ATHENS--Greece's former monopoly phone company, Hellenic
Telecommunications Organization SA (HTO.AT), or OTE, reported
Thursday a net fourth quarter loss as the costs of an early
retirement plan weighed on earnings, but said it was nearing the
end of its restructuring plan.
MAIN FACTS:
-Fourth-quarter net loss: EUR43.7 million (2011: Loss EUR77.1
million)
-Fourth quarter revenue: EUR1.13 billion (2011: EUR1.24
billion)
-Earnings before interest, taxes, depreciation and amortization,
or Ebitda: EUR269.6 million (2011: EUR408.3 million)
-Fourth quarter loss per share: EUR0.09 (2011: LPS EUR0.16)
-Adjusted net profit, excluding voluntary retirement scheme and
capital gain from Serbian asset sale: EUR54.7 million (2011: Profit
EUR71.9 million)
-The company said it had steady operating cash flow in 2012 of
EUR1.3 billion; net debt is down EUR1 billion year on year.
-Chairman and Chief Executive Officer Michael Tsamaz: "We've
achieved ahead of schedule all of the objectives we had set for
ourselves. We preserved a healthy operating cash flow generation in
the face of lower revenues, disposed non-core assets, and through
an active refinancing program since last summer we strengthened our
financial structure and extended the maturity profile of our debt.
We durably reduced OTE's cost base, notably through the voluntary
exit offer accepted by more than 1,500 Greek fixed-line employees
at year end, and are nearing the completion of our group
transformation plan."
-Outlook: "In 2013, we expect competitive pressure to intensify
in tough markets, but our resolve to preserve our position, sustain
our profitability and strengthen our financial structure will not
weaken."
Write to Alkman Granitsas at alkman.granitsas@dowjones.com
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