Panafon Hellenic Tel

Final Results (GGAAP)

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