Hellenic Telecommunications Organization SA, the Greek full-service telecommunications provider, today announced audited consolidated results (prepared under IFRS) for the quarter and twelve months ended December 31…
Hellenic Telecommunications Organization SA, the Greek full-service telecommunications provider, today announced audited consolidated results (prepared under IFRS) for the quarter and twelve months ended December 31, 2013.
Commenting on OTE’s performance in the fourth quarter and full year, Michael Tsamaz, Chairman & CEO, noted: “For the OTE Group, 2013 was a year of significant achievements, enabling us to look at the future with confidence despite the difficult conditions we face in all our markets. Our early retirement plans were adopted by over 1,800 OTE employees in Greece, bringing total departures in our Greek and Romanian fixed-line operations to nearly 8,000 since the end of 2009, durably reducing our cost base and enhancing our competitiveness. Through strong cash flow generation and well-executed asset disposals, we rebuilt a robust financial structure. And we continued to invest in the future of our operations, notably in Greece.”
Mr. Tsamaz added: “But 2013 was also a year of improvement in our operating performances. Group revenue declines narrowed quarter after quarter, ending with a slight rebound in the fourth quarter, the first quarterly sales increase we achieved in five years. Reflecting our continuing cost-containment efforts, our EBITDA margin improved sharply in the quarter and in the full year. And most of all, we further enhanced our service offerings and invested in solutions aimed at creating a flawless customer experience across our operations. We will continue working hard in 2014 to secure the advances we have made, innovate in all our markets, and strengthen the Group’s profitability.”
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