Panafon Hellenic Telecom Co S.A.
31 May 2001
PANAFON TELECOMMUNICATIONS S.A
BALANCE SHEET AS OF 31st MARCH 2001 - CURRENCY 000 GRD/EURO
ASSETS Values as of 31/3/01 GRD
Aquis.value Acc.Depr. Net value EURO
B. INSTALLATION EXPENSES
1. Start up expenses 1,349,215 744,381 604,834 1,775
4. Other 2,532,053 1,614,418 917,635 2,693
3,881,268 2,358,799 1,522,469 4,468
C. FIXED ASSETS
I Intangible assets
1. Development expenses 20,060 6,412 13,648 40
2. Rights on industrial 37,399,141 13,838,253 23,560,888 69,144
property
3. Goodwill 1,346,639 269,328 1,077,311 3,162
5. Other 15,957,117 5,396,649 10,560,468 30,992
54,722,957 19,510,642 32,212,315 103,338
II Tangible assets
1. Property 174,141 0 174,141 511
3. Building and technical 56,079,061 24,116,561 31,962,400 93,800
works
4. Machinery-Technical 196,471,276 54,305,611 142,165,665 417,214
Installation
5. Transportation means 588,718 392,967 195,751 574
6. Furniture and fixtures 28,464,269 11,950,490 16,513,799 48,463
7. Down payments for Fixed 4,185,815 0 4,185,815 12,264
Assets
285,963,300 90,765,729 195,197,571 572,647
Sub total 340,686,257 110,276,371 230,409,886 676,185
III Participation & other
long term financial
claims
1a Investments to 12,422,547
associates
1a Investments to 569,026
third companies
Accrual for 0 12,991,572
devaluation
7. Other long term 779,484 40,414
claims (deposits)
Total fixed assets 244,180,944 716,599
D. CURRENT ASSETS
i Stocks
1. Merchandise 5,262,768
5. Down payments to 39,393 5,302,161 15,560
suppliers for stocks
II. Receivables
1. Customers 24,245,392
Bad debts 3,667,200 20,578,193 60,391
2. Promissory notes
- Portfolio 13,321
- At the bank for 5,536 18,858 55
3. Delayed promissory 45,655 134
notes
3a. Post dated cheques 3,537,459 10,381
3b. Delayed cheques 426,152 1,251
5 Short term receivables 151,460 444
from related companies
10. Bad debts 8,027,385
less: Accruals for 2,563,113 5,464,272 16,036
bad debts
11. Various debtors 23,786,486 69,806
12. Various advances 393,513 1,155
54,402,047 159,854
III Securities
1 Shares 2,050,011
3. Various securities 4,170,218
Accrual for 160,780 6,059,450 17,783
devaluation
IV Cash and Banks
1. Cash 154,664
3. Bank deposits 5,261,811 5,416,475 15,896
Total current 71,180,133 206,893
assets
E. ASSETS TEMPORARY ACCOUNTS
1. Prepaid expenses 2,076,698
2. Accrued revenue 23,683,016
3. Other 240,310 26,003,023 76,302
TOTAL ASSETS (B+C+D+E) 342,883,568 1,006,261
MEMO ACCOUNTS
2. Letter of guarantees 2,895,307 8,497
4. Other 28,296,136 83,041
31,191,443 91,538
ASSETS Values as of 31/3/00 GRD
Aquis.value Acc.Depr. Net value
B. INSTALLATION EXPENSES
1. Start up expenses 0 0 0
4. Other 1,269,986 794,658 475,328
1,269,985 794,658 475,328
C. FIXED ASSETS
I Intangible assets
1. Development expenses 0 0 0
2. Rights on Industrial 34,629,141 11,836,631 22,792,510
property
3. Goodwill 0 0 0
5. Other 11,471,765 4,454,844 7,016,920
46,100,905 16,921,476 29,809,430
II Tangible assets
1. Property 165,585 0 165,585
3. Building and technical 45,360,225 19,791,491 25,568,734
works
4. Machinery-Technical 138,417,881 35,448,421 102,969,460
Installation
5. Transportation means 531,861 273,148 258,713
6. Furniture and fixtures 20,411,485 7,240,464 13,171,021
7. Down payments for Fixed 1,679,943 0 1,679,943
assets
206,566,981 62,753,524 143,813,457
Sub total 252,667,886 79,044,999 173,622,887
III Participation & other
long term financial
claims
1a Investments to 11,129,874
associates
1a Investments to 0
third companies 297,166 10,832,708
Accrual for
devaluation
7. Other long term 366,785
claims (deposits)
Total fixed assets 184,842,379
D. CURRENT ASSETS
i Stocks
1. Merchandise 3,040,088
5. Down payments to 117,888 3,157,976
suppliers for stocks
II. Receivables
1. Customers 39,762,987
Bad debts 3,013,724 36,749,264
2. Promissory notes
- Portfolio 0
- At the bank for 0 0
3. Delayed promissory 0
notes
3a. Post dated cheques 1,145,567
3b. Delayed cheques 0
5 Short term receivables 0
from related companies
10. Bad debts 0
less: Accruals for 0 0
bad debts
11. Various debtors 18,873,228
12. Various advances 106,968
56,875,026
III Securities
1 Shares 0
3. Various securities 0
Accrual for 0 0
devaluation
IV Cash and Banks
1. Cash 28,215
3. Bank deposits 664,546 692,761
Total current 60,725,763
assets
E. ASSETS TEMPORARY ACCOUNTS
1. Prepaid expenses 1,763,473
2. Accrued revenue 7,767,949
3. Other 140,031 9,671,452
TOTAL ASSETS (B+C+D+E) 255,714,922
MEMO ACCOUNTS
2. Letter of guarantees 2,909,527
4. Other 59,713,964
62,623,491
LIABILITIES Values GRD Values GRD
31/03/2001 EURO 31/3/2000
A OWN CAPITAL
I Capital
1. Paid in capital 51,250,000 150,404 51,250,000
(512,500,000 shares of 100 drs.)
II Premium at share capital 18,889,750 55,436 0
III Investments grants
Fixed assets revaluation 8,556 25 0
Capital expenditures 15,834 48 0
24,390 72 0
IV Reserves
1 Legal reserve 10,828,247 31,778 7,669,180
3 Special reserves 138,191 406 0
4 Other reserves 148,466 436 0
5 Non taxable reserves 1,767,759 5,188 266,323
12,882,683 97,807 7,935,503
V. Profit and loss account
Prior years profits 738,477 2,167 0
Balance of year Profits
brought forward 65,866,862 193,300 37,122,602
66,605,339 195,467 37,122,602
VI Reserves to be capitalized 7,770,967 22,805 0
Own capital total 157,423,129 461,990 96,308,105
B ACCRUALS FOR RISK
AND EXPENSES
1 Employees indemnities 933,803 2,740 486,267
2. Other 508,828 1,493 2,486,424
1,442,631 4,234 2,972,690
C. LIABILITIES
II Short term liabilities
1. Suppliers 38,913,658 114,200 28,440,518
2a Post dated cheques 840,656 2,467 0
3 Short term bank loans 680,000 1,996 0
4. Customer's advances 354,112 1,039 12,458
5. Taxes and withhold taxes 31,784,876 93,279 38,671,685
6. Insurance organizations 362,799 1,065 180,031
B Due to related companies 78,522,019 230,439 63,919,589
10 Dividends payable 20,978,092 61,564 19,013,892
11. Other creditors 985,545 2,892 703,283
Total 173,421,758 508,941 150,941,454
D. LIABILITY TEMPORARY
ACCOUNTS
1. Accrued revenue 392,392 1,152 0
2. Accrued expenses 10,154,957 29,802 5,422,951
3. Other 48,700 143 69,721
10,596,049 31,096 5,492,672
TOTAL LIABILITIES (A+B+C+D) 342,883,568 1,006,261 255,714,922
MEMO ACCOUNTS
2. Letter of guarantees 2,895,307 8,497 2,909,527
4. Other 28,296,136 83,041 59,713,964
31,191,443 91,538 62,623,491
NOTES 1. Due to the merger with the absorption of Panafon Emporiki SA and
Unifon SA, the Balance Sheet and Profit and Loss Accounts for the Financial year
1/4/2000-31/3/2001, includes the financial statements of the above companies.
This prohibits the comparison between this financial year and the previous one.
In detail the current financial year's P+L statements includes five months
results for both companies for the period 1/11/00-31/3/01, since transformation
date of the Balance Sheet was set for October 31st 2000. More details for the
above merger with absorption included to the appendage. 2 . According to the
regulation of the Law N 2085/92, during the current year Fixed Assets (and) have
been reevaluated 8,556,000 GRD. 3. Pending the hearing of the suit Panafon SA
against Germanos SA and Stet SA, as well as the suit of Germanos against
Panafon. More details are included to the appendage 4. The company evaluated
its investments according to the tax element code, to the acquisition cost of
Grd. 12,991,573,306. The current value of those investments according to their
last audited financial statements amounts to Grd. 4,139,996,315.5. The analysis
of turn over according to specific codes: 842.2 Telecommunications Grd.
305,779,754,248. 525.1 Retail sales of HW and other equipment Grd.
18,182,044,869, 526.3 Other sales Grd. 85,543,298. Total 324,027,342,415.
PROFIT AND LOSS ACCOUNT ACCOUNT AS OF 31st MARCH 2001 (1/4/00 - 31/3/01)
I Operating results Values 1/4/00 - 31/3/01 GDR EURO
Turn over 324,027,342 950,924
less: Cost of sales 149,502,534 438,746
Gross margin 174,524,8 09 512,178
plus: Other operating revenue 1,156,027 3,393
Total 175,680,836 515,571
less: 1. Administrative expenses 21,623,769
3. Selling expenses 64,777,114 86,400,883 253,561
Sub total 89,279,953 262,010
plus: 1. Revenue from associated
companies 373,062
2. Revenue from repos &
commercial papers 112,913
4. Interest income and related
revenues 90,615 576,590 1,692
less: 1. Participation valuation
differences 50,229
2. Losses from Investments 2,865
3. Interest expenses 5,944,432 5,997,526 17,601
Operating results 83,859,016 246,101
II Plus Non Operating results
1. Non operating revenues 876,614
2. Non operating profit 261,382
3. Prior year's revenue 2,264,983
4. Revenue related to prior
year accruals 1,642,336 5,045,315 14,806
less: 1. Non operating expenses 749,883
2. Non operating losses 410,966
3. Prior year's expenses 78,217
4. Provision for extraordinary
risks 0 1,239,066 3,636
Total 87,665,265 257,272
Less: Depreciation expenses 32,935,503
less: Absorbed in operating
expenses 32,663,445 272,057 798
Profit after tax 87,393,208 256,473
I Operating results Values 1/4/00 - 31/3/01 GDR
Turn over 276,256,812
less: Cost of sales 117,957,199
Gross margin 158,299,613
plus: Other operating revenue 445,729
Total 158,745,342
less: 1. Administrative expenses 15,429,709
3. Selling expenses 46,537,219 61,966,929
Sub total 96,778,414
plus: 1. Revenue from associated
companies 757,857
2. Revenue from repos &
commercial papers 892
4. Interest income and related
revenues 87,907 846,655
less: 1. Participation valuation
differences
2. Losses from Investments 37,134
3. Interest expenses 7,679,015 7,718,150
Operating results 89,908,919
II Plus Non Operating results
1. Non operating revenues 430,158
2. Non operating profit 17,450
3. Prior year's revenue 33,945
4. Revenue related to prior
year accruals 8,176 489,729
less: 1. Non operating expenses 462,833
2. Non operating losses 86,510
3. Prior year's expenses 55,890
4. Provision for extraordinary
risks 1,421,011 2,026,245
Total 88,372,404
Less: Depreciation expenses 24,814,862
less: Absorbed in operating
expenses (24,809,949) 4,913
Profit after tax 88,367,490
RESULTS DISTRIBUTION Values GRD Values GRD
31/03/2001 EURO 31/3/2000
Net results for the period 87,393,208 256,473 88,175,288
Plus retained earnings 32,828,901 96,343 28,197,363
Less taxes from tax audit (895,037) (2,627) 0
Total 119,327,071 350,189 116,372,651
Less: Income tax 29,615,572 86,913 31,803,605
Retain earnings for distribution 89,711,499 263,277 84,569,046
Distributed as follows:
1 Legal reserve 2,888,882 8,478 2,818,584
2 a.Dividends 20,830,929 61,133 18,962,500
b.Dividends from previous year
retained earnings capitalized 25,625,000
6 Non taxable reserve 71,507 210 597
6b Reserves on revenues
taxed under specific rates 53,318 156 39,763
8 Retain earnings 65,866,862 193,900 37,122,602
89,711,499 263,277 84,569,046
PANAFON TELECOMMUNICATIONS S.A
CONSOLIDATED BALANCE SHEET AS OF 31st MARCH 2001 - CURRENCY 000 GRD/EURO
ASSETS Values as of 31/3/01 GRD
Aquis.value Acc.Depr. Net value EURO
B. INSTALLATION EXPENSES
1. Start up expenses 1,432,837 779,326 653,511 1,918
4. Other 2,659,575 1,678,274 981,301 2,880
4,092,412 2,457,600 1,634,812 4,798
C. FIXED ASSETS
I Intangible assets
1. Development expenses 20,060 6,412 13,648 40
2. Rights on industrial 37,399,141 13,838,253 23,560,888 69,144
property
3. Goodwill 1,346,639 269,328 1,077,311 3,162
5. Other 21,347,266 6,283,305 15,063,961 44,208
60,113,106 20,397,298 39,715,808 116,554
II Tangible assets
1. Property 174,141 0 174,141 511
3. Building and technical 56,529,576 24,160,883 32,468,692 95,285
works
4. Machinery-Technical 196,490,379 54,307,922 142,182,456 417,263
Installation
5. Transportation means 590,468 393,382 197,086 578
6. Furniture and fixtures 32,588,737 12,594,829 19,993,907 58,676
7. Down payments for Fixed 4,347,077 0 4,347,077 12,757
Assets
290,820,377 91,457,017 199,363,360 585,072
Sub total 350,933,483 111,854,315 239,079,168 701,626
III Participation & other
long term financial
claims
1a Investments to 2,808,573
associates
1a Investments to 569,026
third companies
7. Other long term 822,268 4,199,867 12,325
claims (deposits)
Total fixed assets 243,279,035 713,952
D. CURRENT ASSETS
I Stocks
1. Merchandise 5,423,601
5. Down payments to 39,393 5,462,994 16,032
suppliers for stocks
II. Receivables
1. Customers 24,617,146
Bad debts 3,720,115 20,897,031 61,327
2. Promissory notes
- Portfolio 13,972
- At the bank for collection 5,536 19,508 57
3. Delayed promissory 45,855 134
notes
3a. Post dated cheques 3,537,459 10,381
3b. Delayed cheques 446,678 1,311
5 Short term receivables 151,460 444
from related companies
10. Bad debts 8,027,385
less: Accruals for
bad debts 2,563,113 5,464,272 16,036
11. Various debtors 24,379,630 71,547
12. Various advances 417,382 1,225
55,359,055 162,462
III Securities
1 Shares 2,050,011 5.016
3. Various securities 4,290,218
Accrual for 160,780 4,129,438 12,119
devaluation
IV Cash and Banks
1. Cash 165,699
3. Bank deposits 5,464,025 5,629,724 16,522
Total current
assets (DI+DII+DIV) 72,631,222 213,151
E. ASSETS TEMPORARY ACCOUNTS
1. Prepaid expenses 2,238,410
2. Accrued revenue 23,728,517
3. Other 240,310 26,207,237 76,910
TOTAL ASSETS (B+C+D+E) 343,752,307 1,008,811
MEMO ACCOUNTS
2. Letter of guarantees 2,913,453 8,550
4. Other 26,296,136 83,041
31,209,589 91,591
ASSETS Values as of 31/3/00 GRD
Aquis.value Acc.Depr. Net value
B. INSTALLATION EXPENSES
1. Start up expenses 94,590 91,056 3,535
4. Other 1,635,036 991,959 643,077
1,729,627 1,083,015 646,612
C. Fixed Assets
I. Intangible assets
1. Development expenses 12,000 2,400 9,600
2. Rights on industrial property 34,629.141 11,836,631 22,792,510
3. Goodwill 0 0 0
5. Other 11,792,826 4,454,844 7,337,982
46,433,967 16,293,876 30,140,092
II. Tangible assets
1. Property 165,585 0 165,585
3. Building and technical works 45,719,464 19,903,868 25,815,596
4. Machinery - Technical installation 138,442,280 35,462,201 102,980,080
5. Transportation means 571,925 299,221 272,704
6. Furniture and fixtures 22,365,258 8,069,142 14,296,115
7. Down payments for Fixed Assets 1,679,943 0 1,679,943
208,944,455 63,734,432 145,210,024
Sub total 255,378,423 80,028,308 175,350,116
III.Participation & other long-term
Financial claims
1a. Investments in associates 7,856,036
1a. Investments in third companies 0
7. Other long-term claim (deposits) 520,247 8,376,284
Total fixed assets 183,726,399
D. CURRENT ASSETS
I. Stocks
1. Merchandise 3,500,869
5. Down payments to suppliers for stocks 145,605 3,646,474
II. Receivables
1. Customers 35,436,517
Bad debts 3,014,270 32,422,247
2. Promissory notes
- Portfolio 14,521
- At the bank for collection 10,510 25,031
3. Delayed promissory notes 39,517
3a. Post dated cheques 1,620,317
3b. Delayed cheques 407,070
5. Short-term receivables from related
companies 0
10. Bad debts 3,079,197
less: Accounts for bad debts 1,523,058 1,556,139
11. Various debtors 19,451,010
12. Various advances 109,639
55,630,972
III.Securities
1. Shares 1,755
3. Various securities 0
Accrual for devaluation 0 0
IV. Cash and Banks
1. Cash 67,101
3. Bank deposits 976,912 1,044,014
Total current assets (DI+DII+DIV) 60,323,215
E. ASSETS TEMPORARY ACCOUNT
1. Prepaid expenses 3,734,664
2. Accrued revenue 9,125,172
3. Other 153,345 13,013,181
TOTAL ASSETS (B+C+D+E) 257,709,407
MEMO ACCOUNTS
2. Letter of guarantees 2,914,527
4. Other 62,349,567
85,264,094
LIABILITIES Values GRD Values GRD
31/03/2001 EURO 31/03/2000
A. Own Capital
I. Capital
1. Paid in Capital 51,250,000 150,404 51,250,000
(512,500,000 shares of 100 drs)
II. Premium at share capital 18,889,750 65,436 0
III.Investment's grants
Fixed assets revaluation 8,556 25 0
Capital expenditure 15,834 46 31,603
24,390 72 31,603
IV. Reserves
1. Legal reserve 10,844,843 31,826 7,669,180
3. Special reserves 135,191 406 0
4. Other reserves 148,486 436 0
5. Non taxable reserves 1,767,759 5,188 266,323
less: Goodwill (8,851,577) (25,977) (2,314,453)
4,047,703 11,879 5,621,050
V. Profit and loss account
Prior years profile (104,031) (305) 0
Balance of year end profile
brought forward 66,173,629 194,200 36,729,218
66,069,598 193,895 36,729,218
VI. Reserves to be capitalized 7,770,967 22,805 0
Own capital total (AI+AIV+AV) 148,052,408 434,490 93,831,871
B. ACCRUALS FOR RISKS AND EXPENSES
1. Employees indemnities 1,125,092 3,302 697,584
2. Other 522,746 1,534 2,376,957
1,647,838 4,836 3,074,540
C. LIABILITIES
II. Short term liabilities
1. Suppliers 41,504,288 121,803 29,622,108
2a. Post dated cheques 840,656 2,467 0
3. Short term bank loans 1,230,000 3,610 0
4. Customer's advances 354,112 1,039 316,845
5. Taxes and withhold taxes 32,207,310 94,519 40,057,475
6. Insurance organizations 437,309 1,369 267,184
8. Due to associate companies 2,008 6 63,919,589
9. Due to related companies 84,523,702 248,052 0
10. Dividends payable 20,978,092 61,564 19,013,892
11. Other creditors 1,217,325 3,572 723,323
Total 183,330,802 538,021 163,920,416
D. LIABILITY TEMPORARY ACCOUNTS
1. Accrued revenue 392,392 1,152 533,005
2. Accrued expenses 10,280,167 30,169 6,479,855
3. Other 48,700 143 69,721
10,721,259 31,484 7,082,580
TOTAL LIABILITIES (A+B+C+D) 343,752,307 1,008,811 257,709,407
MEMO ACCOUNTS
2. Letter of guarantees 2,913,453 8,550 2,914,527
4. Other 28,296,136 83,041 62,349,567
31,209,589 91,591 65,264,094
CONSOLIDATED PROFIT AND LOSS ACCOUNT AS OF 31st MARCH 2001 (1/4/00 - 31/3/01)
Values Values
1/4/00-3/03/01 GRD EURO 1/4/00-3/03/01 GRD
I. Operating Results
Turnover 297,742,324 873,875 276,256,812
less: cost of sales 131,660,749 387,031 117,957,199
Gross Margin 165,861,575 486,754 158,299,613
plus: Other operating
revenue 981,624 2,881 445,729
Total 166,843,199 489,635 158,745,342
less: 1. Administrative
expenses 23,753,619 15,429,709
3. Selling expenses 52,548,907 76,302,526 223,925 46,537,219 61,966,929
Sub total 90,540,673 265,710 96,778,414
plus: 1a.Revenue from
associated
companies 78,225 757,857
2.Revenue from repos
& Commercial papers 113,178 892
3.Profit for
investment disposals 495 0
4.Interest income and
related revenues 137,067 328,995 866 87,907 846,655
less: 1.Participation
valuation
differences 50,229 0
2.losses from
investments 19,622 37,134
3.Interest expenses 6,119,255 6,189,106 18,163 7,679,015 7,716,150
Operating Results 84,680,563 248,512 89,908 919
II.Plus Non-operating
Results
1.Non operating
revenues 935,143 430,158
2.Non operating profit 7,520 17,450
3.Prior year's
revenue 2,278,479 33,945
4.Revenue related
to prior year
accruals 1,739,660 4,960,802 14,558 8,176 489,729
less: 1.Non operating
expenses 782,343 462,833
2.Non operating
losses 415,700 86,510
3.Prior years expenses 102,792 55,890
4.Provision for
extraordinary risks 0 1,300,835 3,818 1,421,011 2,026,245
Total 88,340,529 259,263 88,372,404
Less:Depreciation expense 35,099,147 24,614,862
less:Absorbed in operating
expenses (34,823,266) 275,879 810 (24,809,949) 4,913
Net results before
income taxes 88,064,651 258,444 88,367,490
Less:Previous years taxes
from tax audit 895,037 2,627 0
Less:Income tax payable 29,901,434 87,852 32,264,404
Profit after tax 57,268,179 168,065 56,103,087
NOTES
1. Due to the merger with absorption of Panafon Emporiki SA and Unifon SA, the
Balance Sheet and Profit and Loss Account, for the financial year
1/4/2000-31/3/2001, includes apart from Panafon Emporiki SA and Unifon SA
financial statements. This prohibits the comparison between this financial year
and the previous one. In detail the current financial year's P+L statement
includes five months results of Unifon SA (1/11/00-31/3/01) since transformation
date of the Balance Sheet was set for October 31st 2000. Note that prior to the
merger Panafon SA and Unifon SA were related companies.
2. The consolidated Balance Sheet includes the following subsidiaries apart from
the ones mentioned above - Panafon Services SA, Tetoma SA, and E-mollon SA with
full consolidation method, and Next net SA, Mobilel SA, Stellakos SA, Papistas
SA with equity method.
3. Pending: The hearing of the suit Panafon SA against Germanos SA and Stet SA
as well as the suit of Germanos against Panafon SA. More details to the
Appendage.
Athens, 22 May 2001
CHAIRMAN OF B.O.D. MANAGING DIRECTOR
SOKRATIS KOKKALIS GEORGE KORONIAS
FINANCIAL MANAGER ACCOUNTING MANAGER
HARALAMBOS MAZARAKIS DIMITRIS TSOPELAS
