Norway's StatoilHydro said it expects to post currency losses of around 1.5 billion Norwegian kroner ($230 million) in the first quarter of 2009 after changing its functional currency to the dollar. Statoil made the dollar switch at the start of 2009, but kept the kroner as its "presentation currency." According to Statoil, "The currency effects reported in the "Net financial items" are expected to be less volatile due to these changes." Without the changes, the Norwegian energy champion said "net financial items" would have been 10 billion kroner ($1.5 billion) higher in the first quarter.
展开▼
