On 7 November GO issued its Interim Directors’ Statement announcing that the financial performance up to 30 September was characterized by stable revenues, an improved EBIDTA and a healthy cash generation. This was achieved through growth in retail and new business which also mitigated the adverse affect of new regulation. Moreover the Company is starting to reap the benefits of cost reduction initiatives which also helped to increase EBIDTA. However this performance was dampened by the €11.8 million provision for pensions in respect of the 7 July judgement by the Court of Appeal.
Also the Group continues to experience growth in its overall client base through increasing number of subscribers in mobile, broadband and TV sectors. On the other hand, diconnections from fixed line telephony services continue but are still below expectations.
The Directors also stated that during the period under review, Forgendo Limited (the joint venture company between GO and Emirates International Telecommunications) increased its stake in Forthnet SA to 34.6%. Following Forthnet’s acquisition of satellite TV provider NetMed NV, the Directors are of the view that the new Forthnet Group offers an interesting triple play proposition within the Greek market and is well positioned for growth.