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Panafon Hellenic Tel (PFHD)

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Thursday 26 August, 1999

Panafon Hellenic Tel

1st Quarter Results

PANAFON HELLENIC TELECOM CO S.A.
26 August 1999


PANAFON ANNOUNCES STRONG GROWTH IN PROFITS AND REVENUES FOR THE QUARTER ENDING
                                  JUNE 1999                                   

  according to the consolidated financial statements and based on the Greek   
                  Generally Accepted Accounting Principles*                   

         
Revenue:     GRD 67.7 bn        +28.2%
EBITDA:      GRD 25.8 bn        +29.5%
Customers:     1,397,000       +123.9%


PANAFON Hellenic Telecommunications Company S.A. ('PANAFON'), the leading
provider of mobile telecommunications in Greece, today announces strong growth
in profits and revenues for the first quarter of the 1999 financial year
(1/4/99 - 30/6/99)**. Revenues increased by 28.2%, to GRD 67.7 bn, over the
comparative period.  This growth was further reinforced by a record of 204,000
net additions for the quarter taking the total customer base to 1,397,000 at
the end of June 1999 from 623,739 at the end of June 1998.

EBITDA (earnings before interest, tax, depreciation and amortisation)
increased to GRD 25.8 bn, up 29.5% over the GRD 19.9 bn reported for the
comparative period. Income before tax amounted to GRD 16,4 bn. 

These results are of particular significance as this quarter has been one of
intense competition and commercial pressure. Panafon however, continues to
report strong financial growth and profitability.

Panafon has continued its success in all fields of its activities.  Its
commercial network remains the strongest in Greece with more than 2,200
exclusive retail outlets and Panafon will continue to reinforce its position
with continuous development of this commercial network.  During the period
Panafon invested GRD 13.1 bn in the expansion and upgrading of its network,
raising the total amount invested to date to GRD 207.9 bn (including the
initial cost of the license).

Panafon continues to offer new innovative products and services such as
'Panafon Value Plus' - Panafon loyalty tariff plan, 'Panafon NetCall' - mobile
access to the internet, upgraded 'Panafon Telerate' - for stock trading
information. Further success has been achieved with the export of management
know-how to Vodafone in the UK, Libertel in Holland, Vodacom in South Africa,
Mobilrom in Romania, Click GSM in Egypt and Globtel in Slovakia.

Panafon's success in all fields ensures that the market leader of the Greek
mobile telecommunications market continues growing and adding value to its
shareholders. 


* These financial results are drawn up in accordance with the Greek Generally
Accepted Accounting Principles (GAAP), and are published by Panafon as an
obligation to the Athens Stock Exchange.  Panafon will announce financial
results for the six-month period (1/4/1999 to 30/9/99), in accordance with the
International Accounting Standards (IAS), at the end of November 1999.

** Panafon's financial year-end has changed to 31st March. Panafon will
therefore announce 12 month financial results each year for the period from
1st April to 31st March. 


Notes to Editors:

1.       Panafons' shares are quoted on the Athens Stock Exchange and its GDRs
         are quoted on the London Stock Exchange.  The shares began trading on
         Monday 7 December 1998.

2.       Panafon has 256,250,000 shares in issue.

3.       Panafon is a shareholder in:       
         Panavox                         100 per cent
         Radio Korassidis Telecom        30 per cent
         Unifon                          25.075 per cent prior to listing     
                                        (18.8 per cent after share capital    
                                         increase and listing).

4.       Panafon was awarded a licence to operate a GSM network in Greece for 
         a period of 20 years in August 1992.  The network commenced          
         operations on 1 July 1993.

5.       Panafon's ownership profile is as follows:
         Vodafone AirTouch Plc         55 per cent 
         France Telecom                20 per cent
         Intracom S.A.                 10 per cent
         Free float                    15 per cent


PANAFON listings:

Shares: Athens SE, Reuters PANr.AT. Bloomberg PANF GA. Nominal value GRD 100.
ISIN GRS 307 333 005. SEDOL 556 0349.
GDRs: LSE . Reuters PANq.L. Bloomberg PFH GR, PFHD LI. ISIN US 6981 132 060.
SEDOL 556 0361. 
Rule 144A: Bloomberg Nasdaq 2250Q US. ISIN US 6981 131 070. SEDOL 230 2629
Indices: FTSE/ASE 20, FTASE, 3.267%. Bloomberg Europe, BE500, .140%. 
BBG Eur Telecom, BETELES, 1.190%. BBG Europ Techn, BETECH, 1.237%.

Contact: George Stefanopoulos
Panafon S.A
Tel: +301 6160061

Lulu Bridges
Tavistock Communications Limited
Tel: 0171 600 2288


                        PANAFON HELLENIC TELECOMMUNICATIONS COMPANY S.A.      
                         CONDENSED BALANCE SHEET AS OF 30th JUNE 1999         
       
The condensed financial statements have been prepared in accordance with Greek
         accounting principles and methods and have not been audited.
                                                                              

ASSETS                                    30th June 1999        30th June 1998
                                                                              

B.PRE-ESTABLISHMENT EXPENSES               1,129,439,392           369,538,314
   Less: Acc. Amortization                   663,199,335           226,986,929
                                         ---------------       ---------------
                                             466,240,057           142,551,385
                                         ---------------       ---------------
C.  FIXED ASSETS                                                              

I. Intangible Assets                      38,058,349,975        36,015,007,060
   Less:  Acc. Amortization               13,427,788,793        10,896,829,493
                                         ---------------       ---------------
                                          24,630,561,182        25,118,177,567
II.Tangible Assets                       167,955,612,284       122,811,215,734
   Less:  Acc. Depreciation               48,956,362,052        28,969,049,190
                                         ---------------       ---------------
                                         118,999,250,232        93,842,166,544
III. Investments and other L.T.                                               
      financial claims                     8,358,452,889           975,945,657
                                         ---------------       ---------------
Total Fixed Assets                       151,988,264,303       119,936,289,768
                                         ---------------       ---------------
D.  CURRENT ASSETS                                                            

I.  Stocks                                 4,427,197,480         3,123,901,941
II. Receivables                           51,115,948,384        34,477,661,387
IV. Cash and Banks                            55,401,074           326,155,820
                                         ---------------       ---------------
Total Current Assets                      55,598,546,938        37,927,719,148
                                         ---------------       ---------------
E. PREPAYMENTS & ACCRUED REVENUES         15,894,458,018        11,277,431,440
                                         ---------------       ---------------
TOTAL ASSETS                             223,947,509,316       169,283,991,741
                                            ============          ============
MEMO ACCOUNTS                             45,077,539,729        88,450,635,478
                                         ---------------       ---------------
                                                                              

    LIABILITIES                           30th June 1999        30th June 1998
A.  SHAREHOLDERS' EQUITY                                                      

I.  Share capital                         25,625,000,000        25,625,000,000
IV. Legal, other reserves and                                                 
       retained earnings                  33,273,922,172        16,353,327,386
V.  Profit for the period                                                     
    1.4.99 - 30.6.99
       before taxes                       17,009,343,779        12,837,340,506
                                         ---------------       ---------------
Total shareholders' equity                75,908,265,951        54,815,667,892
                                         ---------------       ---------------
B.  PROVISIONS FOR RISKS                                                      
     AND EXPENSES                            448,742,851           309,652,883
                                         ---------------       ---------------
C.  LIABILITIES                                                               
II. Short term                           135,499,489,342       105,809,090,117
                                         ---------------       ---------------
                                                                              

D.  DEFERRED INCOME AND                                                       
    ACCRUED EXPENSES                      12,091,011,172         8,349,580,849
                                         ---------------       ---------------
TOTAL LIABILITIES                        223,947,509,316       169,283,991,741
                                         ===============       ===============
MEMO ACCOUNTS                             45,077,539,729        88,450,635,478
                                         ---------------       ---------------


          PROFIT AND LOSS ACCOUNT OF THE PERIOD 1.4.99 - 30.6.99
                                                                           
                                      1.4.99 - 30.6.99     1.4.98 - 30.6.98
                                                                           
Revenues                                63,419,718,360       47,156,614,904
Less Cost of sales                      27,270,544,229       19,932,189,829

                                       ---------------       --------------
Gross margin                            36,149,174,131       27,224,425,075
Plus Other operating revenue                35,188,772            7,790,078

                                       ---------------       --------------
Total                                   36,184,362,903       27,232,215,153
Less: Administrative expenses            3,151,089,576        2,148,487,776
      Selling expenses                  13,916,426,394       10,183,605,787
                                       ---------------       --------------
Sub total                               19,116,846,933       14,900,121,590
Less:Financing costs                     2,038,949,376        1,693,070,521
Operating income                        17,077,897,557       13,207,051,069
Plus: Non operating revenues                46,451,575        1,420,507,166
Less: Non operating expenses               115,005,353          637,225,304
                                       ---------------       --------------
Total                                   17,009,343,779       13,990,332,931
Less: Depreciation expenses              7,318,423,917        4,850,990,387
Less: Absorbed in operating                                                
       expenses                          7,318,423,917        4,850,990,387
                                       ---------------       --------------
Income of the period before tax         17,009,343,779       13,990,332,931
Less: Previous year taxes                                                  
        from tax audit                               0        1,152,992,425
                                       ---------------       --------------
Income of the period before tax         17,009,343,779       12,837,340,506
                                        ==============       ==============


Notes :

1.   The corporate income tax of the period is estimated at  GRD  6
     bln.
2.   At the end of the period the company had 932 employees.
3.   The  investment in fixed assets of the period 1.4.99 -  30.6.99
     was GRD 13 bln.
4.   The company has changed its financial year end from 31 December
     to  31 March. These financial statements present the results of
     the  1st  quarter  of  the  financial  year  from  1.4.1999  to
     31.3.2000.
5.   The  amounts  included in the accounts 'reserves  and  retained
     earnings'  of the last year's period, have been recorded  prior
     to posting the arising income tax, which for the period 1.1.98-
     30.6.98 is estimated at GRD 9.6 bln.
6.   In  the accounts 'receivables' and 'short term liabilities' the
     amount  of  GRD  11.6 bln is included and reflects  income  tax
     advance for the financial year 1999-2000. The respective amount
     of the last year's period was GRD 5.3 bln.
7.   Depreciation  expenses  of the last  year's  period  have  been
     adjusted to be comparable to the current period.

                            Marousi, 24  August 1999              
                                                                  
    MANAGING DIRECTOR          FINANCIAL DIRECTOR        ACCOUNTING MANAGER
     GEORGE KORONIAS         GREGORIS ANASTASIADIS        DIMITRIS TSOPELAS



      CONDENSED CONSOLIDATED BALANCE SHEET AS OF 30th JUNE 1999
                                  
     The condensed consolidated financial statements have been prepared in    
   accordance with Greek accounting principles and methods and have not been  
                                    audited.                                  

                                  
    ASSETS                                 30th June 1999       30th June 1998
                                                                              
B.  PRE-ESTABLISHMENT EXPENSES              1,514,783,487          636,507,434
    Less:  Acc. Amortization                  886,077,665          375,323,146
                                             ------------         ------------
                                              628,705,822          261,184,288
                                             ------------         ------------
C.  FIXED ASSETS                                                              
I.  Intangible Assets                      38,058,349,975       36,015,007,060
    Less:  Acc. Amortization               13,427,788,793       10,896,829,493
                                             ------------         ------------
                                           24,630,561,182       25,118,177,567
II. Tangible Assets                       169,839,061,998      123,899,736,804
    Less:  Acc. Depreciation               49,589,092,131       29,347,924,991
                                             ------------         ------------
                                          120,249,969,867       94,551,811,813
III. Investments and other L.T.                                               
       Financial claims                     3,126,935,521          378,549,210
                                             ------------         ------------
Total Fixed Assets                        148,007,466,570      120,048,538,590
                                             ------------         ------------
                                                                              
D.  CURRENT ASSETS                                                            
I.  Stocks                                  5,195,306,258        4,320,288,180
II. Receivables                            48,487,086,009       35,947,240,836
IV. Cash and Banks                            637,661,795          865,602,610
                                             ------------         ------------
Total Current Assets                       54,320,054,062       41,133,131,626
                                             ------------         ------------
E.  PREPAYMENTS & ACCRUED REVENUES         17,697,543,808       12,567,253,810
                                             ------------         ------------
TOTAL ASSETS                              220,653,770,262      174,010,108,314
                                              ===========          ===========

MEMO ACCOUNTS                              46,245,402,245       91,440,080,336
                                             ------------         ------------


    LIABILITIES                             30th June 1999      30th June 1998
A.  SHAREHOLDERS' EQUITY                                                      
I.  Share capital                           25,625,000,000      25,625,000,000
IV. Legal, other reserves and                                                 
       retained earnings                    33,149,134,015      16,344,659,401
V.  Profit for the period 
     1.4.99 - 30.6.99
       before taxes                         16,433,756,919      12,709,819,964
    less: Goodwill                          (5,181,486,107)                  0
                                              ------------        ------------
Total shareholders' equity                  70,026,404,827      54,679,479,365
                                              ------------        ------------
                                                                              
B.  PROVISIONS FOR RISKS                                                      
     AND EXPENSES                              578,788,134         386,834,364
                                              ------------        ------------
                                                                              
C.  LIABILITIES                                                               
II. Short term                             137,649,955,465     110,046,163,722
                                              ------------        ------------
                                                                              
D.  DEFERRED INCOME AND                                                       
    ACCRUED EXPENSES                        12,398,621,836       8,897,630,863
                                              ------------        ------------
TOTAL LIABILITIES                          220,653,770,262     174,010,108,314
                                              ============        ============
                                                                              
MEMO ACCOUNTS                               46,245,402,245      91,440,080,336
                                              ------------         -----------


     CONSOLIDATED PROFIT AND LOSS ACCOUNT OF THE PERIOD 1.4.99 - 30.6.99
                                                                              
                                          1.4.99 - 30.6.99    1.4.98 - 30.6.98
                                                                              
Revenues                                    67,671,276,844      52,798,233,447
Less: Cost of sales                         33,032,372,948      25,689,952,576
                                              ------------        ------------
Gross margin                                34,638,903,896      27,108,280,871
Plus: Other operating revenue                   58,920,872          91,884,368
                                              ------------        ------------
Total                                       34,697,824,768      27,200,165,239
Less: Administrative expenses                3,519,570,274       2,745,253,324
      Selling expenses                      12,780,214,389       9,413,400,142
                                              ------------        ------------
Sub total                                   18,398,040,105      15,041,511,773
Less: Financing costs                        1,917,813,533       1,676,259,011
Operating income                            16,480,226,572      13,365,252,762
Plus: Non operating revenues                    77,080,901       1,441,722,606
Less: Non operating expenses                   121,912,803         650,387,477
                                              ------------        ------------
Total                                       16,435,394,670      14,156,587,891
Less: Depreciation expenses                  7,436,643,184       4,910,823,107
Less: Absorbed in operating expenses         7,435,005,433       4,907,547,605
                                              ------------        ------------
Income of the period before tax             16,433,756,919      14,153,312,389
Less: Previous year taxes from                                                
       tax audit                                         0       1,443,492,425
                                              ------------        ------------
Income of the period before tax             16,433,756,919      12,709,819,964
                                              ============        ============



Notes :

1.   The corporate income tax of the period is estimated at  GRD  6
     bln.
2.   At the end of the period the company had 1,315 employees.
3.   The  investment in fixed assets of the period 1.4.99 -  30.6.99
     was GRD 13.1 bln.
4.   The company has changed its financial year end from 31 December
     to 31 March.  These financial statements present the results of
     the  1st  quarter  of  the financial  year   from  1.4.1999  to
     31.3.2000.
5.   The  amounts  included in the accounts 'reserves  and  retained
     earnings'  of the last year's period, have been recorded  prior
     to posting the arising income tax, which for the period 1.1.98-
     30.6.98 is estimated at GRD 9.8 bln.
6.   In  the accounts 'receivables' and 'short term liabilities' the
     amount  of  GRD  11.6 bln is included and reflects  income  tax
     advance for the financial year 1999-2000. The respective amount
     of the last year's period was GRD 5.3 bln.
7.   Depreciation  expenses  of the last  year's  period  have  been
     adjusted to be comparable to the current period.
8.   These  consolidated financial statements include the  following
     subsidiaries:  PANAVOX  SA  (line by  line  consolidation)  and
     UNIFON SA, RADIO KORASIDES TELECOM SA (equity method)


                      Marousi, 24  August 1999

  MANAGING DIRECTOR       FINANCIAL DIRECTOR         ACCOUNTING MANAGER
   GEORGE KORONIAS       GRIGORIS ANASTASIADIS        DIMITRIS TSOPELAS

                                                                                                       

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