Company type | Public Subsidiary |
---|---|
Athex: HTO | |
Industry | Telecommunications |
Founded | 1949 |
Headquarters | Marousi, Athens, Greece |
Area served | Balkans |
Key people | Michael Tsamaz (Chairperson) |
Products | Cosmote TV Fixedline telephony Mobile Telephony Broadband internet Digital television Fiber-optic communication IT Services |
Revenue | €4.08 billion (2022) |
€812.3 million (2021) | |
€589.7 million (2021) | |
Total assets | €5.217 billion (2021) |
Total equity | €1.972 billion (2021) |
Owner | Deutsche Telekom (53.3%) Government of Greece (1.2%) EFKA (6.5%) Public float (39%) [1] |
Number of employees | 10,500 (2021) |
Subsidiaries | Germanos OTE Plc Telekom Romania Mobile |
Website | www |
Hellenic Telecommunications Organisation S.A. (OTE Group) is the largest technology company in Greece. It is one of the three largest companies listed in the Athens Stock Exchange, according to market capitalization.
OTE Group offers fixed-line and mobile telephony, broadband services, pay television and integrated Information and Communications Technology (ICT). At the same time, the Group is involved in a range of activities, notably satellite communications, real-estate and professional training. Formerly a state-owned monopoly, OTE's privatisation started in 1996 and is now listed on the Athens and London Stock Exchanges.
Today, OTE Group employs about 13,000 people in Greece and approximately 20,000 in total. Since July 2009 Deutsche Telekom is the largest shareholder of the company.
Starting in 1996, the Greek State gradually decreased its participation in OTE's share capital. Following an agreement between the Greek State and Deutsche Telekom, as of 5 November 2008 each party held 25% plus one share of OTE's share capital. Following a further sale of shares and voting rights, as of 11 July 2011 Deutsche Telekom's stake in OTE has risen to 40% while that of the Greek State amounts to 10%. HRADF announced on 13 February 2018 the opening of a tender procedure for the acquisition of 5% by the Greek state. The competition ended on Friday, 16 March 2018, with no interested parties. On the same day, HDRAF sent a letter to Deutsche Telekom with a proposal to buy back the shares for €284 million, with a 30-day deadline. Deutsche Telekom exercised its right of first refusal and the acquisition was completed in May 2018 through the Stock Exchange. Deutsche Telekom currently holds 53.3% of the company's shares and Government of Greece owns 1.2%.
For 2021, the Group announced turnover of €3,368.3 million, for an increase of 3.4%. Adjusted earnings before interest, taxes, depreciation and amortization reached €1,295.9 million, with the EBITDA margin increasing to 38.5%. Adjusted free cash flow came to €590.1 million. The Group's adjusted net debt fell by 25.0%, corresponding to 0.6 times the annual adjusted EBITDA (AL). [3]
OTE GROUP | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenues | 6,319.8 | 6,407.3 | 5,958.9 | 5,482.8 | 5,038.3 | 4,680.3 | 4,054.1 | 3,918.4 | 3,902.9 | 3,908 | 3,857 | 3.798,7 | 3,303 | 3,259 | 3.368,3 |
Adjusted EBITDA | 2,240.8 | 2,320.9 | 2,168 | 1,919.4 | 1,731.8 | 1,656.9 | 1,456.3 | 1,421.6 | 1,343 | 1,321 | 1,304 | 1.316,8 | 1,230.1 | 1,223.6 | 1.295,9 |
as % of Revenues | 35.5% | 36.2% | 36.4% | 35% | 34.4% | 35.4% | 35% | 36.3% | 34.4% | 33.8% | 34.2% | 34.7% | 37.2% | 37.5% | 38.5% |
OTE was founded on 23 October 1949 [4] as a successor to the Hellenic Telephone Company (AETE), which was established in 1926, with the aim of consolidating all such public and private telecommunications companies. Formerly, telephony, telegraph, domestic and international connections were fragmented and under-coordinated.
Until 1998, the Greek telecommunications market was a monopoly. The market was opened to competitors and OTE was gradually privatized. Along with other telecommunications market providers, OTE is regulated by the National Telecommunications and Post Commission (EETT).
In 2007, Marfin Investment Group acquired 20% of the company, while in March 2008, sold it to German Deutsche Telekom, which later increased its stake to 25% plus one, matching that of the state. [5]
Following the sale of a further 5% in 2009 [6] and another 10% in 2011 [7] of OTE's share capital by the Greek state to Deutsche Telekom, the state holds 10% and DT 40%. In 2018, Deutsche Telekom acquired an additional 5% of OTE as it exercised the right of first refusal to acquire 24,507,520 ordinary shares [8] as announced by HDRAF.
The Museum of Telecommunications opened up to the public in 1990. It is housed in a 1000 m2 privately owned OTE building, in the district of 25 Proteos str., 14564 New Kifissia – Athens. The purpose of the Museum is the research, study and documentation of historical data pertaining to the evolution of telecommunications from ancient times to the present day. The Museum is a member of the International Committee for the Conservation of the Industrial Heritage (T.I.C.C.I.H.).
The telecommunications and postal services market in Greece is regulated by the Hellenic Telecommunications and Post Commission (EETT).
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