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Panafon Hellenic Tel (PFHD)

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Tuesday 26 February, 2002

Panafon Hellenic Tel

3rd Quarter Results

Panafon Hellenic Telecom Co S.A.
26 February 2002

                                26 February 2002

         Consolidated Financial Results (April - December 2001)(1) GGAAP

             Revenues increase, focus on growth and profitability

                       Revenues: +14.2%, EBITDA: +10.3%
                              EBITDA margin: 42.1%



Vodafone in Greece announces continuous profitable growth for the 9 months ended
December 2001, prepared according to Greek Generally Accepted Accounting
Principles (GGAAP).

Consolidated Revenues for the period reached €738.4 million, a 14.2% increase
compared to the previous comparative period.

EBITDA (earnings before interest, tax, depreciation and amortisation) reached
€310.9 million, a 10.3% increase compared to the previous comparative period.
EBITDA margin reached 42.1%, 1.5 percentage points lower than the previous
comparative period mainly due to the effects of the merger with Unifon (higher
merchandise and multimedia contribution on total sales).

Earnings before taxes reached €187.4 million, a 6.1 percent reduction mainly due
to higher depreciation charges (extra 2G & 3G depreciation charges which start
at the time of acquisition under Greek GAAP).

Total Capex for the period reached €114.5 million (15.5% of revenues).

Commenting on the results the CEO Mr. George Koronias said: Vodafone in Greece
has reinforced its position in the Greek market with strategic moves such as the
successful completion of the merger with its main service providers (Unifon,
Panafon Emporiki and NextNet) and the launch and expansion of the Vodafone shops
chain.

We have adopted the Vodafone brand and realigned our organisational structure so
that it is more flexible and efficient. The company's profitable growth
justifies our strategic moves and provides the cornerstone for meeting the
future challenges in the telecommunications market.'


                                      Summary of Financial Results
                                      April - December 2001 (GGAAP)
                                    Consolidated Financial Statements

                                    9m to                      9m to            % Change
                               31 December 2001           31 December 2000
                                     € m                        € m


Revenues                  738.4                      646.6                      +14.2%
Gross Profit              403.0                      365.4                      +10.3%
%of Revenues              54.5%                      56.5%

EBITDA                    310.9                      281.9                      +10.3%
% of Revenues             42.1%                      43.6%
EBT                       187.4                      199.6                      -6.1%
% of Revenues             25.4%                      30.9%



                                    --Ends--



(1)Panafon Hellenic Telecommunications Company S.A. financial year:April - March



For Further Information Contact:


Dimitris Tsorbatzoglou Head of Investor Relations Tel: +301 6160019
[email protected], website www.Vodafone.gr

Lulu Bridges or Stuart Carson,
Tavistock Communications, Tel:  +(44) 20 7600 2288


Nicolas Bornozis ,
Capital Link, Tel: + (212) 661 7566


Notes to Editors:


1.        Panafon S.A shares are quoted on the Athens Stock Exchange and its
GDSs are quoted on the London Stock Exchange.  The shares and GDS's began
trading on Monday 7 December 1998 in ASE and LSE respectively.  Despite the
company adoptiing the Vodafone brand name on 21 January 2002, the company's
shares remain listed under the company's legal name of Panafon S.A.


2.        Panafon S.A has 534,126,396 shares in issue (after the completion of
the merger with Panafon Emporiki and Unifon on May 11th 2001).


3.        Panafon S.A is a shareholder in:


Panafon Services                                     100.00 per cent

Panafon Multimedi                                    100.00 per cent

Next Net                                             20.10 per cent (is in the 
                                                     process of merger with
                                                     Panafon S.A)

Mobitel                                              25.01 per cent

Ideal Telecom                                        51.00 per cent

Panafon International Holdings                       100.00 per cent

BE- Business Exchanges                               30.00 per cent

Vodafone Bulgaria                                    20.00 per cent

I.N.A                                                10.555 per cent

CBS                                                  24.00 per cent

E-Motion                                             100.00 per cent

ACOM                                                 16.00 per cent

Tetoma Com                                           100.00 per cent (merger 
                                                     completed January 2002)

E-Unifon                                              50.00 per cent

E-Motion Albania                                     51.00 per cent

E-Motion Cyprus                                      100.00 per cent

E-Kinitron                                           2.00 per cent (49% through 
                                                     E-motion Cyprus)


4.         Panafon S.A was awarded a license 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.A shareholding structure is as follows:

Vodafone Group Plc          51.88 per cent (includes 9.43% of its 100% 
                            subsidiary: Data Holdings)

France Telecom              10.85 per cent (includes 8.02% exchangeable 
                            bond exchanged to Panafon shares)

Intracom S.A                9.43 per cent (after the completion of the merger  
                            Intracom - Intrasoft)

Free float                  27.84 per cent



Panafon S.A 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: ASE General Index composite (ASE): 4.663%, ASE Telecom Index (ASEDTL):
24.156%, FTSE/ASE 20 INDEX ( FTASE) : 3,401%, DJ EUROPE ST TEL (SXKP): 0.0.152%,
BE500 Bloomberg Europe: 0.042%, DJ EUROPE STOXX (SXXP): 0.013%, DJ EUROPE ST TEL
(SXKE): 0.354%, DJ EURO STOXX P (SXXE) : 0.029%, BBG EUROPE TECHN  MSCI 3,52%.





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