RESTRICTEDWORLD TRADE
ORGANIZATIONWT/ACC/EST/25
16 February 1999
(99-0602)
Working Party on the
Accession of Estonia
ACCESSION OF ESTONIA
Report on Privatization
The Permanent Mission of Estonia has submitted the following report on privatization.
_______________
Summary of Privatization in Estonia 1993-1998
Privatization in agricultural sector has been completed in 1995. In industrial sector
privatization has been completed by 1998 with the exception of two companies: Moe Distillery Ltd.
(AS Moe Piiritusetehas) and Liviko Ltd. (AS Liviko). These companies are to be privatised in 1999.
The last phase of privatization in Estonia is the sale of large-scale infrastructure companies. This
phase will include companies from the areas of en ergy, oil shale, telecommunications, rail transport
and chemical industry.
1993
In 1993 54 enterprises or their structural units were sold through the method of tender with
preliminary negotiations for the total of 353,194,951 EEK1. Investments worth 236,755,964 EEK and
jobs for 9,099 people were guaranteed by the contracts. The purchasers have assumed liabilities for
the total of 195,562,592 EEK.
The biggest transactions:
Object Purchaser Price/EEK
Tallinna Vineeri ja
Mööblikombinaat (furniture)AS Marlekor 56,000,000
RAS Flora (chemical products) AS Flora Liit 45,600,000
RE Tartu Leivakombinaat (bakery) AS Pere Leib 30,000,000
RAS Leibur (bakery) AS Offero 71,000,000
In 1993 252 objects were sold by auctions for the total of 127,785,830 EEK.
1994
In 1994 215 enterprises or their structural units were sold through the method of tender with
preliminary negotiations for the total of 1,329,392,105 EEK. Investments worth  858,494,200 EEK
                                                     
1 US$1 = 13.2 EEK (January 1999)WT/ACC/EST/25
Page 2
and jobs for 25 573 people were guaranteed by the contracts. The purchasers have assumed liabilities
for the total of 700,227,776 EEK.
The biggest transactions:
Object Purchaser Price/EEK
RE Pärnu Kalakombinaat (fish products) S Maseko 18,500,000
RAS Tondi Elektroonika (electronics) AS Mikrel 18,000,000
RAS Vasar (metal products) AS Erivasar 19,800,000
RE Pioneer (machinery) AS United Auto Radiators Eesti 21,500,000
RAS Standard (furniture) AS Eripuu 13,500,000
RAS Klementi (clothing, 80 % of shares sold) AS Klementi Kaubandus 15,000,000
RAS Loksa Laevaremonditehas (ship repair) AS Portfolio Investment V 20,000,000
RAS Viru Hotell (hotel) AS Harmaron 145,000,000
RAS Eesti Tekstiil (textiles, 80 % of shares) AS ET-Riie 3,000,000
RdE Tööstusaparaat (measuring instruments) RdE Tööstusaparaat 17,000,000
RAS Pärnu Linakombinaat (flax processing) Herdmans Holdings PLC 15,560,000
RAS Kommunaar (footwear) AS Hansapank 18,000,000
Kaubandus-tööstuslik firma Auto Vaz
teenindus (car service)AS Mega Auto 18,000,000
RAS Autoteenindus (car service) AS Järve Autokeskus 19,900,000
RAS Tallinna Farmaatsiatehas (pharmacy) AS Magnum Pharma 26,000,000
RAS Tallinna Ehitusteenindus (construction) AS Erak 18,500,000
RAS Tallinna Kaubamaja (department store,
51% of the shares)E-Investeeringugrupi AS 61,000,000
RAS Eriehitustööd (construction) AS Samulin 25,000,000
RE Juveel (jewelry, coin minting) OÜ Juveliir 30,000,000
RAS Tamsalu TERKO (granary) AS H&M 50,000,000
RAS Tartu Maja (construction materials, 80% of the shares) AS Erabet
RdE Tööstuskomplekt (construction materials) AS Vikolo 20,000,000
RAS Tartu Lihakombinaat (meat processing,
55% of the shares sold)AS Landrek 16,000,000
RAS Kreenholmi Manufaktuur (textile plus
assumed liabilities of 198 million)Kreenholmi Valduse AS 12,500,000
RAS Tarmeko (wood processing, furniture,
66,6% shares sold)AS FMC 65,000,000
In 1994 126 objects were sold by auctions for the total of 68,172,610 EEK.
1995
In 1995 142 enterprises or their structural units were sold through the method of tender with
preliminary negotiations for the total of 937,384,206 EEK. Investments worth 1,020,886,600 EEK
and jobs for 17 279 people were guaranteed by the contracts. The purchasers have assumed liabilities
for the total of 617,880,370 EEK.
The biggest transactions:WT/ACC/EST/25
Page 3
Object Purchaser Price/EEK
RAS Püssi PPK(fiber board, chip board, assumed
liabilities worth 25 million EEK)AS Repo 20,000,000
RAS Mainor (business consultation ) AS Maskello 10,000,000
RAS Balti Manufaktuur (textiles, assumed liabilities
worth 40 million EEK)Asean Interest Ltd. 25,000,000
Sportsball Department of Polümeer (basketballs) AS Elrantus 20,500,000
RAS Viisnurk (furniture) AS VN Holding 20,000,000
RAS Saku Õlletehas(brewery, 10 per cent of the shares
sold)Baltic Beverages Holding AB 20,000,000
RAS Tallinna Lihatööstus (meat processing, 80 per
cent of shares)AS Kroonikuld 16,000,000
RAS Wermo (furniture, 95.12 per cent of shares) AS Thompson 24,030,000
RAS Tartu Õlletehas (brewery) AS Magnum Konsuumer 26,000,000
RAS Eesti Näitused (exhibi tion centre) AS Eferelt 19,000,000
RAS Keila TERKO (granary) AS Printsiip PM 27,000,000
RAS Esmeta (metal products, 76% of shares) AS Fermetal 22,800,000
RAS Saku AB (transportation) AS A.T.V 24,000,000
RAS Hotell Tallinn (hotel) AS Irnesse 15,000,000
RAS Kalev (confectionery) AS Talinvest 56,000,000
RAS Rakvere Lihakombinaat (34% of shares) Nigula Póllumajandusühistu 50,000,000
RAS Rakvere Lihakombinaat (37% of shares) (meat
products)AS R-Lihatööstus 71,000,000
RAS Tallinna Meretehas (51% of shares) ASVavekor 37,000,000
RAS Dvigatel (100% of shares, assumed liabilities
worth 70 477 000 EEK)AS Diamark 20,000,000
In 1995 120 objects were sold by auctions for the total of 79,796,261 EEK.
1996
In 1996 43 enterprises or their structural units were sold through the method of tender with
preliminary negotiations for the total of 473,675,000 EEK. Investments worth 488,902,500 EEK and
jobs for 1274 people were guaranteed by the contracts. The purchasers have assumed liabilities for the
total of 230,261,796 EEK.
In 1996 84 objects were sold by auctions for the total of 148,706,766 EEK.The biggest transactions:WT/ACC/EST/25
Page 4
Object Purchaser Price/EEK
RAS Tartu Autoveod AS Rano 26,000,000
Assumed liabilities 17,980,000
RAS Valga Külmutusvagunite Depoo AS Kaha 44,000,000
Assumed liabilities 30,482,000
RAS Eesti Kindlustus AS Fiir 55,000,000
Assumed liabilities 59,831,000
RAS Meedium AS Ilo 15,100,000
Assumed liabilities 1,287,000
AS Esoil E.O.S. AS 120,000,000
Assumed liabilities 129,223,303
1997
In 1997 17 enterprises or their structural units were sold through the method of tender with
preliminary negotiations for the total of 1,295,359,956 EEK. Investments worth 1,714,910,000 EEK
and jobs for 2929 people were guaranteed by the contracts. The purchasers have assumed liabilities
for the total of 416,345,889 EEK.
In 1997 64 objects were sold by auctions for the total of 160,556,150 EEK.The biggest transactions:
Object Purchaser Price/EEK
AS Eesti Merelaevandus
(70% of shares)AS ESCO Holding 700,000,000
AS Eesti Metallieksport
(51% of shares)AS Nelimet 200,000,000
Assumed liabilities 13,955,000
AS Kiviter AS Eriõli 120,000,000
Assumed liabilities 207,654,000
AS Estimpeks(34% of shares)AS Beeta Invest 83,000,000
Assumed liabilities 6,243,000
AS Hotell Olümpia(19,5% of shares)AS The Baltic Republics
Fund42,900,000
RAS Silmet
(65% of shares)AS Ephag 26,000,000
Assumed liabilities 105,672,000
1998
In 1998 12 enterprise have been sold through the method of tender with preliminary
negotiations for the total of 318,145,121 EEK. Investments worth 281,104,496 EEK have beenguaranteed by the contracts. The purchasers have assumed liabilities for the total of 8,198,414 EEK.
Jobs for 72 people were guaranteed by the contracts.
In 1998 20 objects were sold by auctions for the total purchase price of 287,394,663 EEK.
The biggest transactions:WT/ACC/EST/25
Page 5
Object Purchaser Price/EEK
Eesti Valvekoondise EVK Grupp AS 61,000,000
AS Läänemaa Elektrivõrk IVO Energia AS 70,000,000
AS Narva Elektrivõrk (49 % of shares) Startekor Investeeringute 58,000,000
AS Eesti Gaas (10 % of shares) Neste OY 47,530,000
AS Kunda Nordic Tsement (20 % of
shares)Atlas-Nordic Cement Ltd. OY 34,204,496
EVR Koehne AS Hermann Koehne
Bauunternehmung GmbH30,750,000
From 1993 to 1998 483 enterprises and structural units were sold through tender with
preliminary negotiations for the total purchase price of 4,707,151,339 EEK. Investments worth4,601,053,760 EEK and jobs for 56 226 people have been guaranteed. The purchasers have assumed
liabilities for the total of 2,168,476,837 EEK.
From 1991 to 1998 1368 objects were sold by auctions for the total purchase price of
892,672,784 EEK.WT/ACC/EST/25
Page 6
ANNEX 1
Privatization Program of State Property for 1998
1. The main objectives of state property privatization for 1998 are:
- to increase the efficiency of infrastructure enterprises through restructuring the enterprises
and attracting private investments;
- to attract foreign investments in order  to accomplish competitiveness of economy,
international integration and economic growth.
2. The primary areas of privatization are:
- preparation and actual privatization of infrastructure companies;
- privatization of land necessary for the activities of privatized companies.
3. The main methods of privatization used in different sectors of economy are:
- one- and two-phase privatization with preliminary negotiations - for the privatization of
majority shares of infrastructure and other major companies;
- public auction - for the privatization of shares of commercial undertakings or single
assets;
- public offering of shares - for the privatization of minority shares of commercial
undertakings that generate public interest.
4. General principles of restructuring the companies to be privatized:
The objective of restructuring the infrastructure  companies is to guarantee the transparency of
price formation of the services offered, to create the basis for the development of competition, to
improve economical efficiency and to establish commercial undertakings.
The necessity to increase the share capital of the companies to be privatized shall be
determined by the Estonian Privatization Agency (h ereinafter the Privatization Agency), taking into
consideration the necessity for investments, interest in the purchase and the influence of down-payment made into the share capital and/or into th e purchase price with regard to the development of
the company and the price and compatibility of the services offered by it.
According to these principles the following enterprises are to be restructured:
- AS Eesti Energia (Estonian Energy) in a way that its primary fields of activity - power
generation, power transmission and distribution of electricity - shall be carried out by
separate commercial undertakings. These commercial undertakings may belong as
subsidiaries to AS Eesti Energia or their stocks or shares shall be given to state
ownership;
- AS Eesti Pôlevkivi (Estonian Oil Shale)in a way that its different mines or several closely
situated mines shall be owned by separate commercial undertakings which may belong as
subsidiaries to AS Eesti Pôlevkivi or their stocks or shares shall be given to state
ownership, with the objective to guarantee the transparency of price formation and to
increase the interest of oil-shale consumers to invest into mining of oil-shale.
- AS Eesti Raudtee (Estonian Railway) in a way that its main activity - providing
commuter and freight services shall be carried out by separate commercial undertakings.
The commercial undertakings may belong as subsidiaries to AS Eesti Raudtee or their
stocks or shares shall be given to state ownership.WT/ACC/EST/25
Page 7
5. Privatization on the basis of privatization plans approved by the Government of the Republic:
5.1 Privatization of commercial undertakings providing railway conveyance services
According to the “Confirmation of Restructuring and Privatization Plans and Principles of the
State Enterprise Estonian Railway” confirmed by the Decree of the Government of the Republic No
442-k (RT2 I 1997, 46,745) on 11June 1997:
- to privatize the shares of EVR Koehne AS  in state ownership through public auction;
- to increase the share capital of Edelaraudtee AS prior to the privatization of its state-
owned shares;
- to privatize the shares of other subsidiaries and related companies owned by the joint-
stock company “Eesti Raudtee” through public auction and/or public offering of shares;
- to privatize the shares or stocks of the commercial undertaking providing the commuter
passenger services in Tallinn in case it is impossible to municipalize them. Privatization
shall be carried out through tender with preliminary negotiations.
5.2 Privatization of AS Eesti Pôlevkivi
AS Eesti Pôlevkivi shall be privatized according to the “Privatization Plan of the State
Enterprise Estonian Energy and the Privatization Plan of the Joint-Stock Company Estonian Oil
Shale” confirmed by the Decree of the Government of the Republic No 1039-k (RT I 1998, 5 76, 74)on 31 December 1997.
5.3 Privatization of the commercial undertakings providing the production, transmission and 
distribution of energy
The commercial undertakings providing the production, transmission and distribution of
energy shall be privatized accordin g to the “Privatization Plan of the State Enterprise Estonian Energy
and the Privatization Plan of the Joint-Stock Co mpany Estonian Oil Shale” confirmed by the Decree
of the Government of the Republic No 1039-k (RT I 1998, 5 76, 74) on 31 December 1997.
5.4 Privatization of AS Liviko
To conclude the privatization of AS Liviko according to “The Privatization Plan of Joint-
Stock Company “Liviko” ” confirmed by the Decree of the Government of the Republic No 530-k
(RT I 1997, 56, 923) on 22 July 1997 provided that the Law on the Treatment of Alcohol has been
implemented:
- 30 % of the shares through tender with preliminary negotiations;
- 21 % of the shares through public offering.
5.5 Privatization of AS Moe Piiritusetehas
The shares of AS Moe Piiritusetehas (Moe Distillery) in state ownership shall be privatized
according to the privatization plan confirmed by the Government of the Republic.
                                                     
2 RT--Official Journal " Riigi Teataja " (State Gazette)WT/ACC/EST/25
Page 8
5.6 Participation of the Privatization Agency in organizing the sale of shares of AS Eesti Telekom
(Estonian Telecom)
According to the general principles of the development of the joint-stock company Eesti
Telekom the government intends to privatize some of the shares of AS Eesti Telekom and also to
privatize certain participation in the subsidiaries and related companies of AS Eesti Telekom.
The Privatization Agency shall participate in preparing and organizing the sale of the above
mentioned shares according to the request of the Ministry of Transport and Communications and AS
Telekom.
5.7 Privatization of property entered or to be entered into the State Property Register
The Privatization Agency shall continue to privatize the property excluded from or not yet
entered into the State Property Register according to the privatization law (RT I 1993, 45, 639;
1997,9, 78) and in accordance with the request of the ministries.
6. Special conditions pertaining to privatization of environmentally hazardous objects
Estonian Privatization Agency must guarantee carrying out environmental investigations on
the most significant objects with the aim of assessing the following:
- the impact of current production technology on environment;
- the level of residual pollution;
- the possibilities of eliminating environmental damage;
- liability of the commercial undertakings for the environmental damage and the potential
for such damage in the future.
Privatizing commercial undertakings with consid erable impact on environment it is required
to involve the specialists of the Ministry of Environment for determining respective additional
conditions and stipulating them in the privatization process.
7. The scope of usage of privatization securities in the privatization process
In order to finance the costs associated with th e ownership reform and with the aim to provide
the owners of privatization securities with additional investment possibilities through the
Compensation Fund at least half of the purchase price is to be paid in cash. Excessive payment in
privatization securities may be implemented at the sale of minority shares of  enterprises.
If according to the purchase agreement the Privat ization Agency assumes the liabilities of a
privatized company it is possible not to apply the right to use privatization securities or to apply it at a
smaller extent.
The Board of the Privatization Agency shall determine the scope of the use of privatization
vouchers as the means of payment.
8. Fields of economic activities where the number of entitled subjects of privatization is 
restricted
Generally the number of entitled subjects of privatization shall not be restricted in order to
guarantee competition and impartiality. In privatizing the shares and stocks of some commercial
undertakings the two-phase bidding process with preliminary negotiations can be implemented if it is
necessary to take into consideration the previous activities and trustworthiness of the bidders.WT/ACC/EST/25
Page 9
8.1 Privatization on the basis of Article 32 of the Privatization Law
If necessary the privatization of companies whic h are privatized according to Article 32 of the
Privatization Law shall be determined case by case by the Government of the Republic.
9. General principles of setting additional conditions
In privatization infrastructure companies the additional conditions shall be set in cooperation
with the inspection regulating the corresponding fields of activity and if necessary concerted with the
Competition Board. These additional conditions may be:
- business plan (indicating financing, employment, technology used, environmental
provisions etc);
- amount of investments;
- number of jobs;
- number, quality and availability of services;
- guarantee in supply;
- obligation to continue the present activities;
- appliance of environmentally sparing technologies and guaranteeing environmental
safety;
- other conditions.
10. Inspecting and guaranteeing the fulfillment of purchase agreements
The Privatization Agency must proceed from the requirements established for the governors
of state property with the objective to achieve the fulfillment of the privatization agreement by the
purchaser to the greatest possible extent.
11. Preparation of legal acts in connection with privatization
The Privatization Agency shall participate in prep aring the drafts of legal acts regulating the
activities of infrastructure companies foreseen in the Energy Law (RT I 1997, 52, 833) and the
Railway Law (RT I 1995, 5,41).WT/ACC/EST/25
Page 10
ANNEX 2
Economic Indicators of Commercial Undertakings in State Ownership
(state share more than 50%)
1997
Name of the commercial undertaking State
share %Number of
employeesTotal
assets(EEK)Net
turnover(EEK)Net profit
(loss)(EEK)Current
assets(EEK)
AS A.L.A.R.A 100 25 44,466,184 52,028 47,262 519,943
AS Andmevara 100 93 12,433,052 28,731,822 640,101 8,236,048
AS Bituumen 75.46 2 21,420,476 n.a. 3,164,474 n.a.
AS E-Arsenal 100 66 1,516,035 5,008,295 577,843 1,207,516
AS Eesti Kaardikeskus 100 109 5,490,483 19,053,281 237,831 3,428,441
AS Eesti Loto 100 92 18,726,350 136,103,072 141,45 8,669,236
AS Eesti Post 100 4,554 310,853,934 376195847 11,303,430 217,392,508
AS Eesti Põlevkivi 100 8,593 779,200,419 2,175,071,351 1,977,499 292,887,460
AS Eesti Seeme 100 23 7,056,587 2,894,875 11,915 6,180,977
AS Eesti Raudtee 100 6,260 913,525,350 105,052,1411 12,008,078 280,559,581
AS Eesti Teadeteagentuur 100 60 20,683,595 9,265,911 -2,085,309 574,929
AS Eesti Telekom 100 8 1,287,804,48
8n.a. 254,782,273 226,049,678
AS Eesti Viljasalv 100 44 166,650,909 49,661,442 6,674,793 163,974,523
AS Ehitajate EEV 100 411 31,263,354 43,761,395 -24,481,009 25,367,950
AS Elumaja 100 30 19,072,021 73,989,644 -57,69,630 12,786,054
AS Imanta Hariduskeskus 75 4 10,960,000 2,286,000 109,500 663,000
AS Kopli Elamuekspluatatsiooni Majand 100 110 7,204,984 26,387,269 -1,437,907 5,825,258
AS Kunda Elamu 100 56 6,485,730 13,567,257 -105,544 2,892,603
AS Kunda Tehased 100 132 194,273,759 18,981,582 -13,547,279 23,015,251
AS Kuressaare Lennujaam* 100
AS Kärdla Lennujaam* 100
AS Liviko 51 200 241,935,254 442,953,746 23,099,002 146,052,352
AS Läänemaa Elektrivõrk 100 89 139,272,476 47,754,303 1,517,079 8,203,725WT/ACC/EST/25
Page 11Name of the commercial undertaking State
share %Number of
employeesTotal
assets(EEK)Net
turnover(EEK)Net profit
(loss)(EEK)Current
assets(EEK)
AS Medis 100 14 69,546,493 5,426,407 1,005,336 24,586,105
AS Metrosert 100 73 2,639,213 8,057,989 387,921 1,045,746
AS Moe Piiritusetehas 66.7 108 79,131,880 46,635,848 828,462 68,051,542
AS Narva Elektrivõrk* 100
AS Pärnu Lennujaam* 100
AS Riigiressursside Keskus 100 116 65,119,220 25,535,611 756,563 29,236,496
AS Saarte Liinid 100 83 106,282,307 7,335,010 -2,214,214 4,088,242
AS Tallinna Olümpiapurje-spordikeskus 100 171 206,615,901 63,256,827 5,599,342 2,551,458
AS Tallinna Sadam 100 2274 1,800,919,28
7795,847,551 46,080,369 147,012,449
AS Tartu Agro 100 248 29,112,308 38,941,261 697,697 12,779,781
AS Tartu Lennujaam* 100
AS Tartu Puukool 100 30 1,754,678 2,363,172 229,601 99,3446
AS Tartu Standardiseerimis- ja
Metroloogiakeskus100 30 963,683 47,32,998 152,217 740,465
AS Vaba Maa 56.39 61 36,085,635 22,160,059 1,891,871 5,853,761
Edelaraudtee AS 100 847 227,565,458 65,066,494 -4,285,904 22,445,895
Eesti Energia AS* 100
Eesti Ringhäälingu Saatekeskuse AS 100 186 159,611,087 47,647,890 5,015,438 12,807,154
Küberneetika AS 100 70 23,442,000 112,000 854,200 6,000,000
Lennuliiklusteeninduse AS* 100
Meie Meele Kirjastuse AS 35 20 2,382,093 5,557,605 -168,394 1,593,362
OÜ Areto 100 15 904,594 1,663,296 186,068 771,303
OÜ Eesti Geoloogiakeskus 100 135 16,758,602 10,882,656 -7,709 1,669,827
OÜ Eesti Keskkonnauuringute Keskus 100 63 24,910,401 14,760,917 92,696 4,295,181
OÜ Eesti  Metsakorralduskeskus 100 91 15,761,699 17,803,198 1,627,749 5,567,186
OÜ Eesti Tööstusprojekt 100 76 3,058,728 15,816,667 363,296 2,724,979
OÜ Ehituse Teadusliku Uurimise
Instituut100 41 762,831 2,638,668 -24,202 454,874WT/ACC/EST/25
Page 12
Name of the commercial undertaking State
share %Number of
employeesTotal
assets(EEK)Net
turnover(EEK)Net profit
(loss)(EEK)Current
assets(EEK)
OÜ Pärnu Keskkonnauuringud 100 6 471,106 989,058 376,630 315,922
OÜ Tartu Keskkonnauuringud* 100
OÜ Virumaa Keskkonnauuringud* 100
Perioodika AS 100 146 6,086,585 11,746,195 -1,435,919 1,049,879
Rahva Raamat AS 51 27 3,684,215 18,283,207 164,080 3,626,223
RAS Kuressaare Leib 100 3 7,018,386 1,897,205 -271,816 2,841,793
Tallinna Ravitootla 100 55 1,642,945 3,716,979 4,5316 768,352
*- reports on economic indicators are not available yet as business year ended on 31.12.98WT/ACC/EST/25
Page 13ANNEX 3
Financial Statistics of Enterprises 1997
Income statement by owner (thousand EEK)
of which Indicator Total
state municipality Estonian person in
private lawforeign person in
private law
Number of enterprises 27,627 206 440 25,253 1,728
Number of employees 402,613 43,599 18,664 302,183 38,167
Net sales 180,618,17
813,489,496 4,411,637 128,900,885 33,816,160
   of which export 41,114,574 2,480,120 55,486 28,150,179 10,428,789
Costs of goods sold 160,167,30
511,368,232 3,758,592 115,152,623 29,887,858
Gross profit (loss) 20,450,873 2,121,264 653,045 13,748,262 3,928,302
Operating expenses 14,388,051 1,261,733 456,322 9,812,764 2,857,232
   of which research and development expenses 335,421 32,340 1,164 247,063 54,854
Costs total 174,555,35
612,629,965 4,214,914 124,965,387 32,745,090
   merchandise 71,084,784 1,199,748 388,085 55,068,536 14,428,415
   materials, supplies and  intermediate goods 32,433,724 1,777,227 377,036 23,612,809 6,666,652
   purchased electricity 2,303,824 404,882 213,469 1,243,524 441,949
   purchased  fuel and power 6,111,037 2,078,292 730,842 2,790,476 511,427
   laid-out work 30,142,386 2,403,990 917,301 21,139,677 5,681,418
   personnel expenses 22,070,299 3,387,864 1,078,569 14,565,155 3,038,711
      of which wages and salaries 16,598,232 2,546,439 810,858 10,955,172 2,285,763
                    social security costs 5,472,074 841,425 267,711 3,609,987 752,951
   depreciation 5,314,668 1,049,102 363,636 2,951,221 950,709
   other taxes 604,774 145,194 35,309 359,701 64,570
   other costs 5,407,331 254,021 114,704 3,952,681 1,085,925WT/ACC/EST/25
Page 14
of which Indicator Total
state municipality Estonian person in
private lawforeign person in
private law
   change in work-in-progress -485,398 9,131 152 -472,042 -22,639
   change in finished goods -204,103 -27,435 -4 -93,421 -83,243
   capitalized self-constructed assets 227,970 52,051 4,185 152,930 18,804
Total profit (loss) 6,062,822 859,531 196,723 3,935,498 1,071,070
Other revenue 3,722,105 674,102 148,121 2,471,266 428,616
   of which profit from the sale of tangible assets 865,314 59,556 8,813 757,370 39,575
Other expenses 3,641,774 431,383 200,977 2,491,536 517,878
   of which loss from the sale of tangible assets 369,063 33,563 5,537 317,408 12,555
Operating profit (loss) 6,143,153 1,102,250 143,867 3,915,228 981,808
Financial income 3,690,992 474,129 29,013 2,470,856 716,994
   of which interest income 566,819 65,915 5,577 400,589 94,738
Financial costs 4,725,022 305,024 137,612 3,355,547 926,839
   of which interest expenses 2,407,618 156,818 90,959 1,731,532 428,309
Profit (loss) from normal operations 5,109,123 1,271,355 35,268 3,030,537 771,963
Extraordinary income 240,413 796 9,807 85,274 144,536
Extraordinary costs 137,647 2,969 19,232 55,682 59,764
Profit (loss) before taxes 5,211,889 1,269,182 25,843 3,060,129 856,735
   of which profit before taxes 9,178,759 1,403,991 209,443 6,017,254 1,548,071
                 loss before taxes -3,966,870 -134,809 -183,600 -2,957,125 -691,336
Provision for taxes 1,481,701 148,456 18,571 1,099,320 215,354
Unpaid taxes 168,076 78,915 30,591 48,289 10,281
Net profit (loss) 3,562,112 1,041,811 -23,319 1,912,520 631,100
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