Strong revenue growth: +28.3%,
EBITDA: +18.9%
Earnings before taxes +12%
ARPU up year-on-year +9%
(According to the Greek Generally Accepted Accounting Principles)

Vodafone-Panafon announces strong financial results with improved ARPU and usage trends, for the nine month period ended 31 December 2002 (according to the Greek Generally Accepted Accounting Principles).
Revenues for the period under review reached euro 947.5 million compared to euro 738.4 million representing a 28.3% increase year on year. The increase excluding mobile-to-mobile termination revenues was 18%.
Gross blended ARPU for the same period reached euro 31.3, increasing by 9% year on year. Excluding the mobile-to-mobile termination revenue blended ARPU remained steady at euro 28.6. It is worth mentioning that blended ARPU in the last quarter (Oct-Dec 2002) increased 21% to euro 31.2 (versus Oct-Dec 2001) giving an actual 8% increase if the mobile-to-mobile effect is excluded.
Average minutes of use (AMOU) for the 9-month period was 97 minutes, representing a 22-minute or 30% increase compared to the 9 months ended 31 December 2001. Excluding the mobile-to-mobile effect, the actual increase in AMOU was 3 minutes.
EBITDA (earnings before interest, tax, depreciation and amortization) was euro 369.8 million; an 18.9% increase compared to euro310.9 million for the 9 months ended 31 December 2001. EBITDA margin reached 39% due to the mobile-to-mobile effect. Excluding this effect EBITDA margin was 42.1% for the 9-month ended December 2002 remaining at the same levels as the previous comparative 9-month period, while EBITDA in absolute terms increased by 17.9%.
Earnings before taxes increased to euro 209.8 million, up 12% from the previous comparative period.
Capex for the period was euro 116.4 million (12.3% of revenues).

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

Summary of Financial Results
April - December 2002 (Greek GAAP)
Consolidated Financial Statements

9m to 9m to Δ %

31 December 2002 31 December 2001

euro m euro m

Revenues
947.5 738.4 28.3%

Cost of Goods Sold
456.7 351.1 30.1%
Gross Profit
490.8 387.3 26.7%
Other revenues
5.6 15.8 -64.6%
Total Gross Margin
496.4 403.0 23.2%

Selling General & Administrative Expenses (SG&A)
248.5 196.8 26.3%
Operating Results
247.9 206.2 20.2%
Financial Results
24.3 17.4 39.6%
Other income
2.5 3.2 -22.3%
Other losses
13.1 2.4 441.3%
Total Depreciation & Amortization Expenses
135.8 106.2 27.9%
Depreciation absorbed in operating expenses
132.5 103.9 27.5%
Earnings before taxes
209.8 187.4 12.0%
Earnings before interest, tax, depreciation & amortization (EBITDA)
369.8 310.9 18.9%
EBITDA margin
39.0% 42.1%
Earnings before tax per outstanding share - euro-cents/share
38.6 35.2 9.7%
Weighted average number of outstanding shares
543,314,000 532,094,590 2.1%

Excluding M2M effect
Revenues less M2M interconnection
871.2 738.4 18.0%
EBITDA less M2M interconnection effect
366.5 310.9 17.9%
EBITDA margin without interconnection M2M
42.1% 42.1%