VEON says records VimpelCom’s Jan–Mar devaluation of $449 mln

MOSCOW, Jun 28 (PRIME) -- Amsterdam-based VEON registered a U.S. $449 million devaluation of its Russian business, mobile operator VimpelCom, working under brand Beeline, in January–March, VEON said in a statement on Tuesday.

“In January–March we recorded a non-cash goodwill impairment of $449 million against Beeline in Russia. This is primarily caused by a higher discount factor to be used for future cash flows related to our Russian operations, in accordance with International Financial Reporting Standards (IFRS),” VEON said.

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