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Financial Highlights<br />

Bakkavör’s profits before taxes amounted to £ 3.6 million, an<br />

increase of 117% in profits between years.<br />

The ratio of EBITDA to operating income was 15.3%.<br />

The operating income of the Company increased by 82% between years.<br />

Equity rose from £ 8.4 million to £ 62.9 million, including a<br />

convertible subordinated bond in the amount of £ 15.9 million.<br />

29<br />

The Bakkavör’s plans for 2002 assume a turnover of £ 130 million<br />

and earnings before financial items and depreciation (EBITDA) of<br />

£ 26 million. Earnings after taxes are projected at £ 11 million.<br />

Turnover EBITDA EBITDA% Net Profit<br />

Million GBP<br />

Million GBP<br />

Million GBP<br />

Million GBP<br />

140<br />

30<br />

25<br />

15<br />

120<br />

25<br />

20<br />

100<br />

20<br />

10<br />

80<br />

15<br />

15<br />

60<br />

10<br />

10<br />

5<br />

40<br />

20<br />

5<br />

5<br />

0<br />

1999 2000 2001<br />

0<br />

0<br />

0<br />

2002(F) 1999 2000 2001 2002(F) 1999 2000 2001 2002 (F) 1999 2000 2001 2002 (F)

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