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