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 | 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?...







Twitter and LinkedIn »



Follow us to receive Twitter updates when new discussions are posted in our forums:



Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:



Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:



Trending now »

Hot discussions in our forums right now:

Akamai Access Issues?
Created by SamF, last reply by NickMack on 21-Jul-2019 22:02 (63 replies)
Pages... 3 4 5


Wiper Blades for Car
Created by sonyxperiageek, last reply by sonyxperiageek on 21-Jul-2019 18:35 (15 replies)

Kiwibank has changed for the worse
Created by Rikkitic, last reply by mattwnz on 21-Jul-2019 18:59 (72 replies)
Pages... 3 4 5


WiFi keeps dropping out
Created by beenz, last reply by beenz on 20-Jul-2019 23:23 (11 replies)

Vodafone wireless broadband landline
Created by Stu1, last reply by hio77 on 20-Jul-2019 14:50 (21 replies)
Pages... 2


Here we go... Another Trademe rant (about changes to success fee refunds)
Created by Geese, last reply by mattwnz on 20-Jul-2019 14:36 (21 replies)
Pages... 2


Israel Folau saga.
Created by JaseNZ, last reply by tdgeek on 20-Jul-2019 11:22 (280 replies)
Pages... 17 18 19


House explosion in Christchurch.
Created by JaseNZ, last reply by JaseNZ on 21-Jul-2019 16:06 (18 replies)
Pages... 2