Baltika                       FINANCIAL RESULTS                 03/17/2004



BALTIKA GROUP RESULTS 2 MONTHS 2004



The unaudited consolidated net sales of Baltika in the first

two months of 2004 were 84,63 MEEK/ 5,41 MEUR, which is 15 %

more than in the same period of 2003 (73,55 MEEK/4,7 MEUR).

Net sales of February grew by 20% compared to February 2003,

forming 44,03 MEEK/2,8 MEUR (in February 2003 36,69

MEEK/2,34 MEUR).



Retail sales of two months amounted to 50,29 MEEK/3,21 MEUR

(19% growth),  incl. 25,19 MEEK / 1,61 MEUR in February (23%

growth). Sales grew in all the Baltika’s retail markets

except for Poland, where the level of 2003 was maintained

with sales below 1,16 MEEK/0,07 MEUR. The beginning of the

year was most successful for the Estonian market, where

sales of two months are increased by 33% compared to the

last year, incl. 55% in February. Sales in like-for-like

spaces (comparable outlets during a comparable period) grew

by 15%, incl. 24,6 % in February.



In February Baltika reached a break-even point. Baltika

Group’s profit in February before minority interests was

0,32 MEEK/0,02 MEUR, wherefrom parent company’s profit was

0,01 MEEK. The cumulative  net loss of concern for two

months was  4,5 MEEK/ 0,29 MEUR,  which is by 66,8% better

than results of two months in 2003 (-13,56 MEEK/-0,87 MEUR).



AS Baltika will announce preliminary results of March in

week 17 of 2004.





Ülle Järv

Management Board member

+372 6302 731