Attachment:

Consolidated balance sheet and income statement of ČESKÝ TELECOM under International Financial Reporting Standards. Consolidated financial statements are based on full consolidation of Eurotel.

All figures in CZK million.

BALANCE SHEET / 30.6.2005 / 31.12.2004

Fixed Assets

/ 116,663 / 123,874
- Property, plant and equipment / 92,710 / 98,835
- Intangible fixed assets / 10,533 / 11,617
- Goodwill / 13,320 / 13,320
- Available-for-sale and held-to-maturity investments / 89 / 90
- Investments / 11 / 12
Current Assets / 11,183 / 10,329
- Inventories / 596 / 843
- Receivables and prepayments / 9,551 / 8,811
- Cash and cash equivalents 1) / 1,036 / 675
Total Assets / 127,846 / 134,203
Total Equity / 92,789 / 90,199
Equity / 92,789 / 90,193
- Share capital / 32,209 / 32,209
- Reserves / 60,580 / 57,984
Minority interest / 0 / 6
Liabilities / 35,057 / 44,004
- Loans and overdrafts / 16,531 / 25,482
- Creditors / 8,730 / 9,523
- Provisions / 9,796 / 8,999
Total Equity and Liabilities / 127,846 / 134,203
INCOME STATEMENT / 30.6.2005 / 30.6.2004
Revenues / 30,019 / 31,143
Operating costs excl. depreciation and amortization / (16,531) / (15,965)
EBITDA / 13,488 / 15,178
Depreciation and amortization / (9,205) / (10,441)
EBIT / 4,283 / 4,737
Interest expense / (456) / (678)
Interest income / 20 / 49
Other financial charges / (37) / (139)
Net foreign exchange gains/(losses) 2) / 108 / 378
Profit/Loss Before Tax / 3,918 / 4,347
Income Tax / (1,362) / (1,018)
Group profit/loss before minority interest / 2,556 / 3,329
Minority interest / 1 / 2
Net Profit/Loss after Tax / 2,557 / 3,331

1) Including available-for-sale and held-to-maturity investments

2) Including fair-value gains/(losses) on financial instruments

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