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Vodafone-Panafon (VPHD)

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Thursday 28 August, 2003

Vodafone-Panafon

Q1 Results - Greek GAAP

Vodafone-Panafon Hellenic Tel Co SA
28 August 2003





28 August 2003


              Financial Results for the quarter (April-June 2003)
                                  (See note 1)
                                        
                    AMOU quarter on quarter increased by 15%
                                        
                    ARPU quarter on quarter increased by 5%
                                        
                                Revenues: +21.9%
                                        
                                 EBITDA: +12.6%
                                        
                                        
     (Unaudited financial results according to the Greek Generally Accepted
                             Accounting Principles)


Vodafone-Panafon announces a significant increase in usage, revenues and EBITDA
for the quarter ended 30 June 2003.

Specifically for the quarter (April - June 2003), usage increased by 14 minutes
to 108 minutes compared to the previous quarter (January - March 2003) while
ARPU increased by 5% to €29.84 compared to the previous quarter.

For comparative purposes, the results outlined below compare the period under
review with the consolidated financial results of the previous comparative
period (April- June 2002). (See note 2)

Revenues for the quarter under review increased by 21.9% to €347.9 million
compared to the same period last year.

EBITDA reached €129.1 million compared to the same period last year, an increase
of 12.6%. EBITDA margin was 37.1% or 3 percentage points lower than the previous
comparative period, due to the introduction of mobile to mobile (M2M)
termination charges. Excluding the M2M effect, EBITDA increased by 13.4% while
the EBITDA margin was maintained at the same levels of 42%.

Earnings before tax (EBT) increased by 19% to €70.4 million, reflecting the
reduction in financial expenses.

Vodafone-Panafon's CFO, Mr. Babis Mazarakis, commenting on the first quarter
results stated:

'The financial results of the first quarter constitute a clear example of both
the Company's dynamics and the successful strategic choices that we have made.
The positive trends that we have seen in the last quarters have been maintained
and continue to produce strong results for the Company. We believe that our
commitment to Vodafone Group's four values, including 'Passion for results' is
exemplified in these figures and it is because of this commitment that we are
able to continue to offer value to our shareholders, customers and employees
alike.'


Notes:

1.  Vodafone - Panafon S.A financial year: April - March

2.  The company did not compose consolidated financial statements due to the
    merger of its subsidiaries: Panafon Services S.A, Ideal Telecom S.A and 
    Vizzavi (Hellas) S.A

    In the financials for the period under review we have consolidated all
    subsidiaries stated above, so the figures published in the Greek press are
    not directly comparable.

                                    - Ends -


For further information, contact:

Maria Kaini Investor Relations Officer Tel: +30 210 6160692
[email protected] , website www.Vodafone.gr

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

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







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