Eesti Telekom                 FINANCIAL RESULTS                 10/17/2002



FINANCIAL RESULTS, 9 MONTHS 2002, EEK



17 October 2002









   THE FINANCIAL RESULTS OF THE FIRST NINE MONTHS OF 2002

                              



Eesti  Telekom,  the  leading provider of  telecommunication

services  in Estonia, hereby announces its results  for  the

nine-month period which ended 30 September 2002.







Financial highlights

                            9 months     9 months  Change, %

                                2002         2001

Total revenues, mEEK           3,422        3,153          9

EBITDA, mEEK                   1,651        1,501         10

EBITDA margin, %                  48           48           

EBIT, mEEK                       893          721         24

EBIT margin, %                    26           23           

Profits  before  taxes,          888          744         19

mEEK

Net   profits  for  the          797          713         12

period, mEEK

EPS, EEK                        5.80         5.19         12

No. of A- shares         137,383,178  137,383,178           

Investments, mEEK                342          688        -50

Net gearing, %                 -19.1         -1.5           

ROA, %                          25.2         21.7           

ROE, %                          32.6         27.8           





Commenting on these financial results, Chairman Jaan  Männik

stressed:



"The  healthy revenue growth of the Group continued  in  the

third  quarter.  The financial position  of  the  Group  has

become even stronger."



For further information, please contact:



Krister Björkqvist                                +372  6272

465

CFO



Hille                                                   Võrk

+372 6272 460

Financial Manager



CHAIRMAN’S STATEMENT





For  already the second year, the Eesti Telekom Group  faces

competition  in  all the main areas of its  operations.  And

during  the  last  quarter, news reached us  concerning  new

companies  intending  to  enter  the  market.  The  Estonian

economy,  in  general, has remained relatively untouched  by

the   problems  currently  ailing  some  larger   economies.

However, a worsening of the Estonian economic environment in

the  future cannot be excluded. Keeping this in mind, it  is

especially  heartening to see the continued  revenue  growth

and  strengthened financial position of the Group. The  free

cash  flow  of the Group has doubled, compared to  the  same

period in 2001. These developments will enable the Group  to

continue  carrying on successful operations even in  a  less

favourable environment.



The  results  of the first nine months of 2002  indicate  an

improved efficiency in both operating segments of the  Eesti

Telekom  Group.  The ratio of operating  expenses  to  total

revenues has fallen in both mobile communications and  fixed

communications.  The  EBITDA margin of  the  EMT  Group  has

exceeded the 50% level again. The EBITDA margin of the Eesti

Telefon Group is close to 40%.



The investments of the Eesti Telekom Group are substantially

lower  this year then they were a year ago, since efficiency

of  investments  has  become  a  subject  for  more  radical

analyses.  Lower investments have had a positive  impact  on

cash flow. Net gearing of the Group had reached -19% by  the

end of September.





Revenues, expenses, and profits



During  the first nine months of 2002, consolidated revenues

of  the  Eesti  Telekom Group amounted  to  3,422  mln  EEK,

showing  an  increase of 9% compared to the same  period  in

2001.  Operating expenses were 1,770 mln EEK, up by 7%.  The

EBITDA  of  the Group was 1,651 mln EEK (with  a  margin  of

48%),  showing an increase of 10%. Depreciation  during  the

period  was 3% lower than a year ago. The EBIT of the  Group

was  up  by  24%,  amounting to 893 mln EEK.  A  strong  and

positive cash flow has led to lower financing costs.  On  19

June 2002, AS Eesti Telekom paid out dividends in the amount

of 756 mln EEK to its shareholders for the year 2001. Income

tax  on  dividends amounted to 91 mln EEK  (31  mln  EEK  in

2001). The net profit of the Eesti Telekom Group was 797 mln

EEK, or 5.80 EEK per share.



The  results of the first nine months of 2001 and 2002  were

influenced by the following extraordinary factors:



                       2002                   2001

Total revenues AS Eesti Telefon sold  

               property    with    a

               capital  gain  of  54

               mln EEK. The gain was

               accounted  as  "other

               revenues".

Total expenses                        AS    Eesti   Telefon

                                      released a 46 mln EEK

                                      reserve  related   to

                                      the    OÜ    Albufent

                                      claim.

Income    from                        AS Eesti Telefon sold

associates                            its  ownership in  AS

                                      Teabeliin. 33 mln EEK

                                      of     profit     was

                                      accounted  as  income

                                      from associates.



The  consolidated revenues of the Eesti Telefon  Group  were

1,957 mln EEK during the first nine months of 2002, down  by

9%  compared to the same period in 2001. Operating  expenses

of  the  period amounted to 1,201 mln EEK, down by 17%.  The

EBITDA  of the Group was 756 mln EEK (698 mln EEK in  2001).

The  EBITDA margin rose, compared to the first 9  months  in

2001,  and  reached 39% (32% in 2001). The operating  profit

and   net   profit  of  the  Group  grew  by  74%  and   61%

respectively. The Eesti Telefon Group earned 239 mln EEK  of

net profit during the first nine months of 2002.



The  operating  revenues  of AS Eesti  Telefon,  the  parent

company  of the Eesti Telefon Group, amounted to  1,804  mln

EEK,  down by 11%, compared to the same period in 2001. This

decrease  was caused by lower voice communications revenues.

Domestic call revenues were down by 18%, international  call

revenues were down by 10%, revenues from calls from fixed to

mobile  networks were 10% lower, and dial-up  revenues  were

42%  lower.  The  decrease in voice communications  revenues

resulted mainly from lower mobile transit revenues. Starting

this year, a large part of mobile calls go directly from the

network   of   one  operator  to  the  network  of   another

(interconnection costs are down as well).  The  decrease  in

the  dial-up  revenues  has  been  the  result  of  a  wider

propagation of permanent connections. Main line revenues  of

AS  Eesti Telefon were up by 21%. Revenues from the internet

and data communications almost doubled, showing a growth  of

81%.



The  market shares of AS Eesti Telefon have been stable. The

company  estimates its share of total call minutes, domestic

call  minutes,  fixed to mobile minutes,  and  international

minutes to be 89%, 88%, 76%, and 73%, respectively. A slight

decrease  in  the market share of domestic call minutes  was

the  result  of  active advertising campaigns by competitors

during the summer months.



The  Estonian fixed communications market opened up to  full

competition  at the beginning of 2001. Estonia has  a  well-

developed mobile communications market. Some decrease in the

revenues of AS Eesti Telefon has been inevitable.   But  the

company  intends  to  maintain its  profitability,  and  has

prioritized  the  improving  of  its  cost-efficiency.   The

operating  expenses of AS Eesti Telefon were  down  by  20%,

compared  to  the same period in 2001. The expenses  of  the

third quarter were down by as much as 25%. The largest  part

of  the decrease was due to lower interconnection costs, but

there  were  also reductions in other categories.  Personnel

expenses  were  down by 11%. The number of employees  of  AS

Eesti  Telefon had fallen to 1,413 by the end  of  September

2002 (September 2001: 1,701). The EBITDA of the company  was

741  mln EEK, up by 8%. The EBITDA of the third quarter  was

even  up 22%. The EBITDA margin of AS Eesti Telefon in  2002

has  remained  at  over 40%. Depreciation was  down  by  9%.

Greater cost efficiency and lower investments have caused  a

strong   positive  cash  flow  and  lower  financing  costs.

Starting from October 2002, payment terms for customers will

be brought forward by seven days, which will further improve

Eesti  Telefon’s financial position. The net  profit  of  AS

Eesti Telefon was 239 mln EEK, up by 61% compared to 2001.



Another company of the Eesti Telefon Group, AS Connecto, has

achieved  a healthy revenue growth. Revenues of the company,

together with its subsidiary SIA Connecto Latvia, were up by

38%. By now, almost half of AS Connecto’s revenues come from

outside of the Eesti Telefon Group. In June, AS Connecto and

AS  EMT concluded a contract according to which AS EMT  will

order  its  network construction services from AS  Connecto,

and give up its own network construction department.



The  total  revenues of the EMT Group amounted to 1,799  mln

EEK, up by 11%. The operating expenses of the Group were 889

mln  EEK, up by 10%. The EBITDA of the EMT Group was 910 mln

EEK. The EBITDA margin has exceeded the 50% level again. For

the  first  nine months of this year it was an average  51%,

with the margin of the third quarter even reaching 53%.  The

net profit of the Group was 654 mln EEK, up by 10%, compared

to the same period in 2001.



EMT’s  revenues in all main categories were  up  during  the

nine  months  of 2002. Revenues from SMS and  data  had  the

highest  growth-rate, exceeding the corresponding figure  in

2001 by 28%.  The growth resulted from a wider customer base

and new services being offered by EMT. A good example is the

multi-SMS service, which allows businesses to send messages,

via  the  internet,  to  their  numerous  customers’  mobile

phones.  Private customers were offered the  possibility  of

paying  for purchases by mobile phone. For instance, at  the

exceedingly  popular Tallinn summer beer  festival,  it  was

possible  to  pay  for a glass of beer by mobile  phone.  In

August,  m-bus tickets were tried out in two major  Estonian

cities, Tallinn and Tartu.



The number of customers of AS EMT reached 414,000 by the end

of  September. The company had 270,000 contractual customers

and  144,000  prepaid-card users.  Client  base  growth  has

traditionally  been  rapid  during  the  spring  and  summer

months,  with a gradual slow-down in the third quarter.  The

company estimates its market share to be approximately  50%.

Monthly ARPU (monthly average revenue per user) in September

2002  was  433 EEK (September 2001: 436 EEK, December  2001:

439 EEK).





Balance sheet and cash flow



At  the end of September 2002, the total assets of the Eesti

Telekom  Group  amounted to 4,191 mln  EEK  (December  2001:

4,236  mln  EEK).  Tangible assets were  reduced,  from  the

beginning  of  the  year, by 412 mln EEK. Current  and  non-

current  interest  bearing liabilities  of  the  Group  were

reduced by 17 mln EEK. By the end of the period, net debt of

the  Group  amounted to -699 mln EEK, and  net  gearing  was

-19%.



Net  cash  inflows of the Group in the first nine months  of

2002  amounted to 355 mln EEK. Net operating cash  flow  was

1,399  mln  EEK (first nine months of 2001: 1,184 mln  EEK).

Cash  outflow  into  investing  activities  was  essentially

smaller than a year ago: 252 mln EEK in 2002, 622 mln EEK in

2001.  Cash  outflow into financing activities was  791  mln

EEK, including dividends of 756 mln EEK.



Investments



The  Eesti  Telefon Group invested 189 mln  EEK  during  the

first  nine months of 2002 (first nine months of  2001:  378

mln   EEK).  The  majority  of  the  investments  went  into

improving  the  quality of the network  development  of  the

broadband  access network. In September, an important  stage

was  completed  in  the establishing of a nationwide  fibre-

optic  cable  backbone network, and all county centres  were

connected  to  the network. This network is based  upon  the

cable  circuits  principle. Therefore,  in  the  case  of  a

possible technical failure, network traffic is automatically

redirected, and the connection is not interrupted. The fibre-

optic  cable  network  improves speed and  quality  of  data

communications,  and  widens the area where  ADSL  permanent

connections can be installed.



Another  fibre-optic  cable network is  in  the  process  of

construction.  The network will connect schools  and  social

centres  in  Tartu. This will be the most modern network  of

its  kind in Estonia, and will therefore be the fastest.  It

will  be  used by 14,000 schoolchildren, the Central Library

and  all  of its branches, and five internet access  points,

which are open to the public. Among other things, it will be

possible,  in  real  time, to transfer a  lecture  from  one

school to all the other schools connected to the network.



7,245  new ADSL connections were installed during  the  nine

month  period.  The total number of Atlas  ADSL  connections

reached  24,136 (a penetration of 1.8 lines per 100 people).

By data of Point Topic, Estonia has the 12th position in the

World  by  the ration of ADSL lines to the total  number  of

main  lines in use. Estonia is ahead of USA, Spain, Austria,

Norway.  In  July 2002, Eesti Telefon began to offer  a  new

wireless internet permanent connection Atlas RDSL.  The  new

connection  functions on the basis of radio waves.  It  also

gives  rural  consumers  an  opportunity  to  make  use   of

permanent  internet  connections. In August,  Eesti  Telefon

changed  three  of  its  old internet  permanent  connection

packages for new ones, which are more oriented to the  needs

of specific customer groups.



The  number of main lines in use at the end of September was

466,852  (a penetration of 34.3 per 100 people). The  number

of  main  lines, compared to the beginning of the year,  has

been  reduced  by 35 thousand. Mainly residential  customers

have  been  giving up their lines. The number of  lines  per

employee was 331.



In  addition  to  the  access business, the  development  of

communication solutions and content services has  continued.

In  September, as an AS Eesti Telefon and Estonian Air joint

venture,  one  of  Estonia’s first IP-based call  processing

systems  was established. The new system, rented from  Eesti

Telefon,  integrates  Estonian Air’s  telephone  and  e-mail

communications.  Eesti  Telefon values  the  project  as  an

opportunity to promote the advantages and potential  of  IP-

based voice communications solutions.



In  May 2002, a multimedia section, Broadband Hot, was added

to  Eesti Telefon’s communication environment Hot. This  has

made  it  possible to offer customers several  new  internet

facilities. The operation was launched in May with  coverage

of  the latest international Eurovision song contest,  which

took  place in Tallinn. Viewers were able to see three  live

broadcasts, which differed from the regular TV coverage. The

fall  has  brought with it less glamorous, but more  serious

and  academic events. Thanks to Eesti Telefon,  students  in

Tallinn  had  an opportunity to follow internet coverage  of

the  Tartu  Management Conference, and to  participate,  for

free,  in the telecommunications and IT conference  "From  a

Vision to Solutions", via web coverage.



In February, the Group expanded through the acquisition of a

new firm. So as to extend its activities beyond Estonia,  AS

Connecto,  a subsidiary of the Group. acquired 100%  of  the

shares  of  the  network construction company  SIA  Connecto

Latvia  (previously SIA Link), which operates in Latvia.  In

April,  AS  Eesti Telefon invested an additional 5  mln  EEK

into the Group’s associated firm AS Sertifitseerimiskeskus.



The  EMT  Group invested 153 mln EEK during the  first  nine

months  of  2002 (first 9 months of 2001: 308 mln EEK).  The

majority  of investments made by EMT went into base stations

and  exchanges. AS EMT also made a 5 mln EEK investment into

AS  Sertifitseerimiskeskus.  In  August,  GPRS  roaming  was

introduced to the market. The service can currently be  used

in Finland, Latvia, and Lithuania.



The  first m-tickets were introduced to the Estonian  market

this  summer.  In  August, AS EMT, in co-operation  with  AS

Connex,  presented  a new public transport  ticket  solution

based on a GSM mobile phone and an electron card. Initially,

the  new  system will be used only for making  payments  for

public   transport  fares.  In  the  future,  all  kind   of

additional functions can be added to the service.





Developments in the mobile communications market



For  five  years already, the Estonian mobile communications

market  has  been  shared  by  three  operators  -  AS  EMT,

Radiolinja  and  Tele2. In August 2002,  two  new  operators

announced their intention to enter the market. Each  of  the

current  operators has built it’s own physical network.  The

newcomers will act as virtual network providers. One of  the

new  operators,  OÜ Vetrelson Haldus, plans  to  start  bulk

purchases  of  call  minutes from  other  operators  already

within  the course of this year. These minutes will be  used

for  introducing  new services to the Estonian  market.  The

second new operator, Citygsm, will launch a prepaid-card  in

the  beginning  of 2003. The operator will use  Radiolinja’s

network. The prepaid-card will make it possible to  use  all

services offered to contractual customers. The company hopes

to attract up to 20,000 customers.



On  21  May  2002, the Ministry of Roads and  Communications

presented to the  Riigikogu (Parliament) an amendment to the

Telecommunications Act, which establishes the conditions for

the issuing of the third generation mobile network licenses.

According to the Ministry’s proposal, the licenses would  be

issued on a "beauty contest" basis. The participation fee in

the  tender would be 50 mln EEK. The Ministry’s plan  is  to

issue  four third generation licenses. Revenues from issuing

the  licences  have already been written  into  the  federal

budget  for  2003.  However,  it  is  the  opinion  of   the

management of AS EMT, that for a small market like  Estonia,

four licenses are too many. If four licenses are issued, the

capacity  of  the frequency band of each operator  would  be

quite  limited, leading to lower efficiency of  investments,

and higher prices for the final consumers.





Relations with state regulators



On  3  September  2002, the Estonian National Communications

Board  announced the names of the companies  it  intends  to

name  as  companies with significant market power (SMP)  for

the  year 2003. The intention is to declare AS Eesti Telefon

to  be  a  company with SPM for the year 2003 in the  public

telephone  service  market, the public leased  line  service

market,  and the public interconnection service  market.  AS

Eesti  Telefon was named as an operator with  SMP  in  these

same fields also in 2001 and 2002.



The  intention is to name AS EMT as a company with SMP,  for

the  year  2003,  in the nationwide general mobile  services

market. AS EMT was also declared to be an operator with  SMP

for  2002. In 2002, AS EMT contested the decision, since the

company  found its activities to be in accordance  with  the

rules  of  free competition. In September 2002, the  lawsuit

was terminated by mutual agreement, as the potential outcome

of the dispute had lost its importance for both parties.



AS  Eesti  Telefon is still in litigation with the  Estonian

Competition  Board. On 24 April 2001, the Competition  Board

issued  a precept, based on the Competition Act, prohibiting

Eesti Telefon from levying a per-minute rate of 34 senti  at

peak  time, 28 senti at off-peak time, and 14 senti at night

for  voice  calls  in  its network.  The  Competition  Board

thereby instructed Eesti Telefon to levy a rates lower  than

those which it had established on 1 April 2001. According to

the Competition Act, a fine in the amount of up to 5% of the

net  sales for the year preceding the decision to  impose  a

fine can be imposed for the abuse of a dominant position.



Eesti  Telefon is of the opinion that the basic price of  14

to  34  senti, for calls within the network, is  cost-based.

Therefore, Eesti Telefon disagreed with the precept  of  the

Competition   Board,  and  contested  it  in   the   Tallinn

Administrative   Court   on  23  May   2001.   The   Tallinn

Administrative Court agreed with Eesti Telefon and cancelled

the  Competition  Board’s precept on 17  January  2002.  The

Competition  Board  appealed this  decision  to  the  higher

Circuit   Court,  which  ended  up  confirming  the  Tallinn

Administrative Court’s judgement. The Competition Board,  in

turn, appealed the decision to the Supreme Court, which  has

agreed to hear the case.



Potential change in the ownership structure



On 26 March 2002, Sonera of Finland and Telia of Sweden, the

strategic partners of AS Eesti Telekom, announced that  they

are  planning to merge. Telia is making a purchase offer  to

the  shareholders of Sonera, offering 1.51440  Telia  shares

for  one Sonera share. The Sonera and Telia merger plan  was

presented  to  the  European Union for approval,  which  was

given  on  10  July 2002. The results of the share  exchange

should   be   evident  by  14  November  2002.  The   merged

TeliaSonera will be the leading telecommunications group  in

the  Nordic  and  Baltic regions. In the TeliaSonera  merger

prospectus,  Estonia  is considered to  be  a  part  of  the

group’s home market, where TeliaSonera will provide  a  full

range  of  telecommunications  services  to  its  customers.

TeliaSonera   will   be   in  the  business   of   providing

telecommunications   services,   rather    than    providing

technology or access to networks. TeliaSonera will  seek  to

be  innovative  in packaging its products and  services,  so

that they will be conveniently accessible for both consumers

and  business customers. If the share exchange proves to  be

successful,  Telia/Sonera will have 49% ownership  of  Eesti

Telekom.





Annual General Meeting of  the Shareholders



The  Annual General Meeting of the Shareholders of AS  Eesti

Telekom  took  place  on 17 May 2002. The  meeting  approved

Annual  Report 2001, and the proposal for the allocation  of

the  net profits. It was decided that the owners of A-shares

would  be  paid dividends of 5.50 EEK per share (a total  of

756 mln EEK, or 97% of the net profits of 2001).   The owner

of  the  B-share was paid dividends in the total  amount  of

10,000 EEK.



The list of shareholders entitled to dividends was fixed  on

5  June  2002, and the dividends were paid out  on  19  June

2002.



The  General Meeting authorised AS Eesti Telekom to acquire,

within  one year, AS Eesti Telekom A-series shares, so  that

the  total  nominal value of own shares  held  by  AS  Eesti

Telekom  does not exceed the legal limits; and so  that  the

price  payable  per share does not exceed the highest  price

paid  for  an AS Eesti Telekom A share on the Tallinn  Stock

Exchange,  on the day of acquiring the shares. Any  possible

share  buy-back  must be approved by the  AS  Eesti  Telekom

Council. No share buy-backs has taken place until now.





Definitions



Net debt - long term and short term debt, less cash and cash

equivalents, and short term investments

ROA  -  Net profit for the period, expressed as a percentage

of average total assets

ROE  -  Pre-tax  profit  for  the  period,  expressed  as  a

percentage of average equity



AS EESTI TELEKOM AND SUBSIDIARY COMPANIES

INCOME STATEMENT

Financial  statements are prepared in thousands of  Estonian

kroons (EEK)



                    9 mths to    9 mths to       2001

                      30 Sept      30 Sept           

                         2002         2001           

                                  Restated

Revenue                                    

Net sales           3,316,331    3,078,638  4,154,438

Change in work-         2,104        4,352        529

in-progress

Capitalized self-      31,803       45,039     87,112

constructed

assets

Other revenue          71,367       25,129     42,461

Total revenue       3,421,605    3,153,158  4,284,540

                                                     

Operating                                            

expenses

Materials,          1,045,520      926,539  1,290,730

consumables,

supplies and

services

Other operating       343,028      330,276    494,962

expenses

Personnel             357,905      372,936    534,754

expenses

Other expenses         23,834       22,090     33,118

Total expenses      1,770,287    1,651,841  2,353,564

                                                     

Profit from         1,651,318    1,501,317  1,930,976

operations

before

depreciation and

amortization

                                                     

Depreciation and      758,572      780,607  1,135,661

amortization

                                                     

Profit from           892,746      720,710    795,315

operations

                                                     

Income/ expenses       -4,541       28,854     26,828

from

subsidiaries and

associated

companies (net)

Other net                 255       -5,243    -11,719

financing items

                                                     

Profit before         888,460      744,321    810,424

tax

                                                     

Income tax on          91,298       30,932     30,932

dividends

                                                     

Profit after tax      797,162      713,389    779,492

                                                     

Minority                    0          557        557

interest

                                                     

Net profit from       797,162      712,832    778,935

ordinary

activities

                                                     

Net profit for        797,162      712,832    778,935

the period

                                                     

Earnings per                                         

share

Basic earnings           5.80         5.19       5.67

per share (in

kroons)

Diluted earnings         5.80         5.19       5.67

per share (in

kroons)

AS EESTI TELEKOM AND SUBSIDIARY COMPANIES

BALANCE SHEET

Financial statements are prepared in thousands of Estonian

kroons (EEK)



                     30 Sept     31 Dec     30 Sept

                        2002       2001        2001

                                           Restated

ASSETS                                        

Current assets                                

Cash and cash        819,494    464,217     196,079

equivalents

Trade                406,533    403,324     448,643

receivables, net

Other                 13,491     10,715      10,364

receivables

Accrued income       130,698     99,242      98,421

Prepaid expenses      13,968     28,159      20,364

Inventories          105,450    104,013     157,925

Total current      1,489,634  1,109,670     931,796

assets

                                         

Non-current                                   

assets

Long term             31,703     26,464      35,962

financial assets

Tangible assets,   2,632,148  3,043,869   3,131,601

net

Intangible            37,454     56,139      47,463

assets, net

Total non-         2,701,305  3,126,472   3,215,026

current assets

                                                   

TOTAL ASSETS       4,190,939  4,236,142   4,146,822

                                              

EQUITY AND                                    

LIABILITIES

Current                                       

liabilities

Interest bearing      96,933     88,166      40,234

loans and

borrowings

Customer               3,202      9,237       8,364

prepayments

Accounts payable     154,822    260,932     190,365

to suppliers

Other payables           189        168           0

Tax liabilities       47,951     32,697      51,786

Accrued expenses     187,807    152,644     142,483

Provisions            16,495     17,482      16,613

Prepaid revenue        2,774     10,350      45,996

Total current        510,173    571,676     495,841

liabilities

                                         

Non-current                                        

liabilities

Interest bearing      23,798     49,115     101,733

loans and

borrowings

Other long-term            0          0           0

payables

Total non-            23,798     49,115     101,733

current

liabilities

                                 49,115     101,733

                                              

Equity                                        

Issued capital     1,373,833  1,373,833   1,373,833

Share premium        309,964    309,964     309,964

Statutory legal      137,384    137,384     137,384

reserve

Retained           1,038,553  1,015,235   1,015,235

earnings

Net profit for       797,162    778,935     712,832

the period

Foreign exchange          72          0           0

differences

Total equity       3,656,968  3,615,351   3,549,248

                                              

TOTAL EQUITY AND   4,190,939  4,236,142   4,146,822

LIABILITIES





Hille Võrk

financial manager

6 272 460