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DONG divestment of Oil & Gas this year

DONG divestment of Oil & Gas this year

21-01-2017 10:00:00

In connection with the interim report for the first nine months of 2016, DONG Energy announced the launch of a process intended to ultimately divest its operations in exploration and production of oil and gas. Now the company claims the sale will take place in 2017.

"The activities are expected to be sold before the end of 2017, meaning that the Oil & Gas segment is presented as a discontinued operation in the financial statements for 2016. This means that the net profit and cash flows for the Oil & Gas segment are presented separately from the continuing operations of the Group and that balance sheets are presented as assets held for sale", DONG Energy wrote in a stock exchange announcement.

The consolidated sales, EBITDA, profit before tax and profit after tax as reported in the annual report for 2016 will include only continuing operations. Profit after tax from discontinued operations will be presented on a single line after net profit from continuing operations. The same applies to the cash flow statement.

Income statement and cash flow statement for previously presented accounts will be adapted to the changed presentation. The balance of previously submitted financial statements will not, however, be changed.
The presentation follows the rules of IFRS 5. Simultaneously with this communication there will be made datasheets with historic, customized accounts for 2012-2015 on the company website.

Source: DONG Energy / Maritime Denmark

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