Kalev                         FINANCIAL RESULTS                 12/01/2003



2002/2003 ANNUAL REPORT 1/2



BALANCE SHEET 

(in EEK)

ASSETS                   30.06.2003    30.06.2003  30.06.2002

                              Group        Parent      Parent

                                          company     company

CURRENT ASSETS                  EEK           EEK         EEK

CASH AND BANK             8 591 080     8 477 782   3 476 327

TRADE RECEIVABLES        90 024 044   104 053 427  41 936 641

PREPAID EXPENSES          5 308 235     1 987 499   3 333 224

INVENTORIES              40 726 937    40 589 583  48 968 656

TOTAL CURRENT ASSETS    144 650 296   155 108 291  97 714 848

                                                             

NON-CURRENT ASSETS                                           

LONG-TERM                   330 180    14 266 973     887 180

RECEIVABLES

INVESTMENT IN                     0    41 022 857   2 764 416

SUBSIDIARIES

PROPERTY, PLANT AND     255 038 885   105 607 242 166 533 651

EQUIPMENT

INVESTMENT PROPERTY      75 573 095    38 123 950  69 266 253

INTANGIBLE ASSETS           217 715       217 715     290 378

TOTAL NON-CURRENT       331 159 875   199 238 737 239 741 878

ASSETS

                                                             

TOTAL ASSETS            475 810 171   354 347 028 337 456 726

                                                             

LIABILITIES AND                                              

OWNERS’ EQUITY

                                                             

LIABILITIES                                                  

DEBT LIABILITIES         27 346 235    21 211 712  33 891 332

CUSTOMER PREPAYMENTS        497 042       497 042      53 274

TRADE PAYABLES           76 162 122    37 871 434  35 565 238

TAX LIABILITIES           4 537 792    10 074 299   3 997 352

OTHER LIABILITIES        10 275 440     7 783 915  33 826 371

TOTAL CURRENT           118 818 631    77 438 402 107 333 567

LIABILITIES

                                                             

LONG-TERM DEBT          114 781 525    34 698 611  21 000 000

LIABILITIES

OTHER LONG-TERM           1 600 000     1 600 000   5 120 672

PAYABLES

TOTAL NON-CURRENT       116 381 525    36 298 611  26 120 672

LIABILITIES

                                                             

TOTAL LIABILITIES       235 200 156   113 737 013 133 454 239

                                                             

OWNERS’ EQUITY                                               

SHARE CAPITAL            78 775 000    78 775 000  78 775 000

REVALUATION RESERVE      17 159 388    17 159 388 112 812 302

STATUTORY LEGAL           1 537 837     1 537 837           0

RESERVE

RETAINED EARNINGS       110 675 117   110 675 117 -18 341 560

                                                          

PROFIT FOR THE           32 462 673    32 462 673  30 756 745

FINANCIAL YEAR

TOTAL OWNERS’ EQUITY    240 610 015   240 610 015 204 002 487

                                                             

TOTAL LIABILITIES       475 810 171   354 347 028 337 456 726

AND

OWNERS’ EQUITY





BALANCE SHEET 

(in EUR)

ASSETS                   30.06.2003    30.06.2003  30.06.2002

                              Group        Parent      Parent

                                          company     company

CURRENT ASSETS                  EEK           EEK         EEK

CASH AND BANK               549 069       541 828     222 177

TRADE RECEIVABLES         5 753 570     6 650 209   2 680 233

PREPAID EXPENSES            339 257       127 024     213 031

INVENTORIES               2 602 919     2 594 140   3 129 660

TOTAL CURRENT ASSETS      9 244 815     9 913 201   6 245 101

                                                             

NON-CURRENT ASSETS                                           

LONG-TERM                    21 102       911 823      56 701

RECEIVABLES

INVESTMENT IN                     0     2 621 832     176 678

SUBSIDIARIES

PROPERTY, PLANT AND      16 299 914     6 749 516  10 643 413

EQUIPMENT

INVESTMENT PROPERTY       4 829 989     2 436 558   4 426 909

INTANGIBLE ASSETS            13 914        13 914      18 558

TOTAL NON-CURRENT        21 164 919    12 733 643  15 322 259

ASSETS

                                                             

TOTAL ASSETS             30 409 734    22 646 844  21 567 361

                                                             

LIABILITIES AND                                              

OWNERS’ EQUITY

                                                             

LIABILITIES                                                  

DEBT LIABILITIES          1 747 738     1 355 672   2 166 045

CUSTOMER PREPAYMENTS         31 767        31 767       3 405

TRADE PAYABLES            4 867 634     2 420 420   2 273 027

TAX LIABILITIES             290 017       643 863     255 477

OTHER LIABILITIES           656 719       497 481   2 161 894

TOTAL CURRENT             7 593 875     4 949 203   6 859 848

LIABILITIES

                                                             

LONG-TERM DEBT            7 335 858     2 217 640   1 342 141

LIABILITIES

OTHER LONG-TERM             102 258       102 258     327 270

PAYABLES

TOTAL NON-CURRENT         7 438 116     2 319 898   1 669 411

LIABILITIES

                                                             

TOTAL LIABILITIES        15 031 991     7 269 101   8 529 259

                                                             

OWNERS’ EQUITY                                               

SHARE CAPITAL             5 034 627     5 034 627   5 034 627

REVALUATION RESERVE       1 096 682     1 096 682   7 210 002

STATUTORY LEGAL              98 285        98 285           0

RESERVE

RETAINED EARNINGS         7 073 411     7 073 411  -1 172 236

PROFIT FOR THE            2 074 738     2 074 738   1 965 709

FINANCIAL YEAR

TOTAL OWNERS’ EQUITY     15 377 743    15 377 743  13 038 102

                                                             

TOTAL LIABILITIES        30 409 734    22 646 844  21 567 361

AND OWNERS’ EQUITY







INCOME STATEMENT                                             

(in EEK)

                        01.07.2002-   01.07.2002- 01.01.2002-

                         30.06.2003    30.06.2003  30.06.2002

                              Group        Parent      Parent

                                          company     company

                                EEK           EEK         EEK

NET SALES               347 665 766   346 026 742 163 089 049

                                                             

COST OF GOODS SOLD      240 414 863   242 782 780 113 746 132

                                                             

GROSS PROFIT            107 250 903   103 243 962  49 342 917

                                                             

MARKETING EXPENSES       61 017 665    59 802 613  22 640 797

ADMIN. AND GENERAL       45 426 410    44 092 107  14 518 512

EXPENSES

OTHER INCOME             49 668 441    36 814 295  23 030 979

OTHER EXPENSES            8 466 942     6 736 887   1 551 572

                                                             

OPERATING PROFIT         42 008 327    29 426 650  33 663 015

                                                             

FINANCIAL INCOME          3 355 717     1 523 117      77 373

FINANCIAL EXPENSES       12 901 371     8 600 680   2 724 181

INCOME FROM                       0    10 113 586           0

SUBSIDIARY

                                                             

PROFIT BEFORE TAX        32 462 673    32 462 673  31 016 207

                                                             

INCOME TAX                        0             0     259 462

                                                             

NET PROFIT               32 462 673    32 462 673  30 756 745

                                                             

EARNINGS PER SHARE             4,12          4,12        3,90









INCOME STATEMENT                                             

(in EUR)

                        01.07.2002-   01.07.2002- 01.01.2002-

                         30.06.2003    30.06.2003  30.06.2002

                              Group        Parent      Parent

                                          company     company

                                EUR           EUR         EUR

NET SALES                22 219 835    22 115 083  10 423 263

                                                             

COST OF GOODS SOLD       15 365 271    15 516 608   7 269 684

                                                             

GROSS PROFIT              6 854 564     6 598 475   3 153 579

                                                             

MARKETING EXPENSES        3 899 730     3 822 074   1 447 007

ADMIN. AND GENERAL        2 903 269     2 817 992     927 900

EXPENSES

OTHER INCOME              3 174 385     2 352 856   1 471 944

OTHER EXPENSES              541 135       430 564      99 163

                                                             

OPERATING PROFIT          2 684 815     1 880 701   2 151 453

                                                             

FINANCIAL INCOME            214 469        97 345       4 945

FINANCIAL EXPENSES          824 546       549 682     174 106

INCOME FROM                       0       646 374           0

SUBSIDIARY

                                                             

PROFIT BEFORE TAX         2 074 738     2 074 738   1 982 292

                                                             

INCOME TAX                        0             0      16 583

                                                             

NET PROFIT                2 074 738     2 074 738   1 965 709

                                                             

EARNINGS PER SHARE             0,26          0,26        0,25





Ruth Roht

PR manager

6 283 858