Merko Ehitus                  INCOME STATEMENT                  03/19/2002



AUDITED INCOME STATEMENT 2001



consolidated, in thousand EEK and EUR				



                                            EEK                EUR

                                      2001       2000      2001    2000



Sales                            1 358 590  1 420 469    86 830  90 784



Cost of sales                    1 231 688  1 319 713    78 719  84 345



GROSS PROFIT                       126 902    100 756     8 110   6 439



Marketing expenses                  11 989      9 875       766     631

Administrative expenses             36 795     27 428     2 352   1 753

Other operating income               7 649      7 868       489     503

Other operating expenses             3 766      5 407       241     346



OPERATING PROFIT                    82 001     65 914     5 241   4 213

				

Financial income from stocks of 

associated companies                 3 975      1 001       254      64

Income from other noncurrent 

financial investments                           1 051                67

Foreign exchange gain                1 888      3 815       121     244

Other interest and similar income    6 581      3 917       421     250



TOTAL FINANCIAL INCOME              12 444      9 784       795     625

				

Financial expenses related to 

associated companies                 1 342      1 064        86      68

Interest expense                       103        716         7      46

Foreign exchange loss                1 982      3 829       127     245

Value adjustment to current and 

noncurrent financial assets                       100                 6

Other financial expenses                17        447         1      29



TOTAL FINANCIAL EXPENSES             3 444      6 156       220     393



PROFIT(-LOSS) FROM NORMAL OPERATIONS91 001     69 542     5 816   4 445

				

Profit (loss-) before taxes         91 001     69 542     5 816   4 445

Income tax                             734      1 341        47      86

Deferred income tax                   -301        442       -19      28

				

NET PROFIT (-LOSS) FOR THE 

FINANCIAL YEAR                      90 568     67 759     5 788   4 331



incl. minority interest              2 256      1 164       144      74



NET PROFIT (-LOSS) FOR THE GROUP    88 312     66 595     5 644   4 256



Net profit (- loss) per share 

(basic and diluted, in EEK and EUR)   9,98       7,52      0,63    0,48





Ülo Metsaots

Management Board member

6 105 110