Norway’s Wallenius Wilhelmsen says its financial position remains solid after accounting changes knocked $929m off its equity.

The Oslo-listed car carrier group decided to change how it accounts for the put option held by Hyundai Motor Group on a 20% non-controlling interest in the two companies’ car carrier joint venture, Eukor. Wallenius Wilhelmsen owns the other 80%.

The decision was taken following a review and recommendation by the group’s new auditor, EY.