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Dong Energy ready to leave oil behind

January 20, 2017
News

Dong Energy will present its oil and gas exploration and production activities as “discontinuing operations” in its financial statements for 2016.

Therefore, profit and loss from the oil and gas segment will be presented separately from the company’s continuing operations.

The Danish company previously revealed plans to divest its oil and gas businesses and expects a sale before the end of the year.

Consolidated revenue, EBITDA, profit before tax and profit after tax reported in the 2016 annual report will only comprise continuing operations, Dong said.

“The profit after tax of the discontinuing operations will be presented on a single line after the profit after tax from our continuing operations,” Dong said.

It will also restate previous results and cash flows to reflect the changed presentation.

Source: ReNews

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