KALEV

INCOME STATEMENT



CONSOLIDATED INCOME STATEMENT 01.01.-30.09.1999



Consolidated, unaudited, in thousand EEK

                                             9 months 1999   9 months 1998

NET SALES                                          237 244         311 232



COST OF GOODS SOLD                                 177 270         242 747



GROSS PROFIT                                        59 973          68 484



Marketing expenses                                  13 368          20 864

Administrative expenses                             31 276          27 850

Other revenue                                       13 731           5 492

Other expenses                                      32 482          10 019



Operating profit                                    -3 423          15 244



FINANCIAL INCOME                                     4 710           3 925

Income from equity holding                                           1 084

Other financial income                               4 710           2 841

FINANCIAL EXPENSES                                  15 693          22 871

Depreciation of goodwill                             3 815

Expenses related to equity holding                                   3 792

Other financial expenses                            15 693          15 265



Profit before taxes                                -14 406          -3 703



Income tax                                                            -411



Profit after taxes                                 -14 406          -3 292



Minority interest                                                     -228



Net profit/loss                                    -14 406          -3 064





Eva Jaanson

Chief Accountant

+372 65 08 731





Tiina Altmets

Information Manager

+372 6283711