly in profit or
loss and in other comprehensive income. Changes in pension obligations and plan
assets stemming from defined-benefit plans, such as experience-based adjustments
and/or changes in actuarial assumptions, are to be presented in other
comprehensive income. Accrued costs, such as Current service cost, the interest
-rate component and the return on plan assets, are to be recognized in profit or
loss. The calculation of the expected return is also being changed since the
discount rate on the pension commitment is also used in this calculation.

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
M. Profit after net financial items for 2012 is increased by SEK 15 M. Operating
profit is reduced by SEK 18 M, 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 M
and net profit for the period after tax is increased by SEK 11 M. The
restatement has no impact on cash flow apart from certain reclassifications.