DNO Releases Final Audited 2010 Annual Report

DNO released its final audited 2010 Annual Report on Friday.

DNO’s financial results are unchanged from what was presented to the market as the preliminary financial results on 17 February 2011.

In 2010 the Company delivered revenues of NOK 1,252 million and an operating profit of NOK 157 million. The EBITDA in 2010 was NOK 474 million and the netback was NOK 380 million.

The 2010 net result was negative by NOK 283 million, after NOK 525 million in provisions for special items. The special items contained a non cash impairment of NOK 195 million related to reduced value of the shares in Det Norske Oljeselskap ASA (DETNOR) and NOK 330 in provisions related to arbitration proceedings. Adjusted for these special items the net results would have shown a profit of NOK 242 million. The negative value of the impairment of the DETNOR shares has been recovered during 2011 and the arbitration has now been settled outside of the arbitration process, with no additional material effect to the financial statements for 2010 or future accounts.

Please click here to download the Annual Report for 2010 (3.8 MB).

 

 

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