ATHENS – OTE announced on Wednesday an increase of 7.0 pct in group revenue in fourth quarter of 2019 and an increase of 9.4 pct in adjusted EBITDA, driven by performance both in Greece and in Romania.
According to an announcement, Retail Fixed and Mobile Service Revenues were up 3.6 pct while revenues in Romania revenue were up 19.3 pct.
The Group’s adjusted EBITDA before IFRS 16 increased by 9.4 pct to 355.9 million euros, yielding an adjusted EBITDA margin of 34.2 pct. In Greece, adjusted EBITDA before IFRS 16 increased by 1.3 pct to 304.3 million euros, and the Adjusted EBITDA margin was 40.3 pct.
Adjusted Group profit after minority interests amounted to 123.5 million euros in Q4’19, compared to 53.0 million euros in Q4’18.
The Group’s comparable adjusted Free Cash Flow (before IFRS 16) reached 158.9 million euros, a 47.9 million euro increase compared to Q4’18, primarily reflecting lower Capital Expenditures.
The Group’s adjusted Net Debt before IFRS 16 was 648.8 million euros at December 31, 2019, down 12.2 pct compared to 2018 year end.
In Greece, total revenues rose 2.6 pct to reach 755.5 million euros in Q4’19. Retail fixed service revenues grew by 1.4 pct, fueled by another sharp increase from broadband. Wholesale revenues were up 3.8 pct in the quarter due to the growth in fiber adoption by other operators.
Commenting on OTE’s 2019 fourth quarter and full year, Michael Tsamaz, Chairman & CEO, noted: “Our performances in the last quarter crowned a very solid 2019, fully validating the strategy we have been implementing with determination and discipline for many years. While I am pleased with the full-year top-line growth and higher profitability in Greece, and the sharp year-end improvement in Romania, it is with the progress of OTE’s transformation that I am most proud. Facing fundamental changes in our environment and our industry, we are taking bold measures to make our organization more agile, to reduce our cost base, and to create new revenue streams. The collective labor agreement signed in Greece a few days ago is an important step towards ensuring our sustainability and competitiveness to the benefit of OTE and all of our people.”
Tsamaz added: “Our continuous improvement in cash flow generation provides us with the resources to invest in our customers’ needs, notably with regards to digitization, to reward our people, and to remunerate our shareholders.”