This is how the problems in Ukraine affect Telenor – E24

Adjusts the group’s annual result downwards.

Published: Published:

Telenor’s net result will be NOK 4,449 million lower than the preliminary annual result.

This is shown in the group’s annual accounts, which were processed by the board of directors and published on Tuesday.

The change is linked to Telenor’s stake in Vimpelcom. Telenor owns 33 percent of the Russian company, which accounted for around 17 percent of the Norwegian group’s pre-tax profit in 2013.

Vimpelcom took a huge writedown of $2.9 billion related to its operations in Ukraine and Canada in the fourth quarter. The depreciation in Ukraine alone amounts to $2.085 million.

In a comment published on Friday, Telenor wrote the following:

– The group’s share of the depreciation, linked to Kyivstar in Ukraine and Wind Mobile in Canada, amounts to NOK 5,541 million, partially offset by NOK 1,092 million linked to the group’s deferred gain on the transfer of Kyivstar to Vimpelcom in 2010.

Accordingly, Telenor adjusts the share of profits of associates and joint ventures from NOK 3,219 million to minus NOK 1,230 million.

The group’s net profit in 2013 ended at NOK 12,123 million.

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Rolf Mckinney

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