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Monday | September 28 | 2020

OTE Group revenues down 3% in second quarter of 2020

The OTE Group’s consolidated revenues decreased by 3.0% in Q2’20 to €918.2mn. In Greece, revenues were down 3.8% to €692.3mn, mainly due to the impact of COVID-19 on the mobile segment.

In Romania, revenues were down 1.0% at €228.9mn.

Total Operating Expenses amounted to €586.2mn in Q2’20, a 3.8% decrease versus Q2’19, reflecting stringent cost-control initiatives across the board.

In Q2’20, the Group’s Adjusted EBITDA After Lease (AL) increased by 0.8% to €321.3mn, yielding an Adjusted EBITDA (AL) margin of 35.0%, up 130 basis points. In Greece, Adjusted EBITDA After Lease (AL) was down 1.7% to €285.1mn, and the Adjusted EBITDA (AL) margin improved 90 basis points to 41.2%.

In Romania, Adjusted EBITDA After Lease (AL) grew 25.7% to €36.2mn, and the Adjusted EBITDA (AL) margin improved 330 basis points to 15.8%.

The Group reported Operating profit before financial and investing activities of €137.7mn in Q2’20.

In Q2’19, Group Operating profit before financial and investing activities had totaled €19.6mn, reflecting goodwill impairment charges related to its Romanian mobile operations.

The Group’s Income Tax charge for Q2’20 amounted to €29.5mn, up from €17.5mn in Q2’19, mainly reflecting the positive one-off tax effect in the comparable quarter of the prior year.

Adjusted Group profit after minority interests amounted to €118.4mn in Q2’20, compared to €98.5mn in Q2’19.

Adjusted Capital Expenditures amounted to €151.1mn in Q2’20, down 15.2% from Q2’19, with investments in Greece and Romania standing at €118.0mn and €33.1mn, respectively.

In Q2’20, the Group’s Adjusted Free Cash Flow after leases reached €184.8mn, up from €172.7mn in Q2’19, primarily reflecting lower Capex spending and lower income taxes paid in the quarte

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