AS BALTIKA                                                            

INCOME STATEMENT                                                         

01.01.99-30.04.99                                                     

                                                                      

unconsolidated, unaudited

in thousand EEK                                                                   

                                                                      

                                     1999 4 months 1998 4 months Change

                                                                     %

REVENUE                                     71,662      90,940    -21%

incl. net sales                             82,979      90,677     -8%

Change in inventories                      (12,557)       (339)   3604%

Other revenue                                1,240         602    106%

EXPENSES                                    66,129      80,306    -18%

incl.raw materials and goods                35,461      47,380    -25%

Personnel expenses                          18,196      18,656     -2%

Operating expenses                           8,926      10,924    -18%

Depreciation                                 2,876       2,773      4%

Other expenses                                 670         573     17%

GROSS PROFIT                                 5,533      10,634    -48%

FINANCIAL REVENUE                              650         697     -7%

FINANCIAL EXPENSES                           4,469       2,786     60%

OPERATING PROFIT                             1,714       8,545    -80%

PROFIT BEFORE TAXES                          1,714       8,545    -80%

INCOME TAX (accounting)                        838       1,213    -31%

POTENTIAL INCOME TAX                          (157)         496   -132%

NET PROFIT                                   1,033       6,836    -85%

                                                                      

                                                                      

Avo Reiska                                                            

Financial director                                                       

+372 630 2717