EESTI TELEKOM

INCOME STATEMENT



AUDITED INCOME STATEMENT OF AS EESTI TELEFON 1999



ESTONIAN TELEPHONE COMPANY                                 

IAS, audited                                               

EEK thous.                                                 

                                         Group               Parent Company

                                       1999        1998        1999        1998

Revenues                                                               

Net sales                         2,444,858   2,155,293   2,404,577   2,127,139

Change in work-in-progress             -994        -498        -994        -498

Other revenues                       12,844      10,734      12,776      10,734

Total revenues                    2,456,708   2,165,529   2,416,359   2,137,375

                                                                       

Operating expenses                                                     

Materials, consumables,             704,519     648,852     697,767     648,852

supplies and services

Other operating expenses            284,702     239,557     272,551     229,516

Personnel expenses                  389,765     352,734     377,575     342,439

Other expenses                       23,456      20,254      23,201      20,177

Total operating expenses          1,402,442   1,261,397   1,371,094   1,240,984

Earnings before depreciation      1,054,266     904,132   1,045,265     896,391

                                                                       

Depreciation and value              656,455     554,302     654,077     551,450

adjustments of current assets

Operating profit                    397,811     349,830     391,188     344,941

                                                                       

Income from subsidiaries and            648         448       2,910       2,853

associated companies

Net financing costs                 -81,010     -89,900     -81,123     -89,465

                                                                       

Profit before taxes                 317,449     260,378     312,975     258,329

                                                                       

Income tax: expense (-) /           -90,284       4,461     -87,410       4,907

income (+)

Profit after taxes                  227,165     264,839     225,565     263,236

                                                                       

Minority interest                     1,600       1,603           0           0

Net profit from ordinary            225,565     263,236     225,565     263,236

activities

                                                                       

Extraordinary item                   85,197                  85,197 

Net profit for the period           140,368     263,236     140,368     263,236





Raul Kalev

PR-manager

+372 6460 220