Mobistar Writes Off Debt Owed by Orange Luxembourg
Published on: 4th Apr 2011
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Belgium's Mobistar says that it has decided to conditionally waive a debt of EUR30 million owed by its subsidiary Orange in Luxembourg. Mobistar has also reversed certain provisions on the investment deduction for sustainable investments.
Both elements increase the consolidated net profit by EUR 14 million for the financial year 2010 by lowering the consolidated tax cost. This positive impact was not taken into consideration in the consolidated net result guidance (between 225 and 245 million euro) as presented with the half-year results in July 2010.
In addition, Mobistar's Board of Directors has approved the re-financing of the long-term credit facility for an amount of EUR 450 million.