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Panafon Hellenic Tel (PFHD)

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Friday 02 March, 2001

Panafon Hellenic Tel

Fthr re 3rd Qtr Results

Panafon Hellenic Telecom Co S.A.
28 February 2001


      PANAFON HELLENIC TELECOMMUNICATIONS COMPANY SA AND SUBSIDIARY
    CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF 31ST DECEMBER 2000
                             (1.4.2000 - 31.12.2000)

     The condensed consolidated financial statements have been prepared 
        in accordance with Greek accounting principles and methods

ASSETS                      31/12/2000                        31/12/1999

                   in GRD          in Euro        in GRD           in Euro

B.   PRE-         1,762,954,445    5,173,747.45   1,584,759,846   4,650,799.25
     ESTABLISHMENT
     EXPENSES
     Less: Acc.   1,341,269,573    3,936,277.65   1,009,991,308   2,964,024.38
     Amortisation
                    421,684,872    1,237,519.80     574,768,538   1,686,774.87  
   

C.  FIXED ASSETS    
i. Intangible    54,357,405,305  159,522,832.88  43,752,551,739 128,400,738.78 
   Assets

     Less: Acc.  17,819,413,797   52,294,684.66  15,209,341,367  44,634,897.63
     Amorti-
     zation
                 36,537,991,508  107,228,148.38  28,543,210,372  83,765,841.15

ii. Tangible    270,212,345,045  792,992,942.17 193,653,644,228 568,315,903.82
    Assets

     Less: Acc.  82,152,163,811  241,092,190.20  61,245,244,848 179,736,595.30
     Depreci-
     ation 
                188,060,181,234  551,900,751.97 132,408,399,380 388,579,308.53
 

iii. Investments  9,571,648,181   28,089,943.30   9,038,483,726  26,525,264.05 
     and other
     L.T.
     Receivables
                234,169,820,923  687,218,843.50 169,990,093,478 498,870,413.73  
      

Total Fixed Assets
D.   CURRENT ASSETS
i.  Inventories   2,392,088,225    7,020,068.16   3,031,903,802   8,897,736.76

ii. Receivables  78,581,438,730  230,613,173.09  48,852,695,317 143,368,144.73  

iii.Securities        1,755,000        5,150.40       1,755,000       5,150.40 

iv. Cash and      1,015,453,081    2,980,053.06   2,539,892,891   7,453,830.93
Banks
Total Current    81,990,735,036  240,618,444.71  54,426,247,010 159,724,862.83
Assets

E. PREPAYMENTS    5,485,090,019   16,097,109.37   6,015,420,012  17,653,470.32  
   & ACCRUED 
   REVENUES

TOTAL ASSETS    322,067,330,850  945,171,917.39 231,006,529,038 677,935,521.75  

MEMO ACCOUNTS    22,330,907,600   65,534,578.43  23,931,564,675  70,232,031.33  
              


                 CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE PERIOD
                                 1.4.00 - 31.12.00

                1.4.00 - 31.12.00          1.4.99 - 31.12.99
                   in GRD         in Euro         in GRD         in Euro

Revenues        220,345,880,352  646,649,685.55 211,916,287,570 621,911,335.50

Less: Cost       96,553,584,330  283,356,080.21  94,186,447,156 276,409,235.97 
of Sales

Gross profit    123,792,296,022  363,293,605.35 117,729,840,415 345,502,099.53

Plus:               704,152,271    2,066,477.68     301,865,159     885,884.55
Other
operating
revenue

Total           124,496,448,293  365,360,083.03 118,031,705,574 346,387,984.07

Less:            14,457,055,819   42,427,163.08  12,559,448,021  36,858,248.04
Administrative 
expenses

Selling          40,265,575,134  118,167,498.56  36,924,407,954 108,362,165.68
expenses

Sub total        69,773,817,340  204,765,421.39  68,547,849,599 201,167,570.36

Less:             4,573,266,287   13,421,177.66   5,366,380,585  15,748,732.46
Financial
result

Operating         65,200,551,053 191,344,243.74  63,181,469,014 185,418,837.90
income

Plus:              3,240,146,284    9,508,866.57    258,420,080     758,386.15
Non
operating
revenues

Less:                407,375,751    1,195,526.78    379,747,660    1,114,446.54 
Non
operating
expenses

Total            68,033,321,586   199,657,583.53 63,060,141,434 185,062,777.50 

Less:            23,450,029,714    68,818,869.30 21,054,264,668  61,788,010.76
Depreciation
expenses

Less:            23,445,116,461    68,804,450.36 21,049,351,416  61,773,591.83  

Absorbed in
operating 
expenses

Income           68,028,408,333   199,643,164.59 63,055,228,182 185,048,358.57  

of the 
period
before
tax

                                                  Marousi, 28 February 2001
MANAGING DIRECTOR                                 FINANCE MANAGER
George Koronias                                   Charalambos Mazarakis


LIABILITIES & SHAREHOLDERS' EQUITY 
   
                         31/12/2000                      31/12/1999
                   in GRD      in Euro         in GRD          in Euro

A. SHAREHOLDERS'   
   EQUITY
i. Share      51,250,000,000  150,403,521.64   51,250,000,000  150,403,521.64
   Capital

iv. Legal,    44,697,575,721  131,174,103.36    7,570,134,015   22,216,093.95
    other
    reserves
    and
    retained
    earnings

v. Profit             
   for the
   period
   1.4.00 - 
   31.12.00

   before     68,028,408,333  199,643,164.59   63,055,228,182  185,048,358.57
   taxes

   Less:
   Goodwill   (9,390,446,190) (27,558,169.30)    (116,465,681)    (341,792.17)

Total Share  154,585,537,864  453,662,620.29  121,758,896,516  357,326,182.00
-holders'
equity

B. PROVISIONS  1,691,542,778    4,964,175.43      719,786,194    2,112,358.60
FOR RISKS
& EXPENSES

C. LIABILITIES
ii. Short    160,871,142,026  472,109,000.81  101,881,398,355  298,991,631.27
    term

D. DEFERRED    4,919,108,182  14,436,120.86    6,646,447,973   19,505,349.88 
   INCOME
   & ACCRUED
   EXPENSES

TOTAL        322,067,330,850 945,171,917.39  231,006,529,038  677,935,521.75
LIABILITIES

MEMO ACCOUNTS 22,330,907,600  65,534,578.43   23,931,564,675   70,232,031.33

Notes:

1. The corporate income tax of the period is estimated at GRD23.3bn.

2. At the end of the period, the company employed 1,713 persons.

3. The investment in fixed assets of the period 1.4.00 - 31.12.00 was GRD77.4bn.

4. No mortgages exist on company's fixed assets.

5. These consolidated financial statements include the following subsidiaries:
PANAFON EMPORIKI and PANAFON SERVICES (full consolidation) UNIFON SA, RADIO
KORASIDES TELECOM SA MOBITEL SA and ONE WAY (equity method)

6. Following BOD approval (Oct 25th 2000) Panafon is in the process of merging
with Panafon Emporiki S.A and Unifon S.A. Balance Sheet and Financial Statements
transformation date was 31st October 2000.  The merger is subject to approval
from shareholders general assembly and relevant legal and regulatory
authorities.

                                                 ACCOUNTING MANAGER
                                                 DIMITRIS TSOPELAS
                                

                   PANAFON HELLENIC TELECOMMUNICATIONS COMPANY S.A 
CONDENSED FINANCIAL STATEMENTS AS OF 31ST DECEMBER 2000 (1.4.2000 - 31.12.2000)

The condensed financial statements have been prepared in accordance with Greek
accounting principles and methods

                                                          Amounts in Euro & GRD

ASSETS               31/12/2000                       31/12/1999
                     in GRD          in Euro       in GRD         in Euro

B. PRE-           1,281,541,645    3,760,943.93   1,140,584,127    3,347,275.50
ESTABLISHMENT
EXPENSES
     Less: Acc.     982,268,156    2,882,665.17    743,357,305     2,181,532.81 
     Amort-
     ization
                    299,273,489      878,278.76    397,226,822     1,165,742.69

C. FIXED ASSETS
i. Intangible    50,251,685,251  147,473,764.49 43,740,551,739   128,365,522.34 
   Assets

   Less:         17,283,566,335   50,722,131.58 15,209,341,367    44,634,897.63
   Acc.
   Amort-
   ization
                 32,968,118,916   96,751,632.92  28,531,210,372   83,730,624.72

ii. Tangible    264,240,186,161  775,466,430.41 191,301,876,588  581,414,164.54 
    Assets

    Less:        80,492,472,484  236,221,489.31  60,359,247,838  177,136,457.34
    Acc.
    Depreciation
                183,747,713,677  539,244,941.09 130,942,628,730  384,277,707.20 


iii. Investments 19,311,808,501   56,674,419.67   8,950,303,619   26,266,481.64
     and 
     other
     L.T.
     receivables

                236,027,641,094  692,670,993.67 168,424,142,721  494,274,813.56

Total Fixed Assets

D.    CURRENT ASSETS
i. Inventories   1,465,828,877     4,301,772.20   1,939,135,714    5,690,787.13

ii. Receivables 77,751,935,983   228,178,829.00  48,932,089,013  143,601,141.64 

iv. Cash and       388,780,824     1,140,956.20   1,931,745,467    5,669,098.95
    Banks

Total Current   79,606,545,684   233,621,557.40  52,802,970,194  154,961,027.72 
Assets

E.   PREPAYMENTS 3,969,667,944    11,649,795.87   1,146,861,948    3,365,699.04
     & ACCRUED
     REVENUE

TOTAL ASSETS   319,903,128,211   938,820,625.71 222,771,201,685  653,767,283.01 

MEMO ACCOUNTS   20,956,362,360    61,500,696.58  21,508,710,775   63,121,675.06


           PROFIT AND LOSS ACCOUNT FOR THE PERIOD 1.4.00 - 31.12.01

                         31/12/2000                31/12/1999
                   in GRD        in EYP          in GRD          in EYP

Revenue        205,090,631,337 601,880,062.62 198,719,283,730  583,182,050.56

Less:           78,514,172,849 230,415,767.72  81,264,669,246  238,487,657.36
Cost of 
Sales

Gross          126,576,458,488 371,464,294.90 117,454,614,485  344,694,393.20
Profit

Plus:              612,150,326   1,795,479.31     199,748,546      586,202.63
Other
operating
revenue 

Total          127,188,608,814 373,260,774.22 117,654,363,031  345,280,595.83

Less:           11,519,484,719  33,806,264.77  11,181,245,179   32,813,632.22
Admin
expenses

Selling         45,892,524,523 134,680,923.03  38,526,405,767  113,065,553.24
Expenses

Sub total       69,776,599,572 204,773,586.42  67,946,712,085  199,403,410.37 

Less:            4,332,866,043  12,715,674.37   5,772,968,031   16,941,945.80  
Financial 
result

Operating       65,443,733,529 192,057,912.04  62,173,744,054  182,461,464.58
Income

Plus:            3,344,951,809   9,816,439.64     253,028,916      742,564.68
Non
operating
revenues

Less:              371,227,027   1,089,441.02     341,259,451    1,001,495.09   
Non
operating
expenses

Total           68,417,458,311 200,784,910.67  62,085,513,519  182,202,534.17

Less:           23,063,950,689  67,685,842.08  20,634,564,717   60,556,316.12 
depreciation 
expenses

Less:           23,063,950,689  67,685,842.08  20,634,564,717   60,556,316.12   
Absorbed in
operating
expenses

Income          68,417,458,311 200,784,910.87  62,085,513,519  182,202,534.17   
of the 
period
before
tax


                                             Marousi, 28 February 2001
MANAGING DIRECTOR                            FINANCE MANAGER
George Koronias                              Charalambos Mazarakis



LIABILITIES & SHAREHOLDERS' EQUITY
                                                         amounts in Euro & GRD
                             31/12/2000              31/12/1999

                       in GRD         in Euro      in GRD         in Euro

A. SHARE-
HOLDERS
EQUITY

i. Share        51,250,000,000  150,403,521.64  51,250,000,000  150,403,521.64
   Capital

iv.Legal,       45,066,650,948  132,257,258.83   7,648,922,172   22,447,313.78
   other
   reserves
   and
   retained
   earnings

vi.Profit       68,417,458,311  200,784,910.67  62,085,513,519  182,202,534.17
   for the 
   period
   1.4.00 -
   31.12
   before
   taxes

Total Share-    164,734,119,259 483,445,691.15 120,984,435,691  355,053,369.60  
holders equity

B. PROVISIONS     1,530,256,796   4,490,849.00     559,329,971    1,641,467.27 
   FOR 
   RISKS AND 
   EXPENSES

C. LIABILITIES

ii. Short term  150,087,295,262 440,461,614.86  96,275,904,596  282,541,172.70
                                                                 
D. DEFERRED       3,551,456,894  10,422,470.71   4,951,531,427   14,531,273.45
   INCOME
   AND ACCRUED
   EXPENSES

TOTAL 
LIABILITIES     319,903,126,211 938,820,625.71 222,771,201,685 653,767,263.01

MEMO ACCOUNTS    20,956,362,360  61,500,696.58  21,508,710,775  63,121,675.06 

Notes:

1. The corporate income tax of the periods is estimated in GRD 23.3bn

2. At the end of the period the company employed 915 persons

3. The investment in Fixed assets of the period 1.4.00 - 31.12.00 was GRD70.9bn

4. No mortgages exist on company's Fixed assets

5. Following BOD approval (Oct 29th 2000) Panafon commenced negotiations in
regards to the merging of Panafon Emporiki S.A. an Unifon S.A with Balance Sheet
and Financial Statements transformation date 31st October 2000

6. Revenues are analysed in the following categories:
   A) 642.0 Telecommunications GRD.205,043,875,559

   B) 526.3 Other retail sales 46,755,778 

                                                        ACCOUNTING MANAGER
                                                        DIMITRIS TSOPELAS

                 

          

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