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Panafon Hellenic Tel (PFHD)

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Wednesday 31 May, 2000

Panafon Hellenic Tel

Preliminary Results - Pt.3

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  
                                         =======


                                   
                                   

     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
                                             ==========    



                                                                                        

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