TeliaSonera writes down NetCom again

News General Norway 24 JAN 2013
TeliaSonera writes down NetCom again
TeliaSonera has announced a number of one-time items expected in its fourth-quarter results, to be reported 31 January. These include a further writedown of its Norwegian unit NetCom of SEK 2.914 billion. This follows an impairment of SEK 2.752 billion on NetCom already in Q2 2012. In addition, the company will book a loss of SEK 1.550 billion on the sale of Norwegian subsidiary NextGenTel to Telio. On the positive side, TeliaSonera expects to realise a one-time gain of SEK 5.378 billion from selling shares in the Megafon IPO in November. The reduction in the Swedish corporate tax rate will have a further positive impact of SEK 1.225 billion, related to deferred tax liabilities. The total net impact of the above items will be a positive SEK 189 million at the operating income level.

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