NewswireToday - /newswire/ -
Stockholm, Sweden, 2011/01/21 - Tele2 AB (Tele2), (NASDAQ OMX Stockholm: TEL2 A and TEL2 B) announced that the Administrative Court of Appeal has approved Tele2's claim for a deduction of a capital loss of SEK 13.3 billion, which was associated with the liquidation of SEC SA in 2001. OMX Stockholm: TEL2A
The decision by the Administrative Court of Appeal will not lead to reduced tax payments since the capital loss has been deducted against earlier years' profits.
In 2000, Tele2 acquired the outstanding majority, of the listed entity SEC SA. The assets and liabilities of SEC SA were, in connection with a restructuring post the telecom downturn, transferred to a new legal entity. At the time of the transfer, SEC SA's purchase price was decided by an independent valuation which showed a decrease in the market value of the operation. As a result, Tele2 claimed a tax deduction for the established loss.
The Tax Authority and the County Administrative Court did not agree on the deduction related to the capital loss and the issue has now been assessed by the Administrative Court of Appeal. Today the Court approved Tele2's claim for a deduction of a capital loss.
Lars Nilsson, Deputy CEO and Chief Financial Officer, T: +46 8 5620 0089
Lars Torstensson, Investor Inquiries, T: +46 702 73 48 79
TELE2 IS ONE OF EUROPE'S LEADING TELECOM OPERATORS, ALWAYS PROVIDING THE BEST DEAL. We have 30 million customers in 11 countries. Tele2 (tele2.com) offers mobile services, fixed broadband and telephony, data network services, cable TV and content services. Ever since Jan Stenbeck founded the company in 1993, it has been a tough challenger to the former government monopolies and other established providers. Tele2 has been listed on the NASDAQ OMX Stockholm since 1996. In 2009, we had net sales of SEK 39.5 billion and reported an operating profit (EBITDA) of SEK 9.4 billion.