English
Cosmote Romania reported 43.8 million EUR in revenues for 2006, up five-fold from the 8 million EUR reported at the end of 2005. The company posted an EBITDA of -65.7 million EUR and a net result -91.6 million EUR.
CEO Nikolaos Tsolas said the losses were a result of very substantial investments in marketing and distribution, priced at some 160 million 2006. Last year was the company"s first full year, after the rebranding done in 2005 from Cosmorom to Cosmote. Also referring to last year"s achievements, CFO Antonis Kerastaris said the acquisition of retail chain Germanos had started to bear fruit.
He added that the company was shooting for a positive EBITDA in 2008 and a net profit in 2009. Cosmote Romania reported 1.23 million customers and a 7% market share. At the end of 2006, assets stood at 350 million EUR, whereas the share capital was 20 million EUR. Another target for 2007 is the introduction of quad-play jointly with landline telephony company Romtelecom.
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