EESTI TELEKOM

REPORT



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 2000



Estonian Telecom Limited and Subsidiary Companies



Statements of changes in equity as at 31 December 2000



In thousands of kroons (EEK)

                                CONSOLIDATED

                                 2000       1999

Capital issued                         

1999 :  137,383,178                    

ordinary shares

par value EEK 10.00         1,373,832  1,373,832

per share, fully paid

1 preference share                     

par value EEK 1000.00               1          1

per share, fully paid

2000 :  137,383,178                    

ordinary shares

par value EEK 10.00                    

per share, fully paid

1 preference share                     

par value EEK 1000.00                  

per share, fully paid

                            1,373,833  1,373,833

Share premium                         

Opening balance               309,964      4,525

Premium on ordinary                 -    305,439

shares

Closing balance               309,964    309,964

                                       

Legal reserve                         

Opening balance                56,851     25,478

Amounts transferred            68,112     31,373

from accumulated

profits

Closing balance               124,963     56,851

                                       

Accumulated profits                   

Opening balance             1,279,120    821,731

Adjustments to opening        (54,322)   (28,743)

accumulated profits

Net profit for the          1,176,130    580,262

period

Amounts transferred to        (68,112)   (31,373)

legal reserve

Dividends paid               (549,543)   (62,757)

Closing balance             1,783,273  1,279,120





Hille Võrk

Financial Manager

+372 6 272 460