Revenue inched up 1% to HUF 673 bln. Mobile revenue increased 3% to HUF 364.6 bln and fixed-line revenue rose 3% to HUF 219 bln, but system integration and IT revenue fell 10% to HUF 89.5 bln.

Direct cost of sales increased 2% to HUF 297.5 bln.

Earnings per share came to just over HUF 41.

In guidance for 2021, MTel projected a 1-2% increase in revenue and in EBITDA. It said CAPEX, which came to HUF 106 bln in 2020, would be "broadly stable", excluding spectrum license fees.

MTel's net debt reached HUF 417.4 bln at the end of 2020, giving it a gearing ratio of 38.8%.

In a separate disclosure released on Thursday, Magyar Telekom said its board would propose to an annual general meeting of shareholders payment of a HUF 15.3 bln dividend on last year's earnings – equivalent to HUF 15 per share – as well as launch a HUF 10.2 bln share buyback program.

Chairman Robert Hauber acknowledged that the proposed level of shareholder remuneration, equivalent to HUF 25 per share, is "significantly higher than the free cash flow generation of the company in 2020 thus further increasing indebtedness", but said that "dedicated improvement and development efforts" had put MTel "on solid foundations with further growth potential ahead", adding that the company aims to "put shareholder remuneration on a progressive trajectory moving forward".