EESTI TELEKOM

INCOME STATEMENT



INCOME STATEMENT OF ESTONIAN TELEPHONE COMPANY 1999



IAS, unaudited

EEK thous.

                                                Group        Parent Company

                                       1999      1998       1999       1998

Revenues                                                                   

Net sales                         2 444 858 2 139 265  2 404 577  2 110 915

Change in work-in-progress             -994      -498       -994       -498

Other revenues                       12 844    26 762     12 776     26 958

Total revenues                    2 456 708 2 165 529  2 416 359  2 137 375

                                                                           

Operating expenses                                                         

Materials, consumables,             704 519   648 852    697 767    648 852

supplies and services

Other operating expenses            284 702   239 557    272 551    229 516

Personnel expenses                  389 765   352 734    377 575    342 439

Other expenses                       23 456    20 254     23 201     20 177

Total operating expenses          1 402 442 1 261 397  1 371 094  1 240 984

                                                                           

Earnings before depreciation      1 054 266   904 132  1 045 265    896 391

                                                                           

Depreciation and value              656 455   554 302    654 077    551 450

adjustments of current assets

                                                                           

Operating profit                    397 811   349 830    391 188    344 941

                                                                           

Financial income                                                           

Financial income from                   648       448      2 910      2 853

subsidiaries and associated

companies

Foreign exchange gain                    22     4 579         12      4 551

Other financial income                1 841     4 216      1 696      4 121

Total financial income                2 511     9 243      4 618     11 525

                                                                           

Financial expenses                                                         

Intereste expenses                   50 695    65 573     50 658     65 080

Foreign exchange loss                 4 235       735      4 230        670

Other financial expenses             27 943    32 387     27 943     32 387

Total financial expenses             82 873    98 695     82 831     98 137

                                                                           

Extraordinary expense                85 197         0     85 197          0

                                                                           

Profit before taxes                 232 252   260 378    227 778    258 329

                                                                           

Income tax: expense (-) /           -90 284     4 461    -87 410      4 907

income (+)

                                                                           

Profit after taxes                  141 968   264 839    140 368    263 236

                                                                           

Minority interest                     1 600     1 603          0          0

                                                                           

Net profit                          140 368   263 236    140 368    263 236





Raul Kalev

PR-manager

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