Neste Oil adopts the revised IAS 19 Employee Benefits standard
Neste Oil Corporation
Stock Exchange Release
18 April 2013 at noon (EET)
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.
Neste Oil Corporation
Kaisa Lipponen
Director, Corporate Communications
Further information: Matti Piri, Acting CFO, tel. +358 10 458 4960
Neste Oil in brief
Neste Oil Corporation is a refining and marketing company concentrating on low-emission, high-quality traffic fuels. The company produces a comprehensive range of major petroleum products and is the world's leading supplier of renewable diesel. Neste Oil had net sales of EUR 17.9 billion in 2012 and employs around 5,000 people, and is listed on NASDAQ OMX Helsinki.
Neste Oil is included in the Dow Jones Sustainability World Index and the Ethibel Pioneer Investment Register, and has featured in The Global 100 list of the world's most sustainable corporations for many years. Forest Footprint Disclosure (FFD) has ranked Neste Oil as one of the best performers in the oil & gas sector. Further information: www.nesteoil.com