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Panafon Hellenic Tel (PFHD)

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Wednesday 30 August, 2000

Panafon Hellenic Tel

Fthr re Q1 Results Greek GAAP

Panafon Hellenic Telecom Co S.A.
29 August 2000



               PANAFON HELLENIC TELECOMMUNICATIONS COMPANY S.A.
                CONDENSED BALANCE SHEET AS OF 30TH JUNE 2000

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


     ASSETS                              30/6/2000            30/6/1999

B.   PRE-ESTABLISHMENT EXPENSES      1,272,927,245        1,129,439,392
     Less: Acc. Amortization           890,379,825          663,199,335

                                       382,547,420          466,240,057

C.   FIXED ASSETS

I.   Intangible Assets              42,618,830,700       38,058,349,975
     Less: Acc. Amortization        15,151,428,805       13,427,788,793

                                    27,467,401,895       24,630,561,182

II.  Tangible Assets               225,350,559,276      167,955,612,284
     Less: Acc. Depreciation        67,365,587,351       48,956,362,052

                                   157,984,971,925      118,999,250,232
III. Investments and other 
     L.T. receivables               16,476,519,313        8,358,452,889

Total Fixed Assets                 201,928,893,133      151,988,264,303


D.   CURRENT ASSETS

I.   Inventories                     2,934,241,619        4,427,197,480
II.  Receivables                    53,894,093,901       51,115,948,384
IV.  Cash and Banks                    262,660,114           55,401,074

Total Current Assets                57,090,995,634       55,598,546,938


E    PREPAYMENTS & ACCRUED REVENUES 17,717,746,708       15,894,458,018

TOTAL ASSETS                       277,120,182,895      223,947,509,316

MEMO ACCOUNTS                       10,519,805,095       45,077,539,729


            PROFIT AND LOSS ACCOUNT OF THE PERIOD 1.4.00 - 30.6.00

                                    1.4.00 - 30.6.00     1.4.99 - 30.6.99

Revenues                              65,377,443,949       63,419,718,360
Less: Cost of sales                   25,965,206,637       27,270,544,229

Gross profit                          39,412,237,312       36,149,174,131
Plus: Other operating revenue            184,110,716           35,188,772

Total                                 39,596,348,028       36,184,362,903
Less: Administrative expenses          4,017,246,393        3,151,089,576
      Selling expenses                15,743,028,743       13,916,426,394

Sub total                             19,836,072,892       19,116,846,933
Less: Financial result                 1,287,128,671        2,038,949,376

Operating Income                      18,548,944,221       17,077,897,557
Plus: Non operating revenues           1,424,576,666           46,451,575
Less: Non operating expenses              74,670,871          115,005,353

Total                                 19,898,850,016       17,009,343,779
Less: Depreciation expenses            7,448,022,522        7,318,423,917
Less: Absorbed in operating expenses   7,448,022,522        7,318,423,917

Income of the period before tax       19,898,850,016       17,009,343,779


     LIABILITIES                           30/6/2000            30/6/1999

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 - 30.6.00
   before taxes                       19,898,850,016       17,009,343,779

Total shareholders' equity           116,206,954,964       75,908,265,951


B  PROVISIONS FOR RISKS AND EXPENSES   2,019,828,640          448,742,851


C. LIABILITIES

II. Short term                       145,024,281,423      135,499,489,342



D. DEFERRED INCOME AND ACCRUED 
   EXPENSES                           13,869,117,868       12,091,011,172

TOTAL LIABILITIES                    277,120,182,895      223,947,509,316

MEMO ACCOUNTS                         10,519,805,095       45,077,539,729


Notes:
     
1.  The corporate income tax of the period is estimated at GRD 6.5 bln.
2.  At the end of the period the company employed 808 persons.
3.  The investment in fixed assets of the period 1.4.00 - 30.6.00 was 
    GRD 23.6 bln.
4.  No mortgages exist on company's fixed assets.
5.  Revenues are analyzed to the following categories:

    a)  642.0 Telecommunications GRD 65,363,739,802
    b)  526.3 Other retail sales GRD 13,704,147

MANAGING DIRECTOR                                        ACCOUNTING MANAGER
GEORGE KORONIAS          FINANCE MANAGER                 DIMITRIS TSOPELAS
                         CHARALAMBOS MAZARAKIS



      PANAFON HELLENIC TELECOMMUNICATIONS COMPANY S.A. AND SUBSIDIARY
         CONDENSED CONSOLIDATED BALANCE SHEET AS OF 30TH JUNE 2000

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


     ASSETS                              30/6/2000            30/6/1999

B.   PRE-ESTABLISHMENT EXPENSES      1,736,232,045        1,514,783,487
     Less: Acc. Amortization         1,197,152,467          886,077,665

                                       539,079,578          628,705,822

C.   FIXED ASSETS

I.   Intangible Assets              45,459,217,872       38,058,349,975
     Less: Acc. Amortization        15,175,275,217       13,427,788,793

                                    30,283,942,655       24,630,561,182

II.  Tangible Assets               230,273,521,859      169,839,061,998
     Less: Acc. Depreciation        68,458,531,480       49,589,092,131

                                   161,814,990,379      120,249,969,867
III. Investments and other 
     L.T. receivables                8,363,554,425        3,126,935,521

Total Fixed Assets                 200,462,487,459      148,007,466,570


D.   CURRENT ASSETS

I.   Inventories                     4,273,063,273        5,195,306,258
II.  Receivables                    45,762,997,923       48,487,086,009
III. Securities                          1,755,000          
IV.  Cash and Banks                  1,105,170,788          637,661,795

Total Current Assets                51,142,986,984       54,320,054,062


E    PREPAYMENTS & ACCRUED REVENUES 22,186,033,016       17,697,543,808

TOTAL ASSETS                       274,330,587,037      220,653,770,262

MEMO ACCOUNTS                       11,310,398,443       46,245,402,245


      CONSOLIDATED PROFIT AND LOSS ACCOUNT OF THE PERIOD 1.4.00 - 30.6.00

                                    1.4.00 - 30.6.00     1.4.99 - 30.6.99

Revenues                              71,277,751,317       67,571,276,844
Less: Cost of sales                   31,636,892,804       33,032,372,948

Gross profit                          39,640,858,513       34,638,903,896
Plus: Other operating revenue            110,547,002           58,920,872

Total                                 39,751,405,515       34,697,824,768
Less: Administrative expenses          5,091,545,937        3,519,570,274
      Selling expenses                14,673,552,243       12,780,214,389

Sub total                             19,986,307,335       18,398,040,105
Less: Financial result                 1,471,758,273        1,917,813,533

Operating Income                      18,514,549,062       16,480,226,572
Plus: Non operating revenues           1,232,367,297           77,080,901
Less: Non operating expenses              90,969,502          121,912,803

Total                                 19,655,946,857       16,435,394,670
Less: Depreciation expenses            7,659,423,484        7,436,643,184
Less: Absorbed in operating expenses   7,657,785,733        7,435,005,433

Income of the period before tax       19,654,309,106       16,433,756,919


     LIABILITIES                           30/6/2000            30/6/1999

A  SHAREHOLDERS EQUITY
I. Share capital                      51,250,000,000       25,625,000,000
IV.Legal, other reserves and 
   retained earnings                  44,696,323,757       33,149,134,015
V. Profit for the period 1.4.00 - 30.6.00
   before taxes                       19,654,309,106       16,433,756,919
   Less: Goodwill                     (7,404,789,097)      (5,181,486,107)
Total shareholders' equity           108,195,843,766       70,026,404,827


B  PROVISIONS FOR RISKS AND EXPENSES   2,111,787,768          578,788,134


C. LIABILITIES

II. Short term                       148,621,516,259      137,649,955,465



D. DEFERRED INCOME AND ACCRUED 
   EXPENSES                           15,401,439,243       12,398,621,636

TOTAL LIABILITIES                    274,330,587,037      220,653,770,262

MEMO ACCOUNTS                         11,310,398,443       46,245,402,245


Notes:
     
1.  The corporate income tax of the period is estimated at GRD 6.6 bln.
2.  At the end of the period the company employed 1,597 persons.
3.  The investment in fixed assets of the period 1.4.00 - 30.6.00 was 
    GRD 27.7 bln.
4.  No mortgages exist on company's fixed assets.
5.  These condensed consolidated financial statements include the following 
    subsidiaries:
    PANAFON EMPORIKI SA and PANAFON SERVICES SA (full consolidation)
    UNIFON SA. RADIO KORASIDES TELECOM SA, MOBITEL SA and ONE WAY SA 
    (equity method).

MANAGING DIRECTOR                                        ACCOUNTING MANAGER
GEORGE KORONIAS          FINANCE DIRECTOR                DIMITRIS TSOPELAS
                         GRIGORIS ANASTASIADIS


                                                                                
                                                                                
                                                                         

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