17 December 2017
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We aim high but we need to try hard

10 March 16 | Mihalis Tsamaz

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Solum Property Solutions

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IBI Group

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Savills

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Antulio Richetta

Director IBI Group
“If I had to describe last year with a single phrase, I would say that in an abnormal environment we had a normal year,” Mihalis Tsamaz, chairman and chief executive of OTE (Hellenic Telecommunications Organisation) said at the annual OTE management team meeting.

 

Addressing the meeting held last week, Tsamaz said that “with passion, faith and commitment, we are becoming constantly better on all levels.”

He presented a summary of the year and made special mention of significant investments in new generation networks, a critical pylon of OTE’s strategy.

“We changed to be brought up to date. We changed, following the wish of our customers,” Tsamaz said, referring to a change in the company’s brand name.

He also referred to positive results reported by OTE, with revenue stable at around 4.0 billion euros, operating earnings at 1.2 billion and cash reserves at 1.3 billion euros, along with a successful exit in capital markets with a 350-million-euro bond loan.

OTE’s debt fell by 80 pct in the 2010-2015 period, from 4.3 billion to 900 million euros, with interest cost down by 200 million euros. Tsamaz said OTE hired 300 new workers in 2015 in Greece and a total more than 2,000 in the last three years, following a successful voluntary exit programme.

For 2016, OTE will boost investments to more than 500 million euros each year and noted that 2016 would be a landmark year for OTE TV in user experience level, with new services and pioneer technologies, along with the ICT sector.

“We still have a lot of work to do to satisfy our customer, to remain at the top and to move the company forward. Our goals are high, but we are made to play hard ball”, Tsamaz said.

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