Information  X 
Enter a valid email address

Panafon Hellenic Tel (PFHD)

  Print   

Thursday 27 September, 2001

Panafon Hellenic Tel

AGM Statement

Panafon Hellenic Telecom Co S.A.
27 September 2001

27 SEPTEMBER 2001

Profitable growth, innovative products and strong data positioning are
Panafon-Vodafone's main focus areas, as outlined at the Annual General Meeting

At the Annual General Meeting ('AGM') of Panafon-Vodafone held in Athens
today, Thursday 27 September 2001, the company presented to shareholders its
achievements and financial results for the twelve month period ended 31 March
2001.

During the period, Panafon-Vodafone further enhanced its leading position in
the Greek mobile telecommunications market through a dynamic commercial
policy, exploited the advantages of the newly liberalised telecommunications
greek market and expanded in neighbouring countries. At the AGM,
Panafon-Vodafone highlighted the benefits of being part of the Vodafone Group,
the leading mobile telecommunications company worldwide, with a presence in 28
countries and more than 93 million proportionate customers.

Panafon-Vodafone's achievements and targets, which emphasize the company's
ability to achieve profitable growth, were moreover presented to the AGM:

Revenues for the period increased to Euro 844.9 m (GRD 287.9 bn), a 6.6%
increase compared to the previous period. EBITDA (earnings before interest,
tax, depreciation and amortization) increased by 13.9% to Euro 387.9 m (GRD
132.2 bn), compared to the same period last year. EBITDA Margin improved
significantly by 2.9 percentage points from 43% last year to 45.9%, reflecting
productivity improvements, operational efficiencies and better cost control.
Income after Taxes increased to Euro 175.3 m (GRD 59.7 bn), up 6.4% compared
with the same period last year.

The year under review was characterized by strong airtime and data revenue
which increased to Euro 688.1 m (GRD 234.5 bn), a 19.2% increase over last
year, despite intense commercial pressures during a period when tariffs were
significantly reduced. Data revenues increased by 130%, reaching Euro 73 m
(GRD 24.9 bn).

Reinforcing its leading position in the greek market, Panafon-Vodafone ended
the period controlling a 36.6% market share of subscribers, 42.8% of revenues,
54% of EBITDA share and 67.3% of net income of the greek mobile
telecommunications market as a whole.

Since the period ended 31 March 2001, profitable growth has been maintained.
In the quarter ended 30 June 2001, Revenues reached Euro 236.5m (GRD 80.6bn),
an increase of 13.1% compared to the previous period. EBITDA increased by
18.2% compared to the previous period, reaching Euro 99.8m (GRD 34bn), while
income before tax reached Euro 65.4m (GRD 22.3bn), an increase of 13.3%.

'The company's good financial results highlight Panafon-Vodafone's ability to
profitably increase its share of the Greek market, widen its customer base and
expand its product and service offering', said Mr George Koronias, Chief
Executive of Panafon-Vodafone.

He continued, 'We aim to maintain our profitalbe growth by capitalising on
Vodafone's brand and its leading position in the global market. We will
continue to maintain a consistent commercial policy, expand in the Balkans
region and utilise economies of scale through Vodafone's global synergies'.

The infrastructure investments in the financial year ended 31 March 2001
totalled around Euro 237.1 m (GRD 80.8 bn), bringing total investments to date
to approximately Euro 898 m (GRD 306 bn), excluding the initial licence. The
investment plan for the coming years is designed to reinforce the base
stations and expand the microwave backbone network (estimated to be
approximately 3,800 kilometres in length) as well as enhance the rest of the
company's activities.

In December 2000 Panafon-Vodafone acquired a fixed wireless licence at a cost
of Euro 8.1 m (GRD 2.77 bn). This technology enables Panafon-Vodafone to offer
complete telecom services of both fixed and mobile telephony to corporate
clients through the 'one-stop-shop' concept.

Panafon-Vodafone was granted a licence to provide third generation services
(in the spectral range of 2 x 20 MHz FDD and 5 MHz TDD) at a cost of Euro 176.4 
m (GRD 60.1 bn). Panafon-Vodafone now totally has the highest spectrum of 
frequencies among all companies, which participated in the contest, at 
relatively the lowest cost.

Panafon-Vodafone acquired additional 2G spectrum allocation, giving the
company new spectrum in the 1800MHz band of 2X15MHz and increasing
Panafon-Vodafone's available total capacity of 2X15MHz in the 900MHz band. The
company now has the highest spectrum of frequencies among national operators
in Europe.

The AGM approved the Annual Financial Statements of the Company 'PANAFON S.A.'
of the eighth fiscal year from 1 April 2000 to 31 March 2001. The AGM approved
a dividend of GRD 39 per share. Finally the AGM gave the necessary approval in
respect of the grant of share options from Vodafone Group Plc in July 2001 to
Panafon-Vodafone employees.

                                   -Ends--

For Further Information Contact:

Dimitris Tsorbatzoglou Panafon-Vodafone Head of Investor Relations Tel: +301
6160019
[email protected], website www.panafon.gr/en/ir

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-Vodafone 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.

2.        Panafon-Vodafone had 512,500,000 shares in issue (prior to
completion of the merger) and 534,126,396 (after the completion of the merger
with Panafon Emporiki and Unifon on May 11th 2001).

3.        Panafon-Vodafone is a shareholder in:


Panafon Services                 100.00 per cent
Panafon Multimedia               100.00 per cent
Next Net                         20.10 per cent
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
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 Cyprous)

4.        Panafon-Vodafone 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-Vodafone shareholding structure is as follows:


Vodafone Group    52.8 per cent
Plc
France Telecom    11.0 per cent (includes Exchangeable bond echanged to Panafon
                  shares)
Intracom S.A      8.7 per cent
Free float        27.5 per cent



Panafon-Vodafone 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%.



                           

a d v e r t i s e m e n t