Stolt-Nielsen Changes Accounting for Two Acquisitions

MarineLink.com
Tuesday, March 25, 2014

Stolt-Nielsen Limited announced that Finanstilsynet (The Financial Supervisory Authority of Norway) has completed a review of certain aspects of the company's consolidated financial statements for 2012.

The company agreed to reverse $12.3 million of the non-cash gains on bargain purchase relating to the Acuidoro and Moerdijk acquisitions completed during 2012. The non-cash gain on bargain purchase of $4.8 million relating to the Dagenham acquisition has not been reversed.

Reference is made to Note 1 to the Condensed Consolidated Interim Financial Statements for the three months and year ended November 30, 2013 released on January 30, 2014. In the opinion of Finanstilsynet, the company's recognition of non-cash gains on bargain purchase was not in accordance with International Financial Reporting Standards (IFRS).

As required by IAS 8, the effect of the reversal of these non-cash gains on bargain purchases is shown under 2012 comparative financial information and explained more fully in Note 1 of the 2013 Financial Statements. There is no impact on the income statement for the year ended November 30, 2013.

stolt-nielsen.com
 

Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

CMA-CGM to Call Port of Baltimore

International container shipping company CMA-CGM of France announced that it will begin service within the next couple of weeks to the Helen Delich Bentley Port of Baltimore.

Hapag-Lloyd Expands Feeder Network in Scandinavia

Baltic Express Service (BAX) to include Oslo / Two weekly departures from Gothenburg and Helsingborg in SDX and GTE / Connection via Hamburg and Bremerhaven to

Mercury Marine Begins HQ Expansion

Mercury Marine announces 45,000 square foot EDP parts expansion to Fond du Lac global headquarters   Mercury Marine will add a 45,000 square foot expansion to

Ship Sales

Tanker Demand Picks-up in Canada

Canada’s role in the oil industry has changed dramatically in recent years driven by synthetic crude oil production in the oil sands of Alberta.   New plans for Energy East,

Hyundai Heavy Delivers 2,000th Ship

Hyundai Heavy Industries (HHI) has become the world's first shipbuilder to deliver its 2,000th ship. The world's largest shipbuilding company delivered a drillship, "Ocean BlackLion," to U.

Bahri Inks Contracts with Hyundai to Build 5 VLCCs

The National Shipping Co. of Saudi Arabia (Bahri) signed contracts on Thursday with Hyundai Samho Heavy Industries (HSHI) to build five very large crude carriers (VLCCs),

Finance

AAPA Applauds Senate Passage of Trade Promotion Legislation

The American Association of Port Authorities (AAPA) applauded Senate passage over the past weekend of the Bipartisan Congressional Trade Priorities and Accountability Act of 2015 (TPA-2015),

Port of Duluth Intermodal Project Underway

The U.S. Department of Transportation’s Maritime Administrator, Chip Jaenichen, today joined Senators Amy Klobuchar and Al Franken, Congressman Rick Nolan, Duluth Mayor Don Ness,

Chile Exporters Fret as Customs Strike Continues

A customs strike in Chile that began last week has started to affect exports and imports, although miners in the top copper producer said this week they have not yet been significantly impacted.

News

CMA-CGM to Call Port of Baltimore

International container shipping company CMA-CGM of France announced that it will begin service within the next couple of weeks to the Helen Delich Bentley Port of Baltimore.

Somaliland to Pick Berbera Port Partner by End of Year

Somaliland expects to choose a partner to develop and manage its Berbera port by the end of the year, with construction expected to start early next year, the breakaway

Hapag-Lloyd Expands Feeder Network in Scandinavia

Baltic Express Service (BAX) to include Oslo / Two weekly departures from Gothenburg and Helsingborg in SDX and GTE / Connection via Hamburg and Bremerhaven to

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Repair Ship Simulators
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1802 sec (6 req/sec)