In 2022, the OTE group in Greece showed the highest performance in the last decade. In particular, last year, compared to 2021, the listed company increased its turnover at a consolidated level by 3.6%, to 3.4 billion euros, and by 4%, to approximately 1.3 billion euros, profit before tax, interest and depreciation after lease. (EbitdaAL). Turnover (3.4 billion euros) and EbitdaAL (1.3 billion euros) in Greece are the highest since at least 2012. Adjusted net income also increased by around 10% to €541 million, with cash and cash equivalents and net borrowings at €590 million. (-6.4%) and 727 million euros (-7%) respectively.

Profit before taxes, interest and depreciation after the group lease increased by 4% to 1.3 billion euros.

“The OTE Group has recorded another year of high performance during which it has achieved all of its goals. In Greece, both revenue and profitability increased by around 4% in 2022, reaching their highest levels in a decade. While uncertainty is rising due to macroeconomic and geopolitical volatility and competition is intensifying, we are well positioned to maintain our market position by leveraging the excellence of our networks, services and brand. We will continue our high-level investments to achieve our ambitious fiber-to-the-home (FTTH) and 5G coverage targets, and continue our operations in new markets such as electronic payments through the payzy platform, as well as online food ordering through BOX . Finally, as part of our shareholder compensation policy, we are increasing our dividend per share and we are committed to another major acquisition program,” said OTE President and CEO Michalis Shamaz. In the fourth quarter year on year, consolidated revenue increased by 1.1% to 885.4 million euros.

In Greece, turnover increased by 2.2% to 814 million euros, mainly due to strong performance in mobile services and information technology and telecommunications (ICT) construction services. In Romania, revenue decreased by 11.8% to 73 million, mainly due to the continued impact of mobile termination fee (MTR) cuts. The Group’s Adjusted EBITDA (AL) margin was flat at €332m, while in Greece it increased by 3.2% to €332m. In the fourth quarter, the group recorded depreciation and impairment charges of €292 million, up 67.1% compared to the same period in 2021, reflecting an impairment loss of €116 million related to operations in Romania. As a result, the group’s profit before tax was 33.4 million euros, which is 110 million euros less than last year. Excluding impairment, pre-tax profit would have increased to 149 million euros, up 4.4%.

This year, OTE estimates free cash flow at around €500 million, reflecting higher income tax payments, lower finance costs, stable investments and continuous improvement in operating performance. In addition, total shareholder compensation for 2023 will be approximately EUR 425 million, split between a proposed dividend of EUR 250 million (EUR 0.5765 per share) and a share purchase program of approximately EUR 175 million.