Pēd. atjaunots: 22.07.2024 19:10 (GMT+3)
Eesti Telekom FINANCIAL RESULTS 07/17/2003 09:00
FINANCIAL RESULTS 6 MONTHS 2003 (EEK)
17 July 2003
THE FINANCIAL RESULTS OF THE FIRST SIX MONTHS OF 2003
Eesti Telekom, the leading provider of telecommunication
services in Estonia, hereby announces its results for the
six-month period, which ended 30 June 2003.
Financial highlights
Q2 Q2 Change HY1 HY1 Change
2003 2002 % 2003 2002 %
Total revenues, 1,187 1,213 -2 2,293 2,262 1
mEEK
EBITDA, mEEK 563 583 -4 1,103 1,090 1
EBITDA margin, 47 48 48 48
%
EBIT, mEEK 341 328 4 653 578 13
EBIT margin, % 29 27 28 26
Profit before 410 322 27 729 572 27
taxes, mEEK
Net profit for 404 228 77 443 479 -7
the period,
mEEK
EPS, EEK 2.94 1.66 77 3.22 3.48 -7
CAPEX, mEEK 85 116 -27 128 197 -35
Net gearing, % -32 -12 -32 -12
ROA 36 22 20 23
(annualised), %
ROE 44 36 39 33
(annualised), %
Commenting on these financial results, Chairman Jaan
Männik stressed:
"The Eesti Telekom Group retains its high profitability
and the EBITDA margin."
For further information, please contact:
Krister Björkqvist +372 6272 465
CFO
Hille Võrk +372 6272 460
Financial Manager
CHAIRMAN’S STATEMENT
Financial results
During the second quarter of 2003, consolidated revenues
of the Eesti Telekom Group amounted to 1,187 mln EEK,
showing a decrease of 2% compared to the same period in
2002. Operating expenses of the second quarter were down
by 1%, amounting to 624 mln EEK. The EBITDA of the Group
was 563 mln EEK and the EBITDA margin 47%. A decrease in
the second quarter consolidated revenues and EBITDA was
caused by a 54 mln EEK capital gain from the sale of
property that was accounted for as "other revenue" in the
base-period, the second quarter of 2002. Elimination of
the 54 mln EEK would lead to a consolidated revenues
increase of 2% and an EBITDA increase of 6%.
Depreciation showed an essential decrease of 13%. This
decrease was mainly caused by new depreciation rates
employed in a subsidiary company, Elion Enterprises AS
(previously AS Eesti Telefon), at the beginning of 2003.
Financial revenues exceeded financial expenses by 69 mln
EEK in the second quarter of 2003. This amount includes a
capital gain of 60 mln EEK from the sale of 49% of the
shares of AS Connecto.
The net profit of the Eesti Telekom Group in the second
quarter of 2003 was 404 mln EEK or 2.94 EEK per share.
Corresponding figures in the second quarter of 2002 were
228 mln EEK and 1.66 EEK per share. The results of 2002
and 2003 cannot be compared directly because of the one-
time revenue mentioned above. Also, dividend income tax
in 2002 was shown in the income statement of the second
quarter, but in 2003, this expense was already shown in
the first quarter. Elimination of the non-recurring
revenue and dividend income tax from the calculations,
would lead to a net profit of 268 mln EEK for the second
quarter of 2002, and 350 mln EEK for the second quarter
of 2003.
During the first six months of 2003, consolidated
revenues of the Eesti Telekom Group amounted to 2,293 mln
EEK, showing an increase of 1% compared to the first six
months of 2002. Operating expenses were 1,191 mln EEK, up
by 2%. The EBITDA of the Group amounted to 1,103 mln EEK.
The EBITDA margin was 48%. Elimination of the capital
gain from the sale of property would lead to a
consolidated revenues increase of 4% and an EBITDA
increase of 6%.
The net profit of the Eesti Telekom Group in the first
half-year of 2003 was 443 mln EEK or 3.22 EEK per share.
Corresponding figures for the first half-year of 2002
were 479 mln EEK and 3.48 EEK per share.
At the end of June 2003, the total assets of the Eesti
Telekom Group amounted to 4,356 mln EEK (in December
2002, 4,441 mln EEK). Tangible assets were reduced, from
the beginning of the year, by 324 mln EEK. Current assets
were enlarged by 239 mln EEK. This enlargement was mainly
the result of an increase of cash and cash equivalents by
218 mln EEK. At the end of June 2003, the Group’s non-
current debt amounted to 15 mln EEK and current debt
amounted to 22 mln EEK (in December 2002, 20 mln EEK and
36 mln EEK respectively). By the end of the period, the
net debt of the Group amounted to -1,143 mln EEK, and net
gearing was -32%. Other current liabilities of the Group
were up by 281 mln EEK, including a 386 mln EEK increase
in tax liabilities. The majority of the increase in tax
liabilities was income tax calculated on dividends paid
out.
The balance of cash and cash equivalents of the Eesti
Telekom Group grew by 218 mln EEK during the first six
months of 2003. The net operating cash flow was 1,064 mln
EEK (during the corresponding 6 months of 2002, 959 mln
EEK). Cash outflow into investments was essentially
smaller than a year ago: 27 mln EEK in 2003 (incl. 68 mln
EEK from sales of the minority ownership in AS Connecto),
121 mln EEK in 2002. The cash outflow into financing was
818 mln EEK, including 824 mln EEK paid as dividends
(during the corresponding 6 months of 2002, 774 mln EEK,
including 756 mln EEK paid as dividends).
Fixed communications
Q2 Q2 Change HY1 HY1 Change
2003 2002 % 2003 2002 %
Total revenues, 631 703 -10 1236 1317 -6
mEEK
EBITDA, mEEK 230 279 -18 461 527 -12
EBITDA margin, % 36 40 37 40
EBIT, mEEK 94 110 -14 186 188 -1
EBIT margin, % 15 16 15 14
Profit before 154 104 48 245 174 41
taxes, mEEK
Net profit for the 156 104 50 178 174 3
period, mEEK
CAPEX, mln EEK 43 69 -38 62 105 -41
ROA, % 30 18 16 14
ROE, % 38 26 28 22
The consolidated revenues of the Elion Enterprises Group
(previously the Eesti Telefon Group, see "Changes in
structure of the Eesti Telekom Group") in the second
quarter of 2003 amounted to 631 mln EEK, showing a
decrease of 10% compared to the same period in 2002.
Operating expenses of the second quarter were down by 5%,
amounting to 402 mln EEK. The EBITDA of the Group was 230
mln EEK and the EBITDA margin was 36%.
When analysing the second quarter results of the Elion
Enterprises Group, one should take into account the fact
that the second quarter revenues of 2002 contain a
capital gain from the sale of property in the amount of
54 mln EEK. Elimination of the capital gain would reduce
the decrease of the consolidated revenues to 3% and lead
to an EBITDA increase of 2%.
Among the main revenue categories of the Group, the
revenues from domestic calls decreased by 8% (compared to
the second quarter of 2002). Revenues from international
calls were down by 11%. Revenues from calls into mobile
networks were down by 4%. Revenues from installation and
monthly fees were lower by 6%, compared to the same
period in 2002. Revenues from the Internet were up by
27%. Revenues from IT and data communications and revenue
network services were down by 4% and 20%, respectively.
The market shares of the Elion Enterprises have been
continuously stable. The company estimates its share of
total call minutes, domestic call minutes, fixed to
mobile minutes, and international call minutes to be 87%
(in June 2002, 89%), 87% (89%), 74% (75%), and 66%
(71%). The estimated market share of dial-up minutes is
95% (95%).
The net profit of the Elion Enterprises Group in the
second quarter of 2003 was 156 mln EEK, showing an
increase of 50%, compared to the same period in 2002.
However, net financing in 2003 includes capital gain from
the sale of 49% of the shares of AS Connecto in the
amount of 60 mln EEK. Therefore, the elimination, from
the 2002 second quarter net profit, of the capital gain
from the sale of property, and the elimination, from the
2003 second quarter net profit, of the capital gain from
the sale of the shares would result in net profits of 50
mln EEK for the second quarter of 2002 and 96 mln EEK for
the second quarter of 2003, which means that there has
actually been a net profit increase of 92%. This growth
is largely the result of the implementation of the new
depreciation rates at the beginning of 2003. The new
rates are more differentiated than the previous ones.
Therefore, the presumed useful lifetime of different
categories of tangible assets is determined more
accurately. In addition to that, depreciation has started
to fall as a result of the relatively low CAPEX that the
Group has had during the last year, as compared to
earlier periods. Depreciation of the Elion Enterprises
Group, in the second quarter of 2003, was reduced by 33
mln EEK or 20%. Compared to 2002, the Group’s financing
expenses have also been significantly reduced, which has
contributed to the growth of the net profit. The balance
between financial income and expenses, in the second
quarter of 2003, was 1 mln EEK (in the second quarter of
2002, -6 mln EEK).
The consolidated revenues of the Elion Enterprise Group,
during the first six months of 2003, amounted to 1,236
mln EEK, down by 6% compared to the same period in 2002.
Operating expenses during the period amounted to 775 mln
EEK, down by 2%. The EBITDA of the Group was 461 mln EEK
and the EBITDA margin was 37%. As a result of amendments,
which were made to the regulations concerning the
calculating of income tax on dividends, the Group
declared a dividend income tax expense of 67 mln EEK in
its six-month income statement. The net profit of the
Elion Enterprises Group for the six-month period was 178
mln EEK, up by 3% compared to the same period in 2002.
The Elion Enterprises Group invested 62 mln EEK during
the first half-year of 2003 (in the first six months of
2002, 105 mln EEK). The number of main lines in use at
the end of June was 449,707 (a penetration of 33 lines
per 100 people). The net decrease in the number of main
lines since the beginning of 2003 was 10,553. At the same
time, the number of ADSL connections has increased by
7,491, resulting, at the end of June 2003, in a total
number of Atlas ADSL connections of 37,973 (a penetration
of 2.8 connections per 100 people).
In May 2003, Tallinn Education Authority and Elion
Enterprises signed a three-year framework agreement on
the installation of new computers and other equipment in
the computer labs of Tallinn schools. The new IT and data
communication solution will be the most advanced and
integrated on designed for schools so far. The value of
the procurement contract amounts to more than 63 mln EEK
paid by Tallinn Education Authority in equal monthly
instalments.
The number of employees of the Elion Enterprises Group at
the end of June 2003 was 1,924 (in December 2002, 1,999).
Mobile communications
Q2 Q2 Change HY1 HY1 Change
2003 2002 % 2003 2002 %
Total revenues, 683 625 9 1293 1164 11
mEEK
EBITDA, mEEK 339 310 9 653 574 14
EBITDA margin, % 50 50 50 49
EBIT, mEEK 253 224 13 478 401 19
EBIT margin, % 37 36 37 34
Profit before 258 225 14 486 405 20
taxes, mEEK
Net profit for the 258 225 14 275 405 -32
period, mEEK
CAPEX, mln EEK 42 47 -9 66 92 -28
ROA, % 58 57 33 53
ROE, % 95 67 70 64
The second quarter was successful for the EMT Group. The
consolidated revenues of the group amounted to 683 mln
EEK, showing an increase of 9% compared to the same
period in 2002. Revenues from all main categories, except
the monthly fees, were up during the second quarter.
Revenues from SMS and data continued to have the highest
growth-rate, showing an increase of 38% compared to the
second quarter of 2002. The monthly ARPU has
traditionally increased during the summer months. In June
2003, the ARPU was 443 EEK (in June 2002, 451 EEK; in
December 2002, 423 EEK).
Several campaigns organised by EMT in May and June
resulted in the acceleration of the growth of the
customer base. The total number of customers of EMT grew
by 8.8 thousand during the second quarter of 2003. The
number of contractual customers was up by 5.5 thousand
and the number of prepaid customers was up by 3.3
thousand. The total number of customers reached 439.5
thousand by the end of June. The number of contractual
customers was 291.3 thousand, and the number of prepaid
customers was 148.2 thousand. EMT estimates its market
share to be just below 50%.
The operating expenses of the EMT Group were up by 9%,
amounting to 344 mln EEK. The EBITDA of the second
quarter was 339 mln EEK, up by 9%. The EBITDA margin
reached 50%. The net profit of the EMT Group was 258 mln
EEK, showing an increase of 14% compared to the second
quarter of 2002.
The consolidated revenues of the EMT Group, during the
first six months of 2003, amounted to 1,293 mln EEK, up
by 11% compared to the same period in 2002. Operating
expenses of the period amounted to 640 mln EEK, up by 9%.
The EBITDA of the Group was 653 mln EEK and the EBITDA
margin was 50%. As a result of amendments, which were
made to the regulations concerning the calculating of
income tax on dividends, the Group declared a dividend
income tax expense of 211 mln EEK in its six-month income
statement. The net profit of the EMT Group for the six-
month period was 275 mln EEK.
The EMT Group invested 66 mln EEK during the first half-
year of 2003 (during the first six months of 2002, 92 mln
EEK). On 11 February 2003, the Riigikogu (Parliament)
decided that four third generation mobile communication
licenses would be issued for a ten-year period. At the
first stage, a direct offer will be made to the existing
licensed mobile operators in Estonia, with a fee of 70
mln EEK per license. The second stage will be an auction
of the licenses not issued during the first stage, with
an initial price of 70 mln EEK per license. A
precondition for the licensee will be the obligation to
establish, within seven years of the license issuance, a
third generation network covering at least 30% of the
Estonian population.
On 8 May 2003, the direct offer was made by the
Communications Board to AS EMT, Radiolinja Eesti AS, and
Tele2 AS to acquire a license. The operators must submit
their applications by 11 July 2003, at the latest. All
operators acting in Estonia have announced their interest
in acquiring the license.
The number of employees of the EMT Group at the end of
June 2002 was 414 (in December 2002, 406).
The share capital enlargement of AS Eesti Telekom
The extraordinary general meeting of the shareholders of
AS Eesti Telekom held on 15 December 2000 approved
the issuing of convertible bonds within the framework of
the Eesti Telekom Group’s employee incentive system.
The total number of A-series bonds outstanding as of 1
May 2003 was 41,625. From 2 May 2003 until 2 June 2003,
the owners of A-series bonds subscribed 261,250 AS Eesti
Telekom A shares for the exchange of 26,125 A-series
bonds. The Management Board of AS Eesti Telekom
approved the subscription list, and submitted an
application to the registry department of the Tallinn
City Government for the registration of 261,250 A-
series shares with a nominal value of 10 EEK and an
issue price of 90.62 EEK, i.e. an issue premium of
80.62 EEK. The total number of AS Eesti Telekom A shares
after the emission of the new shares is 137,644,428 and
the share capital is 1,376,445,280 EEK. A shares are
distributed between the main groups of shareholders as
follows:
No of shares %
Republic of Estonia 37,485,000 27,23 %
Public investors 32,841,672 23,86 %
Telia AB 16,142,523 11,73 %
Sonera Holding B.V. 16,142,523 11,73 %
Baltic Tele AB 35,032,710 25,45 %
15,500 A-series bonds were redeemed for the bond’s
nominal value of 10 EEK plus the accumulated interest,
based upon an interest rate of 7% per annum.
Changes in structure of the Eesti Telekom Group
During the second quarter of 2003, several changes took
place in the structure of the Eesti Telekom Group.
In June, AS Eesti Telefon announced that they will launch
new logo and corporate visual identity in the second half
of August. The existing brands of Eesti Telefon (Atlas,
et, Hot), except for its Internet search engine NETI,
will cease to exist. The company itself will be renamed
to become Elion Enterprises. The new brand name is to
also incorporate the retail outlets of its subsidiary AS
Telefonipood (Hallo). The company decided to change its
name because Eesti Telefon has ceased to be a mere
telephone services provider, as the Internet, data
communication, and information technology have become its
fastest growing business activities. Under the new name,
the company has set itself the goal of becoming the most
preferred provider of home and business communications in
Estonia.
The sale of minority interests in AS Connecto, a
subsidiary of Elion Enterprises, were completed in June.
A 49% minority stake in AS Connecto was sold to ELTEL
Networks Corporation, a Finnish telecommunications
network development firm. The price of the deal was 68
mln EEK, and the capital gain declared in the second
quarter was 59.5 mln EEK. Elion Enterprises will remain
an active owner of Connecto, but ELTEL Networks has the
right to acquire 100% of the company shares after two
years. This sale enables Elion Enterprises to focus on
its core business, which is the providing of
telecommunications and IT solutions. The involvement of a
strategic partner will also accelerate the expansion of
AS Connecto into the other Baltic states.
On 1 July 2003, AS Connecto acquired all of the
shares of the Estonian telecommunication company AS
Reveko Telekom. In accordance with the purchase and sale
agreement, AS Connecto purchased 55% of the shares of
Reveko Telekom from TeliaSonera and 45% of shares from
Estonian private individuals. The price of the deal was
14 mln EEK. Reveko Telekom (www.reveko.ee) was founded
in 1995. It is involved in different indoor solutions:
installing and construction of telecommunication systems
and networks, as well as operator services. Reveko
Telekom has 22 employees, the company’s turnover was
35.5 mln EEK and in 2002 has a profit of 1.3 mln EEK.
Since the providing of indoor solutions is one of
Connecto´s strategic business activities, the
acquisition enables Connecto to strengthen its position
in the Estonian market, and to speed up the development
of the company.
Relations with state regulators
The lawsuit between AS Elion and the Competition Board
over the justification of tariffs for calls inside the
network, established on 1 April 2001, continues. The
first and second level courts made their decisions in
favour of AS Elion, and the Competition Board appealed to
the Supreme Court, which, on 18 December 2002, annulled
the earlier judgments and forwarded the case to the
Administrative Court for revision. The Supreme Court
found that the precept of the Competition Board,
regarding minute rates of the voice communication
services within a network, is inadequate for making the
final judgment. The Administrative and the District Court
had, according to the Supreme Court, not assessed all
pieces of available evidence. The Supreme Court
considered it necessary for the Administrative Court to
use the assistance of the Communications Board when
revising the case.
Information to the shareholders
On 22 May 2003, the Annual General Meeting of the
shareholders of AS Eesti Telekom approved the 2002 Annual
Report of the company, and the allocation of the profits.
It was decided that a dividend of 6.00 EEK per share be
paid to the holders of A shares, and 10,000 EEK per share
to the holders of B shares. It was decided that a total
of 824 mln EEK be paid to the shareholders. The list of
shareholders, on the basis of which dividends were to be
paid, was established on 10 June 2003 at 08.00. The
dividends were paid out on 19 June 2003.
The Annual General Meeting decided to authorise AS Eesti
Telekom to acquire within one year (i.e. until 22 May
2004) AS Eesti Telekom A series shares, so that the total
nominal value of AS Eesti Telekom shares held by AS Eesti
Telekom would not exceed the legal limit, and that the
price payable per share would not exceed the highest
price paid for A shares of AS Eesti Telekom on the
Tallinn Stock Exchange on the day of acquiring the
shares. The amount of shares to be acquired shall be
determined on each individual occasion by a resolution of
the AS Eesti Telekom’s Supervisory Board.
Annika Christiansson, Erik Hallberg, Alo Kelder, Kalev
Kukk, Tiina Mõis, Tarmo Porgand, Kennet Rådne, Mats
Salomonsson, Aare Tark, and Raivo Vare were elected to be
members of the Supervisory Board.
Villu Vaino from Deloitte&Touche Audit AS was appointed
to audit Eesti Telekom in 2003.
AS EESTI TELEKOM AND SUBSIDIARY COMPANIES
INCOME STATEMENT
Financial statements are prepared in thousands of
Estonian kroons (EEK)
6 mths to 6 mths to 2002
30 June 30 June Restated
2003 2003
Restated
Revenues
Net sales 2,276,268 2,195,973 4,467,311
Other 17,171 66,265 91,737
revenues
Total 2,293,439 2,262,238 4,559,048
revenues
Operating
expenses
Change in 1,493 3,501 864
work-in-
progress
Capitalized 9,372 5,847 65,384
self-
constructed
assets
Materials, (715,164) (714,858)(1,503,759)
consumables,
supplies and
services
Other (216,692) (202,840) (434,844)
operating
expenses
Personnel (258,086) (246,780) (513,005)
expenses
Other (11,822) (17,078) (42,786)
expenses
Total (1,190,899) (1,172,208)(2,428,146)
operating
expenses
Profit from 1,102,540 1,090,030 2,130,902
operations
before
depreciation
Depreciation (449,778) (511,830)(1,000,468)
and
amortisation
Profit from 652,762 578,200 1,130,434
operations
Financial 57,610 (3,513) (5,153)
income /
(expenses)
from
subsidiaries
and
associates
Other net 18,715 (2,261) 6,443
financing
items
Profit 729,087 572,426 1,131,724
before tax
Income tax (286,022) (93,660) (91,298)
on dividends
Net profit 443,065 478,766 1,040,426
for the
period
EPS
Basic 3.22 3.48 7.57
EPS(EEK)
DPS (EEK) 3.22 3.48 7.57
BALANCE SHEET
Financial statements are prepared in thousands of
Estonian kroons (EEK)
30 June 31 Dec 30 June
2003 2002 2002
ASSETS
Non-current assets
Property, plant and 2,360,260 2,673,673 2,719,86
equipment 0
Goodwill 1,957 3,687 9,340
Licenses, patents 30,330 38,853 35,154
and trademarks
Investments in 21,660 22,696 24,337
subsidiaries and
associates
Other investments 2,710 2,710 2,758
Other non-current 2,292 2,048 5,654
assets
Total non-current 2,419,209 2,743,667 2,797,103
assets
Current assets
Inventories 109,908 93,428 104,085
Trade receivables 442,291 430,330 469,534
Other receivables 204,099 210,970 147,095
Cash and cash 1,180,903 963,043 518,781
equivalents
Total current 1,937,201 1,697,771 1,239,495
assets
TOTAL ASSETS 4,356,410 4,441,438 4,036,598
EQUITY AND
LIABILITIES
Equity
Issued capital 1,376,445 1,373,833 1,373,833
Reserves 468,410 447,348 447,348
Translation reserve (34) (25) 68
Retained earnings 1,254,670 1,038,553 1,038,553
Net profit for the 443,065 1,040,426 478,766
period
Total equity 3,542,556 3,900,135 3,338,568
Minority interest 9,491 - -
Non-current
liabilities
Interest-bearing 15,351 19,761 36,108
loans and
borrowings - due
after one year
Current liabilities
Trade payables 152,468 244,850 130,838
Other current 186,221 196,134 219,643
liabilities
Tax liabilities 414,602 28,553 215,853
Interest-bearing 22,376 35,706 83,219
loans and
borrowings - due
within one year
Provisions 13,345 16,299 12,369
Total current 789,012 521,542 661,922
liabilities
TOTAL EQUITY AND 4,356,410 4,441,438 4,036,598
LIABILITIES
CASH FLOW STATEMENT
Financial statements are prepared in thousands of
Estonian kroons (EEK)
6 mths to 6 mths to
30 June 31 June
2003 2002
Restated
Operating activities
Profit operations 652,762 578,200
Adjustments for:
Depreciation and 449,778 511,830
amortisation
(Profit) / loss from sales (8,531) (52,693)
and write-off of fixed
assets
Operating cash flow before 1,094,009 1,037,337
movements in working
capital
Change in current (7,855) (73,961)
receivables
Change in inventories (16,480) 1,019
Change in current (5,500) (1,800)
liabilities
Cash generated by 1,064,174 962,595
operations
Interest paid (630) (4,051)
Net cash from operating 1,063,544 958,544
activities
Investing activities
Purchase of property, plant (127,151) (185,544)
and equipment
Purchase of licenses (1,164) (11,135)
Proceeds from sales of 10,465 74,487
property, plant and
equipment
Proceeds from sales of 68,137 -
subsidiaries
Acquisition of associates - (10,000)
Loans granted (502) (128)
Cash receipt from repayment 42 24
of loans
Dividends received - 96
Interest received 22,998 11,005
Net cash used in investing (27,175) (121,195)
activities
Financing activities
Proceeds from long-term - 32
convertible debt
Repayment of long-term (166) (8)
convertible debt
Proceeds from 240 1,235
nonconvertible long-term
debt
Repayment of nonconvertible (5,858) (3,783)
long-term debt
Repayment of long-term (11,636) (15,941)
borrowings
Shares issues (Rights 23,413 -
Offering)
Dividends paid (824,309) (755,617)
Net cash used in financing (818,316) (774,082)
activities
Net increase in cash and 218,053 63,267
cash equivalents
Cash and cash equivalents 963,043 464,217
at beginning of year
Effect of foreign exchange (193) (8,703)
rate changes
Cash and cash equivalents 1,180,903 518,781
at end of period
STATEMENT OF CHANGES IN EQUITY
Financial statements are prepared in millions of
Estonian kroons (EEK)
Issued Reserves Transl. Ret. Net Total
cap Earn. prof.
for the
per.
Share Stat.
prem. legal
res. res.
31 Dec 2001 1 374 310 137 - 1 015 779 3 615
Net profit - - - - 779 (779) -
for 2001
transf. to
ret. Earn.
Exch. Diff. - - - 0 - - 0
from
transl. of
foreign
oper.
Dividends - - - - (756) - (756)
paid
Net profit - - - - - 479 479
for the
period
30 June 1 374 310 137 0 1 039 479 3 339
2002
31 Dec 2002 1 374 310 137 (0) 1 039 1040 3900
Net profit - - - - 1 040 (1040) -
for 2002
transf. to
ret. Earn.
Exch. Diff. - - - (0) - - (0)
from
transl. of
foreign
oper.
Dividends - - - - (824) - (824)
paid
Share 3 21 - - - - 24
issues
Net profit - - - - - 443 443
for the
period
30 June 1 376 331 137 (0) 1 255 443 3 543
2003
Hille Võrk
Financial Manager
6 272 460
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