Merko Ehitus                  INCOME STATEMENT                  02/28/2002



INTERIM INCOME STATEMENT 01.01.-31.12.01



consolidated, unaudited

in thousand of kroons/euros



                                              EEK                   EUR

                                         2001       2000       2001       2000



Sales                               1 358 419  1 420 469     86 819     90 784

Cost of sales                       1 231 517  1 319 713     78 708     84 345

GROSS PROFIT                          126 902    100 756      8 110      6 439

Marketing expenses                     11 989      9 875        766        631

Administrative expenses                37 739     27 428      2 412      1 753

Other operating income                  7 649      7 868        489        503

Other operating expenses                2 822      5 407        180        346

OPERATING PROFIT                       82 001     65 914      5 241      4 213

Financial income from stocks of

Associated companies	                3 975      1 001        254         64

   incl. Equity method gains            3 975      1 001        254         64

Financial income from other non-current 

financial investments                              1 051                    67

Foreign exchange gain                   6 465      3 815        413        244

Other interest and similar income       6 581      3 917        421        250

           TOTAL FINANCIAL INCOME      17 021      9 784      1 088        625

Financial expenses related to 

associated companies                    1 342      1 064         86         68

   incl. Equity method gains            1 342      1 057         86         68

Interest expense                          103        716          7         46

Foreign exchange loss                   6 559      3 829        419        245

Value adjustment to current and 

Non-current financial assets                0        100          0          6

Other financial expenses                   17        447          1         29

         TOTAL FINANCIAL EXPENSES       8 021      6 156        513        393

PROFIT (-LOSS) FROM NORMAL OPERATIONS  91 001     69 542      5 816      4 445



Profit (-loss) before taxes            91 001     69 542      5 816      4 445

Income tax                                734      1 341         47         86

Deferred income tax                      -301        442        -19         28

NET PROFIT (-LOSS) FOR THE FINANCIAL 

YEAR                                   90 568     67 759      5 788      4 331

Incl. minority interest                 2 256      1 164        144         74

NET PROFIT (-LOSS) FOR THE GROUP       88 312     66 595      5 644      4 256





Ülo Metsaots

Financial Director

6 105 110