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Panafon Hellenic Tel (PFHD)

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Wednesday 31 May, 2000

Panafon Hellenic Tel

Preliminary Results-Pt.2

Panafon Hellenic Telecom Co S.A.
31 May 2000

                                  
PART 2

                   REPORT OF INDEPENDENT AUDITORS

To the Board of Directors
of Panafon Hellenic Telecommunications Company S.A. and Subsidiaries

We  have  audited  the accompanying consolidated balance  sheets  of
Panafon  Hellenic  Telecommunications Company S.A. and  subsidiaries
(hereinafter called 'the Company') as of 31 March 2000 and 31  March
1999   and   the   related   consolidated  statements   of   income,
shareholders' equity and cash flows the year ended 31 March 2000 and
for  the  fifteen month period ended 31 March 1999.  These financial
statements are the responsibility of the Company's management.   Our
responsibility   is  to  express  an  opinion  on  these   financial
statements based on our audits.

We  conducted our audits in accordance with International  Standards
on  Auditing.  Those Standards require that we plan and perform  the
audit  to  obtain reasonable assurance about whether  the  financial
statements  are  free of material misstatement.  An  audit  includes
examining,  on  a  test basis, evidence supporting the  amounts  and
disclosures  in  the financial statements.  An audit  also  includes
assessing  the accounting  principles used and significant estimates
made  by  management,  as well as evaluating the  overall  financial
statements  presentation.   We believe that  our  audits  provide  a
reasonable basis for our opinion.

In  our  opinion,  such  consolidated financial  statements  present
fairly,  in  all  material respects, the financial position  of  the
Company as of 31 March 2000 and 31 March 1999 and of the results  of
its  operations and its cash flows for the year ended 31 March  2000
and  for  the fifteen month period ended 31 March 1999 in accordance
with International Accounting Standards.


May 26, 2000
Athens, Greece
DELOITTE & TOUCHE
                                  
                                  
  PANAFON HELLENIC TELECOMMUNICATIONS COMPANY S.A. AND SUBSIDIARIES
           CONSOLIDATED BALANCE SHEETS AS OF 31 MARCH 2000
                       AND 31 MARCH 1999 (IAS)



                                                          31 March
                                                              1999
(In thousands of Greek Drachma)                                   
                                                                  
ASSETS                                                            
Non-Current Assets                                                
Network infrastructure, net               146,725,405  115,558,898
Cellular license, net                      19,637,564   21,204,022
Fixed and other assets, net                16,406,547    8,979,132
Goodwill                                    4,484,550    4,932,861
Trademark                                   3,154,945            -
Investments in associates                   7,693,047    1,211,462
Investments                                 1,200,000    1,200,000         
Deferred income taxes                         967,397      475,192
                                             --------      -------
Total Non-Current Assets                  200,269,455  153,561,567
                                              -------      -------
Current Assets                                                    
Inventories                                 3,065,524    3,302,641
Prepaid rent and other current              4,986,664    2,557,278
assets
Related companies                             331,766    1,704,417
Accounts receivable, net                   42,093,137   40,548,864
Cash and cash equivalents                   1,044,013      578,690
                                              -------      -------
                                                                  
Total Current Assets                       51,521,104   48,691,890          
                                              -------      -------
                                                                  
TOTAL ASSETS                              251,790,559  202,253,457
                                              =======      =======

                                  
                                  
                                  
  PANAFON HELLENIC TELECOMMUNICATIONS COMPANY S.A. AND SUBSIDIARIES
           CONSOLIDATED BALANCE SHEETS AS OF 31 MARCH 2000
                       AND 31 MARCH 1999 (IAS)



                                             31 March      31 March
                                                 2000          1999
(In thousands of Greek Drachma)                                    
                                                                   
LIABILITIES & SHAREHOLDERS'                                        
   EQUITY
                                                                   
Shareholders' Equity                                               
Share capital                              51,250,000    25,625,000
Reserves                                   12,492,592     5,076,081
Retained earnings                          38,297,581    29,581,889
                                              -------       -------
                                                                   
Total Shareholders' Equity                102,040,173    60,282,970
                                              -------       -------
                                                                   
Commitments and Contingencies                       -             -
                                                                   
Long-Term Liabilities                                              
Deferred income taxes                               -       428,804
Provision for retirement benefits             697,584       508,578
                                              -------       -------
                                                                   
Total long-term liabilities                   697,584       937,382
                                              -------       -------
                                                                   
Current Liabilities                                                
Accounts payable                           28,987,046    13,476,948
Short-term borrowings from related         63,900,000    79,700,000
company
Related companies                                   -       377,852
Taxes other than income                     1,972,284     2,804,255
Income taxes payable                       20,422,271    18,347,234
Dividends payable                          19,013,892    16,912,500
Deferred revenue                            8,125,289     3,146,638
Other current liabilities                   6,632,020     6,267,678
                                              -------       -------
                                                                   
Total Current Liabilities                 149,052,802   141,033,105
                                              -------       -------
                                                                   
Total Liabilities                         149,750,386   141,970,487
                                              -------       -------
                                                                   
TOTAL LIABILITIES  &                                               
   SHAREHOLDERS' EQUITY                   251,790,559   202,253,457
                                              =======       =======
                                  
                                  

                                  
  PANAFON HELLENIC TELECOMMUNICATIONS COMPANY S.A. AND SUBSIDIARIES
                  CONSOLIDATED STATEMENTS OF INCOME
                  FOR THE YEAR ENDED 31 MARCH 2000
     AND FOR THE FIFTEEN MONTH PERIOD ENDED 31 MARCH 1999 (IAS)



                                               Year  Fifteen months
                                           ended(*)        ended(*)
                                           31 March        31 March
                                               2000            1999
(In thousands of Greek Drachma                                     
except share numbers and per share
data)
                                                                   
Revenues                                270,086,646     259,136,104
Cost of sales                         (122,663,799)   (123,754,023)
                                            -------         -------
                                                                   
Gross profit                            147,422,847     135,382,081
                                                                   
Selling, general and administrative    (53,119,236)    (48,713,208)
  expenses
                                            -------         -------
                                                                   
Operating income                         94,303,611      86,668,873
                                                                   
Interest Income/(Expense)                                          
Interest income                              88,799         375,101
Interest expense                        (7,616,192)    (10,766,853)
                                            -------         -------
                                                                   
Net interest expense                    (7,527,393)    (10,391,752)
                                            -------         -------
                                                                   
Equity in  earnings of associated                                  
 companies                                  729,623         109,896
                                            -------         -------
                                                                   
Income before income taxes               87,505,841      76,387,017
                                                                   
Income tax expense                     (31,343,227)    (26,887,845)
                                            -------         -------
                                                                   
Net income                               56,162,614      49,499,172
                                            =======         =======
                                                                   
                                                                   
                                                                   
Earnings per share (GRD)                     109.59           96.58
                                            =======         =======
                                                                   
Dividends per share (GRD)                     37.00           33.00
                                            =======         =======
                                                                   
Common shares outstanding               512,500,000     512,500,000
                                            =======         =======
                                  



(*) During  1998,  the Company changed its statutory year  end  from
    December  31  to March 31.  The 31 March 1999 figures  therefore
    represent  a  fifteen  month period  while  the  31  March  2000
    figures represent a twelve month period.
                                  
                                  
  PANAFON HELLENIC TELECOMMUNICATIONS COMPANY S.A. AND SUBSIDIARIES
  CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH
   2000 AND FOR THE FIFTEEN MONTH PERIOD ENDED 31 MARCH 1999 (IAS)

                                                Year ended(*)  Fifteen months
                                                                     ended(*)
(In thousands of Greek Drachma)                       31 March  31 March 1999
                                                          2000
Cash flows from operating activities:                                        
Net income                                         56,162,614      49,499,172
Adjustments to reconcile to net cash provided                                
 by operating activities                           21,533,419      20,958,732
Changes in operating assets and liabilities:                                 
Total changes in operating assets and              18,199,003    (18,926,167)
liabilities
                                                      -------         -------
                                                                             
Net cash provided by operating activities          95,895,036      51,531,737
                                                      -------         -------
                                                                             
Cash flows from investing activities:                                        
 Capital expenditures                            (57,708,056)    (55,092,379)
 Investment                                       (3,300,000)     (1,200,000)
 Investment in associates                         (1,856,578)     (6,644,721)
 Dividends received                                    96,029         178,682
                                                      -------         -------
Net cash utilized in investing activities        (62,768,605)    (62,758,418)
                                                      -------         -------
                                                                             
Cash flows from financing activities:                                        
 Proceeds /(repayments) from short-term                                      
  borrowings                                     (15,800,000)      57,864,649
 Repayment of long-term debt                                -    (33,500,000)
 Dividends paid                                  (16,861,108)    (22,378,400)
                                                      -------         -------
                                                                             
Net cash provided by/(utilized in) financing                                 
  activities                                     (32,661,108)       1,986,249
                                                      -------         -------
                                                                             
Net (decrease)/increase in cash and cash                                     
  equivalents                                         465,323     (9,240,432)
Cash and cash equivalents at beginning of             578,690       9,819,122
period
                                                      -------         -------
                                                                             
Cash and cash equivalents at end of period          1,044,013         578,690
                                                      =======         =======



(*)    During 1998, the Company changed its statutory year end  from
 December  31  to  March  31.  The 31 March 1999  figures  therefore
 represent  a  fifteen month period while the 31 March 2000  figures
 represent a twelve month period.
                                  
MORE TO FOLLOW

FRCIIFLDEFILVII 
                                                                                                                                                                                                                                                                                        
                                                                                                                                                                                                                    

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