Mobistar Group optimizes its financing structure
(Thomson Reuters ONE) -
Brussels, 22 December 2010 - Mobistar has decided to conditionally waive a debt
of 30 million euro owed by his subsidiary Orange S.A. in Luxembourg. Mobistar
has also reversed certain provisions on the investment deduction for sustainable
investments. The two decisions result in a decrease in tax costs and a 14
million euro improvement of the consolidated net result for 2010. The most
recent guidance for the consolidated net result do not take this positive impact
into account. Finally, Mobistar's Board of Directors has approved the re-
financing of the long-term credit facility for an amount of 450 million euro.
In order to optimise the balance sheet structure of his subsidiary Orange S.A.
in Luxembourg, Mobistar has decided to conditionally waive the debt of 30
million euro owed by Orange S.A. This decision follows a positive opinion of the
"Dienst Voorafgaande Beslissingen in fiscale zaken /
Service des Décisions Anticipées en matière fiscale
". This debt waiver results in an extraordinary write-off for Mobistar S.A. and
an extraordinary result for Orange S.A. (Luxembourg). Thanks to this
rearrangement, Mobistar's subsidiary in Luxembourg strengthens its balance sheet
structure and can move ahead with its growth strategy.
Mobistar also reversed certain provisions on the investment deduction for
sustainable investments, since it obtained the necessary tax certificates for
the financial years 2007, 2008 and 2009.
Both elements increase the consolidated net profit by 14 million euro 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.
Mobistar's Board of Directors has also approved the re-financing of one of its
credit facilities, with expiry date of 31/12/2010. The new credit facility, with
expiry date of 31/12/2015, amounts to 450 million euro with an interest rate of
EURIBOR + 65 Bps. The agreement strengthens the long-term financing of
Mobistar's growth activities.
Mobistar (EURONEXT BRUSSELS: MOBB), one of the main players on the Belgian and
Luxembourg telecommunications market, is active in mobile and landline
telecommunications, ADSL and other markets with high growth potential. The
company develops innovative products and services for the residential and
professional markets. Mobistar is quoted on the Brussels Stock Exchange and is
part of the France Télécom group.
For more information, please contact:?
Press service:
?
press(at)mail.mobistar.be - http://corporate.mobistar.be/press
?Patti Verdoodt
+32 (0)495 55 96 26
Mathieu Van Overstraeten +32 (0)496 21 52 45
Investor relations - Christophe Lemaitre: +32 (0)2 745 72 26 - e-
mail:ir(at)mail.mobistar.be
Follow us on Twitter: PressMobistar
?
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Source: Mobistar via Thomson Reuters ONE
[HUG#1475232]
Unternehmensinformation / Kurzprofil:
Datum: 22.12.2010 - 18:31 Uhr
Sprache: Deutsch
News-ID 50025
Anzahl Zeichen: 4077
contact information:
Town:
Brussels
Kategorie:
Business News
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