Telekom Austria: Write-Offs in Belarus

CompaniesTelecoms ♦ Published: December 8, 2011; 18:51 ♦ (Vindobona)

Due to the hyperinflation in Belarus, Telekom Austria´s write-offs could reach up to € 400m.

Telekom Austria: Write-Offs in Belarus / Picture: © Wikimedia Commons / Zscout370 [Public Domain]

The Vienna-listed Telekom Austria Group announces an increased need in write-offs, as Velcom, the subsidiary in Belarus faces hyperinflation. According to the audit and advisory companies Deloitte, KPMG, Ernst & Young and PWC, Belarus is officially seen as “hyperinflation country”. Telekom Austria has reacted to this classification.

As a result, for the fourth quarter of…