OTEGLOBE, the international wholesale company of OTE Group, recorded important growth in 2012, based on the company’s financial statements, despite the unstable national and international macroeconomic environment.
OTEGLOBE’s revenue reached € 267.336.000 recording a 0,7% increase from 2011, while operating profit (EBIT) before adjustment due to change in useful economic life of cable systems, was increased by 9%, from €15.474.000 in 2011 to €16.933.000 in 2012. EBITDA reached €25.439.000 recording an decrease from 2011 (€29.248.000) and sales margin (EBIDTA/SALES) fell from 11% in 2011 to 9.5% in 2012.
These numbers were expected mainly because of two reasons: the falling prices due to increasing competition and the difficult economic conditions of the market where OTEGLOBE makes business.
Consistent to OTEGLOBE’s strategy of penetrating the growing markets of M. East & N. Africa, Silphium cable which connects Greece to Libya and the broader N. African region was completed and commercially launched in 2012, while the company continuously proceeds to new cooperation with significant int’l telecommunications companies of the region.
*Please notice that the Operating Loss of €1.953,000 was due to the adjustment of the Useful Economic Life of Cable Systems with NBV (Net Book Value) equal to €17.427.000