Renault took EUR117m in charges on its 25% stake in AvtoVAZ in 2008, business daily Kommersant has reported.

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The total includes an EUR33m net loss and a negative goodwill, market capitalisation minus net assets, of EUR84m.


The report said that Renault estimated AvtoVAZ’s total net loss at EUR132m in 2008 under French accounting standards.


Prime-Tass said that AvtoVAZ’s President Boris Alyoshin did not confirm the estimate, saying that the company has not issued its financial report.


Renault’s Russian spokeswoman Oksana Nazarova said that the estimate could be inaccurate for AvtoVAZ because of accounting standard differences.


Analysts say that AvtoVAZ will be under even more financial pressure in 2009 amid a collapsed Russian market (down 33% in January) and liquidity difficulties that could cause disruption to parts supply.

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