Notes

Note 23 - Change in accounting policy

As a result of a change in Norwegian accounting regulations for insurance companies the contingency reserve has been reclassified to other equity. Related deferred tax asset has been recognized as applicable depending on tax jurisdiction. As a result, the Statement of comprehensive income no longer includes the line item “change in contingency reserve".

Impact of change in accounting policy on parent balance sheet    
             
  As at     As at    
  20.02.16 as Change in  As at 20.02.15 as Change in  As at
  previously accounting  20.02.16 previously accounting  20.02.15
Amounts in USD 000's stated policy Restated stated policy Restated
             
Equity and liabilities            
Equity            
Statutory reserve 463 0 463 463 0 463
Other equity 0 873,079 873,079 0 842,768 842,768
Total equity 463 873,079 873,541 463 842,768 843,231
             
Contingency reserve            
Contingency reserve 873,079 (873,079) 0 842,768 (842,768) 0
Total contingency reserve 873,079 (873,079) 0 842,768 (842,768) 0
             
Total liabilities 1,897,248 (873,079) 1,024,169 1,788,702 (842,768) 945,934
             
Total equity and liabilities 1,897,710 0 1,897,710 1,789,165 0 1,789,165
             
Impact of change in accounting policy on parent statement of comprehensive income    
        As at    
        20.02.16 as Change in  As at
        previously accounting  20.02.16
Amounts in USD 000's       stated policy Restated
             
Technical result before change in contingency reserve     16,479 0 16,479
             
Change in contingency reserve       30,310 (30,310) 0
             
Technical result       (13,832) 30,310 16,479
             
Profit before tax       2,582 30,310 32,892
Taxation       2,922 0 2,922
             
Net result       (339) 30,310 29,971
             
Other comprehensive income/(loss)            
Exchange differences on subsidiaries       0 0 0
Remeasurement due to change in pension assumptions     339 0 339
Total comprehensive income       0 30,310

30,310

 

Impact of change in accounting policy on consolidated balance sheet   
  As at     As at    
  20.02.16 as Change in  As at 20.02.15 as Change in  As at
  previously accounting  20.02.16 previously accounting  20.02.15
Amounts in USD 000's stated policy Restated stated policy Restated
             
Assets            
Other assets            
Deferred tax asset 12,135 (7,046) 5,089 23,993 (8,432) 15,561
Total other assets 12,135 (7,046) 5,089 23,993 (8,432) 15,561
             
Total assets 3,012,403 (7,046) 3,005,357 2,747,286 (8,432) 2,738,854
             
Equity and liabilities            
Equity            
Statutory reserve 463 0 463 463 0 463
Other equity 0 1,009,651 1,009,651 0 960,157 960,157
Total equity 463 1,009,651 1,010,114 463 960,157 960,620
             
Contingency reserve            
Contingency reserve 1,016,697 (1,016,697) 0 968,590 (968,590) 0
Total contingency reserve 1,016,697 (1,016,697) 0 968,590 (968,590) 0
             
Total liabilities 3,011,940 (1,016,697) 1,995,244 2,746,824 (968,590) 1,778,234
             
Total equity and liabilities 3,012,403 (7,046) 3,005,357 2,747,287 (8,432) 2,738,854
             
Impact of change in accounting policy on consolidated statement of comprehensive income    
        As at    
        20.02.16 as Change in  As at
        previously accounting  20.02.16
Amounts in USD 000's       stated policy Restated
             
Technical result before change in contingency reserve     96,161 0 96,161
             
Change in contingency reserve       48,107 (48,107) 0
             
Technical result       48,054 48,107 96,161
             
Profit before tax       (5,901) 0 42,206
Taxation       10,230 (1,386) 8,844
             
Net result       (16,131) 49,493 33,363
             
Other comprehensive income/(loss)            
Exchange differences on subsidiaries       (793) 0 (793)
Remeasurement due to change in pension assumptions     16,853 0 16,853
Total comprehensive income       (72) 49,493 49,422