Stolt-Nielsen Limited to Change the Accounting for Two Acquisitions in 2012
LONDON, March 25, 2014 - Stolt-Nielsen Limited (Oslo B?rs: SNI) announces today 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.
The 2013 Financial Statements are available on Stolt-Nielsen Limited's website at:
For additional information please contact:
Jan Chr. Engelhardtsen
Chief Financial Officer
UK +44 (0) 20 7611 8972
Jens F. Gr?ner-Hegge
V.P. Corporate Finance
UK +44 (0) 20 7611 8985
About Stolt-Nielsen Limited
Stolt-Nielsen Limited (SNL or the "Company") is a leading global provider of integrated transportation solutions for bulk liquid chemicals, edible oils, acids, and other specialty liquids through its three largest business divisions, Stolt Tankers, Stolthaven Terminals and Stolt Tank Containers. Stolt Sea Farm produces and markets high quality turbot, sole, sturgeon, and caviar. Stolt-Nielsen Gas, through its investment in Avance Gas Holding Ltd., transports liquefied petroleum gas (LPG) with its fleet of very large gas carriers (VLGCs).
Stolt-Nielsen Limited is listed on the Oslo Stock Exchange.