MERKO EHITUS

INCOME STATEMENT



CONSOLIDATED INCOME STATEMENT 01.01.01-30.09.2001



Consolidated, unaudited

in thousand EEK



                                                  9m 2001   9m 2000



Net sales                                         894,868   910,004

Cost of goods sold                                811,520   850,448

GROSS PROFIT                                       83,348    59,556

Marketing expenses                                  9,353     6,230

Administration and general expenses                26,879    19,200

Other income                                        7,786     6,308

Other expenses                                      1,489     3,841

OPERATING PROFIT                                   53,413    36,593

Financial income from stocks of

associated companies                                1,399       717

incl. gain from associated companies

under equity method                                 1,399       717

Financial income from other

long-term financial investments                         0     1,051

Foreign exchange gain                               3,030     2,881

Other interest and similar income                   5,759     2,645

TOTAL FINANCIAL INCOME                             10,188     7,294

Financial expenses related to

associated companies                                1,138       741

incl. loss from associated companies

under equity method                                 1,138       734

Interest expense                                       76       539

Foreign exchange loss                               5,407     1,649

Other financial expenses                               17       394

TOTAL FINANCIAL EXPENSES                            6,638     3,323

PROFIT FROM NORMAL OPERATIONS                      56,963    40,564



Net profit (-loss) for the financial year          56,963    40,564

incl. minority interest                             1,090       833

NET PROFIT (-LOSS) FOR THE GROUP                   55,873    39,731





Ülo Metsaots

Management Board member

+372 6 105 110