Revenues at Wind Hellas fall 27.5%

24 Aug 2010

Greek full-service telco Wind Hellas posted a 27.5% year-on-year drop in consolidated revenues in the second quarter of 2010 to EUR202.3 million (USD257.0 million), as mobile turnover fell to EUR163.3 million in April-June 2010 from EUR229.5 million in the same period of 2009, and fixed network sales declined from EUR36.8 million in 2Q09 to EUR31.6 million a year later. EBITDA excluding non-recurring items fell by 52.5% y-o-y and 25% quarter-on-quarter to EUR39.1 million in the three-month period. The telco said that the economic and competitive environment in Greece deteriorated further in Q2 2010; revenue trends continued to decline as a result of the impact of the austerity measures, whilst an intense competitive environment exacerbated these effects. Wind Hellas is currently exploring options to restructure its EUR2 billion debt including selling the company: it received non-binding offers on 30 July 2010; selected parties were invited to conduct due diligence and submit binding offers by 15 September 2010, following which a preferred bidder will be selected to implement a restructuring or sale transaction.

Greece, Wind Hellas