Pēd. atjaunots: 30.11.2024 14:13 (GMT+2)
Eesti Telekom FINANCIAL RESULTS 07/17/2003 09:00
FINANCIAL RESULTS 6 MONTHS 2003 (EUR)
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, 76 78 -2 147 145 1
mEUR
EBITDA, mEUR 36 37 -4 70 70 1
EBITDA margin, % 47 48 48 48
EBIT, mEUR 22 21 4 42 37 13
EBIT margin, % 29 27 28 26
Profit before 26 21 27 47 37 27
taxes, mEUR
Net profit for the 26 15 77 28 31 -7
period, mEUR
EPS, EUR 0.19 0.11 77 0.21 0.22 -7
CAPEX, mEUR 5 7 -27 8 13 -35
Net gearing, % -32 -12 -32 -12
ROA (annualised), 36 22 20 23
%
ROE (annualised), 44 36 39 33
%
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 76 mln EUR,
showing a decrease of 2% compared to the same period in
2002. Operating expenses of the second quarter were down
by 1%, amounting to 40 mln EUR. The EBITDA of the Group
was 36 mln EUR and the EBITDA margin 47%. A decrease in
the second quarter consolidated revenues and EBITDA was
caused by a 3.5 mln EUR 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 3.5 mln EUR 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 4 mln
EUR in the second quarter of 2003. This amount includes a
capital gain of 3.8 mln EUR 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 26 mln EUR or 0.19 EUR per share.
Corresponding figures in the second quarter of 2002 were
15 mln EUR and 0.11 EUR 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 17 mln EUR for the second
quarter of 2002, and 22 mln EUR for the second quarter of
2003.
During the first six months of 2003, consolidated
revenues of the Eesti Telekom Group amounted to 147 mln
EUR, showing an increase of 1% compared to the first six
months of 2002. Operating expenses were 76 mln EUR, up by
2%. The EBITDA of the Group amounted to 70 mln EUR. 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 28 mln EUR or 0.21 EUR per share.
Corresponding figures for the first half-year of 2002
were 31 mln EUR and 0.22 EUR per share.
At the end of June 2003, the total assets of the Eesti
Telekom Group amounted to 278 mln EUR (in December 2002,
284 mln EUR). Tangible assets were reduced, from the
beginning of the year, by 21 mln EUR. Current assets were
enlarged by 15 mln EUR. This enlargement was mainly the
result of an increase of cash and cash equivalents by 14
mln EUR. At the end of June 2003, the Group’s non-current
debt amounted to 0.9 mln EUR and current debt amounted to
1.4 mln EUR (in December 2002, 1.3 mln EUR and 2.3 mln
EUR respectively). By the end of the period, the net debt
of the Group amounted to -73 mln EUR, and net gearing was
-32%. Other current liabilities of the Group were up by
18 mln EUR, including a 25 mln EUR 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 14 mln EUR during the first six
months of 2003. The net operating cash flow was 68 mln
EUR (during the corresponding 6 months of 2002, 61 mln
EUR). Cash outflow into investments was essentially
smaller than a year ago: 2 mln EUR in 2003 (incl. 4 mln
EUR from sales of the minority ownership in AS Connecto),
8 mln EUR in 2002. The cash outflow into financing was 52
mln EUR, including 53 mln EUR paid as dividends (during
the corresponding 6 months of 2002, 49 mln EUR, including
48 mln EUR paid as dividends).
Fixed communications
Q2 Q2 Change HY1 HY1 Change
2003 2002 % 2003 2002 %
Total revenues, 40 45 -10 79 84 -6
mEUR
EBITDA, mEUR 15 18 -18 29 34 -12
EBITDA margin, % 36 40 37 40
EBIT, mEUR 6 7 -14 12 12 -1
EBIT margin, % 15 16 15 14
Profit before 10 7 48 16 11 41
taxes, mEUR
Net profit for the 10 7 50 11 11 3
period, mEUR
CAPEX, mln EUR 3 4 -38 4 7 -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 40 mln EUR, showing a
decrease of 10% compared to the same period in 2002.
Operating expenses of the second quarter were down by 5%,
amounting to 26 mln EUR. The EBITDA of the Group was 15
mln EUR 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
3.5 mln EUR. 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 10 mln EUR, 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 3.8 mln EUR. 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 3
mln EUR for the second quarter of 2002 and 6 mln EUR 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 2
mln EUR 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 0.1 mln EUR (in the second quarter
of 2002, -0.4 mln EUR).
The consolidated revenues of the Elion Enterprise Group,
during the first six months of 2003, amounted to 79 mln
EUR, down by 6% compared to the same period in 2002.
Operating expenses during the period amounted to 50 mln
EUR, down by 2%. The EBITDA of the Group was 29 mln EUR
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 4 mln EUR in
its six-month income statement. The net profit of the
Elion Enterprises Group for the six-month period was 11
mln EUR, up by 3% compared to the same period in 2002.
The Elion Enterprises Group invested 4 mln EUR during the
first half-year of 2003 (in the first six months of 2002,
7 mln EUR). 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 4 mln EUR
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, 44 40 9 83 74 11
mEUR
EBITDA, mEUR 22 20 9 42 37 14
EBITDA margin, % 50 50 50 49
EBIT, mEUR 16 14 13 31 26 19
EBIT margin, % 37 36 37 34
Profit before 16 14 14 31 26 20
taxes, mEUR
Net profit for the 16 14 14 18 26 -32
period, mEUR
CAPEX, mln EUR 3 3 -9 4 6 -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 44 mln
EUR, 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 28 EUR (in June 2002, 29 EUR; in
December 2002, 27 EUR).
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 22 mln EUR. The EBITDA of the second quarter
was 22 mln EUR, up by 9%. The EBITDA margin reached 50%.
The net profit of the EMT Group was 16 mln EUR, 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 83 mln EUR, up by
11% compared to the same period in 2002. Operating
expenses of the period amounted to 41 mln EUR, up by 9%.
The EBITDA of the Group was 42 mln EUR 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 13 mln EUR in its six-month income
statement. The net profit of the EMT Group for the six-
month period was 18 mln EUR.
The EMT Group invested 4 mln EUR during the first half-
year of 2003 (during the first six months of 2002, 6 mln
EUR). 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 4.5
mln EUR per license. The second stage will be an auction
of the licenses not issued during the first stage, with
an initial price of 4.5 mln EUR 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 0.64 EUR and an
issue price of 5.79 EUR, i.e. an issue premium of 5.15
EUR. 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 87,970,662 EUR. 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 0.64 EUR 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 4.3
mln EUR, and the capital gain declared in the second
quarter was 3.8 mln EUR. 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
0.9 mln EUR. 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
2.3 mln EUR and in 2002 has a profit of 0.1 mln EUR.
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 0.38 EUR per share be
paid to the holders of A shares, and 639 EUR per share to
the holders of B shares. It was decided that a total of
53 mln EUR 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 euros
kroons (EUR)
6 mths to 6 mths 2002
30 June to Restated
2003 30 June
2002
Restated
Revenues
Net sales 145,480 140,348 285,513
Other 1,097 4,234 5,863
revenues
Total 146,577 144,582 291,376
revenues
Operating
expenses
Change in 95 224 55
work-in-
progress
Capitalized 599 374 4,179
self-
constructed
assets
Materials, (45,706) (45,688) (96,107)
consumables
, supplies
and
services
Other (13,849) (12,964) (27,792)
operating
expenses
Personnel (16,495) (15,772) (32,787)
expenses
Other (756) (1,091) (2,735)
expenses
Total (76,112) (74,917) (155,187)
operating
expenses
Profit from 70,465 69,665 136,189
operations
before
depreciatio
n
Depreciatio (28,746) (32,712) (63,941)
n and
amortisatio
n
Profit from 41,719 36,953 72,248
operations
Financial 3,682 (224) (329)
income /
(expenses)
from
subsidiarie
s and
associates
Other net 1,196 (144) 411
financing
items
Profit 46,597 36,585 72,330
before tax
Income tax (18,280) (5,986) (5,835)
on
dividends
Net profit 28,317 30,599 66,495
for the
period
Earning per
share
Basic 0.21 0.22 0.48
earning per
share (in
euros)
Diluted 0.21 0.22 0.48
earning per
share (in
euros)
AS EESTI TELEKOM AND SUBSIDIARY COMPANIES
BALANCE SHEET
Financial statements are prepared in thousands of euros
(EUR)
30 June 31 Dec 30 June
2003 2002 2002
ASSETS
Non-current assets
Property, plant and 150,848 170,879 173,830
equipment
Goodwill 125 236 597
Licenses, patents and 1,939 2,483 2,247
trademarks
Investments in 1,384 1,451 1,555
subsidiaries and
associates
Other investments 173 173 176
Other non-current 146 130 362
assets
Total non-current 154,615 175,352 178,767
assets
Current assets
Inventories 7,024 5,971 6,652
Trade receivables 28,267 27,504 30,009
Other receivables 13,045 13,483 9,401
Cash and cash 75,473 61,549 33,156
equivalents
Total current assets 123,809 108,507 79,218
TOTAL ASSETS 278,424 283,859 257,985
EQUITY AND
LIABILITIES
Equity
Issued capital 87,971 87,804 87,804
Reserves 29,937 28,591 28,591
Translation reserve (2) (2) 4
Retained earnings 80,187 66,375 66,375
Net profit for the 28,317 66,495 30,599
period
Total equity 226,410 249,263 213,373
Minority interest 607 -
Non-current
liabilities
Interest-bearing 981 1,263 2,308
loans and borrowings
- due after one year
Current liabilities
Trade payables 9,744 15,648 8,362
Other current 11,901 12,536 14,037
liabilities
Tax liabilities 26,498 1,825 13,795
Interest-bearing 1,430 2,282 5,319
loans and borrowings
- due within one year
Provisions 853 1,042 791
Total current 50,426 33,333 42,304
liabilities
TOTAL EQUITY AND 278,424 283,859 257,985
LIABILITIES
AS EESTI TELEKOM AND SUBSIDIARY COMPANIES
CASH FLOW STATEMENT
Financial statements are prepared in thousands of euros
(EUR)
6 mths 6 mths
to to
30 June 30 June
2003 2002
Restated
Operating activities
Profit operations 41,719 36,953
Adjustments for:
Depreciation and 28,746 32,712
amortisation
(Profit) / loss from sales (545) (3,368)
and write-off of fixed
assets
Operating cash flow before 69,920 66,297
movements in working
capital
Change in current (503) (4,727)
receivables
Change in inventories (1,053) 65
Change in current (352) (115)
liabilities
Cash generated by 68,012 61,520
operations
Interest paid (40) (259)
Net cash from operating 67,972 61,261
activities
Investing activities
Purchase of property, (8,126) (11,858)
plant and equipment
Purchase of licenses (74) (712)
Proceeds from sales of 669 4,761
property, plant and
equipment
Proceeds from sales of 4,355 -
subsidiaries
Acquisition of associates - (639)
Loans granted (32) (8)
Cash receipt from 3 2
repayment of loans
Dividends received - 6
Interest received 1,470 703
Net cash used in investing (1,735) (7,745)
activities
Financing activities
Proceeds from long-term - 2
convertible debt
Repayment of long-term (11) -
convertible debt
Proceeds from 15 79
nonconvertible long-term
debt
Repayment of (374) (242)
nonconvertible long-term
debt
Repayment of long-term (744) (1,019)
borrowings
Shares issues (Rights 1,496 -
Offering)
Dividends paid (52,683) (48,293)
Net cash used in financing (52,301) (49,473)
activities
Net increase in cash and 13,936 4,043
cash equivalents
Cash and cash equivalents 61,549 29,669
at beginning of year
Effect of foreign exchange (12) (556)
rate changes
Cash and cash equivalents 75,473 33,156
at end of period
AS EESTI TELEKOM AND SUBSIDIARY COMPANIES
STATEMENT OF CHANGES IN EQUITY
Financial statements are prepared in thousands of euros
(EUR)
Iss Reserves Tran Ret Net Tot
ued sl. . prof al
cap Res. Ear it
ita n. for
l the
per.
Sha Sta
re t.
pre leg
m. al
res
erv
e
31 Dec 2001 88 20 9 - 65 50 231
Net profit - - - - 50 (50) -
for 2001
transf. to
ret. Earn.
Exch. Diff. - - - 0 - - 0
from
transl. of
foreign
oper.
Dividends - - - - (48 - (48
paid ) )
Net profit - - - - - 31 31
for the
period
30 June 88 20 9 0 66 31 213
2002
31 Dec 2002 88 20 9 (0) 66 66 249
Net profit - - - - 66 (66) -
for 2002
transf. to
ret. Earn.
Exch. Diff. - - - - - - -
from
transl. of
foreign
oper.
Dividends - - - - (53 - (53
paid ) )
Share 0 1 - - - - 2
issues
Net profit - - - - - 28 28
for the
period
30 June 88 21 9 (0) 80 28 226
2003
Hille Võrk
Financial Manager
6 272 460
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