AS EESTI TELEKOM

ANNOUNCEMENT

22.11.99

 

CORRECTION IN THE 9 MONTH 1999 FINANCIAL RESULTS RELEASE

 

In financial statements of Estonian Telecom released on November 18, 

1999 the Income Statement for 1998 did not reflect the 171,217 th. 

Estonian Kroons increase in net sales and operating expenses on 

materials, consumables, supplies and services resulting from 

employing the gross method of international settlements, mentioned 

in Note 3 of the Release. Income Statement with respective changes is

enclosed.

 

 

_____________________________________________________________________________________

ESTONIAN TELECOM

INCOME STATEMENT

01.01-30.09.99

 

EEK thous.

                                               G R O U P                              

                                                 9 mths        9 mths       12 mths       

                                            to 30 Sept 99 to 30 Sept 98  to 31 Dec 98

Net sales                                       2,598,218     2,247,485     3,061,705

Change in work-in-progress                           -782          -204          -498

Other revenue                                      18,709        26,313        37,836

Total revenue                                   2,616,145     2,273,594     3,099,043

 

Operating expenses

Materials, consumables, supplies                  588,053       552,004       752,349

and services

Other operating expenses                          262,169       236,003       347,655

Personnel expenses                                327,229       280,856       402,417

Other expenses                                     53,255        51,984        70,921

Total expenses                                  1,230,706     1,120,847     1,573,342

 

Profit from operations before depreciation      1,385,439     1,152,747     1,525,701

 

Depreciation, amortisation and value              658,144       511,911       721,503

adjustments of current assets

Profit from operations                            727,295       640,836       804,198

 

Financial income

Income from subsidiaries and                          382             0           448

associated companies

Income from other financial investments                              75            75

Foreign exchange gain                                  90         2,879         4,695

Other financial income                             11,901        19,820        26,408

Total financial income                             12,373        22,774        31,626

 

Financial expenses

Interest expense                                   28,316        39,085        55,710

Foreign exchange loss                               3,619           720           878

Other financial expenses                           22,774        26,298        32,394

Total financial expenses                           54,709        66,103        88,982

 

Profit before tax                                 684,959       597,507       746,842

 

Income tax expenses (-) / income (+)             -110,425       -83,920      -106,771

 

Profit after tax                                  574,534       513,587       640,071

 

Minority interest                                  82,615       257,106       321,908

 

Net profit for the period                         491,919       256,481       318,163

 

 

 

Raul Kalev

PR-manager

Estonian Telecom

Phone: +372 6460 220