AS HARJU ELEKTER

ANNOUNCEMENT

15.03.98

 

 

ANNEXES TO BALANCE SHEET AND INCOME STATEMENT

 

The original balance sheet for the year 1998 was corrected due to the 

right to treat the dividends received by the Finnish resident PK Cables 

OY as exempt from income tax, proceeding from the double taxation 

avoidance treaty concluded between the Republics of Estonia and 

Finland. 

 

Dividends received by AS Harju Elekter from the Finnish resident PK 

Cables OY before 1998 were originally reflected in the income 

declarations as taxable income, thus the company overpaid income tax in 

the amount of 608 911 EEK.  The income tax was double-paid as follows:

1)   in 1996: 208 667 EEK;

2)   in 1997: 400 244 EEK.

 

In order to present the actual 1998 financial results of AS Harju

Elekter, the following previous period corrections were made:

 

1)   Balance sheet as of 31.12.97 

Line of balance sheet    		Corrected      Original data

                                         data

Tax liabilities                         3 954 243          4 563 154

Retained earnings                      26 429 046         26 220 379

Net profit for the year		       10 493 964         10 093 720

  

2)  1997 income statement

Line of income statement		Corrected      Original data

                                         data

Income tax                              3 417 566          3 817 810

Net profit for the year                10 493 964         10 093 720

 

 

Karin Padjus

Head Accountant

+372 674 7403