ADD to BW2098, HELLENIC-TELECOMMUNICATIONS.Business Editors ATHENS Athens, city, Greece Athens (ăth`ĭnz), Gr. Athínai, city (1991 pop. 2,907,179; 1991 urban agglomeration pop. 3,072,922), capital of Greece, E central Greece, on the plain of Attica, between the Kifisós and , Greece--(BUSINESS WIRE)--Aug. 30, 2001 ADD to BW2098, (HELLENIC-TELECOMMUNICATIONS) OTE OTE Chiefly Brit (esp. in job adverts) on target earnings: the minimum amount of money a salesman is expected to make OTE abbr (Comm) (= on-target earnings) → Einkommensziel nt Announces Results For the Six Months Ended June June: see month. 30, 2001 Under US G.A.A.P., the following financial data should follow the forward-looking statement forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Exhibits to follow: I. COSMOTE COSMOTE Cellular Operation System of Mobile Telecommunication Overview II. OTEnet OTEnet is a major internet service provider of Greece. OTEnet S.A. is an S.A. (corporation) providing Internet products and services. The major shareholder of OTEnet is OTE (94.58%). Overview III. Segment Information IV. International Assets V. Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. Consolidated Balance Sheets consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. as of June 30, 2001 and December December: see month. 31, 2000 (Under US GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ) VI. Condensed Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Statements of Operations for the six months and three months ended June 30, 2001 and 2000 (Under US GAAP) VII. Condensed Consolidated Statement of Cash Flows for the six months ended June 30, 2001 VIII.Operating Revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. for the six months and three months ended June 30, 2001 and 2000 (Under US GAAP) IX. COSMOTE's Consolidated Statements of Operations for the six months and three months ended June 30, 2001 and 2000 (Under US GAAP) X. Operating and financial ratios EXHIBIT I COSMOTE OVERVIEW COSMOTE reported continuing growth in its financial results for the first half 2001. Consolidated operating revenues for the period amounted to Euro 434.1 million, 65.3% higher than revenues in the first half 2000. Within a highly competitive market, COSMOTE achieved an extraordinary profitability increase of 221% compared to the first half of 2000, posting an EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become margin of 43.1%, nearly double the level of first half 2000 (22.2%). On June 30, 2001, COSMOTE had 2,518,553 customers, of which 1,385,777 were contract-based subscribers and 1,132,776 pre-paid card users, with a total customer base profile 55%/45%, contract to pre-paid. Based on company announcements and projections from "Mobile Communications" journal, this represented an overall market share of 36.6%. During the six months ended June 30, 2001, COSMOTE added 457,542 new customers (180,712 contract-based and 276,830 pre-paid, or 39.5%/60.5% for total net additions. COSMOTE has achieved market leadership in terms of net additions for the past eight consecutive quarters. Average monthly Minutes of Use (AMOU) per customer for the six months ended June 30, 2001, were 89 minutes. Average monthly Revenue per User (ARPU (Average Revenue Per User) A calculation often used to determine the overall value of an application. It is also used to rate particular customers, especially in the wireless space, by comparing someone's account to the overall average. ) for the same period was approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. Euro30, as compared to Euro36 for the six months ended June 30, 2000. The overall reduction in ARPU, compared to last year mainly reflects the reduction in tariffs This is a list of tariffs and trade legislation:
In addition, the blended blend v. blend·ed or blent , blend·ing, blends v.tr. 1. To combine or mix so that the constituent parts are indistinguishable from one another: average monthly number of SMS (1) (Storage Management System) Software used to routinely back up and archive files. See HSM. (2) (Systems Management Server) Systems management software from Microsoft that runs on Windows NT Server. per customer reached 40, significantly higher than 33 in the same period last year. AMC (Advanced Mezzanine Card) See AdvancedTCA. At the end of June 2001, AMC, COSMOTE's 85% owned subsidiary in Albania Albania (ălbā`nyə), Albanian Shqipëria or Shqipnija, officially Republic of Albania, republic (2005 est. pop. 3,563,000), 11,101 sq mi (28,752 sq km), SE Europe. , had approximately 133,980 customers, representing an impressive 70% increase compared to the first quarter of the same year. Of these, 22,291 are contract customers and 111,689 (83.4%) are prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. customers that have no bad debt and high margins. This growth was
delivered whilst maintaining an outstanding EBITDA margin of 69.8% in
the first half 2001.COSMOTE's summary consolidated financial figures are stated below:
COSMOTE S.A.
CONSOLIDATED STATEMENTS OF OPERATIONS
Six months and three months ended
June 30, 2001 and 2000, in
accordance with US GAAP (In
Euro Millions, except for
share data)
Description 2Q 01 2Q 00 % Change
------------------------ ------ ----- -------------
Operating Revenues 228.0 137.0 66.4
------------------------ ------ ----- -------------
EBITDA 100.9 17.4 479.9
------------------------ ------ ----- -------------
EBITDA Margin 44.3% 12.7% 31.6pp
------------------------ ------ ----- -------------
Income Before Taxes 73.5 0.6 12,150.0
------------------------ ------ ----- -------------
Net Income 44.6 (0.4) NM
------------------------ ------ ----- -------------
Net Income Margin 19.6% (0.3)% 19.9pp
------------------------ ------ ----- -------------
Earnings per share 0.14 -- NM
------------------------ ------ ----- -------------
------------------------ -------- ------ ------
Description 1H 01 1H 00 % Change
------------------------ -------- ------ ------
Operating Revenues 434.1 262.6 65.3
------------------------ ------ ------ -----
EBITDA 187.2 58.4 220.7
------------------------ ------ ------ -----
EBITDA Margin 43.1% 22.2% 20.9pp
------------------------ ------ ------ -----
Income Before Taxes 135.2 23.9 466.6
------------------------ ------ ------ -----
Net Income 81.5 12.0 582.1
------------------------ ------ ------ -----
Net Income Margin 18.8% 4.6% 14.2pp
------------------------ ------ ------ -----
Earnings per share 0.25 0.04 546.0
------------------------ ------ ------ -----
EXHIBIT II
----------------------------------------------------------------------
OTENET OVERVIEW
OTEnet is an 80%-owned OTE subsidiary that operates in the
Internet business, offering IP-based telecom solutions as well as
e-business and content services.
On June 30, 2001, OTEnet had approximately 122,000 active dial-up
users compared to 108,521 as of March 31, 2001, a quarterly increase
of 12.4%. OTEnet permanent connections reached 660 on June 30, 2001,
compared to 641 on March 31, 2001, a 3% increase. Finally, on June 30,
2001, OTEnet hosted 1,340 active web sites, compared to 950 on March
31, 2001, representing 41% quarterly increase.
These improvements in the company's operational performance
resulted in a 108.2% rise in Operating Revenues in the first half of
2001 as compared to the same period last year. Profitability has
improved compared to the first quarter of the year as a result of more
efficient utilization of the company's infrastructure.
OTEnet's financial results for the first half of 2001 are detailed
in the following table:
OTEnet S.A.
STATEMENTS OF OPERATIONS
[pilcrow (paragraph sign)] Six-months and three months
ended June 30, 2001
and 2000, in
accordance with US
GAAP (In Euro
Millions)
----------------------------------------------------------------------
Description 2Q 01 2Q 00 1H 01 1H 00
----------------------------------------------------------------------
Operating Revenues 7.4 3.4 15.2 7.3
----------------------------------------------------------------------
EBITDA 1.2 (0.4) (0.3) (0.5)
----------------------------------------------------------------------
Operating Profit /(Loss) 0.6 0.2 (1.8) (0.4)
----------------------------------------------------------------------
Income/(Loss) Before Taxes 0.7 0.5 (1.3) (0.2)
----------------------------------------------------------------------
Net Income/(Loss) 0.8 0.3 (0.8) (0.1)
----------------------------------------------------------------------
EXHIBIT III
SEGMENT INFORMATION
OTE is reporting segment information based on the company's legal
structure.
Segment Information for the six months ended June 30, 2001
---------------------------- ----------------------------------------
OTE COSMOTE All Other
Revenues from external 1,552.7 314.2 89.1
customers
Intersegment revenues 117.7 119.9 13.1
Total revenues 1,670.4 434.1 102.3
Depreciation & Amortisation (212.3) (47.9) (14.2)
Segment Operating profit 417.7 139.4 6.1
Segment EBITDA 630.0 187.3 20.2
EBITDA margin (%) 37.7% 43.1% 19.8%
Total Adjustments Consolidated
&
Eliminations
Revenues from external 1,956.0 1,956.0
customers
Intersegment revenues 250.8 (250.8) 0.0
Total revenues 2,206.8 (250.8) 1,956.0
Depreciation & Amortisation (274.3) 0.1 (274.2)
Segment Operating profit 563.2 0.0 563.2
Segment EBITDA 837.5 (0.1) 837.4
EBITDA margin (%) 38.0% 42.8%
The parent company OTE for the first half 2001 had an EBITDA margin of
37.7% as compared with 34.9% for full year 2000. Both periods had
significant costs included associated with the relevant voluntary
retirement schemes. Excluding the cost of such schemes, EBITDA margin
for parent company OTE for the first half 2001 is 40.5% as compared
with 38.4% for full year 2000. COSMOTE's EBITDA for the first half
2001 represented 22.4% of Group EBITDA, an increase from 13.5% for
full year 2000.
EXHIBIT IV
INTERNATIONAL ASSETS
TELECOM SERBIA
OTE has a 20% equity investment in Telecom Serbia that is
accounted for under the equity method. Operating revenues during the
first half of 2001 increased by 13.4% compared to the same period last
year, with EBITDA reducing by 16.2%. Net Debt was significantly
decreased as a result of the lifting of the embargo and, therefore,
significant collection of outstanding receivables from International
operators.
Telecom Serbia's key financial figures are stated below:
TELECOM SERBIA
STATEMENTS OF OPERATIONS
Six months ended June 30, 2001 and 2000, in accordance with I.A.S.
(In Euro Millions)
% %
Description 2Q 01 2Q 00 change 1H 01 1H 00 change
----------------------------------------------------------------------
Operating Revenues 90.8 83.2 9.1 160.3 141.4 13.4
----------------------------------------------------------------------
EBITDA 31.0 34.8 (10.9) 50.8 60.6 (16.2)
----------------------------------------------------------------------
EBITDA Margin 34.1% 41.8% (7.7)pp 31.7% 42.9% (11.2)pp
----------------------------------------------------------------------
EBIT 3.5 12.4 (71.8) (0.3) 19.9 NM
----------------------------------------------------------------------
Net Income/(loss) 7.1 11.2 (36.6) 3.5 17.9 (80.4)
----------------------------------------------------------------------
Net Income/
(loss) Margin 7.8% 13.5% (5.7)pp 2.2% 12.7% (10.5)pp
----------------------------------------------------------------------
Increase/(Decrease)
in Gross PP&E 31.4
----------------------------------------------------------------------
30.06.01 31.12.00
Net Financial Debt 88.5 150.2 (41.1)
----------------------------------------------------------------------
The above data are based on Telecom Serbia's financial statements
prepared in accordance with International Accounting Standards. All
amounts denominated in the Serbian local currency, Dinar, have been
translated into Euro using the official exchange rates provided by the
National Bank of Yugoslavia as at June 30, 2001.
ARMENTEL
OTE has a 90% stake in ArmenTel that is accounted for under a
fully consolidated basis.
ArmenTel's Operating Revenues for the six months ended June 30,
2001, amounted to Euro34.3 million, while Net Income amounted to
Euro3.3 million, an increase of 24.6% and a decrease of 31.7%,
respectively, as compared to the same period last year. The main
reason for the revenue growth is revenues from mobile telephony that
have almost doubled in the first half 2001 compared to the same period
last year.
ArmenTel's key financial figures are stated below:
ARMENTEL STATEMENTS OF OPERATIONS
Six months ended June 30, 2001 and 2000,
in accordance with US GAAP (In Euro Millions)
----------------------------------------------------------------
Description 2Q 01 2Q 00 %change 1H 01 1H 00 %change
----------------------------------------------------------------------
Operating Revenues 17.6 12.3 43.1 34.3 27.5 24.7
----------------------------------------------------------------------
EBITDA 7.0 5.5 27.3 14.4 13.1 10.0
---------------------------------------------------------------------
EBITDA Margin 39.8% 44.7% (4.9)pp 42.0% 47.6% (5.6)pp
----------------------------------------------------------------------
EBIT 2.8 3.4 (17.6) 6.5 7.5 (13.3)
----------------------------------------------------------------------
Net Income 1.2 1.1 9.1 3.3 4.9 (32.7)
----------------------------------------------------------------------
Net Income Margin 6.8% 8.9% (2.1)pp 9.6% 17.8% (8.2)pp
----------------------------------------------------------------------
Increase/(Decrease)
in Gross PP&E 6.0
----------------------------------------------------------------------
30.06.01 31.12.00
----------------------------------------------------------------------
Net Financial Debt 96.7 89.6 7.9
----------------------------------------------------------------------
ROMTELECOM
OTE has a 35% stake in RomTelecom that is accounted for under the
equity method.
RomTelecom's Operating Revenues for the six months ended June 30,
2001, amounted to Euro470.0 million representing a growth of 6.9% as
compared to the same period last year. RomTelecom's key financial
figures are stated below:
ROMTELECOM
CONSOLIDATED STATEMENTS OF OPERATIONS
Six months ended June 30, 2001 and 2000,
in accordance with US GAAP
(In Euro Millions)
----------------------------------------------------------------------
Description 2Q 01 2Q 00 % change 1H 01 1H 00 % change
Operating Revenues 239.9 228.6 4.9 470.0 439.6 6.9
-------------------------------------------------------------------
EBITDA 38.2 71.5 (46.6) 109.6 146.8 (25.3)
---------------------------------------------------------------------
EBITDA Margin 15.9% 31.3% (15.4)pp 23.3% 33.4% (10.1)pp
---------------------------------------------------------------------
EBIT (2.9) 38.5 NM 36.9 81.1 (54.5)
---------------------------------------------------------------------
Net Income / (Loss) (18.7) (4.6) 306.5 (14.7) 7.9 NM
---------------------------------------------------------------------
Net Income/(Loss)
Margin (7.8)% (2.0)% (5.8)pp (3.1)% 1.8% (4.9)pp
---------------------------------------------------------------------
Increase/(Decrease)
in Gross PP&E 250.9
------------------------------------------------------ ---------------
30.06.01 31.12.00
------------------------------------------------------ ---------------
Net Financial Debt 489.1 383.7 27.5
RomTelecom displayed negative Net Income in the first half 2001,
the main reason being the financial impact of its start-up DCS 1800
mobile subsidiary, CosmoRom, that is consolidated. The key financial
figures for RomTelecom and CosmoRom on a stand-alone basis are shown
in the table below:
ROMTELECOM & COSMOROM STANDALONE
STATEMENTS OF OPERATIONS
Six months ended June 30, 2001,
in accordance with US
GAAP (In Euro Millions)
---------------------------------------------------------------------
Description RomTelecom CosmoRom
---------------------------------------------------------------------
---------------------------------------------------------------------
Operating Revenues 469.5 6.9
---------------------------------------------------------------------
---------------------------------------------------------------------
Operating Expenses (408.8) (30.8)
---------------------------------------------------------------------
---------------------------------------------------------------------
Operating Profit 60.7 (23.9)
---------------------------------------------------------------------
---------------------------------------------------------------------
Operating margin 12.9% NM
---------------------------------------------------------------------
---------------------------------------------------------------------
Financial costs & other (42.8) (3.6)
---------------------------------------------------------------------
---------------------------------------------------------------------
Income / (Loss) before taxes 17.9 (27.5)
---------------------------------------------------------------------
---------------------------------------------------------------------
Net Income / (Loss) 6.7 (21.4)
---------------------------------------------------------------------
EXHIBIT V
----------------------------------------------------------------------
HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A (OTE) AND SUBSIDIARIES
----------------------------------------------------------------------
Condensed Consolidated Balance Sheets
Prepared under U.S. GAAP
as of June 30, 2001 and December 31, 2000
(In Euro millions)
----------------------------------------------------------------------
CONSOLIDATED BALANCE SHEETS
----------------------------------------------------------------------
2001 2000
------- --------
Assets
------
Current Assets
Cash and cash equivalents 367.2 924.1
Accounts receivable 1,319.8 1,094.2
Materials and supplies 101.5 84.1
Deferred income taxes 7.5 13.2
Other current assets 275.6 262.9
---------- ---------
2,071.6 2,378.5
........ ........
Other assets
Investments 865.9 896.1
Deferred income taxes 0.0 0.0
Other long-term receivables 228.1 204.4
--------- --------
1,094.0 1,100.5
--------- --------
Telecommunication property,
Plant and equipment 6,899.4 6,270.1
Less:Accumulated
depreciation (2,518.0)(2,256.2)
--------- --------
4,381.4 4,013.9
Telecommunication
licenses, net of amortization 191.1 48.2
Goodwill resulting from
consolidated
subsidiaries, net of
amortization 136.3 140.8
7,874.4 7,681.9
======== ========
----------------------------------------------------------------------
CONSOLIDATED BALANCE SHEETS
----------------------------------------------------------------------
2001 2000
------ ------
Liabilities and Shareholders' Equity
----------------------------------
Current Liabilities
Short - term borrowings 10.5 7.5
Current maturities of
long-term debt 179.9 22.7
Accounts payable 510.4 591.9
Accrued and other liabilities 420.4 435.8
Income taxes payable 114.6 73.4
Dividends payable 210.8 6.1
1,446.6 1,137.4
Long-Term Liabilities
Long-term debt, net
of current maturities 2,119.1 2,258.2
Reserve for staff
retirement indemnities 264.3 272.6
---------- --------
Reserve for Youth Account 292.5 290.5
Deferred income taxes 51.3 45.0
Other long-term liabilities 89.1 45.8
----------- --------
2,816.3 2,912.1
Minority interests 210.8 169.6
Shareholders' Equity
Share capital 1,109.4 1,109.4
Paid-in surplus 590.2 590.2
Treasury stock (263.4) (259.2)
Legal reserve 209.0 209.0
Retained earnings 1,831.0 1,888.1
Foreign currency
translation (75.5) (74.7)
3,400.7 3,462.8
-------- --------
7,874.4 7,681.9
======== =========
========== =========
----------------------------------------------------------
Movement in Shareholders' equity
----------------------------------------------------------
2001
Shareholders' equity, January 1 3,462.8
Net Income for the period 295.3
Foreign currency translation (0.8)
Dividends declared (352.4)
Treasury stock (4.2)
-----------------
(62.1)
Shareholders' equity, June 30 3,400.7
-----------------
EXHIBIT VI
HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A. (OTE)
AND SUBSIDIARIES
Condensed Consolidated Statements
of Operations for the six months and three
months ended June 30, 2001 and 2000
Amounts in Euro millions
Prepared in accordance with US GAAP
% %
Q2 01 Q2 00 change 1H 01 1H 00 change
------------- --------------
------------- --------------
change
Operating Revenues:
Domestic Telephony 556.1 504.8 10.2 1,085.9 991.3 9.5
International
Telephony 91.1 106.6 (14.5) 180.8 209.2 (13.6)
Mobile telephony
services 160.4 87.1 84.2 299.4 157.0 90.7
Other 210.7 213.5 (1.3) 389.9 375.3 3.9
-------------- -----------------
-------------- -----------------
Total Operating
Revenues 1,018.3 912.0 11.7 1,956.0 1,732.8 12.9
============== =================
============== =================
Operating Expenses:
Payroll and
employee
benefits (198.0)(192.8) 2.7 (389.3) (368.8) 5.6
Voluntary
retirement costs (3.5) (6.5) (46.2) (46.6) (33.2) 40.4
Payments to
international
operators (58.1) (58.5) (0.7) (98.3) (107.5) (8.6)
Payments to mobile
telephony
operators (107.5)(121.7) (11.7) (207.9) (214.3) (3.0)
Depreciation and
amortization (137.7)(106.5) 29.3 (274.2) (208.9) 31.3
Other operating
expenses (206.0)(188.7) 9.2 (376.6) (310.9) 21.1
Total Operating
Expenses (710.8)(674.7) 5.4 (1,392.9)(1,243.6) 12.0
============== =================
============== =================
Operating Income 307.5 237.3 29.6 563.1 489.2 15.1
Other income /
(expense), net:
Financial, net (14.0) (26.0) (46.2) (24.6) (41.7) (41.0)
Write down of
investment 0.0 (3.7)(100.0) 0.0 (5.9)(100.0)
Other, net (6.3) 4.7 (234.0) (9.8) 3.0 (426.7)
-------------- -----------------
-------------- -----------------
Total Other income /
(expense), net (20.3) (25.0) (18.8) (34.4) (44.6) (22.9)
============== =================
============== =================
Income before provision
for income taxes 287.2 212.3 35.3 528.7 444.6 18.9
and minority
interests
============== =================
============== =================
Provision for
income taxes (121.2) (79.0) 53.4 (196.4) (161.7) 21.5
-------------- -----------------
-------------- -----------------
Income before
minority interests 166.0 133.3 24.5 332.3 282.9 17.5
Minority Interests (20.8) (0.1) 20,700.0 (37.0) (4.5) 722.2
-------------- -----------------
-------------- -----------------
Net Income 145.2 133.2 9.0 295.3 278.4 6.1
============== =================
============== =================
Net income per
share (Euro) 0.2957 0.2658 11.2 0.6012 0.5556 8.2
============== =================
============== =================
Weighted average
number of shares 491,139,749 501,065,189 491,163,083 501,065,189
outstanding
EXHIBIT VII
CASH FLOW INFORMATION
Condensed cash flows for the six months ended June 30, 2001, are
as follows:
Amounts in Euro million
Prepared in accordance with US GAAP
Cash and cash equivalents at beginning of year 924.1
---------------
---------------
Cash provided by Operating activities 346.4
Cash used in Investing activities (773.5)
Cash provided by Financing activities (129.8)
---------------
---------------
Net decrease in cash and cash equivalents (556.9)
---------------
---------------
Cash and cash equivalents at end of period 367.2
===============
A partial dividend payment to the Greek State for year 2000 of
Euro146.7 million is included under Financing activities. Total
investing activities of Euro773.5 million are analyzed as follows:
Euro million
Capital Expenditure 629.3
GSM license in Bulgaria 144.2
---------------
---------------
773.5
===============
Capital Expenditure primarily consists of local fixed line
investment towards further digitalisation as well as broadband network
development as well as COSMOTE's network development (Euro152.5
million).
EXHIBIT VIII
HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A. (OTE)
AND SUBSIDIARIES
Operating Revenues
for the six months ended June 30, 2001 and 2000
Amounts in
Euro millions
Prepared in accordance
with US GAAP % %
Q2 01 Q2 00 change 1H 01 1H 00 change
-------------- -----------------
-------------- -----------------
Domestic Telephony:
Basic monthly rentals 134.6 111.9 20.3 257.7 223.5 15.3
Local and long
distance calls
-Fixed to fixed 251.2 239.1 5.1 498.7 472.8 5.5
-Fixed to mobile 155.8 140.2 11.1 300.1 270.0 11.1
-------------- -----------------
-------------- -----------------
407.0 379.3 7.3 798.8 742.8 7.5
============== =================
============== =================
Other 14.5 13.6 6.6 29.4 25.0 17.6
-------------- -----------------
-------------- -----------------
Total Domestic
Telephony 556.1 504.8 10.2 1,085.9 991.3 9.5
============== =================
============== =================
International
Telephony:
International traffic 49.3 55.7 (11.5) 97.5 112.7 (13.5)
Payments from mobile
operators 7.8 14.1 (44.7) 16.6 27.5 (39.6)
-------------- -----------------
-------------- -----------------
57.1 69.8 (18.2) 114.1 140.2 (18.6)
============== =================
============== =================
----------------------
Payments from
International
operators 34.0 36.8 (7.6) 66.7 69.0 (3.3)
-------------- -----------------
-------------- -----------------
Total International
Telephony 91.1 106.6 (14.5) 180.8 209.2 (13.6)
============== =================
============== =================
Mobile Telephony
Services: 160.4 87.1 84.2 299.4 157.0 90.7
============== =================
============== =================
Other Operating
Revenues:
Traditional Services:
Telecards 40.5 49.8 (18.7) 73.5 88.8 (17.2)
Directories 10.7 9.5 12.6 22.0 20.0 10.0
Radio communications 9.3 7.4 25.7 14.3 13.0 10.0
Audiotex 14.8 10.6 39.6 26.5 20.7 28.0
Telex and telegraphy 2.3 3.3 (30.3) 5.1 5.0 2.0
-------------- -----------------
-------------- -----------------
77.6 80.6 (3.7) 141.4 147.5 (4.1)
============== =================
============== =================
New Business:
Leased lines and data
communications 39.4 37.3 5.6 81.7 73.0 11.9
ISDN, connection &
monthly charges 11.7 7.8 50.0 22.9 14.5 57.9
Sales of
telecommunication
equipment 31.1 16.7 86.2 55.9 36.2 54.4
Internet services 5.0 3.8 31.6 10.3 8.3 24.1
ATM 3.5 3.5 0.0 7.0 3.5 100.0
------- ------ --------- -------
------- ------ --------- -------
90.7 69.1 31.3 177.8 135.5 31.2
======= ====== ========= =======
======= ====== ========= =======
Other :
Services rendered 24.9 21.6 15.3 33.8 32.6 3.7
State's participation
in universal
services 0.0 8.0(100.0) 0.0 16.1 (100.0)
Interconnection
charges 16.3 33.6 (51.5) 30.1 40.4 (25.5)
Miscellaneous 1.2 0.6 100.0 6.8 3.2 112.5
------- ------ --------- -------
------- ------ --------- -------
42.4 63.8 (33.5) 70.7 92.3 (23.4)
============== =================
============== =================
Total Other Operating
Revenues 210.7 213.5 (1.3) 389.9 375.3 3.9
============== =================
============== =================
Total Operating
Revenues 1,018.3 912.0 11.7 1,956.0 1,732.8 12.9
============== =================
EXHIBIT IX
----------------------------------------------------------------------
COSMOTE MOBILE TELECOMMUNICATIONS S.A.
Consolidated Statements of Operations for the six
months ended June 30, 2001 and 2000
Amounts in Euro millions
Prepared in accordance with US GAAP
2Q 01 2Q 00 % change
---------------------------
---------------------------
OPERATING REVENUES:
Monthly service fees 35.0 21.5 62.3
Airtime revenues 155.3 92.0 68.9
Roaming revenues 3.2 (0.5) (727.7)
SMS revenues 24.8 13.1 90.0
Sales of handsets
and accessories 9.3 10.9 (14.9)
Other operating
revenues 0.4 -
---------------------------
---------------------------
TOTAL OPERATING
REVENUES 228.0 137.0 66.5
===========================
===========================
COST OF SALES & SERVICES
PROVIDED:
Interconnection 23.8 13.4 77.4
Cost of goods 9.4 13.4 (29.8)
Payroll 12.2 7.0 75.1
Network operating
costs 20.4 18.4 10.8
Distribution 38.1 54.4 (30.0)
Marketing 17.1 7.6 124.0
General &
administrative 0.5 3.1 (82.2)
Provision for
doubtful accounts 5.7 2.3 148.6
---------------------------
---------------------------
TOTAL OPERATING
EXPENSES 127.3 119.6 6.4
===========================
===========================
EBITDA 100.8 17.4 479.5
EBITDA margin 44.2% 12.7%
Depreciation 24.9 14.4 72.3
EBIT (operating income) 75.9 3.0 2472.9
Interest and other
financial 2.4 2.4 1.1
income/(expenses), net:
Income before provision
for income taxes 73.5 0.6 13092.3
Provision for income
taxes 27.1 1.0 2604.1
Income before minority
interests 46.3 (0.4) NM
Minority Interests 1.7 -
---------------------------
---------------------------
Net Income 44.6 (0.4) NM
===========================
===========================
Net Income margin 19.6% (0.3)%
Earnings per share (Euro) 0.14 0.00 NM
1H 01 1H 00 % change
---------------------------
---------------------------
OPERATING REVENUES:
Monthly service fees 68.7 45.6 50.4
Airtime revenues 285.6 169.8 68.2
Roaming revenues 8.6 3.1 180.4
SMS revenues 50.7 20.0 154
Sales of handsets
and accessories 20.0 24.1 (17.1)
Other operating
revenues 0.5 -
--------------------------
TOTAL OPERATING
REVENUES 434.1 262.6 65.3
==========================
COST OF SALES & SERVICES
PROVIDED:
Interconnection 44.1 24.1 82.9
Cost of goods 23.6 29.6 (20.2)
Payroll 22.1 11.9 86.2
Network operating
costs 37.7 28.2 33.7
Distribution 78.9 86.0 (8.3)
Marketing 21.0 10.7 95.6
General &
administrative 10.0 7.9 26.1
Provision for
doubtful accounts 9.6 5.8 66.0
--------------------------
--------------------------
TOTAL OPERATING
EXPENSES 247.0 204.2 20.9
==========================
EBITDA 187.2 58.4 220.6
EBITDA margin 43.1% 22.2%
Depreciation 47.8 25.0 90.8
EBIT (operating income) 139.4 33.4 318.0
Interest and other
financial 4.2 9.5 (55.6)
income/(expenses), net:
Income before provision
for income taxes 135.2 23.9 466.6
Provision for income
taxes 51.0 11.9 328.8
Income before minority
interests 84.1 12.0 603.9
Minority Interests 2.6 -
--------------------------
Net Income 81.5 12.0 582.1
==========================
Net Income margin 18.8% 4.6%
Earnings per share (Euro) 0.25 0.04 525.0
EXHIBIT X
OPERATING AND FINANCIAL RATIOS
June 30
Operating (1): 2001 2000 % change
----------------------------------------------------------------------
Number of PSTN lines
in service 5,658,360 5,569,674 1.6
----------------------------------------------------------------------
Number of ISDN, 64 Kb
equivalent lines 423,034 199,380 112.2
----------------------------------------------------------------------
Total number of
lines in service 6,081,394 5,769,054 5.4
----------------------------------------------------------------------
----------------------------------------------------------------------
Number of employees - OTE 19,141 20,144 (5.0)
----------------------------------------------------------------------
Subsidiaries 1,607 955 68.3
----------------------------------------------------------------------
Operating revenues per
Employee 94.3 82.1 14.9
(Euro thousands)
----------------------------------------------------------------------
Access lines in service
per Employee 317.7 286.4 10.9
----------------------------------------------------------------------
(1) The operating information and ratios exclude ArmenTel's data.
----------------------------------------------------------------------
Financial: 30.06.01 31.12.00 % change
----------------------------------------------------------------------
Current Ratio 1.43 2.10 (31.9)
----------------------------------------------------------------------
Net Leverage 36.4% 28.3% 8.1pp
(Net debt/Shareholders Equity+Net debt)
----------------------------------------------------------------------
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