BALTIKA

INCOME STATEMENT



CONSOLIDATED INCOME STATEMENT, 9M 2001



Consolidated, unaudited

in thousand EEK



                                     Q3 2001  Q3 2000  9m 2001  9m 2000

REVENUE

Net sales                            118,673  108,403  302,805  260,923

Other revenue                           -405    1,364    1,458    3,510

TOTAL REVENUE                        118,268  109,767  304,263  264,433



EXPENSES

Change in inventories                -42,320  -43,476 -121,328 -114,494

Change in inventories                -11,344   -7,477   -2,032    2,071

Other operating expenses             -23,220  -16,773  -60,571  -45,708

Personnel expenses                   -33,637  -30,555  -92,921  -81,782

Depreciation                          -3,587   -2,597  -10,487   -8,349

Other expenses                        -1,012     -579   -2,280   -1,526

TOTAL EXPENSES                      -115,120 -101,457 -289,619 -249,788



OPERATING PROFIT                       3,148    8,310   14,644   14,645



FINANCIAL INCOME                          76      129      649    2,183

FINANCIAL EXPENSES                    -1,696   -1,335   -4,588   -3,670

PROFIT BEFORE TAXES                    1,528    7,104   10,705   13,158

INCOME TAX                               184-              184-

PROFIT BEFORE MINORITY INTEREST        1,344    7,104   10,521   13,158

Minority interest                        980    1,579    1,331    2,455

Group net profit                         364    5,525    9,190   10,703





Earnings per share (kr.)                0.08     1.15     1.91     2.23





Ülle Järv

Management Board member

+372 6 302 741