DHT Holdings, Inc. | CIK:0001331284 | 3

  • Filed: 4/24/2018
  • Entity registrant name: DHT Holdings, Inc. (CIK: 0001331284)
  • Generator: SmartXBRL
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1331284/000095015718000468/0000950157-18-000468-index.htm
  • XBRL Instance: http://www.sec.gov/Archives/edgar/data/1331284/000095015718000468/dht-20171231.xml
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    • ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory

    Note 13 - Pensions
     
    The Company is required to have an occupational pension scheme in accordance with the Norwegian law on required occupational pension (“lov om obligatorisk tjenestepensjon”) for the employees in DHT Management AS.  The company's pension scheme satisfies the requirements of this law and comprises a closed defined benefit scheme.  At the end of the year, there were 15 participants in the benefit plan.
     
    F-44
     
     
    Defined benefit pension
     
    The Company established a defined benefit plan for qualifying employees in 2010.  Under the plan, the employees, from the age 67, are entitled to 70% of the base salary at retirement date.  Parts of the pension are covered by payments from the National Insurance Scheme in Norway.  The defined benefit plan is insured through an insurance company.
     
    (Dollars in thousands)
    		                  
    Calculation of this year's pension costs:
    		  
    2017
    		    
    2016
    		    
    2015
    		  
    Current service cost
    		    
    329
    		      
    344
    		      
    289
    		  
    Financial costs
    		    
    6
    		      
    6
    		      
    6
    		  
    Pension costs for the year
    		    
    335
    		      
    350
    		      
    296
    		  
     
    The amounts recognised in the statement of financial position at the reporting date are as follows:
     
         
    2017
    		      
    2016
    		      
    2015
    		  
    Present value of the defined benefit obligation
    		    
    1,481
    		      
    1,128
    		      
    949
    		  
    Fair value of plan assets
    		    
    1,266
    		      
    963
    		      
    801
    		  
    Net pension obligation
    		    
    215
    		      
    165
    		      
    148
    		  
    Remeasurement loss
    		    
    211
    		      
    60
    		      
    48
    		  
    Net balance sheet recorded pension liability December 31
    		    
    425
    		      
    225
    		      
    196
    		  
                             
     
          2017       2016       2015  
    Change in gross pension obligation:
    		                        
    Gross obligation January 1
    		    
    1,111
    		      
    945
    		      
    706
    		  
    Current service cost
    		    
    325
    		      
    360
    		      
    285
    		  
    Interest charge on pension liabilities
    		    
    31
    		      
    27
    		      
    24
    		  
    Past service cost - curtailment/plan amendment
    		    
    -
    		      
    (19
    )
    		    
    -
    		  
    Settlement (gain)
    		    
    -
    		      
    (128
    )
    		    
    -
    		  
    Social security expenses
    		    
    (44
    )
    		    
    (48
    )
    		    
    (43
    )
    Remeasurements loss/(gain)
    		    
    227
    		      
    (18
    )
    		    
    (27
    )
    Exchange rate differences
    		    
    58
    		      
    (8
    )
    		    
    (20
    )
    Gross pension obligation December 31
    		    
    1,708
    		      
    1,111
    		      
    925
    		  
     
          2017       2016       2015  
    Change in gross pension assets:
    		                        
    Fair value plan asset January 1
    		    
    886
    		      
    744
    		      
    511
    		  
    Interest income
    		    
    20
    		      
    17
    		      
    24
    		  
    Settlement
    		    
    -
    		      
    (128
    )
    		    
    -
    		  
    Employer contribution
    		    
    313
    		      
    338
    		      
    303
    		  
    Remeasurements (loss)/gain
    		    
    16
    		      
    (79
    )
    		    
    (79
    )
    Exchange rate differences
    		    
    47
    		      
    (7
    )
    		    
    (30
    )
    Fair value plan assets December 31
    		    
    1,282
    		      
    886
    		      
    728
    		  
     
    The Company expects to contribute $305 thousand to its defined benefit pension plan in 2018.
     
    Assumptions
    		  
    2017
    		    
    2016
    		    
    2015
    		  
    Discount rate
    		    
    2.40
    %
    		    
    2.60
    %
    		    
    2.70
    %
    Yield on pension assets
    		    
    2.40
    %
    		    
    2.60
    %
    		    
    2.70
    %
    Wage growth
    		    
    2.50
    %
    		    
    2.50
    %
    		    
    2.50
    %
    G regulation*
    		    
    2.25
    %
    		    
    2.25
    %
    		    
    2.25
    %
    Pension adjustment
    		    
    0.50
    %
    		    
    0.00
    %
    		    
    0.00
    %
    Average remaining service period
    		    
    18
    		      
    19
    		      
    18
    		  
                             
    * Increase of social security base amount ("G") as per Norwegian regulations.
    		          
     
     
    F-45