Baltika                       INCOME STATEMENT                  03/12/2002



AUDITED CONSOLIDATED INCOME STATEMENT 2001



Audited

                               th EEK          th EUR

                            2001    2000     2001    2000

Revenue

Net sales                 414 437  340 756  26 487  21 778

Other revenue               1 303    3 176      83     203

Total revenue             415 740  343 932  26 571  21 981



Expenses

Materials, goods         -166 506 -142 559 -10 642  -9 111

Change in inventories       2 649    2 097     169     134

Other operating expenses  -84 578  -62 074  -5 406  -3 967

Personnel expenses       -126 222 -108 746  -8 067  -6 950

Depreciation              -14 241  -12 167    -910    -778

Other expenses             -3 717   -1 225    -238     -78

Total expenses           -392 614 -324 674 -25 093 -20 750



Operating profit           23 126   19 258   1 478   1 231



Financial income              484    2 458      31     157

Financial expenses         -6 764   -5 217    -432    -333



Profit before taxes        16 846   16 499   1 077   1 054

Declared income tax          -185        0     -12       0

Net profit                 16 661   16 499   1 065   1 054

Minority interest             950    2 238      61     143

Net profit for the Group   15 711   14 261   1 004     911



Basic earnings per share     3,27     2,97    0,21    0,19

Diluted earnings per share   3,25     2,97    0,21    0,19





Ülle Järv

Management Board member

+372 6302 741