Due to deteriorated market conditions as a result of the financial and economic crisis, Vattenfall has decided to post an impairment charge for SEK 4.3 billion related to Business Group Benelux.
Following the annual impairment testing which Vattenfall now has completed, the company has decided to make an impairment charge for SEK 4.3 billion of the goodwill item related to Business Group Benelux.
The impairment is due to deteriorated market conditions as a result of the global financial and economic crisis, which has lead to lower than originally assumed margins in Vattenfall’s Benelux operations.
The impairment reduces Vattenfall’s operating profit and net income for the fourth quarter 2010 but has no impact on cash flow. Despite this impairment, net income for the full year 2010 is estimated to be about on par with 2009.
Vattenfall will present its full year 2010 and fourth quarter results on Thursday 10 February 2011.
Vattenfall discloses the information herein pursuant to the Swedish Securities Market Act.
For further information, please contact:
Dag Andresen, Group Chief Financial Officer,Vattenfall, by Vattenfall Press Office
phone: +46 (0)730 799954
From Vattenfall’s Press Office, telephone: +46 8 739 50 10, [email protected]
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