In H1 Optima recorded a decrease in sales of -16%, flat EBITDA, and a net profit which turned negative to HRK -1.7m, from a net profit of HRK 5m.

In the first half of 2020, Optima Telekom recorded a decrease in sales of 15.7% YoY amounting to HRK 223.7m. Revenue decrease is mostly under the influence of a decrease in revenue from interconnection business activities of 64.9%, as a result of the reduction of business activities in the area of international voice services transit. This decrease in transit revenue is proportionally followed by transit costs decrease.

EBITDA before one-time items after leases was up 0.7% YoY and amounted to HRK 62.9m. Meanwhile EBITDA margin followed suit and amounted to 27.9% (4.6 p.p.).

The bottom line turned negative, amounting to a net loss of HRK -1.7m. The primary reasons for the decrease are higher finance costs (net), higher depreciation and impairment due to significant capital investments in the previous period, as well as higher influence of IFRS 16 items.

CAPEX amounted to HRK 51.5m, out of which HRK 6.3m was invested in user equipment for providing service to residential and business customers. Investments into the development of optical network, access network and core network amount to HRK 13.3m, while HRK 31.8m was invested in the expansion of customer services and IT system.

Optima Telekom Historic Financials