Telia announced plans to book a SEK7.8 billion ($931.8 million) impairment charge on its Finland business covering Q4 2020, as it also revealed higher than expected group cashflow for 2020 and dividend details.
In a stock market statement, the operator group said the non-cash impairment in Finland followed an annual review of the value of its assets across the company.
Telia added the unit had been impacted by matters around the Covid-19 (coronavirus) pandemic, “slightly weaker underlying performance” compared with previous years and the need for higher than expected network investment.
Alongside the impairment, Telia plans to recommend a dividend of SEK2 per share for 2020, due to reaching the upper-end of its operational free cashflow outlook for the year.
When the pandemic hit, Telia warned of an expected impact on its TV and broadcast business, and cut its 2019 dividend [1] to improve cash available.
In December 2020, it paid an additional dividend following the sales of its stake in Turkcell [2] and the operator’s carrier business [3].
The company is due to issue Q4 and full-year 2020 results on 29 January.
[1] https://www.mobileworldlive.com/featured-content/top-three/telia-cuts-investor-payout-on-expected-virus-impact
[2] https://www.mobileworldlive.com/featured-content/top-three/telia-reaches-turkcell-sale-agreement
[3] https://www.mobileworldlive.com/featured-content/home-banner/telia-seals-deal-to-offload-carrier-unit
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