Panafon Hellenic Telecom Co S.A.
31 May 2000
PART 3
PANAFON HELLENIC TELECOMMUNICATIONS COMPANY S.A. & SUBSIDIARY
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF 31 MARCH 1999
31 March
1999
(In thousands of Greek Drachma)
ASSETS
Non-Current Assets
Network infrastructure, net 115,558,898
Cellular licence, net 21,204,022
Fixed and other assets, net 8,979,132
Goodwill 4,932,861
Investments in associates 1,211,462
Investments 1,200,000
Deferred income taxes 475,192
-------
Total Non-Current Assets 153,561,567
-------
Current Assets
Inventories 3,302,641
Prepaid rent and other current 2,557,278
assets
Related companies 1,704,417
Accounts receivable, net 40,548,864
Cash and cash equivalents 578,690
-------
Total Current Assets 48,691,890
-------
TOTAL ASSETS 202,253,457
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PANAFON HELLENIC TELECOMMUNICATIONS COMPANY S.A. & SUBSIDIARY
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF 31 MARCH 1999
31 March 1999
(In thousands of Greek
Drachma)
LIABILITIES & SHAREHOLDERS'
EQUITY
Shareholders' Equity
Share capital 25,625,000
Reserves 5,076,081
Retained earnings 29,581,889
--------
Total Shareholders' Equity 60,282,970
--------
Commitments and Contingencies
Long-Term Liabilities
Deferred income taxes 428,804
Provision for retirement 508,578
benefits
--------
Total long-term liabilities 937,382
--------
Current Liabilities
Accounts payable 13,476,948
Short-term borrowings from
related companies 79,700,000
Related companies 377,852
Taxes other than income 2,804,255
Income taxes payable 18,347,234
Dividends payable 16,912,500
Deferred revenue 3,146,638
Other current liabilities 6,267,678
----------
Total Current Liabilities 141,033,105
-----------
Total Liabilities 141,970,487
-----------
TOTAL LIABILITIES &
SHAREHOLDERS' EQUITY 202,253,457
===========
PANAFON HELLENIC TELECOMMUNICATIONS COMPANY S.A. & SUBSIDIARY
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE TWELVE MONTH PERIODS ENDED 31 MARCH 1999
31 March
1999
(In thousands of Greek Drachma
except share numbers and per
share data)
Revenues
221,789,036
Cost of sales (107,644,605)
-----------
Gross profit 114,144,431
Selling, general and
administrative expenses (41,515,504)
-----------
Operating income 72,628,927
Interest Income/(Expense)
Interest income 91,911
Interest expense (8,356,617)
----------
Net interest expense (8,264,706)
Equity in earnings of 109,896
associated companies
----------
Income before income taxes 64,474,117
Income tax expense (21,890,834)
-----------
Net income 42,583,283
==========
Earnings per share (GRD) 83.09
==========
Common shares outstanding 512,500,000
==========
PANAFON HELLENIC TELECOMMUNICATIONS COMPANY S.A. & SUBSIDIARY
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE TWELVE MONTH PERIODS ENDED 31 MARCH 1999
31 March 1999
(In thousands of Greek Drachma)
Cash flows from operating
activities:
Net income 42,583,283
Adjustments to reconcile to net
cash provided by operating
activities: 17,349,233
Changes in operating assets and
liabilities:
Total changes in operating assets
and liabilities (16,558,105)
Net cash provided by operating
activities 43,374,411
-----------
Cash flows from investing
activities:
Capital expenditures (46,988,104)
Investments (1,200,000)
Investments in associates (6,644,721)
Dividends received 178,682
-----------
Net cash utilized in investing
activities (54,654,143)
-----------
Cash flows from financing
activities:
Proceeds from short-term
borrowings 66,900,000
Repayment of long-term debt (33,500,000)
Dividends paid (22,378,500)
-----------
Net cash utilized in financing
activities 11,021,500
-----------
Net (decrease)/increase in cash
and cash equivalents (258,232)
Cash and cash equivalents at
beginning of period 836,922
----------
Cash and cash equivalents at end
of period 578,690
==========