Investor Presentaiton
FY 2011 EBITDA - Restructuring and Impairment
Charges
EUR -279.0 mn
hyperinflation accounting
EBITDA comparable
FY Effect
Restructuring
Austria
EUR -233.7 mn
personnel restructuring
Impairment
Belarus
Impairment
Bulgaria
for its brand name
Reversal
Serbia
EUR +49.4 mn
reversal of impairment for
licenses
EBITDA (incl. effects
from restructuring and
EUR -19.3 mn
Comment
> Net effect from restructuring provision of
EUR 274.4 mn and a reduction of restructuring
charge via servicekom EUR -40.7 mn
> No cash flow impact
> EUR 155.8 mn positive net impact on Group
V
equity*
Increased competition
> Macro-economic slowdown
> Reflects positive outlook for Serbian operations
> Fully reverses impairment from 2009
impairment tests)
* Net effect of asset appreciation of EUR 434.8 mn and impairment of EUR 279.0 mn
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