KALEV

INCOME STATEMENT



CONSOLIDATED INCOME STATEMENT, H1 2001



Consolidated

Unaudited

in thousand EEK



                                  Q2 2001  Q2 2000  H1 2001  H1 2000



NET SALES                          75,208   77,921  147,443  158,210



COST OF GOODS SOLD                 47,065   54,985   93,220  111,333



GROSS PROFIT                       28,143   22,936   54,223   46,877



MARKETING EXPENSES                  6,138    5,749   13,497   12,776

ADMINISTRATIVE EXPENSES            17,999    8,016   24,949   16,264

OTHER REVENUE                       5,131      691    5,812    4,948

OTHER EXPENSES                        712    6,404    5,812   13,752



OPERATING PROFIT                    8,425    3,458   15,777    9,033



FINANCIAL INCOME                      245       81      589    2,252

FINANCIAL EXPENSES                  1,542    2,913    3,284    5,359



NET PROFIT/LOSS                     7,128      626   13,082    5,926



EARNINGS PER SHARE                   0.90     0.08     1.66     0.75





Rutt Panga

Supervisory Board Assistant

+372 628 3853