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Panafon Hellenic Tel (PFHD)

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Monday 04 December, 2000

Panafon Hellenic Tel

Fthr re Interim Results

Panafon Hellenic Telecom Co S.A.
1 December 2000


         PANAFON HELLENIC TELECOMMUNICATIONS COMPANY SA AND SUBSIDIARY
        CONDENSED CONSOLIDATED BALANCE SHEET AS OF 30th SEPTEMBER 2000

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

ASSETS                                  30/9/2000             30/9/1999
B.  PRE-ESTABLISHMENT EXPENSES         1.752.084.196        1.542.864.385
    Less Acc. Amortization             1.270.943.466          945.585.971
                                         481.140.730          597.278.414

C.  FIXED ASSETS
I.  Intangible Assets                 46.811.095.691       39.508.328.880
    Less: Acc. Amortization           16.478.561.956       14.254.237.791
                                      30.332.533.735       25.254.091.089

II.  Tangible Assets                 248.640.815.297      176.994.897.609
     Less: Acc. Depreciation          75.072.956.312       55.257.337.413
                                     173.567.858.985      121.737.560.196

III. Investments and other L.T. 
      financial claims                 9.218.447.644        7.755.877.150

Total Fixed Assets                   213.118.840.364      154.747.528.435

D. CURRENT ASSETS                   
I.  Stocks                           2.219.045.007          2.890.488.216
II. Receivables                     57.830.921.945         55.897.681.211
III. Securities                          1.755.000              1.755.000
IV. Cash and Banks                     940.141.514          1.071.896.545
Total Current Assets                60.991.863.466         59.861.820.972

E. PREPAYMENTS & ACCRUED REVENUES   29.465.982.562         27.933.503.527

TOTAL ASSETS                       304.057.827.122        243.140.131.348      

MEMO ACCOUNTS                       15.853.799.484         16.137.170.689


CONSOLIDATED PROFIT AND LOSS ACCOUNT OF THE PERIOD 1.4.00. - 30.9.00

                                      1.4.00 - 30.9.00     1.4.99 - 30.9.99
Revenues                             150.336.513.630       141.030.048.440
Less Cost of sales                    64.355.617.383        63.775.864.984
Gross margin                          85.980.896.247        77.254.183.456
Plus: Other operating revenue            343.372.947            96.894.760
Total                                 86.324.269.194        77.351.078.216
Less Administrative expenses           9.639.608.554         7.699.243.365
Selling expenses                      30.372.969.351        22.520.896.909
 Sub total                            46.311.691.289        47.130.937.942
Less Financing costs                   2.792.409.439         3.727.558.275
Operating Income                      43.519.281.850        43.403.379.667
Plus: Non operating revenues           3.105.255.175           126.812.325
Less Non operating expenses              190.250.107           208.616.043
Total                                 46.434.286.918        43.321.575.949
Less Depreciation expenses            15.765.882.260        13.995.780.563
Less Absorbed in operating expenses   15.762.606.758        13.992.505.061
Income of the period before tax       46.431.011.416        43.318.300.447

LIABILITIES                            30/9/2000              30/9/1999
A. SHAREHOLDERS' EQUITY
I. Share capital                      51.250.000.000        25.625.000.000
IV. Legal, other reserves and         44.689.350.580        33.149.134.015
    retained earnings
V.  Profit for the period 1.4.00
    - 30.9.00
    before taxes                      46.431.011.416        43.318.300.447
    less: Goodwill                    (9.390.446.190)         (571.975.713)

Total shareholders' equity           132.979.915.806       101.520.458.749

B. PROVISIONS FOR RISKS
   AND EXPENSES                        1.954.871.765           633.872.676

C. LIABILITIES
II. Short term                       149.963.167.198       118.396.091.638

D. DEFERRED INCOME AND
   ACCRUED EXPENSES                   19.159.872.353        22.589.708.285
TOTAL LIABILITIES                    304.057.827.122       243.140.131.348

MEMO ACCOUNTS                         15.853.799.484        16.137.170.689

Notes :

1. The corporate income tax of the period is estimated at GRD 15,6 bln.

2. At the end of the period the company had 1,653 employees.

3. The Investment in fixed assets of the period 1.4.00 - 30.9.00 was GRD 47,7
   bin.

4. No mortgages exist on company's fixed assets

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

6. According to the Board of Directors decision on 25/10/00, the procedure for
   the absorption of Panafon Emporiki and Unifon from Panafon has been started.

                      

                PANAFON HELLENIC TELECOMMUNICATIONS COMPANY S.A.
                 CONDENSED BALANCE SHEET AS OF 30TH SEPTEMBER 2000
          The condensed financial statements have been prepared in
          accordance with Greek accounting principles and methods.

   ASSETS                         30/9/2000                30/9/1999
B.PRE-ESTABLISHMENT EXPENSES  1.275.671.396             1.130.789.916 
  Less Acc. Amortization        935.438.741               702.244.833 
 
                                340.232.655               428.545.083 
C. FIXED ASSETS 
I. Intangible Assets         43.223.899.886            39.508.328.880
Less: Acc. Amortization      16.220.531.479            14.254.237.791 

                             27.003.368.407            25.254.091.089

II. Tangible Assets         243.226.732.025           174.707.476.960 
   Less: Acc. Depreciation   73.679.970.821            54.500.978.764
  
                            169.546.761.204           120.206.498.196
III.Investments and other
    L.T. financial claim:    19.302.433.527             8.366.670.047

Total Fixed Assets          215.852.563.138           153.827.259.332 

D. CURRENT ASSETS
I. Stocks                     1.105.364.292             2.294.557.685
II. Receivables              53.942.767.449            58.591.321.193
IV. Cash and Banks              131.327.920               134.249.355
Total Current Assets         65.179.459.661            61.020.128.233

E. PREPAYMENTS & ACCRUED
   REVENUE                   27.344.721.656            25.584.695.998       
TOTAL ASSETS                308.716.977.110           240.860.628.646

MEMO ACCOUNTS                14.588.668.810            14.603.119.589 


  PROFIT AND LOSS ACCOUNT OF THE PERIOD 1.4.00 - 30.9.00
                          1.4.00 - 30.9.00            1.4.99 - 30.9.99        
Revenues                    139.561.438.069           132.421.087.151
Less: Cost of sales          53.283.849.283            55.032.628.910  
Gross margin                 86.277.588.786            77.388.458.241
Plus: Other operating revenue   357.359.075                64.061.437   
Total                        86.634.947.861            77.452.519.678
Less: Administrative expenses 7.148.509.398             6.710.947.123
      Selling expenses       33.884.436.977            23.268.179.832
Sub total                    45.602.001.486            47.473.392.723          
Less: Financing costs         2.633.697.840             3.874.182.932          
Operating Income             42.968.303.646            43.599.209.791
Plus: Non operating revenues  3.260.422.987               122.768.626
Less: Non operating expenses    156.348.284               181.718.391
Total                        46.072.378.349            43.540.260.026
Less: Depreciation expenses  14.877.762.242            13.731.832.167
Less: Absorbed in operating 
      expenses               14.877.762.242            13.731.832.167
Income of the period before 
                   tax       46.072.378.349            43.540.260.026


LIABILITIES                       30/9/2000               30/9/1999

A. SHAREHOLDERS' EQUITY
I. Share Capital             51.250.000.000            25.625.000.000
IV Legal, other reserves and 
   retained earnings         45.058.104.948            33.273.922.172
V. Profit for the period 1.4.00 - 30.9.00
   before taxes              46.072.378.349            43.540.260.026
Total shareholders' equity  142.380.483.297           102.439.182.198

B. PROVISIONS FOR RISKS
    AND EXPENSES              1.830.643.442               490.761.171

C. LIABILITIES
II.  Short term             145.312.802.118           116.206.576.320

D. DEFERRED INCOME AND
   ACCRUED EXPENSES          19.193.048.253            21.724.108.957

TOTAL LIABILITIES           308.716.977.110           240.860.628.646

MEMO ACCOUNTS                14.588.668.810            14.603.119.589

Notes:  
1. The corporate income tax of the period is estimated at GRD 15,4 bln.
2. At the and of the period the company had 854 employees.
3. The investment in fixed assets of the period 1.4.00 - 30.9.00 was GRD 42,3   
  b/n.
4. No mortgages exist on company's fixed assets.
5. According to the Board of Director's decision on 25/10/00, the procedure for 
  the absorption of Panafon Emporiki and Unifon from Panafon has been started.
6. Revenues are analyzed to the following categories:
 a) 642.0    Telecommunications GRD 139.534.098.132     
 b) 526.3    Other retail sales GRD 27.339.937



                          

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