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Manos Chatzidakis	10:49 π.μ. (Πριν από 18 λεπτά)

HTO	Results 3M 2013			Estimates 3M'13
In thous, euro	2012	2013	Δ	3M 13 E	Δ (Est)
Sales	1,180,200	1,045,400	-11.4%	1,050,000	-0.4%
EBITDA	417,500	368,000	-11.9%	371,000	-0.8%
(% Sales)	35.38%	35.20%	-17 bps	35.33%	-13 bps
Net Income	306,600	167,500	-45.4%	156,700	6.9%
(% Sales)	25.98%	16.02%	-996 bps	14.92%	+110 bps

·         Net income at €167.5mn, up 5% excl. capital gains

·         Adjusted Net operating cash flow up 7% to €261mn

·         Further reduction in net debt, at 1.7x trailing 12M EBITDA

·         EBITDA margin stable at 35.4%

·         Total operating expenses excl. D&A and VRS charges down 10.6% on 21% drop in Greek fixed-line payroll

·         Revenues impacted by sharp drop in mobile on MTR cuts and aggressive competitive moves in Greece

·         Greek fixed-line resilient - limited line drop and strong TV, broadband performance

Q1’13 net income was positively affected by a €65.7mn one-off after-tax capital gain from the sale of Hellas Sat, while in Q1’12 OTE had recorded a €211.3mn after-tax capital gain on the sale of Telekom Serbia stake. Furthermore, the re-measurement of the Group’s deferred tax position due to the rise in the nominal tax rate in Greece from 20% to 26% resulted to a €50mn positive impact on the quarter’s profitability.

Manos Chatzidakis

Head of research

Beta Securities S.A.

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