Last checked at 7 Jan 2014 15:05
ANNOUNCEMENT
SUCCESSFUL COMPLETION OF OTE'S VOLUNTARY EXIT
· 1,827 people to retire under the Voluntary Exit Schemes
· New employment opportunities - Over 500 recruitments in 2014
· Net annual cost savings of ~€94 million - No burden for state pension funds
Athens, January 7, 2014 -The Hellenic Telecommunications Organization SA (OTE SA or the Company) announces the successful completion of its Voluntary Exit Schemes, launched in November last year in the context of the company's transformation process through socially responsible solutions. With the initial targets significantly exceeded, 1,827 employees accepted the incentives offered by the company, mainly from the tranche that included employees close to retirement.
Net annual cost savings for OTE are estimated to about €94 million. It is noted that the Voluntary Exit Schemes entail no burden for Greek state pension funds, as OTE covers the entire cost of € 73.5 million for participating employees' self-insurance.
The successful completion of the Voluntary Exit Schemes allows OTE to significantly reduce its operating expenses, enhance its competitiveness and proceed with the company's transformation, while in the same time creating much needed new employment possibilities for young people in the OTE Group.
In the context of enhancing customer experience through quality technical and commercial service, OTE Group has announced 500 new job openings for technical support and salespeople. Added to 2013 recruitments, OTE Group will have created over 1000 jobs in the course of one year, with salaries exceeding minimum wage and extra provisions such as private health care as well as products and services of the Group.
About OTE
OTE Group is Greece's leading telecommunications organization and one of the pre-eminent players in Southeastern Europe, providing top-quality products and services to its customers.
Consisting of the parent company OTE S.A. and its subsidiaries, the Group offers fixed-line (voice, broadband, data and leased lines) TV and mobile telephony services in Greece and Romania, as well as mobile telephony services in Albania. The Group is also involved in a range of activities in Greece, notably in real-estate and professional training.
OTE is listed on the Athens Stock Exchange and the London Stock Exchange. Following OTE's delisting from the NYSE, OTE's ADSs (American Depositary Shares) trade in the OTC (Over the Counter) market under the ticker HLTOY through the Level I ADSs program.
Additional Information is also available on https://www.ote.gr.
Contacts:
Dimitris Tzelepis - Head of Investor Relations
Tel: +30 210 611 1574, Email: dtzelepis@ote.gr
Maria Kountouri - Assistant to the Head of Investor Relations
Tel: +30 210 611 5381, Email: mkountouri@ote.gr
Kostas Maselis - Senior Financial Analyst, Investor Relations
Tel: + 30 210 611 7593, Email: kmaselis@ote.gr
Christina Hadjigeorgiou - Financial Analyst, Investor Relations
Tel: +30 210 611 1428, Email: cchatzigeo@ote.gr
Sofia Ziavra - Financial Analyst, Investor Relations
Tel: + 30 210 611 8190, Email: sziavra@ote.gr
Daria Kozanoglou - Senior Communications & Regulatory Affairs Officer,
Investor Relations
Tel: +30 210 611 1121, Email: nkozanoglou@ote.gr
Eleni Agoglossaki - Communications & Regulatory Affairs Officer, Investor Relations
Tel: +30 210 611 7880, Email: eagoglossak@ote.gr
Manousos Apostolakis - Communications & Regulatory Affairs Officer, Investor Relations
Tel: +30 210 611 6418, Email: mapostolakis@ote.gr