Interim Accounts 3Rd Qtr 2017

Interim Accounts 3Rd Qtr 2017

<p><strong>STOLT-NIELSEN LIMITED </strong></p><p>UNAUDITED CONDENSED CONSOLIDATED INTERIM <br>FINANCIAL STATEMENTS </p><p>For the Three and Nine Months Ended August 31, 2017 </p><p><strong>STOLT-NIELSEN LIMITED TABLE OF CONTENTS </strong></p><p>Condensed Consolidated Interim Income Statement for the Three and Nine Months Ended August </p><ul style="display: flex;"><li style="flex:1">31, 2017 and 2016 </li><li style="flex:1">3</li></ul><p>Condensed Consolidated Interim Statement of Other Comprehensive Income for the Three and </p><ul style="display: flex;"><li style="flex:1">Nine Months Ended August 31, 2017 and 2016 </li><li style="flex:1">4</li></ul><p></p><ul style="display: flex;"><li style="flex:1">5</li><li style="flex:1">Condensed Consolidated Interim Balance Sheet as of August 31, 2017 and November 30, 2016 </li></ul><p>Condensed Consolidated Interim Statement of Changes in Shareholders’ Equity for the Nine </p><ul style="display: flex;"><li style="flex:1">Months Ended August 31, 2017 and 2016 </li><li style="flex:1">6</li></ul><p>Condensed Consolidated Interim Statement of Cash Flows for the Nine Months Ended August 31, </p><ul style="display: flex;"><li style="flex:1">2017 and 2016 </li><li style="flex:1">7</li></ul><p></p><ul style="display: flex;"><li style="flex:1">8</li><li style="flex:1">Notes to the Condensed Consolidated Interim Financial Statements </li></ul><p></p><ul style="display: flex;"><li style="flex:1">Responsibility Statement </li><li style="flex:1">16 </li></ul><p></p><p><strong>STOLT-NIELSEN LIMITED </strong><br><strong>CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT </strong><br><strong>(UNAUDITED) </strong></p><p></p><ul style="display: flex;"><li style="flex:1"><strong>Notes </strong></li><li style="flex:1"><strong>Three months ended </strong></li><li style="flex:1"><strong>Nine months ended </strong></li></ul><p><strong>August 31, </strong><br><strong>2017 </strong><br><strong>August 31, </strong><br><strong>2016 </strong><br><strong>August 31, </strong><br><strong>2017 </strong><br><strong>August 31, </strong><br><strong>2016 </strong></p><p><strong>(in thousands, except per share data) </strong></p><p>Operating Revenue Operating Expenses </p><p><strong>Gross Margin </strong></p><p></p><ul style="display: flex;"><li style="flex:1">4</li><li style="flex:1">$</li><li style="flex:1">474,069 </li></ul><p>(316,008) <br>158,061 </p><ul style="display: flex;"><li style="flex:1">$</li><li style="flex:1">1,416,910 </li></ul><p>(933,426) <br>483,484 </p><p></p><ul style="display: flex;"><li style="flex:1"><strong>$</strong></li><li style="flex:1"><strong>513,750 </strong></li></ul><p><strong>(342,569) </strong><br><strong>171,181 </strong></p><ul style="display: flex;"><li style="flex:1"><strong>$</strong></li><li style="flex:1"><strong>1,490,248 </strong></li></ul><p><strong>(990,182) </strong><br><strong>500,066 </strong></p><p>Depreciation and amortization </p><p><strong>Gross Profit </strong></p><p>(58,071) <br>99,990 <br>(176,022) <br>307,462 </p><p><strong>(66,828) 104,353 </strong><br><strong>(195,924) </strong><br><strong>304,142 </strong></p><p>Share of profit of joint ventures and associates Administrative and general expenses Gain (loss) on disposal of assets, net Other operating income <br>8,605 <br>(52,709) <br>(1,999) <br>375 <br>28,082 <br>(153,557) <br>73 </p><p><strong>4,657 </strong><br><strong>(54,579) </strong><br><strong>1,241 </strong><br><strong>13,034 </strong><br><strong>(160,336) </strong><br><strong>(1,426) </strong><br><strong>1,487 </strong></p><p>6<br>1,001 </p><p><strong>492 </strong></p><p>Other operating expense </p><p><strong>Operating Profit </strong></p><p>(1,627) 52,635 <br>(3,358) <br>179,703 </p><p><strong>(161) </strong><br><strong>56,003 </strong><br><strong>(850) </strong><br><strong>156,051 </strong></p><p><strong>Non-Operating Income (Expense): </strong></p><p>Finance expense Finance income <br>(25,269) <br>635 <br>(78,821) <br>1,827 </p><p><strong>(33,045) </strong><br><strong>795 </strong><br><strong>(98,677) </strong><br><strong>2,965 </strong></p><p>Foreign currency exchange loss, net Other non-operating income, net </p><p><strong>Profit before Income Tax </strong></p><p>(1,422) <br>165 <br>26,744 <br>(2,691) <br>2,255 <br>102,273 </p><p><strong>(2,408) </strong><br><strong>112 </strong><br><strong>21,457 </strong><br><strong>(2,927) </strong><br><strong>717 </strong><br><strong>58,129 </strong></p><p>Income tax </p><p><strong>Net Profit </strong></p><p>(4,624) 22,120 <br>(11,808) <br>90,465 </p><p><strong>(3,110) 18,347 </strong><br><strong>(8,868) 49,261 </strong></p><p>$$<br>$$<br>$$</p><p><strong>$$</strong></p><p><strong>Attributable to: </strong></p><p>Equity holders of SNL Non-controlling interests <br>22,173 <br>(53) <br>22,120 <br>90,327 <br>138 <br>90,465 </p><p><strong>18,490 </strong><br><strong>(143) </strong><br><strong>18,347 </strong><br><strong>49,249 </strong><br><strong>12 </strong><br><strong>49,261 </strong></p><p><strong>Earnings per Share: </strong></p><p>Net profit attributable to SNL shareholders </p><ul style="display: flex;"><li style="flex:1">Basic </li><li style="flex:1">$</li></ul><p>$<br>0.40 0.40 <br>$$<br>$$<br>1.64 1.64 </p><p><strong>$$</strong><br><strong>0.30 0.30 </strong><br><strong>0.80 0.80 </strong></p><p>Diluted </p><p>See notes to the condensed consolidated interim financial statements. </p><p>3</p><p><strong>STOLT-NIELSEN LIMITED </strong><br><strong>CONDENSED CONSOLIDATED INTERIM STATEMENT OF </strong><br><strong>OTHER COMPREHENSIVE INCOME </strong><br><strong>(UNAUDITED) </strong></p><p></p><ul style="display: flex;"><li style="flex:1"><strong>Three months ended </strong></li><li style="flex:1"><strong>Nine months ended </strong></li></ul><p><strong>August 31, </strong><br><strong>2017 </strong><br><strong>August 31, </strong><br><strong>2016 </strong><br><strong>August 31, </strong><br><strong>2017 </strong><br><strong>August 31, </strong><br><strong>2016 </strong></p><p><strong>(in thousands) </strong></p><p></p><ul style="display: flex;"><li style="flex:1">$</li><li style="flex:1">22,120 </li><li style="flex:1">$</li><li style="flex:1">$</li><li style="flex:1">90,465 </li></ul><p></p><p></p><ul style="display: flex;"><li style="flex:1"><strong>Net profit for the period </strong></li><li style="flex:1"><strong>$</strong></li><li style="flex:1"><strong>18,347 </strong></li><li style="flex:1"><strong>49,261 </strong></li></ul><p></p><p><em>Items that will not be reclassified subsequently to profit or loss: </em></p><p>Remeasurement of post-employment benefit obligations <br>Deferred tax adjustment on post-employment benefit obligations <br>(14,125) <br>5,240 </p><p><strong>(1,960) </strong><br><strong>1,500 </strong></p><p><strong>——</strong><br><strong>——</strong></p><p><em>Items that may be reclassified subsequently to profit or loss: </em></p><p>Net loss on cash flow hedges Reclassification of cash flow hedges to income statement <br>(111,271) <br>111,370 <br>(136,935) <br>146,825 </p><p><strong>(53,937) </strong><br><strong>50,082 </strong><br><strong>(60,530) </strong><br><strong>54,036 </strong></p><p>Net (loss) income on cash flow hedges held by joint ventures and associates <br>Deferred tax adjustment on cash flow hedges Exchange differences arising on translation of foreign operations <br>Deferred tax on translation of foreign operations Exchange differences arising on translation of joint ventures and associates <br>Change in value of available-for-sale financial assets </p><ul style="display: flex;"><li style="flex:1">1,041 </li><li style="flex:1">5,061 </li></ul><p></p><p><strong>(936) </strong><br><strong>343 </strong><br><strong>850 343 </strong></p><p></p><ul style="display: flex;"><li style="flex:1"><strong>—</strong></li><li style="flex:1"><strong>—</strong></li></ul><p></p><p>4,374 <br>(500) <br>18,249 (1,187) </p><p><strong>21,035 </strong><br><strong>43 </strong><br><strong>45,043 </strong><br><strong>(303) </strong></p><p>3,106 7,478 <br>5,080 <br>(14,216) <br>13,992 </p><p><strong>7,692 </strong><br><strong>(3,704) 20,618 38,965 </strong><br><strong>18,557 (6,337) 51,199 </strong></p><p>Net income recognised as other comprehensive </p><ul style="display: flex;"><li style="flex:1">income </li><li style="flex:1">15,598 </li></ul><p></p><ul style="display: flex;"><li style="flex:1">37,718 </li><li style="flex:1">$</li><li style="flex:1">$</li><li style="flex:1">$</li><li style="flex:1">104,457 </li></ul><p></p><p></p><ul style="display: flex;"><li style="flex:1"><strong>Total comprehensive income </strong></li><li style="flex:1"><strong>$</strong></li><li style="flex:1"><strong>100,460 </strong></li></ul><p></p><p><strong>Attributable to: </strong></p><p>Equity holders of SNL Non-controlling interests <br>$$<br>37,771 <br>(53) <br>37,718 <br>$$<br>$$<br>104,319 <br>138 <br>104,457 </p><p><strong>$$</strong><br><strong>39,108 </strong><br><strong>(143) </strong><br><strong>38,965 </strong><br><strong>100,448 </strong><br><strong>12 </strong><br><strong>100,460 </strong></p><p>See notes to the condensed consolidated interim financial statements. </p><p>4</p><p><strong>STOLT-NIELSEN LIMITED </strong><br><strong>CONDENSED CONSOLIDATED INTERIM BALANCE SHEET </strong><br><strong>(UNAUDITED) </strong></p><p></p><ul style="display: flex;"><li style="flex:1"><strong>August 31, </strong></li><li style="flex:1"><strong>November 30, </strong></li></ul><p><strong>2016 </strong></p><p><strong>Notes </strong></p><p><strong>2017 </strong></p><p><strong>(in thousands) </strong></p><p><strong>ASSETS Current Assets: </strong></p><p>Cash and cash equivalents Marketable securities Restricted cash </p><p></p><ul style="display: flex;"><li style="flex:1"><strong>$</strong></li><li style="flex:1"><strong>85,952 </strong></li></ul><p></p><p></p><ul style="display: flex;"><li style="flex:1">$</li><li style="flex:1">92,784 </li></ul><p>11,399 <br>87 </p><p>—</p><p><strong>101 </strong></p><p>Receivables Inventories </p><p><strong>236,835 </strong><br><strong>8,271 </strong></p><p>201,634 <br>5,940 <br>Biological assets Prepaid expenses Derivative financial instruments Income tax receivable Assets held for sale </p><p><strong>41,980 59,276 </strong><br><strong>5,624 </strong></p><p>44,027 52,987 <br>5,670 1,759 1,559 <br>9</p><p><strong>7,814 </strong></p><p>—</p><p>Other current assets </p><p><strong>40,953 </strong></p><p>49,085 <br>466,931 <br>3,195,556 <br>536,654 <br>56,848 14,653 47,739 <br>3,796 <br>80,200 <br>1,426 <br>17,415 <br>3,954,287 4,421,218 </p><p><strong>Total Current Assets </strong></p><p>Property, plant and equipment Investments in and advances to joint ventures and associates Investments in equity instruments Deferred tax assets Intangible assets and goodwill Employee benefit assets Deposit for newbuildings Derivative financial instruments Other assets </p><p><strong>486,806 </strong><br><strong>3,384,720 </strong><br><strong>575,597 </strong><br><strong>50,511 </strong></p><p>67</p><p><strong>15,019 52,031 </strong><br><strong>4,574 </strong><br><strong>29,182 </strong><br><strong>7,890 </strong><br><strong>16,732 </strong></p><p>669</p><p><strong>Total Non-Current Assets Total Assets </strong><br><strong>4,136,256 </strong></p><ul style="display: flex;"><li style="flex:1"><strong>4,623,062 </strong></li><li style="flex:1"><strong>$</strong></li></ul><p><strong>$</strong></p><p>$$</p><p><strong>LIABILITIES AND SHAREHOLDERS’ EQUITY Current Liabilities: </strong></p><p>Short-term bank loans Current maturities of long-term debt and finance leases Accounts payable Accrued voyage expenses Accrued expenses <br>88<br>8,100 <br>548,874 <br>71,732 53,199 <br>188,128 <br>2,292 </p><p>—</p><p><strong>342,260 </strong><br><strong>82,111 52,624 </strong><br><strong>189,717 </strong><br><strong>2,877 </strong></p><p>Provisions Income tax payable </p><p><strong>9,745 </strong></p><p>8,130 <br>Dividend payable Derivative financial instruments Other current liabilities </p><p><strong>Total Current Liabilities </strong></p><p>Long-term debt and finance leases Deferred tax liabilities Employee benefit liabilities Derivative financial instruments Long-term provisions <br>59<br>27,550 18,001 26,703 <br>952,709 <br>1,796,251 <br>60,964 49,634 <br>167,639 <br>3,575 </p><p>—</p><p><strong>55,257 33,655 </strong><br><strong>768,246 </strong><br><strong>2,174,648 </strong><br><strong>68,396 </strong></p><p>89</p><p><strong>52,840 93,318 </strong><br><strong>2,569 </strong></p><p>Other liabilities </p><p><strong>7,208 </strong></p><p>6,858 </p><p><strong>Total Non-Current Liabilities Total Liabilities </strong><br><strong>2,398,979 3,167,225 </strong></p><p>2,084,921 3,037,630 </p><p><strong>Shareholder’s Equity </strong></p><p>Founder’s shares Common shares </p><p><strong>16 </strong><br><strong>64,134 </strong></p><p>16 <br>64,134 <br>Paid-in surplus </p><p><strong>150,108 </strong></p><p>150,108 <br>Retained earnings Other components of equity </p><p><strong>1,487,868 </strong><br><strong>(197,643) </strong><br><strong>1,504,483 </strong><br><strong>(51,486) </strong><br><strong>1,452,997 </strong><br><strong>2,840 </strong></p><p>1,466,551 <br>(249,302) <br>1,431,507 <br>(51,486) <br>1,380,021 <br>3,567 <br>Less – Treasury shares </p><p><strong>Equity Attributable to Equity Holders of SNL </strong></p><p>Non-controlling interests <br>5</p><p><strong>Total Shareholders’ Equity Total Liabilities and Shareholders’ Equity </strong><br><strong>1,455,837 4,623,062 </strong></p><p>1,383,588 4,421,218 </p><p><strong>$</strong></p><p>$</p><p>See notes to the condensed consolidated interim financial statements. </p><p>5</p><p><strong>STOLT-NIELSEN LIMITED </strong><br><strong>CONDENSED CONSOLIDATED INTERIM </strong><br><strong>STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY </strong><br><strong>(UNAUDITED) </strong></p><p><strong>Attributable to Equity Holders of SNL </strong></p><p><strong>Foreign </strong><br><strong>Common Shares </strong><br><strong>Founder’s Shares </strong><br><strong>Paid-in Surplus </strong><br><strong>Treasury Shares </strong><br><strong>Retained Earnings </strong><br><strong>Currency </strong><br><strong>(a) </strong><br><strong>Fair Value </strong><br><strong>(a) </strong><br><strong>Non-Controlling Interests </strong><br><strong>Shareholders’ </strong></p><ul style="display: flex;"><li style="flex:1"><strong>Equity Total </strong></li><li style="flex:1"><strong>Hedging (a) </strong></li><li style="flex:1"><strong>Total </strong></li></ul><p></p><p><strong>(in thousands, except for share data) </strong><br><strong>Balance, November 30, 2015 Comprehensive income (loss) </strong></p><p>Net profit </p><p></p><ul style="display: flex;"><li style="flex:1"><strong>$</strong></li><li style="flex:1"><strong>64,134 </strong></li></ul><p></p><p>—</p><p></p><ul style="display: flex;"><li style="flex:1"><strong>$</strong></li><li style="flex:1"><strong>16 </strong></li></ul><p></p><p>——</p><p></p><ul style="display: flex;"><li style="flex:1"><strong>$</strong></li><li style="flex:1"><strong>314,754 </strong></li></ul><p></p><p>—</p><p></p><ul style="display: flex;"><li style="flex:1"><strong>$</strong></li><li style="flex:1"><strong>(214,416) $&nbsp;1,416,395 </strong></li><li style="flex:1"><strong>$</strong></li><li style="flex:1"><strong>(158,854) </strong></li></ul><p></p><p>—</p><p></p><ul style="display: flex;"><li style="flex:1"><strong>$</strong></li><li style="flex:1"><strong>(56,311) $ </strong></li><li style="flex:1"><strong>(40,239) $ </strong></li><li style="flex:1"><strong>1,325,479 </strong></li></ul><p></p><p>90,327 </p><p></p><ul style="display: flex;"><li style="flex:1"><strong>$</strong></li><li style="flex:1"><strong>3,757 </strong></li></ul><p></p><p>138 <br>—</p><p></p><ul style="display: flex;"><li style="flex:1"><strong>$</strong></li><li style="flex:1"><strong>1,329,236 </strong></li></ul><p></p><p></p><ul style="display: flex;"><li style="flex:1">90,465 </li><li style="flex:1">—</li></ul><p>—<br>90,327 <br>—<br>——<br>——</p><p><strong>Other comprehensive income (loss) </strong></p><p></p><ul style="display: flex;"><li style="flex:1">Translation adjustments, net </li><li style="flex:1">—</li><li style="flex:1">—</li><li style="flex:1">22,142 </li><li style="flex:1">22,142 </li><li style="flex:1">22,142 </li></ul><p>Remeasurement of post-employment </p><ul style="display: flex;"><li style="flex:1">benefit obligations, net of tax </li><li style="flex:1">—</li></ul><p>—<br>——<br>——<br>——<br>(8,885) <br>—<br>——</p><ul style="display: flex;"><li style="flex:1">—</li><li style="flex:1">—</li></ul><p>—<br>(8,885) 14,951 <br>——<br>(8,885) 14,951 <br>Net income on cash flow hedges <br>14,951 </p><p>Fair value adjustment equity </p><ul style="display: flex;"><li style="flex:1">investments </li><li style="flex:1">—</li><li style="flex:1">—</li><li style="flex:1">—</li><li style="flex:1">—</li><li style="flex:1">—</li><li style="flex:1">—</li><li style="flex:1">—</li><li style="flex:1">(14,216) </li><li style="flex:1">(14,216) </li><li style="flex:1">—</li><li style="flex:1">(14,216) </li></ul><p>Total other comprehensive (loss) </p><ul style="display: flex;"><li style="flex:1">income </li><li style="flex:1">—</li><li style="flex:1">—</li><li style="flex:1">—</li><li style="flex:1">—</li><li style="flex:1">(8,885) </li><li style="flex:1">22,142 </li><li style="flex:1">14,951 </li><li style="flex:1">(14,216) </li><li style="flex:1">13,992 </li><li style="flex:1">—</li><li style="flex:1">13,992 </li></ul><p></p><p></p><ul style="display: flex;"><li style="flex:1"><strong>Total comprehensive income (loss) </strong></li><li style="flex:1"><strong>—</strong></li><li style="flex:1"><strong>—</strong></li><li style="flex:1"><strong>—</strong></li><li style="flex:1"><strong>—</strong></li><li style="flex:1"><strong>81,442 </strong></li><li style="flex:1"><strong>22,142 </strong></li><li style="flex:1"><strong>14,951 </strong></li><li style="flex:1"><strong>(14,216) </strong></li><li style="flex:1"><strong>104,319 </strong></li><li style="flex:1"><strong>138 </strong></li><li style="flex:1"><strong>104,457 </strong></li></ul><p></p><p><strong>Transactions with shareholders </strong></p><p>Purchase of 167,000 Treasury shares Dividends <br>——<br>——<br>——<br>(1,716) <br>—<br>——<br>——<br>——<br>——<br>(1,716) <br>—</p><ul style="display: flex;"><li style="flex:1">—</li><li style="flex:1">(1,716) </li></ul><p></p><ul style="display: flex;"><li style="flex:1">)</li><li style="flex:1">(283) </li><li style="flex:1">(283 </li></ul><p>Cash dividend paid - $0.50 per </p><ul style="display: flex;"><li style="flex:1">Common shares </li><li style="flex:1">—</li><li style="flex:1">—</li><li style="flex:1">—</li><li style="flex:1">—</li><li style="flex:1">(27,473) </li><li style="flex:1">—</li><li style="flex:1">—</li><li style="flex:1">—</li><li style="flex:1">(27,473) </li><li style="flex:1">—</li><li style="flex:1">(27,473) </li></ul><p></p><p><strong>Total transactions with shareholders </strong></p><ul style="display: flex;"><li style="flex:1"><strong>—</strong></li><li style="flex:1"><strong>—</strong></li></ul><p><strong>16 </strong><br><strong>—</strong></p><p></p><ul style="display: flex;"><li style="flex:1">(1,716) </li><li style="flex:1">(27,473 ) </li></ul><p></p><p></p><ul style="display: flex;"><li style="flex:1"><strong>—</strong></li><li style="flex:1"><strong>—</strong></li><li style="flex:1"><strong>—</strong></li></ul><p></p><p></p><ul style="display: flex;"><li style="flex:1">(29,189) </li><li style="flex:1">(283) </li><li style="flex:1">(29,472) </li></ul><p></p><p></p><ul style="display: flex;"><li style="flex:1"><strong>Balance, August 31, 2016 </strong></li><li style="flex:1"><strong>$</strong></li></ul><p><strong>$</strong></p><ul style="display: flex;"><li style="flex:1"><strong>64,134 </strong></li><li style="flex:1"><strong>$</strong></li></ul><p><strong>$</strong><br><strong>$$</strong></p><ul style="display: flex;"><li style="flex:1"><strong>314,754 </strong></li><li style="flex:1"><strong>$</strong></li></ul><p><strong>$</strong><br><strong>(216,132) $&nbsp;1,470,364 </strong><br><strong>(51,486) $&nbsp;1,466,551 </strong><br><strong>$$</strong></p><ul style="display: flex;"><li style="flex:1"><strong>(136,712) </strong></li><li style="flex:1"><strong>$</strong></li></ul><p><strong>$</strong></p><ul style="display: flex;"><li style="flex:1"><strong>(41,360) $ </strong></li><li style="flex:1"><strong>(54,455) $ </strong></li><li style="flex:1"><strong>1,400,609 </strong></li><li style="flex:1"><strong>$</strong></li><li style="flex:1"><strong>3,612 </strong></li><li style="flex:1"><strong>$</strong></li><li style="flex:1"><strong>1,404,221 </strong></li></ul><p><strong>Balance, November 30, 2016 Comprehensive income (loss) </strong></p><p>Net profit </p><p></p><ul style="display: flex;"><li style="flex:1"><strong>64,134 </strong></li><li style="flex:1"><strong>16 </strong></li><li style="flex:1"><strong>150,108 </strong></li><li style="flex:1"><strong>(172,788) </strong></li><li style="flex:1"><strong>(29,978)$ </strong></li><li style="flex:1"><strong>(46,536) $ </strong></li><li style="flex:1"><strong>1,380,021 </strong></li><li style="flex:1"><strong>$</strong></li><li style="flex:1"><strong>3,567 </strong></li><li style="flex:1"><strong>$</strong></li><li style="flex:1"><strong>1,383,588 </strong></li></ul><p></p><p></p><ul style="display: flex;"><li style="flex:1">—</li><li style="flex:1">—</li><li style="flex:1">—</li><li style="flex:1">—</li><li style="flex:1">49,249 </li><li style="flex:1">—</li><li style="flex:1">—</li><li style="flex:1">—</li><li style="flex:1">49,249 </li><li style="flex:1">12 </li><li style="flex:1">49,261 </li></ul><p></p><p><strong>Other comprehensive income (loss) </strong></p><p>Translation adjustments, net Net loss on cash flow hedges <br>——<br>——<br>——<br>——<br>——<br>63,297 <br>—</p><ul style="display: flex;"><li style="flex:1">—</li><li style="flex:1">—</li></ul><p>—</p><ul style="display: flex;"><li style="flex:1">63,297 </li><li style="flex:1">—</li></ul><p>—<br>63,297 </p><ul style="display: flex;"><li style="flex:1">(5,301) </li><li style="flex:1">(5,301) </li><li style="flex:1">(5,301 ) </li></ul><p>Remeasurement of post-employment </p><ul style="display: flex;"><li style="flex:1">benefit obligations, net of tax </li><li style="flex:1">—</li></ul><p>—<br>——<br>——<br>——<br>(460 ) <br>—<br>——<br>——</p><ul style="display: flex;"><li style="flex:1">—</li><li style="flex:1">(460 ) </li><li style="flex:1">—</li></ul><p>—<br>(460) <br>Fair value adjustment equity investments </p><ul style="display: flex;"><li style="flex:1">(6,337) </li><li style="flex:1">(6,337 ) </li><li style="flex:1">(6,337) </li></ul><p>Total other comprehensive income </p><ul style="display: flex;"><li style="flex:1">(loss) </li><li style="flex:1">—</li></ul><p>—<br>——<br>——<br>——</p><ul style="display: flex;"><li style="flex:1">(460) </li><li style="flex:1">63,297 </li><li style="flex:1">(5,301) </li><li style="flex:1">(6,337) </li><li style="flex:1">51,199 </li><li style="flex:1">—</li><li style="flex:1">51,199 </li></ul><p></p>

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