Telekom nets RSD 15.3 billion in 2013 - Large investments in the pipeline

Telekom Srbija turned a net profit of RSD 15.3 billion in 2013, up RSD 4.1 billion from 2012, said Predrag Culibrk, the general manager of that company.
- Last year we cut our debt significantly. We managed to pay off about EUR 200 million in loans which we took out from a group of banks in order to purchase shares from Greece's OTE, which together with interests exceeds EUR 230 million. In that way, our liabilities to banks are reduced to EUR 282 million - Culibrk told the Saturday issue of the daily Novosti.

- A stable exchange rate also worked in our favor. It is difficult to plan money flow in case of abrubt changes in the exchange rate, given that our inputs are mainly in euros - said Culibrk.

When asked how much money went to the budget on top of the net profit of RSD 15.3 billion and a dividend of RSD 7.57 billion paid to shareholders, Culibrk said the following:

- We operated very well. It was decided at the annual general meeting to pay the dividend from the current profit. Citizens should get RSD 2.1 billion (gross), that is, RSD 1.76 billion after taxation, while RSD 5.5 billion has been paid to the state as a majority shareholder.

When it comes to investment, he pointed out that Telekom Srbija was the largest investor in the telecommunications sector.

According to him, Serbia's telecom firm invested RSD 14 billion in telecommunications in 2013.

- We have an ambitious plan for this year to secure RSD 16 billion in new investments - said Culibrk.

He stressed that no new borrowings were in the pipeline.

Telekom Srbija a.d. Beograd

OTE S.A. Maroussi, Greece

Predrag Culibrk

Telekom profit 2013

OTE

Telekom profit

Telekom dividend

dividend