Saturday, February 24, 2007

TeleGeography: Cosmote results: users top eleven million, half a million added in Romania in 4Q

Greek mobile group Cosmote has reported its full year and fourth quarter results for 2006. Its total group customer base grew by 35.4% year-on-year to reach 11.177 million at the end of December, up by 1.251 million in the fourth quarter. Cosmote Greece added 193,990 GSM subscribers in 4Q to reach a total of 5.217 million; Globul in Bulgaria signed up 389,379 users in the quarter to take its total to 3.271 million; Cosmote Romania finished the year with 1.226 million customers after adding 555,918 in October-December; Albanian-based AMC's end-year user base stood at 990,000, up by 89,314 in three months; whilst Macedonia's Cosmofon reported 22,180 net new subscribers in 4Q and a user base of 473,000 at 31 December. Globul saw the largest year-on-year customer growth, 36.6%, compared to 12.3% in Greece. Fourth-quarter group revenues were EUR751.8 million (USD986.5 million), up by 49% year-on-year thanks largely to its takeover of retail chain Germanos. During the fourth quarter Cosmote acquired overall control of Germanos, and is in the process of consolidating the company into the group; it has credited the acquisition of the retailer as an integral factor in its subscriber growth. EBITDA increased 26% to EUR233 million, while net profit increased just 2.3% to EUR86.6 million, brought down by extra financial charges for the takeover and other depreciation items. Germanos contributed EUR251.7 million in revenues and EBITDA of EUR19 million. Cosmote is 66.8% owned by Greek fixed line operator OTE, with the remainder in free float.

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