KALEV

INCOME STATEMENT



CONSOLIDATED AND UNAUDITED INCOME STATEMENT 1999



in EEK

                                               1999           1998



NET SALES                               355,576,736    433,436,137



COST OF GOODS SOLD                      262,489,919    334,992,607



GROSS PROFIT                             93,086,817     98,443,530



Marketing expenses                       21,590,199     28,874,491

Administrative expenses                  42,064,248     47,688,795

Other revenue                            12,130,234      3,611,028

Other expenses                           53,698,713     39,781,550



Operating profit                        -12,136,109    -14,290,278



FINANCIAL INCOME                          6,296,500      1,777,591

Other financial income                    6,296,500      1,777,591

FINANCIAL EXPENSES                       25,256,394     65,932,666

Amortisation of goodwill                      3,426

Expenses related to equity holding                      31,480,418

Other financial expenses                 25,252,968     34,452,248



Profit before taxes                     -31,096,003    -78,445,353



Deferred income tax                                      2,728,903



Profit after taxes                      -31,096,003    -75,716,450



Minority interest                                        2,299,291



Net profit/loss                         -31,096,003    -73,417,159



Earnings per share                            -3.95          -9.32





Annika Rinde

Executive Assistant

+372 62 83 710