MERKO EHITUS

INCOME STATEMENT



CONSOLIDATED INCOME STATEMENT 01.01.01-30.06.01



unaudited, in thousand EEK



                                                          2001          2000

                                                      6 months      6 months



Sales                                                  561 768       518 292

Cost of goods sold                                     512 715       476 849



GROSS PROFIT                                            49 053        41 443



Marketing expenses                                       5 020         3 670

Administrative expenses                                 18 624        12 648

Other operating income                                   4 678         3 251

Other operating expenses                                 1 015         2 892



OPERATING PROFIT                                        29 072        25 484



Financial income from stocks of associated companies       656            97

	incl. Equity method gains                          656            97

Foreign exchange gain                                    4 285         1 159

Other interest and similar income                        3 054         1 397

                           TOTAL FINANCIAL INCOME        7 995         2 653



Financial expenses related to associated companies         929           541

	incl. Equity method gains                          929           541

Interest expense                                            22           359

Foreign exchange loss                                    2 516           531

Other financial expenses                                    49           415

                         TOTAL FINANCIAL EXPENSES        3 516         1 846



PROFIT(-LOSS) FROM NORMAL OPERATIONS                    33 551        26 291



Profit(loss-) before taxes                              33 551        26 291



incl. minority interest                                    462           467

                 NET PROFIT (-LOSS) FOR THE GROUP       33 089        25 824





Ülo Metsaots

Financial Director

+372 61 05 110