MERKO EHITUS

INCOME STATEMENT



CONSOLIDATED INCOME STATEMENT 01.01.00-31.03.00



consolidated, unaudited

in thousand EEK

                                                2000        1999        1999

                                            3 months                3 months



Net Sales                                    210 290     733 657     155 867

Cost of goods sold                           192 140     669 652     140 766

GROSS PROFIT                                  18 150      64 005      15 101

Marketing expenses                             3 021      10 576       2 596

Administration and general expenses            6 003      28 498       6 920

Other income                                     347       5 790       3 825

Other expenses                                   214       7 405         589

OPERATING PROFIT                               9 259      23 316       8 821

Financial income from stocks of

subsidiary companies                                          12

Financial income from stocks of

associated companies                              29       1 637       1 579

Foreign exchange gain                            606       1 277         389

Other interest and similar income                928       5 279       1 736

TOTAL FINANCIAL INCOME                         1 563       8 205       3 704

Financial expenses related to

subsidiary companies                                      67 577

Financial expenses related to

associated companies                             472         141       1 016

Interest expense                                 178       1 693       1 732

Foreign exchange loss                            793       1 498          49

Other financial expenses                         138         345          64

TOTAL FINANCIAL EXPENSES                       1 581      71 254       2 861

PROFIT FROM NORMAL OPERATIONS                  9 241     -39 733       9 664

Profit before taxes                            9 241     -39 733       9 664

Income tax                                                 1 314       3 295

Deferred income tax                                       -1 484        -111

NET PROFIT FOR THE

FINANCIAL YEAR                                 9 241     -39 563       6 480

incl. minority interest                          223         183         292

NET PROFIT                                     9 018     -39 746       6 188





Ülo Metsaots

Financial Director

+372 6 105 110