By Dominic Chopping


STOCKHOLM--Telia Co. AB said Friday it will book non-cash impairments totaling 19.8 billion Swedish kronor ($1.92 billion) in the fourth quarter of 2022.

The Swedish telecommunications operator said that after conducting a review of the carrying value of its assets and reflecting the changed macroeconomic landscape and increase in the company's weighted average cost of capital from increased market interest rates, it needs to book non-cash goodwill impairments in a number of its business units.

The company said impairment charges of SEK9.5 billion relate to Finland, SEK8.5 billion relate to Norway, and SEK1.1 billion relates to Denmark and Latvia.

In addition, there will be a SEK300 million impairment related to its C More brand ahead of consolidating the business under TV4 in Sweden and MTV in Finland, while the decision to fully dismantle the copper network in Sweden resulted in an impairment of network assets of SEK400 million.

"The total impairment of SEK19.8 billion relating to Finland, Norway, Denmark, Latvia as well as the C More brand and Swedish copper network will negatively impact the operating income for the fourth quarter and full-year 2022," the company said.


Write to Dominic Chopping at dominic.chopping@wsj.com


(END) Dow Jones Newswires

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