Kalev                         INCOME STATEMENT                  03/08/2002



AUDITED INCOME STATEMENT 2001



(in kroons)

                            2001         2000

                            EEK          EEK

NET SALES                   317 529 516  339 629 609

                                                       

COST OF GOODS SOLD          199 251 141  230 049 544

                                                       

GROSS PROFIT                118 278 375  109 580 065

                                                       

MARKETING EXPENSES           35 724 592   26 126 986

ADMINISTRATION AND GENERAL   33 489 718   38 908 561

EXPENSES

OTHER INCOME                  3 787 592    3 906 454

OTHER EXPENSES               17 343 102   24 772 637

                                                       

OPERATING PROFIT             35 508 555   23 678 335

                                                       

FINANCIAL INCOME                303 775    6 606 089

FINANCIAL EXPENSES            5 859 184    9 995 659

                                                       

NET PROFIT                   29 953 146   20 288 765

                                                       

EARNINGS PER SHARE                 3,80         2,58

                                                       





INCOME STATEMENT                                       

(in euros)

                             2001         2000

                             EUR          EUR

NET SALES                    20 293 783   21 706 233

                                                       

COST OF GOODS SOLD           12 734 436   14 702 808

                                                       

GROSS PROFIT                  7 559 347    7 003 425

                                                       

MARKETING EXPENSES            2 283 212    1 669 814

ADMINISTRATION AND GENERAL    2 140 378    2 486 704

EXPENSES

OTHER INCOME                    242 071      249 667

OTHER EXPENSES                1 108 423    1 583 256

                                                       

OPERATING PROFIT              2 269 404    1 513 318

                                                       

FINANCIAL INCOME                 19 415      422 205

FINANCIAL EXPENSES              374 469      638 837

                                                       

NET PROFIT                    1 914 350    1 296 685

                                                       

EARNINGS PER SHARE                 0,24         0,16





Ruth Roht

PR Manager

+372 6 283 858