RNS Number:1575I
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
ir@panafon.gr, 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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