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Panafon Hellenic Tel (PFHD)


Tuesday 29 August, 2000

Panafon Hellenic Tel

Q1 Results Greek GAAP

Panafon Hellenic Telecom Co S.A.
29 August 2000

                                         28th August 2000

Panafon the leading provider of mobile telecommunications
         in Greece announces 2 million customers
Panafon announces strong profitable growth for the first
                quarter ending June 2000

 (According to the consolidated financial statements and
    based on the Greek Generally Accepted Accounting

PANAFON   Hellenic   Telecommunications   Company    S.A.
('PANAFON'),    the    leading   provider    of    mobile
telecommunications in Greece, announces that its customer
base  exceeded (on the 25th August) 2 million  customers.
Panafon is the first mobile operator in Greece to reach 2
million  customers and thus proves once again its leading
position in the market.

Panafon also announces today strong growth in profits for
the first quarter ended 30 June 2000 (see note 1). Income
before tax increased by 19.6% to GRD 19.7bn. (compared to
Q1  1999). Pre-tax margin increased, from 24.3%  for  the
comparative  period,  to  27.6%  for  the  quarter  under

Turnover  for  the period increased to GRD  71.3  bn,  an
increase  of  5%,  driven by a 25%  increase  in  airtime
revenue  over  the  previous period.  Merchandise  sales,
which  represent handset sales decreased 64%,  reflecting
an increase in prepay connection packs.

EBITDA  (earnings before interest, tax, depreciation  and
amortisation)  increased to GRD  28.8  bn.  EBIT  (Income
before  interest  & taxes) amounted to GRD  21.1  bn,  an
increase of 15.1% over the comparative period.

Panafon  has  achieved strong profitable  growth  despite
intense competition and commercial pressure in the  Greek
market.  Panafon  however,  continues  to  report  strong
financial growth and profitability.

During this quarter Panafon maintained its customer focus
by  introducing  new competitive tariff  plans  for  both
contract  and pre-pay customers that cover all individual
needs, offering some of the best prices in the market. In
particular,  Panafon  introduced five  new  tariff  plans
(Panafon  1, Panafon 2, P-180, P-300, P-500).  Panafon  1
and  Panafon  2  offer customers the  freedom  to  choose
between  the  two most competitive tariff  plans  in  the
Greek cellular market, or to transfer at any time to  one
of  the  other new tariff plans, while keeping  the  same
number.   High  usage  customers  as  well  as  corporate
customers  have  been automatically  transferred  to  new
tariff  plans  thus  benefiting  from  the  significantly
reduced charges.

New tariffs have also been introduced for  'Panafon a  la
Carte'  customers, of GRD 2,3/sec (see note 2).  'Panafon
a  la  Carte' customers travelling abroad are  offered  a
full  range  of exclusive  integrated  roaming   services
in  91  countries around the world.

Panafon's  strategy  is  to  be  the  leading  multimedia
service  provider in Greece. In line with  this  strategy
Panafon  recently launched its Internet Service  Provider
(ISP) 'Panafonet' that is available at competitive prices
throughout  Panafon's extensive distribution network.  To
complement  its Internet strategy Panafon also  announced
its  plans  to launch an ISP Provider and Portal  in  the
Republic of Cyprus: Panafon Cyprus.

These  initiatives  are in line with Panafon's  ONE  STOP
SHOP  strategy  offering a full  range  of  products  and
services  to  all its corporate customers. This  includes
Panafon's newly launched Virtual Private Network services
offering  corporate customers full mobile and  mobile  to
PABX   (private  automatic  branch  exchange)  integrated
services and billing. These services offer full call-cost
control by adjusting charges to different types of  calls
(different  charges  will be set for  personal,  business
related, international calls, etc.)

Furthermore,  in line with its strategy  to  exploit  the
opportunities  arising  from  the  convergence   of   the
Internet  and  the mobile phone, Panafon  was  the  first
company in Greece to offer WAP services, with 'Panafon Go
WAP'.  As a result all Panafon customers have access,  to
information and services available at Panafon's  Internet
portal '' directly through their handsets.

Based  on the same concept, Panafon introduced e-business
with   the   launch  of  Panafon  Emporiki   e-shop   at:, widening the retail choices to its
customer base.


George Stefanopoulos,
Panafon  Group  Investor Relations Executive,  
Tel:  +301 6160061, 
[email protected], website

Lulu Bridges,
Tavistock Communications, 
Tel:  +(44) 20 7600 2288

Nicolas Bornozis ,
Capital Link, 
Tel: + (212) 661 7566


Note 1:- These financial results are drawn up in
accordance with the Greek Generally Accepted Accounting
Principles (GAAP), and are published by Panafon as an
obligation to the Athens Stock Exchange.  Panafon will
announce financial results for the six-month period
(1/4/2000 to 30/9/2000), in accordance with the
International Accounting Standards (IAS), at the end of
November 2000.

Note  2:- New prepay tariffs include per second billing /
a minimum charge for the first 20 sec / no peak - off
peak charges.

Notes to Editors:

1.    Panafon's  shares are quoted on  the  Athens  Stock
      Exchange  and  its GDSs are quoted on the London  Stock
      Exchange.  The shares began trading on Monday 7 December

2.   Panafon has 512, 500,000 shares in issue.

3.   Panafon is a shareholder in:
     Panafon Emporiki (previously Panavox)   100.00 per cent
     Panafon Services                        100.00 per cent
     Radio Korassidis Telecom                 26.11 per cent
     Unifon                                   19.01 per cent
     Mobitel                                  25.01 per cent
     Ideal Telecom                            51.00 per cent (following
                                             completion of all legal
4.    Panafon  was  awarded a licence to  operate  a  GSM
      network  in Greece for a period of 20 years  in  August
      1992.  The network commenced operations on 1 July 1993.

5.   Panafon's shareholding structure is as follows:
     Vodafone Group Plc            55 per cent
     France Telecom                3  per cent
     Intracom S.A.                 10 per cent
     Free float                    32 per cent

PANAFON listings:
Shares:  Athens SE, Reuters PANr.AT. Bloomberg  PANF  GA.
Nominal  value GRD 100. ISIN GRS 307 333 005.  SEDOL  556

GDRs:  LSE . Reuters PANq.L. Bloomberg PFH GR,  PFHD  LI.
ISIN US 6981 132 060. SEDOL 556 0361.

Rule  144A: Bloomberg Nasdaq 2250Q US. ISIN US  6981  131
070. SEDOL 230 2629

Indices:  FTSE/ASE  20, FTASE, 3.267%. Bloomberg  Europe,
BE500, .140%.

BBG  Eur  Telecom,  BETELES,  1.190%.  BBG  Europ  Techn,
BETECH, 1.237%.


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