BALTIKA

CORRECTIVE ANNOUNCEMENT



CORRECTION TO PRELIMINARY 2001 FINANCIAL RESULTS



Preliminary financial results are unaudited.

Thus the first sentence should be:

"AS Baltika 2001 consolidated unaudited ..." 



Corrected announcement will follow.



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BALTIKA

ANNOUNCEMENT



PRELIMINARY 2001 FINANCIAL RESULTS



AS Baltika 2001 consolidated unaudited net sales totaled 414.7 mln 

kroons (26.5 mln euros) and net profit 15.6 mln kroons (1.0 mln 

euros). Net sales grew on annual basis by 21.7% (73.9 mln. kroons; 

4.72 mln euros) and net profit by 9.7% (1.4 mln kroons; 

0.18 mln euros).



Q4 net sales amounted to 111.9 mln kroons (7.15 mln euros) 

providing 40.1% annual growth (32.0 mln kroons; 2.05 mln euros). 

Q4 net profit totaled 6.41 mln kroons (0.41 mln euros), providing 

80% (2.85 mln kroons; 0.18 mln euros) increase on y-o-y basis.



Trasformation of Baltika Grupp from manufacturing enterprise 

into retail sales organisation was one of the main strategic 

objectives in 2001. Opening of retail sales premises continued.

By year-end Baltika Grupp has the control of 55 retail stores 

(y-o-y growth 1.6 times) in 7 states. Total area of sales premises 

grossed 6,823 m2 (3,585 m2 in 2000) by year-end. By year-end 2001

a new retail concept was completed to be implemented in 2002.

In co-operation with consultation agency RPA (USA) a new store 

brands system in addition to practical solutions was completed.



AS Baltika will publish its audited annual report for year 2001 

on March 12, 2002.





Ülle Järv

Management Board member

+372 6302 741