Hellenic Telecoms Posts Loss on Restructuring Costs

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 [e-mail]

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