AS MERKO EHITUS

INCOME STATEMENT

01.01.-31.12.98

 

Consolidated, audited

in thousand EEK

                                                                                       SCHEME 1

 

                                                                           GROUP                  AS MERKO EHITUS

                                                                    1998           1997           1998           1997

 

Net sales                                                        843 156        526 495        783 192        424 465

Change in work-in-progress inventories                             2 046         10 998        -11 398         10 345

Capitalized self-constructed assets                               56 819              0          9 952              0

Other commercial revenues                                         12 568          8 962          6 354          7 944

                                TOTAL COMMERCIAL REVENUES        914 589        546 455        788 100        442 754

 

Raw materials, goods and services                                693 750        403 433        624 556        328 682

Other operating expenses                                          97 367         61 796         92 423         45 450

Personnel expenses                                                63 273         39 102         41 805         31 053

         incl. salary-related expenses                            47 564         29 395         31 432         23 345

               social taxes                                       15 709          9 707         10 373          7 708

Depreciation                                                       9 475          3 385          3 350          2 451

incl. Depreciation and value adjustments on non-current assets     6 728          3 385          3 350          2 451

      Value adjustments on current assets                          2 747              0              0              0

Other expenses                                                     3 283          1 125          2 684            874

                                 TOTAL COMMERCIAL EXPENSES       867 148        508 841        764 818        408 510

COMMERCIAL PROFIT                                                 47 441         37 614         23 282         34 244

 

Income from subsidiaries                                             504            333         22 505          2 961

Income from affiliated enterprises                                   844             53          1 002             53

Financial revenues from other long-term financial investments        864              0              0              0

Profit from exchange differences                                     112             22             19             20

Other interest and financial revenues                              4 281          3 139          4 401          2 781

                                 TOTAL FINANCIAL REVENUES          6 605          3 547         27 927          5 815

 

Financial expenses related to subsidiaries                           197              0            523            127

Financial expenses related to affiliated enterprises               3 837            443          3 815            443

Interest expenses                                                  1 510            400            524            353

Loss from exchange differences                                       144              0             52              0

Other financial expenses                                           7 586          5 329          7 517          5 318

                                 TOTAL FINANCIAL EXPENSES         13 274          6 172         12 431          6 241

OPERATING PROFIT                                                  40 772         34 989         38 778         33 818

 

Extraordinary income                                                  19             30              0             30

 

Profit before income tax                                          40 753         34 959         38 778         33 788

Income tax                                                         1 338          7 573            216          6 638

Deferred income tax                                                1 023          1 312             79          1 175

NET PROFIT FOR THE YEAR                                           38 392         26 074         38 483         25 975

incl. minority interest                                              -91             99              0              0

     NET PROFIT FOR THE GROUP                                     38 483         25 975         38 483         25 975

 

 

INCOME STATEMENT TO OPERATING PROFIT                                                       SCHEME 2

Consolidated

 

Net sales                                                        843 156        526 495        783 192        424 465

Cost of merchandise sold                                         768 200        478 349        742 863        384 785

GROSS PROFIT                                                      74 956         48 146         40 329         39 680

 

Marketing expenses                                                 7 504          2 233          4 234          2 131

Administrative expenses                                           29 559         16 402         16 569         10 583

Other revenues                                                    12 568          8 963          6 355          7 944

Other expenses                                                     3 020            860          2 599            666

OPERATING PROFIT                                                  47 441         37 614         23 282         34 244