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TELEKOM SLOVENIJE, d.d., Ljubljana

Performance of the Telekom Slovenije Group and Telekom Slovenije, d.d., in the 2023 and proposed use of distributable profit

Pursuant to the provisions of the Rules of the Ljubljana Stock Exchange and valid legislation, Telekom Slovenije, d.d., with its registered office at Cigaletova ulica 15, Ljubljana, hereby publishes the following announcement:

At its 22nd ordinary session held on Tuesday, 16 April 2024, the Supervisory Board of Telekom Slovenije, d.d. approved the annual report of the Telekom Slovenije Group and Telekom Slovenije, d.d. for 2023. 

In 2023, the Telekom Slovenije Group performed well, exceeded established objectives and improved operations significantly relative to 2022. All of this in adverse market conditions in the context of high energy costs and taking into account the damage caused by August’s floods. A significant improvement in operations was achieved in all key segments of operations and on all target markets. 

Key operating highlights:

• The Telekom Slovenije Group generated EUR 708.2 million in operating revenues in 2023, an increase of 7% relative to 2022. 

• All Group companies recorded an increase in revenues generated on the market. 

• Earnings before interest, taxes, depreciation and amortisation (EBITDA) totalled EUR 228.6 million at the Telekom Slovenije Group level, an increase of EUR 12.1 million or 6% relative to 2022. 

• The EBITDA margin (i.e. EBITDA as a proportion of sales revenue) was 32.9% at the Group level.

• Earnings before interest and taxes (EBIT) amounted to EUR 64.1 million at the Telekom Slovenije Group level, an increase of 27% relative to 2022.

• The Telekom Slovenije Group generated a net profit of EUR 47.1 million in 2023. Net profit was up by EUR 9.6 million or 25% relative to 2022. 

• Had energy prices remained at the 2022 level in 2023, EBITDA would have been 10% higher and EBIT would have been 46% higher in 2023, if energy-related state aid had not been received and if the negative effect of August’s floods had been excluded.

• The Telekom Slovenije Group recorded an 11% decrease in net financial debt as at 31 December 2023 relative to 31 December 2022.

• By the end of 2023, the Telekom Slovenije Group had increased the number of mobile users by 4% relative to the end of 2022.

Proposed use of distributable profit

Together with the Supervisory Board, the Company’s Management Board prepared a proposal on the use of distributable profit for 2023. The distributable profit of Telekom Slovenije, d.d. was EUR 66,507,561.11 as at 31 December 2023.

On 7 February 2024, the General Meeting of Shareholders adopted a resolution that distributable profit for 2022 in the amount of EUR 40,291,580.40, comprising retained earnings up to and including 2022, shall be used for the payment of dividends. The first part of dividends in the gross amount of EUR 3.10 per share was paid on 22 March 2024, while the second part of dividends in the gross amount of EUR 3.10 per share will be paid on 23 August 2024.

The General Meeting of Shareholders, to be held on 17 June 2024, will receive a proposal to allocate remaining distributable profit in the amount of EUR 26,215,980.71 as follows: EUR 23,863,902.71, representing net profit for 2023, shall be allocated to other profit reserves, while the remainder shall remain unallocated.

The reason for such a proposal lies in the fact that the Company benefited from the state aid granted with the aim of alleviating high electricity prices in accordance with the Act on Aid to the Economy to Mitigate the Impact of the Energy Crisis (ZPGOPEK). According to that act, companies that pay profits for 2023 are not entitled to the aforementioned aid. Such a payment would make Telekom Slovenije, d.d. liable for the repayment of aid in the amount of EUR 3.57 million. At the General Meeting of Shareholders, shareholders may also make or adopt proposals on the use of distributable profit that differ from the proposal described above.

Pursuant to Commission Delegated Regulation (EU) 2019/815 and paragraph one of Article 134 of the Market in Financial Instruments Act (ZTFI-1), the official version of the report is designed in the ESEF format and published in a separate announcement.

The company has drafted also an unofficial version of the annual report for 2023 in PDF format, which is published on the Company’s website under the tab ‘Investor relations’.

This announcement will also be accessible on Telekom Slovenije, d.d.’s website (www.telekom.si) for a period of no less than 10 years from the date of publication.

Management Board of Telekom Slovenije, d.d.
Datum: 17.04.2024