The Group has decided it is appropriate to change the presentational currency from Sterling as the majority of the Group’s activities are in Africa where oil revenues and costs are Dollar denominated.
In the appendix to this announcement the Company has presented an abbreviated Group income statement and an abbreviated Group cash flow statement for the years ended 31 December 2009, 31 December 2008 and the six month period ended 30 June 2009 and abbreviated Group balance sheets as at 31 December 2009, 30 June 2009 and 31 December 2008. This financial information will form the basis of the comparative financial information to be included in the half yearly results for the six months ended 30 June 2010 and the first complete set of financial statements of the Group presented in US Dollars for the year ended 31 December 2010. Tullow is expected to announce its half-yearly results on 25 August 2010.
This financial information is available to download in excel format from the Media and Investor Relations sections of this website.
The financial information as reported in the Group’s Annual Report and Accounts and interim results for the years ended 31 December 2009 and 31 December 2008 and the six months ended 30 June 2009 has been restated from Pounds Sterling into US Dollars using the procedures as outlined below, in accordance with requirements set out in IAS 21: “The Effects of Changes in Foreign Exchange Rates” with respect to translation of results to the presentational currency:
- assets and liabilities denominated in non-US Dollar currencies were translated into US Dollars at the closing rate prevailing at the balance sheet dates;
- non-US Dollar income and expenses were translated into US Dollars at an exchange rate that approximates the exchange rate ruling at the date of the transactions; and
- all resulting exchange differences have been recognised in other comprehensive income, within the foreign currency translation reserve.
The financial information set out in the appendix does not constitute the Company's statutory accounts but is derived from those accounts. Statutory accounts for 2009 and 2008 have been delivered to the Registrar of Companies. The auditors have reported on those accounts; their reports were unqualified, did not draw attention any matters by way of emphasis without qualifying their report and did not contain statements under s498(2) OR (3) Companies Act 2006.