Telenor alerts Friday that the company’s financial statements for the third quarter will contain major changes stemming from the divestment in work at vimpelcom.
Telenor has until now owned a third of the mobile company.
Telenor announced the 12. september a plan to sell itself sharply down. In the first place was to sell a quarter of its shares in the us market (142,5 million shares). In addition, told the company that they should take up a new bond issue that among other things could be made up in the form of additional work at vimpelcom shares.
The 16. september announced Telenor that the company had sold the 142,5 million work at vimpelcom shares for 3,50 dollars the piece. The share price was at 3,90 before salgsplanene was known. The sale resulted in Telenor 486,3 million dollars in revenue (equivalent to nok 4.0 billion), but was less than 500 million less than the shares were initially valued at.
– Not a real loss
In the message from Telenor on Friday, it’s revealed that this first round of aksjesalget will give a loss in the income statement on a total of three billion:
- 2.5 billion comes as a result of reklassifiserer values (omregningsdifferender) that was previously recognized in equity to the income statement.
- The last section of 0.5 billion comes as a result of the counting in VimpelComs results from the second quarter, in addition to write-downs made in the third quarter.
the Reclassification will not affect the total equity to Telenor, according to the company.
Analyst Håvard Nilsson in Carnegie says to E24 that the amounts here are going forward not in any way surprising.
From Telenor’s side clarifies the director of investor relations, Marianne Moe, that the three billion is not “a real loss”:
– It is a “non cash” accounting concept. It is accounting effects that we have public in quarterly reports earlier, says Moe to E24.
– But why inform you about this in an announcement now?
“We think it’s neat to summarize the effect when we have sold the shares,” says Moe.
Milliardkrav against Telia Sonera
Plus in the cashier
In addition to the changes mentioned above will aksjesalget give a net contribution to cash flow in the third quarter of around four billion.
Telenor has repeatedly stated that they have invested about 15 billion euros in work at vimpelcom-system from the went into the company in the 90′s. In return, Telenor has received around 20 billion in dividends. The proceeds from the aksjesalget comes on top of this.
Even though Telenor has been dragged into the corruption scandal around the work at vimpelcom, and a hefty eierkrangel with the largest shareholder Mikhail Fridman, one has therefore served well on the investment. In the way with hindsight, however, it is not to stick under a chair that Telenor could have earned far more at work at vimpelcom shares if they had sold a few years ago.
work at vimpelcom shares began to fall sharply in 2014 from over 10 dollars a share to under 5. In 2013 swung the stock between 10 and almost 15 dollars.
Had Telenor sold in 2013, one could quickly earned 12 billion of the shares now sold, three times as much as now has managed to sell them for.
When the Telenor management was called in on the carpet to the Norwegian trade and industry minister Monica Maeland in november 2014 in connection with the korrupsjonssaken at work at vimpelcom was the stock of between five and six dollars a piece.
Then-chairman of the board Svein Aaser told to E24 after the meeting that it had been nice to sell the shares, but that it was not appropriate at that time:
At the current levels had there been a robbery against Telenor’s shareholders, ” said Aaser to E24 questions about Telenor considered to sell.
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