OREANDA-NEWS. May 04, 2016. Annual General Meeting of TEO LT, AB (hereinafter ‘Teo’ or ‘the Company’) Shareholders approved Consolidated and Separate Financial Statements, Consolidated Annual and Independent Auditor's Reports for the year ended 31 December 2015.

Audited financial results of Teo Group for the year 2015 are the same as the results announced on 29 January 2016 for the twelve months of 2015 – consolidated Teo Group revenue for the year 2015 amounted to EUR 204,598 thousand. EBITDA excluding non-recurring items was EUR 80,765 thousand, profit for the period – EUR 34,176 thousand and free cash flow amounted to EUR 28,543 thousand.

The Company’s management comment on the results for the year 2015:

“The results for the year 2015 shows that Teo strategy to develop a new generation IT and telecommunications business is working. Therefore, in October 2015 we announced about the decision to acquire mobile operator Omnitel.

Consistently transforming from traditional telecommunications operator into a new generation IT and telco company, we remained a strong leader in all areas of activities – Internet, pay-TV, fixed voice, data communication and IT infrastructure.

During the year all over the Lithuania we renewed and opened 10 customer care showrooms of a new concept, Smart Home with Teo. Customers’ spaces looking like home environment reflects the Company desire to present modern technologies in a simple, clear and flexible way.

Throughout the year 2015 number of IPTV and broadband Internet customers was growing. Higher than in 2014 revenue from Internet, TV and IT services led to the growth of annual revenue for the first time during the last three years.

In 2015, developing its business Teo continued investing into a next-generation fiber optic network and by the end of the year already 70 per cent (or 854 thousand) of households in Lithuania had the possibility to use the fast broadband access. In total, investments into upgrade and development of network and IT systems amounted to EUR 34.6 million, an increase by 15.7 per cent over the year 2014.

The rapid development of technologies allowed us to increase the Internet speed up to 600 Mbps and to offer a next generation Wi-Fi router. Subscribers to Teo IPTV service were invited into the Cinema Club and to preview not yet aired parts of popular Lithuanian serials.

At the beginning of the year together with Omnitel we offered service Internet Everywhere to business customers, and in autumn – Microsoft cloud computing based package Office 365. In 2015, Teo became an authorised reseller of Apple products in Lithuania.

While preparing for a new company’s development stage, Teo continued to streamline its activities and simplify Group’s structure. In December 2015, subsidiaries Hostex and Hosting were merged into Baltic Data Center, and at the end of the year the complex of premises in Kaunas, that belonged to Teo Group and where Communications History Museum was situated, was sold.

On 4 January 2016, a milestone for creation of a new generation telco was laid – Teo acquired a 100 per cent stake in Omnitel and the joined management team that was formed already in December 2015 started to run a new business.

Year 2016 will be the year of two company’s integration, processes optimisation, business transformation and new challenges. Nevertheless, the main goal remains the same – creation of a new generation telecommunications business and value to our customers and shareholders.”

The Company also prepared Corporate Social Responsibility Report for the year 2015 in html format.

The Financial Statements and Corporate Social Responsibility Report for the year 2015 are available on the Internet at https://www.teo.lt/ma2015/en/node/107