M. Tsamaz: In excellent condition for the OTE group to meet the challenges

By Fotis Fotinos

The “strong performance” of the OTE Group in the first quarter of the year was mentioned by the president and CEO, Michalis Tsamaz during the briefing of the analysts.

Mr. Tsamaz noted that, despite any uncertainties (geopolitical, pandemic, energy costs), the OTE Group is in “excellent condition” to meet the challenges, emphasizing the strengthening of its own services and products.

Specifically, the president and CEO of OTE Group proposed:

-Free speed upgrades for landline subscribers,

-Unlimited talk to all national networks, at no extra charge, to mobile subscribers announced today,

-The continuation of investments and the increase of FTTH subscribers,

-The enhancement of the content on COSMOTE TV, although it did not answer the question about whether an agreement was reached with Olympiakos (jokingly noting “let’s focus on the quarterly results, let’s leave it for the next time”),

-The development of the ICT sector, which is of interest, due to the projects of the Recovery Fund.

Mr. Tsamaz, who was assisted by Babis Mazarakis, CFO of the Group, stressed that the management of OTE maintains its goals for 2022, with the adjusted investments of the Group estimated to increase to approximately 620 million, while the Free cash flow is estimated at around 600 million.

Respectively, as mentioned in the results of the first quarter, the total remuneration to the shareholders for 2022 will amount to 500 million and will be divided equally into a proposed dividend corresponding to 0.558 per euro per share and a “Program for Acquisition of Own Shares”, amounting to 250 approx. million.

Finally, regarding Romania, Mr. Mazarakis underlined that the Group is investigating “every strategic choice” for Telekom Rumania Mobile, noting that, at present, the Group is focusing on improving its size.

The performance of the OTE Group in the first quarter

It is noted that, in the first quarter of the year, the consolidated revenues of the OTE Group showed an increase of 4.7% and amounted to 825.3 million euros.

In Greece, revenue increased by 4.4% to 748.2 million euros, benefiting from the favorable comparison base due to a pandemic, as well as improved performance in mobile, television, broadband and ICT services.

In Romania, revenues increased by 1.6% to 78.4 million, mainly due to specific activities, which are not expected to continue in the coming quarters.

Finally, the Group recorded pre-tax profits of 171.8 million, higher by 23.3 million compared to the first quarter of 2021, mainly due to the higher profitability in Greece and Romania.