Its net loss grew 36% on the year to RON1.06 billion in 2019, but its total debts dropped to RON2.063 billion end-2019, compared with RON6.27 billion end-2018.
This significant decline is due to a decision made in the spring of 2019 by the majority shareholder, Greek OTE Group, to bring EUR800 million to share capital of Telekom Romania (the former Cosmote Romania), by issuing new shares.
In fact, OTE Group undertook the loss generated by the mobile telephony operations in Romania, and solving the problem of Telekom Romania’s historic debts to OTE group (valued at approximately EUR600 million three years ago).
The average staff numbers kept falling against the backdrop of a constant restructuring process faced by the communications group. In 2019, the average number of employees fell by 847 people, on a group level.
Financial data (IFRS) released by OTE Group, held by Deutsche Telekom, show 5% higher consolidated revenue for 2019, up to EUR980 million, and a 5% higher EBITDA adjusted before IFRS16, up to EUR144 million, mostly due to the company’s core activity.