Telekom Group reported total debts of RON6.255 billion in 2017, down 6% year-on-year.
Telekom Romania Communications, the former Romtelecom, in which the Romanian state holds a 46% stake, reported net loss of nearly RON1 billion in 2017, according to its balance sheet submitted to the Finance Ministry. The company reported net loss of RON946.8 million in 2017, up 15% compared with RON823.4 million in 2016, and a 6% higher turnover year-on-year to RON2.7 billion in 2017.
In 2017, the average number of employees of Telekom Romania Communications fell by more than 300 people against the backdrop of various restructuring and voluntary layoff programs, the same data show. The average number of employees stood at 4,733 in 2017, 345 fewer than in 2016. The company’s total debts rose 2% year-on-year to RON1.443 billion in 2017, according to Finance Ministry data.
Telekom Romania Mobile Communications, the former Cosmote, in which the Romanian state holds shares through the former Romtelecom, registered in 2017 a net loss more than twice the loss recorded in 2016, according to the company’s balance sheet submitted to the Finance Ministry. In 2017, the company completed the giant operation of merger through absorption of retail chain Germanos and of other firms within the group.
The company’s net loss stood at RON449.2 million in 2017, up 107% versus RON216.8 million recorded in 2016. Its turnover rose 8% year-on-year to RON2.115 billion in 2017. Its total debts fell 8% to RON4.8 billion in 2017, a record high and just RON200 million lower than the debts recorded by telecom group RCS&RDS. The average number of employees fell by 58 people, to 866, the data show.
On December 1, 2017, Telekom Romania Communications absorbed the companies Germnos Telecom, Sunlight Romania and Telemobil (the former Zapp).