British cell phone operator mmO2 has announced an annual pre-tax loss of 10.2 billion nearly $17 billion after marking down the book value of its 3G licenses.

The company endured charges of $15.8 billion, writing down the value of its next generation mobile licenses by $9.6 billion.

Roughly 1.4 billion pounds of mmO2’s losses were attributed to the company’s decision to sell off its Dutch operations in April for $27 million.