Η Nova rejects and refutes all the misleading claims made repeatedly in recent days by the Alter Ego, MEGA and ANT1
The above TV stations are using their national TV licenses to spread inaccurate, incomplete or misleading information about the financial situation of United Group and its reliability Nova to honor its commitments to its customers.
Club United Group, to which the Nova, is the leading telecommunications and media services provider in SE Europe, serving over 15 million customers in 8 countries, and has a positive annual operating profit that has grown from 316 million euros in 2019 in over 1 billion euros in 2022.
Its revenue United Group increased from €742 million in 2019 to over €2,5 billion in 2022 and 2023 year-to-date results predict another record year. In addition, the strength and growth of the Group is recognized internationally by S&P Global and Moody's, who in June 2023 revised their ratings for United Group positively. Specifically, S&P Global has upgraded United Group's outlook to positive, while Moody's has also upgraded its outlook to stable.
Η United Group and Nova they do not shy away from such practices. We are ready to defend our reputation and our right to invest and grow before justice and all competent local and European authorities.
Consistent with our commitment to operating transparently, we are once again sharing the truth against the allegations made about United Group and Nova.
Myth: United Group is facing financial difficulties
Truth: Η United GROUP is the leading and fastest growing telecommunications and media company in Southeast Europe, serving more than 15 million users in 8 countries and employing nearly 15.000 employees. In the last three years, its activity United Group has tripled. As a result its income United GROUP jumped from 742 million euros in 2019 to over 2,5 billion. euros in 2022. Operating profits increased from 316 million euros in 2019 to more than 1 billion. euros in 2022. Recognizing these prospects, in June 2023 the rating agencies S&P Global enviroment and Moody's positively revised their assessments of the Group United GROUP. The S&P Global enviroment upgraded her prospects United GROUP in positives, while the Moody's adjusted its outlook to stable.
Myth: United Group has consistently shown negative cash flow in recent years
Truth: H United Group has positive and continuously growing operating cash flow. In 2022, the United GROUP had more than 1 billion euros from operating activities.
Myth: United Group has total liabilities of more than €7 billion and needs to refinance bonds of more than €2,6 billion
Truth: Η United GROUP has no maturing financial obligations and has already secured financing for the 2024 and 2025 bond maturities.
Myth: Nova faces insurmountable financial problems and its credit profile records a significant inability to repay loans to Greek banks or that Nova is at risk of bankruptcy
Truth: Nova's debt is only x0.08 of EBITDA and the company is essentially debt free, after the significant investment of United Group of 1.8 billion euros which makes it the 4th largest investor in Greece in the three years 2020-2023 .
Myth: Nova has increased its debt obligations for 2024 and 2025
Truth: Η Nova it has not increased its debt obligations for 2024 and 2025, as it has practically no debt.
Myth: Nova promised to invest 2 billion euros, but has not followed through on its commitments.
Truth: Η Nova announced in 2022 a large investment plan of 2 billion euros until 2027 to upgrade fiber optic infrastructure. In 2022 and the 1st semester of 2023, the Nova has already invested 400 million euros and remains faithful to its program as it firmly believes in Greece's investment prospects.
Myth: Nova received funding from Greek banks to fund the €2bn programme
Truth: All financing received by Nova from Greek banks for the construction of fiber optic infrastructure was already in place as early as 2021, even before the acquisition of Wind. It has not been received as a consequence of our announcement of the €2 billion investment programme.
Press Release
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