MERKO EHITUS

INCOME STATEMENT



CONSOLIDATED INCOME STATEMENT 01.01.2001-31.03.2001



Unaudited

in thousand EEK

                                                 2001      2000

                                             3 months  3 months



Net sales                                     255,642   210,290

Cost of goods sold                            231,694   192,140

GROSS PROFIT                                   23,948    18,150



Marketing expenses                              2,404     3,021

Administration and general expenses             8,850     6,003

Other income                                    1,984       347

Other expenses                                    696       214

OPERATING PROFIT                               13,982     9,259



Financial income from stocks of                    24        29

associated companies

incl. gain from associated companies

under equity method                                24        29

Foreign exchange gain                           2,126       606

Other interest and similar income               1,586       928

TOTAL FINANCIAL INCOME                          3,736     1,563



Financial expenses related to

associated companies                              724       472

incl. loss from associated companies

under equity method                               724       472

Interest expense                                   44       178

Foreign exchange loss                           1,257       793

Other financial expenses                           46       138

TOTAL FINANCIAL EXPENSES                        2,071     1,581

PROFIT FROM NORMAL OPERATIONS                  15,647     9,241



Net profit (-loss) for the financial year      15,647     9,241

incl. minority interest                           325       223

NET PROFIT (-LOSS) FOR THE GROUP               15,322     9,018





Ülo Metsaots

CFO, Management Board member

+372 6 105 110