Telefonica Group, in a regulatory filing, said it was reducing the value of its assets in Venezuela to take account of the country’s weakening currency.

By valuing its assets and income from Venezuela at VEF 50 to $1, down from VEF 12 previously – according to the Wall Street Journal (WSJ) – Telefónica takes an asset writedown hit of €2.84 billion.

The sum includes significant amounts of retained profit that the government had barred it from expatriating to Spain. The Spanish and Latin America operator group said it would write down the value of the is by €1.23 billion.

Results from Venezuela during 2014 will be accordingly adjusted. They will see operating profit drop by €915 million, and net profit down by €399 million.

The writedown leaves Telefónica with cash valued at €390 million in Venezuela.

The operator said, however, that the changes wouldn’t affect its investment plans in the country.

“Telefónica wishes to emphasise that these adjustments do not affect the investment nor growth plans in Venezuela in terms of bolivars, reaffirming the commitment of the company to continue developing telecommunications in the country, recently reflected in the allocation of spectrum that will materialise shortly with the launch of 4G,” read the company filing.