STARMAN               FINANCIAL REPORT                  21.11.2005



CONSOLIDATED FINANCIAL STATEMENTS FOR 9 MONTHS OF 2005 – EEK



INCOME STATEMENT

(in thousands of kroons)



                                2005     2004      2005    2004

                            9 months 9 months       3rd     3rd

                                                quarter quarter

                                                             

Sales revenue                137,826  106,808    47,164  40,780

Other operating revenue        1,646    1,379       697     575

Goods, raw materials and     -44,497  -36,695   -15,467 -14,994

services

Other operating expenses     -23,240  -21,602     -7398   -9976

Personnel expenses           -22,316  -15,945     -7663   -5517

Depreciation, amortisation   -25,005  -20,978     -9035   -7834

and impairments

Other expenses                -2,550     -371       -73    -164

                                                           

Operating profit              21,864   12,597      8225    2871

                                                           

Net financial items           -3,799   -2,359    -1,159  -1,023

                                                           

Profit before income tax      18,064    9,321     7,066     931

                                                           

Income tax                         0     -917         0    -917

                                                           

Net profit for the            18,064    9,321     7,066     931

financial year

                                                           

Basic EPS (in EEK)              1.38     0.71      0.54    0.07

Diluted EPS (in EEK)            1.38     0.71      0.54    0.07





BALANCE SHEET

(in thousands of kroons)



                                  30.09.2005 31.12.2004

ASSETS                                                 

Current assets                                         

Cash and bank accounts                 7,944      9,315

Trading securities                         0      3,214

Accounts receivable                    8,124      8,072

Other short-term receivables           2,377      1,661

Inventories                           13,945      8,993

Total current assets                  32,390     31,255

Non-current assets                                     

Other financial assets                   288        313

Property, plant and equipment        261,200    233,503

Intangible assets                        440        320

Total non-current assets             261,928    234,136

TOTAL ASSETS                         294,318    265,391

LIABILITIES AND OWNER’S EQUITY                         

Liabilities                                            

Current liabilities                                    

Borrowings                             3,715     10,865

Prepayments                            4,772      3,892

Accounts payable                      17,869     10,193

Other short-term payables                  0      6,500

Taxes payable                          3,739      3,187

Accrued expenses                       6,341      5,431

Total current liabilities             36,436     40,068

Non-current liabilities                                

Long-term borrowings                 103,206     88,709

Total non-current liabilities        103,206     88,709

Total liabilities                    139,641    128,777

Owner’s equity                                         

Share capital                        130,536     43,512

Share premium                              0     68,455

Reserves                               1,465        719

Retained earnings/loss                 4,613      9,001

Profit for the financial year         18,064     14,927

Total owner’s equity                 154,677    136,614

TOTAL LIABILITIES AND OWNER’S        294,318    265,391

EQUITY





Rändy Hütsi

Member of the Management Board

+372 677 9977



Additional  information: 

AS Starman consolidated  interim report for 9 months of the year 2005