The leu-euro exchange rate has cost Cosmote €46 mln

Over €46 mln of that loss represented financial losses due to the drop in the leu-euro exchange rate in the last two quarters, against earnings of €16 mln in Q2 when the leu appreciated against the euro.  A major portion of this loss is due to the fact that Cosmote Romania’s debt to its mother company, Cosmote Greece, is expressed in euro.  Furthermore, the high level of investments carried out by the company will further drive losses, according to a Cosmote Group report.