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Hellenic Telecommunications Organization Sa Annual Financial

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Hellenic Telecommunications Organization Sa Annual Financial 2 011 ANNUAL REPORT Annual Report 2011 Contents OTE GROUP AT A GLANCE OTE Group at a glance ................................................................................................................................................ 6 Milestones in the history of OTE .................................................................................................................................. 8 OTE Group key financial and operational highlights..................................................................................................... 10 OTE share and bonds.................................................................................................................................................... 16 OTE Group key developments...................................................................................................................................... 20 Our strategy................................................................................................................................................................... 22 Message from the Chairman .......................................................................................................................................... 24 OTE SA: THE PARENT COMPANY OF THE GROUP Corporate governance.................................................................................................................................................... 28 Corporate responsibility................................................................................................................................................ 36 Investments in infrastructure......................................................................................................................................... 40 Human resources........................................................................................................................................................... 46 OTE GROUP OPERATIONS Fixed-line telephony in Greece- OTE SA Broadband and voice services......................................................................................................................................... 52 Services for telecom operators........................................................................................................................................ 66 Fixed – line regulatory framework ................................................................................................................................ 72 International telephony, Internet & data –OTEGLOBE ........................................................................................... 76 Fixed-line telephony in Romania- RomTelecom......................................................................................................... 77 Mobile telephony in Greece and abroad-Cosmote Group Cosmote Group............................................................................................................................................................ 83 Greece (Cosmote).......................................................................................................................................................... 84 Albania (AMC).............................................................................................................................................................. 90 Bulgaria (Globul).......................................................................................................................................................... 93 Romania (Cosmote Romania)........................................................................................................................................ 96 OTHER OPERATIONS IN GREECE AND ABROAD OTEestate..................................................................................................................................................................... 100 Hellas Sat...................................................................................................................................................................... 103 OTESAT-Maritel.......................................................................................................................................................... 105 OTEplus....................................................................................................................................................................... 107 OTEAcademy............................................................................................................................................................... 108 Telekom Srbija............................................................................................................................................................. 112 ANNUAL FINANCIAL REPORT Annual Financial Report............................................................................................................................................... 117 3 Ετήσιος Απολογισμός 2011 OTE GROUP AT A GLANCE 5 Annual Report 2011 OTE Group provides telecommunications services in Greece, Romania, Bulgaria, Albania. 6 Annual Report 2011 OTE Group at a glance GREECE OTE offers broadband, fixed-line, TV, data and leased line services in Greece. Through its wholly-owned subsidiary OTE- GLOBE, OTE also offers international wholesale telephony Ιnternet and data services. Cosmote, OTE Group’s fully-owned subsidiary is the leading provider of mobile telephony in Greece. Number of subscribers: Fixed-line: 3,431,307 Mobile telephony: 7,884,520 Fixed-line ADSL: 1,127,407 TV services (ΟΤΕ TV via satellite & via Conn-x): 59,944 Cosmote also enjoys significant mobile telephony market shares in Albania, Bulgaria, and Romania. Cosmote is also the owner of Germanos SA, one of the largest distribution chains of technology products in SE Europe. ROMANIA ΟΤΕ owns 54% of RomTelecom, the telecommunications incumbent in Romania, providing fixed-line, broadband, data, leased lines and pay TV services to the local market. Number of subscribers: Fixed-line: 2,490,316 Mobile telephony: 6,498,838 Fixed-line ADSL: 1,136,025 TV services: 1,179,169 BULGARIA Number of subscribers: 4,264,586 ALBANIA Number of subscribers: 1,819,021 In Greece, OTE Group is also involved in real estate, satellite and maritime communications, professional training, etc. 7 Annual Report 2011 Milestones in the history of OTE 1996 - Establishment of Cosmote SA - Establishment of OTEnet SA - OTE is listed on the Athens Stock Exchange (ASE) 1997 OTE acquires a 20% stake in Telekom Srbija, Serbia’s incumbent telecommunications operator 1998 - OTE acquires 90% of the share capital of Armentel, Armenia’s incumbent telecommunications operator - Cosmote launches commercial operations in Greece - ΟΤΕ is listed on the New York Stock Exchange (NYSE) - OTE acquires 35% of RomTelecom, Romania’s incumbent telecommunications operator 2000 - Cosmote acquires the Albanian operator: Albanian Mobile Company (AMC) - OTE receives its GSM operator’s license in Bulgaria and establishes Globul - Establishment of OTEGLOBE 2001 - The Greek fixed-line market is opened to competition - Establishment of Hellas Sat, OTE’s subsidiary which has been operating the Hellas Sat 2 satellite - Cosmote acquires a license to provide 3G mobile telephony services. These services are launched commercially in May 2004 2003 - OTE raises its stake in the share capital of RomTelecom to 54% - Globul’s commercial launch takes place - ΟΤΕ launches its broadband services (ADSL) 2005 - Cosmote, RomTelecom and Cosmorom agree to the increase of Cosmote’s participation in the share capital of Cosmorom and the latter’s re-launching - Completion of the transfer of OTE’s mobile telephony services in Bulgaria and FYROM (Globul and ΜTS) from ΟΤΕ to Cosmote - Successful implementation of OTE’s Voluntary Retirement Scheme. Out of a total of 16,000 employees, over 5,500 applied for early retirement - Cosmote Romania is launched commercially 2006 - The Regulatory Authority (ΕΕΤΤ) approves Cosmote’s acquisition of 42% of the share capital of Germanos SA. Over the course of 2006-2007, Cosmote acquired 100% of Germanos - OTE’s Voluntary Retirement Scheme is successfully completed. 4,759 employees retired gradually in a 12 months period - OTE’s 90% stake in Armentel is sold 2007 - ΟΤΕ launches a tender offer for the acquisition of the entire share capital of Cosmote. As of April 2008 and fol- lowing the completion of the tender offer, OTE owned the entire share capital of Cosmote and ceased its trading 8 Annual Report 2011 on the Athens Stock Exchange - ΟΤΕ announces the completion of the sale of INFOTE (Directory Services) - Μarfin Investment Group Holdings SA (MIG), participates for the first time in OTE’s share capital with a stake of 5.30% 2008 - In early 2008, MIG’s interest in OTE increases to 20%. Later in May 2008, MIG transferred its 20% interest in OTE’s share capital to Deutsche Telekom AG. MIG withdraws from OTE’s share capital - The Ministry of Development approves the merger between OTE SA and OTENET SA, whereby the latter was absorbed by the former - The Hellenic Parliament validates the Shares Purchase and Shareholder Agreement between the Greek State and Deutsche Telekom AG - The participation of Deutsche Telekom AG in OTE’s share capital and its total voting rights stands at 25 % 2009 - Cosmote acquires an additional 12.6% of its subsidiary AMC - Cosmote signs an agreement for the sale of Cosmofon in FYROM, whereby 100% of Cosmofon Mobile
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