XML 49 R33.htm IDEA: XBRL DOCUMENT v3.19.1
Pensions (Tables)
 12 Months Ended
Dec. 31, 2018
Pensions (Tables) [Abstract]  
Calculation of annual pension costs
Calculation of this year's pension costs:

    2018     2017      2016  
(Dollars in thousands)
                  
Current service cost
    
403
      
329
      
344
  
Financial costs
    
10
      
6
      
6
  
Pension costs for the year
    
413
      
335
      
350
  
 
                        
Amounts Recognised in the Statement of Financial Position at the Reporting Date
The amounts recognised in the statement of financial position at the reporting date are as follows:

 
  
2018
    
2017
    
2016
  
Present value of the defined benefit obligation
    
1,971
      
1,481
      
1,128
  
Fair value of plan assets
    
1,614
      
1,266
      
963
  
Net pension obligation
    
357
      
215
      
165
  
Remeasurement loss
    
182
      
211
      
60
  
Net balance sheet recorded pension liability December 31
    
539
      
425
      
225
  
Change in Gross Pension Obligations
 
  
2018
    
2017
    
2016
  
Change in gross pension obligation:
                  
Gross obligation January 1
    
1,708
      
1,111
      
945
  
Current service cost
    
398
      
325
      
360
  
Interest charge on pension liabilities
    
42
      
31
      
27
  
Past service cost - curtailment/plan amendment
    
-
      
-
      
(19
)
Settlement (gain)
    
-
      
-
      
(128
)
Social security expenses
    
(57
)
    
(44
)
    
(48
)
Remeasurements loss/(gain)
    
119
      
227
      
(18
)
Exchange rate differences
    
(119
)
    
58
      
(8
)
Gross pension obligation December 31
    
2,090
      
1,708
      
1,111
  
Change in Gross Pension Assets
 
  
2018
    
2017
    
2016
  
Change in gross pension assets:
                  
Fair value plan asset January 1
    
1,282
      
886
      
744
  
Interest income
    
27
      
20
      
17
  
Settlement
    
-
      
-
      
(128
)
Employer contribution
    
404
      
313
      
338
  
Remeasurements (loss)/gain
    
(63
)
    
16
      
(79
)
Exchange rate differences
    
(99
)
    
47
      
(7
)
Fair value plan assets December 31
    
1,551
      
1,282
      
886
  
Company pension contributions assumptions
The Company expects to contribute $345 thousand to its defined benefit pension plan in 2019.
 
Assumptions
  
2018
    
2017
    
2016
  
Discount rate
    
2.60
%
    
2.40
%
    
2.60
%
Yield on pension assets
    
2.60
%
    
2.40
%
    
2.60
%
Wage growth
    
2.75
%
    
2.50
%
    
2.50
%
G regulation*
    
2.50
%
    
2.25
%
    
2.25
%
Pension adjustment
    
0.80
%
    
0.50
%
    
0.00
%
Average remaining service period
    
18
      
18
      
19