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Panafon Hellenic Tel (PFHD)

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Wednesday 08 August, 2001

Panafon Hellenic Tel

Quarterly Results

Panafon Hellenic Telecom Co S.A.
7 August 2001


          Financial results for quarter ended 30 June 2001 - Greek GAAP

                        Double digit profitable growth

                         Revenues +13.1% EBITDA +18.2% 
                              42.2% EBITDA margin

Panafon S.A (Panafon - Vodafone), announces continued profitable growth for the
quarter ended 30 June 2001, according to the Greek Generally Accepted Accounting
Principles.

Revenues for the quarter reached Euro 236.5m (GRD 80.6bn), an increase of 13.1%
compared to the previous period.

EBITDA increased 18.2% compared to the previous period, reaching Euro 99.8m (GRD
34bn), while income before tax reached Euro 65.4m (GRD 22.3bn), an increase of
13.3%.

EBITDA margin reached 42.2%, an improvement of 1.8 percentage points compared to
the previous period.

Gross Profit Margin reached 56.3%, an improvement of half of percentage point
compared to the previous period, reflecting improved profitability and increased
efficiency in company operations.

George Koronias, CEO of Panafon-Vodafone, commented, 'The Q1 results reflect
Panafon-Vodafone's leading position in the Greek market. Our latest
achievements, such as the acquisition of a UMTS license and additional 2G
spectrum as well as the official launch of Vodafone branded shops, will
strengthen our position in the market.' He continued, 'With Vodafone's full
support, we are focused on healthy, profitable growth in line with our strategy
for local and international expansion. Our flexibility and commitment will allow
us to fulfil our strategic plans to the benefit of our customers, employees and
shareholders.'


Key Financial Data
1 April - 30 June 2001
Consolidated Financial Results

                               June 2001     June 2000    June 2001     % change
                                  GRD bn        GRD bn       Euro m

Revenues                            80.6          71.3        236.5       +13.1%

Gross Profit                        45.4          39.8        133.2       +14.2%
% of Revenues                       56.3%         55.8%
EBITDA                              34.0          28.8         99.8       +18.2%
%of Revenues                        42.2%         40.4%   
Income before tax                   22.3          19.7         65.4       +13.3%
% of Revenues                       27.6%         27.6%  


For Further Information Contact:

Dimitris Tsorbatzoglou Panafon Head of Investor Relations Tel: +301 6160019
[email protected], website www.panafon.gr/en/ir

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

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


Notes to Editors

1.  Panafon - Vodafone shares are quoted on the Athens Stock Exchange and its   
    GDSs are quoted on the London Stock Exchange. The shares and GDS's began    
    trading on Monday 7 December 1998 in ASE and LSE respectively.

2.  Panafon - Vodafone had 512,500,000 shares in issue (prior to completion of  
    the merger) and 534,126,396 (after the completion of the merger with Panafon
    Emporiki and Unifon on May 11th 2001).
 
3.  Panafon - Vodafone is a shareholder in:
       Panafon Services                             100.00 per cent 
       Panafon Multimedia                           100.00 per cent
       Next Net                                      20.10 per cent
       Mobitel                                       25.01 per cent
       Ideal Telecom                                 51.00 per cent
       Panafon International Holdings               100.00 per cent 
       BE- Business Exchanges                        30.00 per cent
       Vodafone Bulgaria                             20.00 per cent
       I.N.A                                        10.555 per cent 
       CBS                                           24.00 per cent
       E-Motion                                     100.00 per cent 
       ACOM                                          16.00 per cent
       Tetoma Com                                   100.00 per cent
       E-Unifon                                      50.00 per cent
       E-Motion Albania                              51.00 per cent
       E-Motion Cyprus                              100.00 per cent
       E-Kinitron                                     2.00 per cent

4.  Panafon - Vodafone was awarded a license 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 - Vodafone shareholding structure is as follows:
       Vodafone Group Plc                          52.8 per cent 
       France Telecom                              11.0 per cent 
       Intracom S.A                                 8.7 per cent 
       Free float                                  27.5 per cent


Panafon - Vodafone listings:

Shares: Athens SE, Reuters PANr.AT. Bloomberg PANF GA. Nominal value GRD 100.
ISIN GRS 307 333 005. SEDOL 556 0349.

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: ASE General Index composite (ASE): 4.838%, ASE MAIN GENERAL (ASEAGD):
4.837%, ASE Telecom Index (ASEDTL): 24.156%, DJ EUROPE ST TEL (SXKP): 0.221%,
BE500 TELECOM SE (BETELES): 0.456%, DJ EUROPE STOXX (SXXP): 0.020%, DJ EUROPE ST
TEL (SXKE): 0.511%, FTSE/ASE 20 INDEX (FTASE): 3,77%, DJ EURO STOXX P (SXXE):
0.041%, BBG EUROPE TECHN (BETECH): 0.422%, MSCI 3.52%.



     PANAFON HELLENIC TELECOMMUNICATIONS COMPANY S.A. AND SUBSIDIARIES 
          CONDENSED CONSOLIDATED BALANCE SHEET AS OF 30th JUNE 2001 
   These condensed consolidated financial statements have been prepared in      
         accordance with Greek accounting principles and methods.
     

    ASSETS                     30/06/2001 in Grd    EURO      30/06/2000 in Grd

B.  PRE-ESTABLISHMENT EXPENSES     4,351,346,419    12,769,909    1,736,232,045
    Less Acc. Amortization         2,823,009,005     8,264,693    1,197,152,467
                                   1,528,337,414     4,485,216      539,079,578

C.  FIXED ASSETS
I.  Intangible Assets             61,637,047,305   180,886,419   45,459,217,872 
    Less Acc. Amortization        22,077,668,610    64,791,397   15,175,275,217
                                  39,559,378,695   116,095,022   30,283,942,655

II. Tangible Assets              308,261,135,652   904,522,775  230,273,521,859
    Less Acc. Depreciation       100,602,507,283   295,238,466   68,458,531,480
                                 207,613,628,369   609,284,309  161,814,990,379

III.Investments and other
    L.T. receivables               3,967,730,820    11,644,111    8,363,554,425

Total Fixed Assets               251,140,737,884   737,023,442  200,462,487,459

D.  CURRENT ASSETS
I.  Inventories                    5,876,509,933    17,245,811    4,273,063,273
II. Receivables                   67,233,867,050   197,311,422   45,762,997,923
III.Securities                     2,324,633,876     6,822,110        1,755,000
IV. Cash and cash equivalents      4,981,622,624    14,619,582    1,105,170,788

Total Current Assets              80,416,633,483   235,998,924   51,142,986,984

E.  PREPAYMENTS AND ACCRUED 
    REVENUES                      19,941,311,299    58,521,823   22,186,033,016

TOTAL ASSETS                     353,027,020,080 1,036,029,406  274,330,587,037

MEMO ACCOUNTS                     12,540,418,156    36,802,401   11,310,398,443



    LIABILITIES                30/06/2001 in Gr     EURO      30/06/2000 in Grd
A.  SHAREHOLDERS' EQUITY 
I.  Share capital                 59,020,966,758   173,209,000   51,250,000,000
IV. Legal, other reserves and 
    retained earnings             97,883,017,951   287,257,573   44,696,323,757
V.  Profit for the period 
    1.4.01-30.6.01 
    before taxes                  22,270,544,455    65,357,431   19,654,309,106
    less: Goodwill                (9,344,100,190)  (27,422,158)  (7,404,789,097)
IX. Minority interests                18,774,864        55,099                0

Total shareholders' equity       169,849,203,838   498,456,944  108,195,843,766

B.  PROVISIONS FOR RISKS
    AND EXPENSES                   1,769,660,126     5,193,427    2,111,787,768

C.  LIABILITIES
II. Short term liabilities       170,479,950,704   500,307,999  148,621,516,259


D.  DEFERRED INCOME AND 
    ACCRUED EXPENSES              10,928,205,412    32,071,036   15,401,439,243

TOTAL LIABILITIES                353,027,020,080 1,036,029,406  274,330,587,037

MEMO ACCOUNTS                     12,540,418,156    36,802,401   11,310,398,443




CONSOLIDATED PROFIT AND LOSS ACCOUNT OF THE PERIOD 1.4.01 - 30.6.01
 
                            1.4.01-30.6.01 in Gr   EURO          1.4.00-30.6.00 
                                                                         in Grd

Revenues                          80,601,198,951   236,540,569   71,277,751,317
Less: Cost of sales               35,376,202,906   103,818,644   31,636,892,804

Gross profit                      45,224,996,045   132,721,925   39,640,858,513
Plus: Other operating revenues       175,018,662       513,628      110,547,002

Total                             45,400,014,707   133,235,553   39,751,405,515
Less: General & Administrative     
      expenses                     7,499,435,340    22,008,614    5,091,545,937
      Selling expenses            14,418,960,943    42,315,366   14,673,552,243

Sub total                         23,481,618,423    68,911,573   19,986,307,335 
Less: Financial result             1,046,625,882     3,071,536    1,471,758,273

Operating income                  22,434,992,541    65,840,037   18,514,549,062
Plus: Non operating revenues          92,002,594       270,000    1,232,367,297
Less: Non operating expenses         189,118,721       555,007       90,969,502

Total                             22,337,876,414    65,555,030   19,655,946,857
Less: Depreciation expenses       10,715,670,777    31,447,310    7,659,423,484
Less: Absorbed in operating       
      expenses                    10,648,338,818    31,249,710    7,657,785,733

Income of the period before tax   22,270,544,455    65,357,431   19,654,309,106
          


Notes:

1. The corporate income tax of the period is estimated at GRD 7.8 bln.
2. At the end of the period, the company employed 2,468 persons. 
3. The investment in fixed assets of the period 1.4.01 - 30.6.01 was GRD 16.3   
   bln.
4. No mortgages exist on the company's fixed assets.
5. The condensed consolidated financial statements include the following        
   subsidiaries:
   PANAFON SERVICES SA, TETOMA SA, IDEAL TELECOM SA, E-MOTION SA, (full         
   consolidation) and NEXTNET SA, MOBITEL SA, PAPISTAS SA, STELLAKOS SA (equity 
   method).
6. These condensed consolidated financial statements include Unifon SA (ex-     
   associate) which merged through absorption by Panafon SA. As a result, the   
   financial statements of the period April - Jun 01 are not comparable to the  
   corresponding period of last year.


                            Marousi, 2 August 2001
MANAGING DIRECTOR          CHIEF FINANCIAL OFFICER          ACCOUNTING MANAGER
 GEORGE KORONIAS            CHARALAMBOS MAZARAKIS            DIMITRIS TSOPELAS  





              PANAFON HELLENIC TELECOMMUNICATIONS COMPANY S.A. 
               CONDENSED BALANCE SHEET AS OF 30th JUNE 2001 

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

    ASSETS                     30/06/2001 in Grd    EURO      30/06/2000 in Grd

B.  PRE-ESTABLISHMENT EXPENSES     3,966,514,072    11,640,540    1,272,927,245
    Less Acc. Amortization         2,565,944,744     7,530,285      890,379,825
                                   1,400,569,328     4,110,255      382,547,420

C.  FIXED ASSETS
I.  Intangible Assets             55,394,776,421   162,567,209   46,618,830,700 
    Less Acc. Amortization        20,736,852,377    60,856,500   15,151,428,805
                                  34,657,924,044   101,710,709   27,467,401,895

II. Tangible Assets              300,542,387,333   882,002,604  225,350,559,276
    Less Acc. Depreciation        99,032,670,865   290,631,463   67,365,587,351
                                 201,509,716,468   591,371,142  157,984,971,925
Total Fixed Assets               250,508,728,074   735,168,681  201,928,893,133

III.Investments and other
    L.T. receivables              14,341,087,562    42,086,831   16,476,519,313

Total Fixed Assets               250,508,728,074   735,168,681  201,928,893,133

D.  CURRENT ASSETS
I.  Inventories                    5,745,909,190    16,862,536    2,934,241,619
II. Receivables                   66,931,860,012   196,425,121   53,894,093,901
III.Securities                     2,324,633,876     6,822,110                0
IV. Cash and cash equivalents      4,509,393,108    13,233,729      262,660,114

Total Current Assets              79,511,796,186   233,343,496   57,090,995,634

E.  PREPAYMENTS AND ACCRUED 
    REVENUES                      19,639,115,123    57,634,967   17,717,746,708

TOTAL ASSETS                     351,060,208,711 1,030,257,399  277,120,182,895

MEMO ACCOUNTS                     11,685,875,458    34,294,572   10,519,805,095



    LIABILITIES                30/06/2001 in Grd    EURO      30/06/2000 in Grd

A.  SHAREHOLDERS' EQUITY 
I.  Share capital                 59,020,966,758   173,209,000   51,250,000,000
IV. Legal, other reserves and 
    retained earnings             98,402,162,444   288,781,108   45,058,104,948
V.  Profit for the period 
    1.4.01-30.6.01 
    before taxes                  21,732,548,514    63,778,572   19,898,850,016
    less: Goodwill

Total shareholders' equity       179,155,677,716   525,768,680  116,206,954,964

B.  PROVISIONS FOR RISKS
    AND EXPENSES                   1,471,681,652     4,318,948    2,019,828,640

C.  LIABILITIES
II. Short term liabilities       157,753,707,227   462,960,256  145,024,281,423


D.  DEFERRED INCOME AND 
    ACCRUED EXPENSES              12,679,142,116    37,209,515   13,869,117,868

TOTAL LIABILITIES                351,060,208,711 1,030,257,399  277,120,182,895

MEMO ACCOUNTS                     11,685,875,458    34,294,572   10,519,805,095



PROFIT AND LOSS ACCOUNT OF THE PERIOD 1.4.01 - 30.6.01

                                  1.4.01-30.6.01    EURO         1.4.00-30.6.00 
                                          in Grd                         in Grd

Revenues                          79,985,255,530   234,732,958   65,377,443,949
Less: Cost of sales               37,455,855,393   109,921,806   25,965,206,637

Gross profit                      42,529,400,137   124,811,152   39,412,237,312
Plus: Other operating revenues       249,921,507       733,445      184,110,716

Total                             42,779,321,644   125,544,598   39,596,348,028
Less: Administrative expenses      5,715,908,432    16,774,493    4,017,246,393
      Selling expenses            14,224,727,321    41,745,348   15,743,028,743

Sub total                         22,838,685,891    67,024,757   19,836,072,892
Less: Financial result               936,064,217     2,747,070    1,287,128,671

Operating income                  21,902,621,674    64,277,686   18,548,944,221
Plus: Non operating revenues          48,271,660       141,663    1,424,576,666
Less: Non operating expenses         151,012,861       443,178       74,670,871

Total                             21,799,880,473    63,976,172   19,898,850,016
Less: Depreciation expenses        9,770,990,952    28,674,955    7,448,022,522
Less: Absorbed in operating       
      expenses                     9,703,658,993    28,477,356    7,448,022,522

Income of the period before tax   21,732,548,514    63,778,572   19,898,850,016
          


Notes:

1. The corporate income tax of the period is estimated at GRD 7.5 bln.
2. At the end of the period, the company employed 1,669 persons. 
3. The investment in fixed assets of the period 1.4.01 - 30.6.01 was GRD 15,3   
   bln.
4. No mortgages exist on the company's fixed assets.
5. These condensed financial statements include Panafon Emporiki (ex-subsidiary)
   and Unifon (ex-associate) which merged through absorption by Panafon.

   As a result, the financial statements of the period Apr-Jun 01 are not       
   comparable to the corresponding period of last year. The transactions        
   incurred between Panafon SA and the two merged companies (Unifon SA, Panafon 
   Emporiki SA) from 1.4.01 and up to the approval date of the merger (11.5.01  
   for Unifon SA and 18.05.01 for Panafon Emporiki) have been eliminated.
6. Revenues are analyzed to the following categories:
   a) 642.0 Telecommunications GRD 72,679,443,972 
   b) 525.1 PC retail and other equipment GRD 7,287,870,318 
   c) 526.3 Other retail sales GRD 17,941,240


                            Marousi, 2 August 2001
MANAGING DIRECTOR          CHIEF FINANCIAL OFFICER          ACCOUNTING MANAGER
 GEORGE KORONIAS            CHARALAMBOS MAZARAKIS            DIMITRIS TSOPELAS




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