Baltika                       INCOME STATEMENT                  02/28/2002



CONSOLIDATED INCOME STATEMENTS, Q4 2001



Income statement           

in thousand EEK

unaudited

                              Q4 2001 Q4 2000   2001   2000



Revenue

Net sales                      111632  79833  414437 340756

Other revenue                    -155   -334    1303   3176

Total revenue                  111477  79499  415740 343932



Expenses

Materials, supplies            -45177 -28065 -166505-142559

Change in inventories            4681     26    2649   2097

Other operating expenses       -24007 -16366  -84578 -62074

Personnel expenses             -33301 -26964 -126222-108746

Depreciation                    -3754  -3818  -14241 -12167

Other expenses                  -1437    301   -3717  -1225

Total expenses                -102995 -74886 -392614-324674



Operating profit                 8482   4613   23126  19258



Financial income                 -165    275     484   2458

Financial expenses              -2176  -1547   -6764  -5217

Profit before taxes              6141   3341   16846  16499

Declared income tax                 1      0     185      0

Net profit for the financial     6140   3341   16661  16499

Minority interest                -381   -217     950   2238

Net progit for the Group         6521   3558   15711  14261





Earnings per share (kroons)      1,36   0,74    3,27   2,97







Income statement

in thousand EUR

unaudited

                             Q4 2001 Q4 2000     2001     2000



Revenue

Net sales                       7135    5102    26487    21778

Other revenue                    -10     -21       83      203

Total revenue                   7125    5081    26571    21981



Expenses

Materials, supplies            -2887   -1794   -10642    -9111

Change in inventories            299       2      169      134

Other operating expenses       -1534   -1046    -5406    -3967

Personnel expenses             -2128   -1723    -8067    -6950

Depreciation                    -240    -244     -910     -778

Other expenses                   -92      19     -238      -78

Total expenses                 -6583   -4786   -25093   -20750



Operating profit                 542     295     1478     1231



Financial income                 -11      18       31      157

Financial expenses              -139     -99     -432     -333

Profit before taxes              392     214     1077     1054

Declared income tax                0       0       12        0

Net profit                       392     214     1065     1054

Minority interest                -24     -14       61      143

Net progit for the Group         417     227     1004      911





Earnings per share (in euro)    0,09    0,05     0,21     0,19





Ülle Järv

Management Board member

+372 6302 741