PRESS RELEASE 26.02.2010
26/02/2010
HELLAS SAT - PRESS RELEASE 26.02.2010
Hellas Sat pursues its high growth rate despite the adverse circumstances
Within a climate of adverse circumstances where the strength of economies and enterprises is tried hard, Hellas Sat, a subsidiary of OTE Group, which manages the Greek satellite “Hellas Sat2” and is operating in the provision of satellite services in the markets of Europe, Middle East and South Africa, attained a considerable growth rate of its financials during the fiscal year 2009.
The total income of Hellas Sat for the year 2009 amounted to € 27.5 million, registering an 8.4% increase compared to the year 2008.
Earnings before interest, tax, depreciation and amortization (EBITDA) considerably increased by 24.3% and amounted to € 18.4 million at the end of 2009 compared to € 14.8 million during the previous year.
At the same time, the EBITDA margin amounted to 67%, registering an 8.5% increase since the previous fiscal year.
The net earnings of the Company considerably rose by 247.2% compared to last year and amounted to € 6.2 million.
The Company also performed well in terms of activity development given that the occupancy of Hellas Sat2 satellite stood at 88% compared to 74% of the respective global average while 2.5 million households have already turned their antenna dishes to this satellite and watch the digital subscriber TV platforms of Romania, Bulgaria and Ukraine. In addition, the Company already provides satellite Internet services to more than 1,500 users. Concurrently, the Company successfully carried out the installation of 300 satellite broadband connections in 300 remote schools in Albania in the context of a project implemented by the government of Albania and within the following days it will complete the installation of wireless broadband access in 153 communities in Cyprus.
Mr. Christodoulos Protopapas, managing director of the Company, commented on these results: "In an environment marked by adverse financial circumstances and intense competition, Hellas Sat managed to pursue its upward performance and met all its objectives. In addition, the fact that we have only one satellite and we successfully compete against major satellite organizations in the international markets demonstrates the significance of the above achievements. Hellas Sat will continue to meet effectively the demands of the markets in which it operates while aiming to boost its potential for future investments in a new satellite".
