BALTIKA

INCOME STATEMENT



CONSOLIDATED INCOME STATEMENT, Q4 2000



Consolidated, unaudited

thousand EEK



                                  Q4 2000 Q4 1999     2000     1999

REVENUE

Net sales                          79,833  76,431  340,756  288,926

Other revenue                        -334   4,216    3,176    6,900

Total revenue                      79,499  80,647  343,932  295,826

EXPENSES

Materials, consumables,           -28,065 -32,499 -142,559 -108,829

supplies and services

Change in inventories                  26    -316    2,097  -16,770

Operating expenses                -16,366 -13,973  -62,074  -47,366

Personnel expenses                -26,964 -28,577 -108,746 -101,951

Wages and salaries                -20,774 -20,424  -77,489  -72,759

Social security taxes              -6,660  -6,727  -25,754  -23,944

Reserves                              470  -1,426   -5,503   -5,248

Depreciation                       -3,818  -3,044  -12,167  -10,682

Other expenses                        301  -1,550   -1,225   -2,768

Total expenses                    -74,886 -79,959 -324,674 -288,366

OPERATING PROFIT                    4,613     688   19,258    7,460



FINANCIAL INCOME                      275      27    2,458      782

Financial income                       10    -125    1,798      326

from investments

Foreign exchange gain                -180       0        0        0

Interest income                       106      28      303      227

Other financial income                339     124      357      229



FINANCIAL EXPENSES                 -1,547  -1,166   -5,217   -6,931

Interest expenses                  -1,336  -1,469   -4,778   -6,049

Loss from the                         -74     143      -74     -661

exchange differences

Other financial expenses             -137     160     -365     -221

PROFIT FROM NORMAL OPERATIONS       3,341    -451   16,499    1,311

PROFIT BEFORE TAXES                 3,341    -451   16,499    1,311

INCOME TAX                              0    -233        0     -233

DEFERRED INCOME TAX LIABILITY           0   1,433        0      734

NET PROFIT FOR THE PERIOD           3,341     749   16,499    1,812

Minority interest                    -217    -164    2,238      619

Group net profit                    3,558     913   14,261    1,193



Earnings per share                   0.74    0.19     2.97     0.25





Ülle Järv

Management Board member

+372 63 02 741