Neste Oil adopts the revised IAS 19 Employee Benefits standard

Neste Oil adopts the revised IAS 19 Employee Benefits standard

As of January 1, 2013, Neste Oil Corporation has adopted the revised IAS 19 Employee Benefits standard. As a result, the Group’s operating profit and comparable operating profit for 2012 have increased by EUR 3 million, as the net interest cost related to employee benefits are now reported under financial items. The impact on the Group’s net profit for 2012 is not material. The Group’s equity in the opening balance for 2012 has been reduced by EUR 9 million as a result of recognizing actuarial losses in equity. The Group’s equity of 31 December 2012 has been reduced by EUR 38 million, comprising a EUR 51 million increase in actuarial losses and related deferred tax assets of EUR 13 million. The Group’s defined benefit liability has increased to EUR 99 million.
The Group’s financial reporting will reflect this change from the Interim Report for January 1 – March 31, 2013 onwards. Group and segment information for 2012 has been restated in compliance with the requirements of the revised standard and are presented in the enclosed tables.
Source: Neste Oil Corporation
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