Norden’s finance team will face a grilling from top management after an accounting error forced the Danish shipping line to issue a revised full-year forecast yesterday.
Norden has lowered its expectation for the full year to $10m to $45m, down from $25m to $60m. The adjustment of guidance is mainly related to a calculation error, which has been uncovered in relation to the updating of estimates in preparation for the company’s Q3 report. The error, which impacted the estimate by around $15m, was related to IFRS16-related adjustments to the expected contribution margin in the tanker segment.
Norden will publish its Q3 results on November 6.