Business
Change in presentational currency
Change in presentational currency.
About this update from Hunting Plc
[{"type":"text","content":"\n \nRNS Number : 7409U Hunting PLC 05 December 2013 \n \n\n \n\n\n\n\n\n\n\n\nFor Immediate Release\n\n\n5 December 2013\n\n\n\n\n\n\n\n \n \n \n \n\n\n\n\nHunting PLC\n \n(\"the Company or Group\")\n \nChange in presentational currency\n \nHunting PLC (LSE:HTG) the international energy services group announces that it is changing the currency in which it presents its financial statements from Sterling to US Dollars.A significant portion of the Group's revenues, cash flows and net assets are now denominated in US Dollars and the Board has decided that a US Dollar presentation will give a more meaningful view of the Group's financial performance and position.\n \nIn the unaudited appendix attached to this announcement the Company has presented condensed consolidated US Dollar financial information. These will form the basis of the comparative US Dollar financial information to be included in the full year results for the year ending 31 December 2013 and the half year results for the six month period ending 30 June 2014.\n \nThe condensed financial information has been restated from Sterling into US Dollars using the procedures as outlined below and in accordance with the requirements set out in IAS 21: \"The Effects of Changes in Foreign Exchange Rates\" with respect to translation to the presentational currency:\n \n· assets and liabilities denominated in non-US Dollar currencies were translated into US Dollars at the closing rate prevailing at the balance sheet dates;\n \n· income and expenses denominated in non-US Dollar currencies were translated into US Dollars at the average exchange rate of the reporting period; and \n \n· all resulting exchange differences have been recognised in other comprehensive income, within the foreign currency translation reserve.\n \nAs a result of this change, future dividends will be declared in US Dollars but will continue to be paid in Sterling. The Sterling value of the dividend payable per share will be fixed and announced approximately two weeks prior to the payment date based on the average spot exchange rate over the three business days preceding the announcement date. \n \nFor further information please contact:\n&nbs...