Beeline issues statement on financial reports of 2018

In response to requests about the financial reports of 2018, Beeline has issued the following statement:

“According to the International Financial Reporting Standards (IFRS), companies must conduct regular estimation of future financial flows expected in the long term and reflect that data in financial reports. As part of an international group, Beeline consistently adheres to this norm. Given the global tendencies and local peculiarities in telecommunications industry, the company made a strict assessment of possible fall of its stocks in the future. Therefore, in 2018 Beeline reviewed the estimate and exercised a more conservative approach. It was reflected in the financial reports as additional projected expenditure which was not required after all.

As for the actual annual financial indicators, the financial flows were positive in 2018 and the earnings before interest, tax, depreciation and amortization (EBITDA) made AMD 8.6bn.”

It is worth noticing that Beeline Armenia was included in the 2019 list of the country’s largest taxpayers.