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Hellenic Telecommunications Organization S.A. Annual

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Hellenic Telecommunications Organization S.A. Annual HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A. ANNUAL FINANCIAL REPORT For the period from January 1, 2020 to December 31, 2020 (TRANSLATED FROM THE GREEK ORIGINAL) In accordance with Article 4 of Law 3556/2007 TABLE OF CONTENTS I. STATEMENTS OF MEMBERS OF THE BOARD OF DIRECTORS II. ANNUAL REPORT OF THE BOARD OF DIRECTORS III. AUDITOR’S REPORT ON THE FINANCIAL STATEMENTS IV. ANNUAL FINANCIAL STATEMENTS V. FINANCIAL DATA AND INFORMATION I. STATEMENTS OF MEMBERS OF THE BOARD OF DIRECTORS STATEMENTS OF MEMBERS OF THE BOARD OF DIRECTORS (In accordance with article 4 par. 2 of Law 3556/2007) The members of the Board of Directors of HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A.: 1. Michael Tsamaz, Chairman and Managing Director 2. Eelco Blok, Vice Chairman of the Board of Directors 3. Charalampos Mazarakis, Board Member We confirm that to the best of our knowledge: a. The Annual Financial Statements (Consolidated and Separate) of the HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A. for the period January 1, 2020 to December 31, 2020, which have been prepared in accordance with the applicable accounting standards, provide a true and fair view of the assets and liabilities, the owners’ equity and the results of the HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A. as well as of the companies included in the consolidation taken as a whole; and b. The Annual Report of the Board of Directors provides a true and fair view of the development, performance and the financial position of the HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A. and of the companies included in the consolidation taken as a whole, including the description of the principal risks and uncertainties they are facing. Maroussi, February 25, 2021 Chairman & Managing Director Vice Chairman of the BoD Board Member Michael Tsamaz Eelco Blok Charalampos Mazarakis The two members of the Board of Directors, who have signed the above statements, have been authorized to do so in accordance with the decision of the Company’s Board of Directors of February 25, 2021. 4 II. ANNUAL REPORT OF THE BOARD OF DIRECTORS TABLE OF CONTENTS A. FINANCIAL AND OPERATIONAL HIGHLIGHTS OF 2020 B. OBJECTIVES AND STRATEGY C. SIGNIFICANT EVENTS OF THE YEAR 2020 D. RISKS AND UNCERTAINTIES FOR THE NEXT YEAR E. NON FINANCIAL REPORT F. CORPORATE GOVERNANCE STATEMENT G. MATERIAL TRANSACTIONS WITH RELATED PARTIES H. SIGNIFICANT EVENTS AFTER THE YEAR END I. INFORMATION REGARDING ACQUIRED OWN SHARES IN ACCORDANCE WITH THE PROVISIONS OF ARTICLE 50 PARAGRAPH 2 OF LAW 4548/2018 J. INFORMATION ACCORDING TO ARTICLE 4 par.7 OF LAW 3556/2007 K. ALTERNATIVE PERFORMANCE MEASURES (APMs) 6 STATEMENTS OF MEMBERS OF THE BOARD OF DIRECTORS (In accordance with article 4 par. 2 of Law 3556/2007) This report of the Board of Directors of the HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A. (hereinafter referred to as “OTE” or the “Company”) has been prepared in accordance with the provisions of Articles 150-154 of Law 4548/2018, Article 4 of Law 3556/2007 and Article 2 of Decision 8/754/14.04.2016 of the Board of Directors of the Hellenic Capital Market Commission and refers to the Annual Financial Statements (Consolidated and Separate) as of December 31, 2020, and the year then ended. The OTE Group (the “Group”) apart from the Company also includes subsidiaries over which OTE has direct or indirect control. The Consolidated and Separate Financial Statements have been prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the European Union (E.U.). This report includes the actual depiction of the progress and performance of the Company's business and its financial position, for the period from January 1, 2020 to December 31, 2020, its objectives and its strategy, the significant events which took place in 2020, as well as the most significant events following the year end. The report also contains a description of the main risks and uncertainties for the next year, the non-financial report, the Corporate Governance statement, the material transactions with the Company’s and the Group’s related parties and additional information as required by applicable law. OTE’s Financial Statements (consolidated and company statements), Auditor’s Report on the Financial Statements and the Annual Report of the Board of Directors of OTE S.A may be found on the following link: https://www.cosmote.gr/cs/otegroup/en/oikonomikes_katastaseis_omilou_ote_kai_ae.html Furthermore, the Financial Statements and the Auditors’ Reports on the Financial Statements of the OTE Group consolidated companies that are not listed on the stock exchange (in accordance with Capital Markets Board of Director’s decision 8/754/14.04.2016) may be found on the following link: https://www.cosmote.gr/cs/otegroup/en/oikonomikes_katastaseis_etairiwn_omilou.html The amounts in this report are presented in millions of Euro, except when otherwise indicated. A. FINANCIAL AND OPERATIONAL HIGHLIGHTS OF 2020 Group Revenues 2020 2019 Change Greece 2,939.7 2,943.4 -0.1% Romania mobile 350.4 386.0 -9.2% Eliminations (31.2) (26.4) +18.2% OTE GROUP 3,258.9 3,303.0 -1.3% Group Adjusted EBITDA After Lease (AL)* 2020 2019 Change Greece 1,199.1 1,211.8 -1.0% Margin (%) 40.8% 41.2% -0.4pp Romania mobile 24.5 18.3 +33.9% Margin (%) 7.0% 4.7% +2.3pp OTE GROUP 1,223.6 1,230.1 -0.5% margin (% 37.5% 37.2% +0.3pp * Alternative Performance Measures: For details on purpose and calculations refer to Section K. Alternative Performance Measures Section Note: All figures (apart from Balance Sheet of 2019) adjusted to reflect only continuing operations; Albanian operations treated as discontinued operations in 2019. TELEKOM ROMANIA operations have been classified as held for sale and have been treated as discontinued operations. Furthermore, certain significant commercial transactions (MVNO agreement and handset sales) that exist between TELEKOM ROMANIA and TELEKOM ROMANIA MOBILE (Romania mobile) will not continue after the completion of the sale of TELEKOM ROMANIA. In this context, part of TELEKOM ROMANIA MOBILE’s operations have been also classified as discontinued operations. OTE Group’s consolidated revenues totaled to Euro 3,258.9 in 2020, 1.3% down compared to 2019. On a country basis, Greece total revenues posted a slight decrease of 0.1% to Euro 2.939,7 despite the negative impact of the COVID-19 crisis on customers, tourism, and the Greek economy. Solid performance in Broadband and ICT contributed to the resilience of the top line. Fixed Retail Services revenues increased by 0.3% supported by the remarkable take up of fiber services more than offsetting pressure on the TV segment mainly due to COVID-19 lockdowns. Mobile Service revenues in Greece were down 4.3% in 2020 due to mobility and travel restrictions imposed resulting from the COVID-19 crisis. In addition regulatory cuts in mobile termination rates implemented early in 2020 negatively affected mobile service revenues. Revenues from wholesale business in Greece were also up by 1.4% reflecting mainly total market acceleration in fiber adoption. 7 STATEMENTS OF MEMBERS OF THE BOARD OF DIRECTORS (In accordance with article 4 par. 2 of Law 3556/2007) In Romania mobile, total revenues reached Euro 350.4 in 2020, decreased by 9.2% compared to 2019 as a result of the pandemic crisis. Total Operating Expenses for the Group, excluding depreciation, amortization, impairment and charges related to voluntary leave schemes, other restructuring costs and non-recurring litigations amounted to Euro 1,958.6 in 2020, posting a decrease of 1.6%, compared to 2019. The decrease reflects the disciplined cost management across the Group and the beneficial impact of the implemented voluntary leave schemes. The Group’s Adjusted EBITDA After Lease (AL) amounted to Euro 1,223.6, down just 0.5%, nearly offsetting drastic travel and mobility restrictions. In Greece, Adjusted EBITDA After Lease (AL) decreased by 1.0% reaching Euro 1,199.1 and the respective margin stood at 40.8% despite the significant hit on roaming revenues from the absence of tourists. Romania Mobile posted a significant increase in Adjusted EBITDA After Lease (AL), up 33.9% to Euro 24.5 compared to Euro 18.3 in 2019. Group expenses for depreciation, amortization and impairment stood at Euro 833.2, compared to Euro 804.5 in 2019. During 2020, impairment test was performed for TELEKOM ROMANIA MOBILE with respect to its carrying value. As a result of the impairment test, an impairment loss of Euro 160.0 was charged in the 2020 consolidated income statement and is included in “Depreciation, amortization and impairment” line (details in Note 9 of the Annual Financial Statements). The respective amount for 2019 stood at Euro 103.0. The Group reported Operating profit before financial and investing activities stood at Euro 331.4, compared to Euro 456.7 in 2019. The decrease in Operating Profit mainly reflects the increase in costs related to voluntary leave schemes implemented 2020 as well as the increase in the depreciation, amortization and impairment charge. Interest and related expenses stood at Euro 56.2, down 39.4%, mainly reflecting the favorable evolution in average cost of debt. The Group’s income tax expense stood at Euro 45.9 in 2020, decreased compared to 2019 by 50.3%, mainly reflecting higher tax effect from deductible investment losses and lower profitability in the year. Profit for the year from continuing operations (attributable to owners of the parent) stood at Euro 263.4 in 2020, compared to Euro 336.3 recorded in 2019. In 2020, Adjusted Free Cash Flow from continuing operations After Lease (AL) stood at Euro 655.9 increased by 38.5% compared to 2019, reflecting lower income tax and interest paid along with improvements in working capital.
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