Type S.A. Area served Balkan Peninsula Revenue 6.165 billion EUR (2015) | Industry Telecommunications | |
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Traded as Athex: HTOOTC Pink: HLTOY Founded 1949; 68 years ago (1949) Key people Michael Tsamaz (Chairman & CEO) Stock price HLTOY (OTCMKTS) US$ 4.59 -0.01 (-0.22%)21 Mar, 1:23 PM GMT-4 - Disclaimer CEO Michael Tsamaz (3 Nov 2010–) Subsidiaries Cosmote, Cosmote TV, Telekom Romania, Telenor | ||
Hellenic Telecommunications Organization S.A. (Greek: Οργανισμός Τηλεπικοινωνιών Ελλάδος Α.Ε., Organismós Tilepikinonión Elládos AE), usually known by its Greek initials OTE, is the dominant telecommunications provider in Greece. Along with its subsidiaries, is one of the largest telecom groups in South Eastern Europe. OTE Group offers broadband services, fixed and mobile telephony, high-speed data communications and leased lines services. In addition, the Group in Greece is involved in a range of activities, notably satellite communications, real-estate and professional training. At present, OTE companies employ about 30,000 people in 4 countries. Formerly a state-owned monopoly, OTE's privatization started in 1996 and is now listed on the Athens and London Stock Exchanges.
Contents
- Ote
- Shareholding structure
- Greece
- International
- Financial data
- History
- 19491964
- 19651989
- 19902000
- 20002010
- 2008
- 2009
- 2010
- 2010s
- 2013
- 2014
- 2015
- Products
- Infrastructure
- Corporate responsibility and Corporate Governance
- OTE Telecoms Museum
- Siemens
- Comverse Technology
- Other
- References
Since July 2009 Deutsche Telekom is the largest shareholder of the company.
In September 2015, the company announced they are to discontinue the use of the OTE name and will instead adopt Cosmote as a uniform commercial brand. The company chose not to adopt the Deutsche Telekom brand under which name it operates in its Central and Eastern European operations.
Ote
Shareholding structure
Starting in 1996, the Greek State gradually decreased its participation in OTE’s share capital. Following an agreement between the Greek State and Deutsche Telekom, as of November 2008 each party held 25% plus one share of OTE’s share capital. Following a further sale of shares and voting rights, as of 11 July 2011 Deutsche Telekom’s stake in OTE has risen to 40% while that of the Greek State amounts to 10%.
- Deutsche Telekom: 40.0%
- Hellenic Republic: 10.0%
- International institutional shareholders: 29.5%
- Greek institutional shareholders: 10.7%
- Other shareholders: 9.8%
Greece
International
OTE owns 54% of the share capital of Telekom Romania (former Romtelecom), the main telecommunications operator in Romania, providing fixed-line services (voice, broadband, data and leased lines) and satellite TV services to the local market. OTE owns also 86.2% in mobile telephony division of Telekom Romania (former Cosmote Romania).
The OTE Group mobile telecommunications subsidiary, COSMOTE, is also present in mobile telephony in Albania through Telekom Albania (97.2%)
Financial data
OTE Group’s revenues in 2015 amounted to €3,902.9 million compared to €3,918.4 million in 2014. OTE Group ended 2015 with net debt at €859.8 million, down by 23.6% compared to 2014
History
OTE was created in 1949 to bring several related public and private enterprises under one telecommunications umbrella. Prior to this, telephony, telegraphy, local and international connections were fragmented and ill-coordinated.
Up to 1998, the telecommunications market in Greece was a monopoly. The market was opened to competitors and OTE was gradually privatized. As a result, the Greek government currently holds 10% of the company's stock. Along with the rest of the telecoms market, OTE is regulated by the National Telecommunications and Post Commission (Εθνική Επιτροπή Τηλεπικοινωνιών και Ταχυδρομείων – EETT).
In 2007 Marfin Investment Group acquired 20% of the company, and in March 2008 sold it to Germany's Deutsche Telekom which later increased its stake to 25% plus one vote, matching that of the state.
Following the sale of a further 5% in 2009 and another 10% in 2011 of OTE’s share capital by the Greek state to Deutsche Telekom, the state holds 10% and DT 40%.
1949–1964
1965–1989
1990–2000
2000–2010
2008
2009
2010
2010's
In 2011 OTE signs agreement with Telekom Srbija to sell its 20% stake in the company for 380 million euros. Also it Launches satellite Pay TV services under the brand name OTE TV. The company signs three-year Collective Labour Agreement with OME-OTE, achieving personnel costs reduction and securing employment. Deutsche Telekom acquired extra 10% of OTE share capital raising its stake to 40%.
In 2012 it completes two Voluntary Retirement Programs. 1,516 employees accept company incentives.
2013
2014
2015
Products
1. Fixed line
OTE offers, since 2003, broadband services to the overwhelming majority of Greece. Conn-x, and Conn-x@work are the main broadband products for residential and business customers. Over 95% of existing telephone connections in Greece can have broadband services. OTE launched VDSL service in late November 2012 offering speeds of up to 50 Mbit/s to residential and business users but it is covering a very small margin of Greece.
A wide portfolio of telephony products among which packages that combine the monthly fee with prepaid call time for local, national, long distance and mobile calls.
In 2011 OTE unified its pay TV services under the OTE TV umbrella. OTE TV is now available throughout Greece via Satellite or Via Conn-x (IPTV), and offers more than 70 channels, of which about 17 are in High Definition like OTE Sport. OTE TV Via Conn-x offers Video-on-Demand services, OTE Cinema-on-Demand and OTE Club-On-Demand.
OTE offers managed network services as well as supply, set up, installation, and software OTE support services. The company develops and offers standardized products and packages that combine telephony, broadband access and data center services.
OTE develops and offers wholesale services to telecoms operators: Broadband Access, Data transfer, Voice and Network interconnection, and Value Added services.
OTEGlobe offers telecommunications services for international interconnection, international telephony, for corporate customers (international VPN), and services for mobile telephony operators (GRX, signaling, MMS Hub).
2. Mobile Telephony
COSMOTE in Greece and its subsidiaries in Albania and Romania offer mobile telecommunications services.
3. Other operations
OTE subsidiaries offer a wide range of products and services, from telecommunications products for the maritime world (OTESAT Maritel) to professional training (OTEAcademy).
Infrastructure
OTE’s access network is mainly based on copper (with over 5.3 million pairs) and on optical fibres that will gradually replace the copper network. Greece’s entire broadband network relies on OTE’s access network for all services provided by OTE and all alternate providers. The supported technologies are: ADSL/ADSL2/ADSL2+, NGA with FTTC/VDSL2 Architecture, Satellite broadband internet.
From 2008 to 2011, the company invested more than €500 million in networks and technological infrastructure, but still speeds are very slow due to lack of local centers.
Corporate responsibility and Corporate Governance
OTE applies international standards for reporting on Corporate Responsibility, especially the International Sustainability Reporting Guidelines of the Global Reporting Initiative (GRI). The Annual Corporate Social Responsibility Reports of 2006, 2007 and 2009 were all certified according to the "G3" international guidelines of the GRI. Since 2008, OTE has been included in the FTSE4Good Index which measures the performance of companies meeting globally recognised corporate responsibility standards. In 2010, OTE received the "gold" distinction in the Corporate Responsibility Index. In 2010, OTE won the award for Best Corporate Governance in Greece in the 2010 Corporate Governance Awards.
OTE Telecoms Museum
The OTE Museum of Telecommunications opened up to the public in 1990. It is housed in a 1000 m2 privately owned OTE building, in the district of New Kifisia – Athens. The purpose of the Museum is the research, study and documentation of historical data pertaining to the evolution of telecommunications from ancient times to the present day. The Museum is a member of The International Committee for the Conservation of the Industrial Heritage (T.I.C.C.I.H.).
Siemens
In the 2008 Siemens scandal, Siemens AG officials were accused of bribing local politicians and senior OTE officials to win a multimillion-dollar contract ahead of the Athens Olympic Games in 2004.
In July 2008, OTE filed a lawsuit against Siemens AG with the district court of Munich, Germany, seeking to compel Siemens AG to disclose the outcome of its internal investigations, with respect to allegations of undue influence and/or acts of bribery in connection with contracts concluded between Siemens AG and OTE from 1992 to 2006. OTE was granted access to the prosecutor’s files and in July 2010, OTE expanded its claim and requested payment of damages by Siemens AG of at least €57.07 million to OTE for alleged bribery payments to OTE employees.
In 2010, the chairman of a special parliamentary committee examining allegations of bribery by Siemens AG was reported by local media to have sent a letter saying that OTE's management should face charges for dereliction of duty and for damaging the interests of the state. In June 2010, Greek prosecutors said that OTE's chief executive officer, Panagis Vourloumis, should face criminal prosecution, accused of corrupt practices in the maintenance of network contracts extended to telecom equipment makers Siemens AG, Anko and Greece's Intracom Holdings SA. Panagiotis Vourloumis lodged an appeal to the Athens Court of Appeals which accepted his request to appear before the judges in person and to provide explanations for the case. In September 2011 the Court fully exonerated Vourloumis.
Comverse Technology
In April 2011, Comverse Technology Inc. (CTI), headquartered in US, admitted to charges related to the payment of bribes to employees of OTE between 2003 and 2006 in order to obtain purchase orders. These bribes totalled $536,000.
The management of OTE ordered an internal investigation to identify any possible involvement of executives and to protect the interests of the company.
Other
Area codes can be seen at List of dialing codes in Greece.