Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.
British mmO2 reports huge write-down
Posted on 23-May-2003 08:06 | Tags Filed under: News



O2 reported a £9.6 billion write-off and a total loss to the end of March 2003 of £10.2 billion. The write-off is related to 3G licences fees in UK. The operator attributes £5.9 billion of the write-off to the fall in the value of those licences that it fought for and bought three years ago. Hitherto they were valued in mm02’s accounts at £10 billion.

The remainder of the £9.6 billion write-off comes from the fall in value of acquisitions since the bursting of the dot com and telecoms bubble.

Admitting that the company had simply paid too much for some of its possessions, mm02’s chief executive, Peter Erskine said, “We have taken a realistic view of our asset value. I think there is a general understanding in the European telecoms market that we overpaid for 3G. 3G will definitely succeed, it’s just later than we expected”.

Mr. Erskine insisted that despite the huge write-off, the figures show that mm02 is fundamentally strong. In the first year of operation as mm02 (the company used to be BT Cellnet until it was spun out of its parent organisation in late 2001) revenue rose by 14% to £4.9 billion and pre-ebitda earnings shot up to £859 million from the £433 million reported in its last year as part of BT.


More information: http://http://www.telecomtv.com/newComms.php?...

comments powered by Disqus


Trending now »

Hot discussions in our forums right now:

The President Of The USA: Donald Trump
Created by TimA, last reply by JayADee on 24-Mar-2017 09:00 (3617 replies)
Pages... 240 241 242


TiVo Service ending on 31 October 2017
Created by Riggleby, last reply by blakamin on 22-Mar-2017 22:00 (542 replies)
Pages... 35 36 37


Credit card charged without notification.
Created by Michaelfjs, last reply by PaulBags on 22-Mar-2017 18:46 (41 replies)
Pages... 2 3


3x Harvey Norman 55" 4K TVs $1,188 --> Which One?
Created by Jaxson, last reply by linw on 23-Mar-2017 21:45 (36 replies)
Pages... 2 3


Decent quality media player
Created by ajw, last reply by lchiu7 on 22-Mar-2017 19:01 (15 replies)

Wellington College students suspended
Created by tdgeek, last reply by frankv on 23-Mar-2017 14:16 (122 replies)
Pages... 7 8 9


The Official 2017 Formula 1 Thread
Created by tdgeek, last reply by tdgeek on 23-Mar-2017 09:43 (24 replies)
Pages... 2


DLNA Problem: "Cannot connect. Please confirm Network connection and settings"
Created by bramwell, last reply by Jase2985 on 21-Mar-2017 05:19 (61 replies)
Pages... 3 4 5