Baltika                       FINANCIAL RESULTS                 05/13/2004



GROUP FINANCIAL RESULTS, 4 MONTHS 2004



The unaudited consolidated net sales of the Baltika Group in April

2004 were EEK 49,51m (EUR 3.6m) and the net profit was  EEK 2,93m

(EUR 0.19m). Compared to April 2003, the net sales increased by

21.9% (net sales EEK 40,6m, EUR 2.59m, respectively). The net loss

in April 2003 was  EEK 1,8m (EUR 0,12m).



The unaudited consolidated net sales of AS Baltika of the first

four months of 2004 were  EEK 180,13m (EUR 11.51m) and the net

profit was EEK 3,52m (EUR 0.22m). Compared to the same period of

2003, the net sales increased by 17% (net sales  EEK 154,4m, EUR

9.87m, respectively). The first four months of 2003 were ended with

a loss of  EEK 21,77m (EUR 1.39m).



The retail sales result of Baltika for the first four months of

2004 was  EEK 115,56m  (EUR 7.39m), which exceeds the result of the

same period of the previous year by 21% (including 31% in April).

In April 1095 m2 new retail space was added and new three shops

were opened, all in Estonia (two in Viru Keskus SC and one in

Ülemiste SC). One shop in Estonia (  in Melon SC) was closed.



The results of the retail were different between markets. The

biggest growths were in the Ukraine (+49,8%) and in Latvia

(+39,2%), net sales accordingly  EEK 21,4m (EUR 1.37m) and  EEK

13,7m (EUR 0.88m). Sales on like-for-like spaces (comparable shops

in a comparable period) increased the most in Estonia (+18,1%) and

in Latvia (+10,8%). Reorganisation of the Polish market continues.



The biggest sales volumes were achieved in the Baltman and

CHR/Evermen retail chains, where the sales exceeded the sales of

the same period of the previous year by 213.7% and 51% accordingly,

net sales forming  EEK 42m (EUR 2.68m together), which stands for

36.3% of the Baltika Groups retail sales. Monton accounted

for  EEK 73,56m (EUR 4.7m), growth 1.3% compared to the last year.





Ülle Järv

Financial Director

+372 6302 731