Eesti Telekom                 INCOME STATEMENT                  03/07/2002



AUDITED INCOME STATEMENT 2001



Financial statements are prepared in thousands of kroons (EEK)



                                    CONSOLIDATED

                                     2001        2000

                                             restated

Revenue                                     

Net sales                       4,154,438   3,930,154

Change in work-in-                    529        (492)

progress

Capitalized self-                  87,112           -

constructed assets

Other revenue                      42,461      43,830

Total revenue                   4,284,540   3,973,492

Operating expenses                          

Materials, consumables,        (1,290,730)   (931,909)

supplies and services

Other operating                  (494,962)   (442,935)

expenses

Personnel expenses               (534,754)   (484,444)

Other expenses                    (33,118)    (36,160)

Total expenses                 (2,353,564) (1,895,448)

Profit from operations          1,930,976   2,078,044

before depreciation

Depreciation and               (1,135,661)   (969,305)

amortisation

Profit from operations            795,315   1,108,739

Income (+) / expenses (-           26,828        (310)

) from subsidiaries and

associates

Other net financing               (11,719)    (11,854)

items

Profit before tax                 810,424   1,096,575

Income tax on dividends           (30,932)    (54,349)

expense

Profit after tax                  779,492   1,042,226

Minority interest                    (557)     (5,615)

Net profit from                   778,935   1,036,611

ordinary activities

Extraordinary item                      -      85,197

Net profit for the                778,935   1,121,808

period

Earnings per share                         

 Basic earnings per                  5.67        8.17

share (in kroons)

 Diluted earnings per                5.67        8.17

share (in kroons)





In thousands of euros (EUR)

                                     CONSOLIDATED

                                     2001       2000

Revenue                                     

Net sales                         265,516    251,182

Change in work-in-progress             34        (31)

Capitalized self-                   5,568          -

constructed assets

Other revenue                       2,714      2,801

Total revenue                     273,832    253,952

Operating expenses                          

Materials, consumables,           (82,492)   (59,559)

supplies and services

Other operating expenses          (31,634)   (28,308)

Personnel expenses                (34,177)   (30,962)

Other expenses                     (2,117)    (2,311)

Total expenses                   (150,420)  (121,140)

Profit from operations            123,412    132,812

before depreciation

Depreciation and                  (72,582)   (61,950)

amortisation

Profit from operations             50,830     70,862

Income (+) / expenses (-)           1,715        (20)

from subsidiaries and associates

Other net financing items            (749)      (758)

Profit before tax                  51,796     70,084

Income tax on dividends            (1,977)    (3,474)

expense

Profit after tax                   49,819     66,610

Minority interest                     (36)      (359)

Net profit from ordinary           49,783     66,251

activities

Extraordinary item                      -      5,445

Net profit for the period          49,783     71,696

Earnings per share                         

 Basic earnings per share            0.36       0.52

(in euros)

 Diluted earnings per                0.36       0.52

share (in euros)





Hille Võrk

Financial manager

+372 6 272 460