Exhibit 99.2

Przedsiebiorstwo “POLMOS” Białystok

Spółka Akcyjna

Index to financial statements:
Balance Sheets at June 30, 2005 (unaudited) and December 31, 2004	F-1
Statements of Income (unaudited) for three and six months ended June 30, 2005 and June 30, 2004	F-2
Statements of Changes in Stockholders’ Equity (unaudited) for six months ended June 30, 2005	F-3
Statements of Cash Flows (unaudited) for six months ended June 30, 2005 and June 30, 2004	F-4
Notes to Financial Statements	F-5

Przedsiebiorstwo “POLMOS” Białystok

Spółka Akcyjna

BALANCE SHEET

Amounts in columns expressed in thousands of U.S. dollars

	Note	June 30, 2005			December 31, 2004
ASSETS
CURRENT ASSETS
Cash & cash equivalents		$	12,669		$	36,480
Restricted cash			1,204			1,735
Short-term investments	3		31,042			52,155
Securities subject to repurchase agreements	3		50,996			12,571
Trade accounts receivable, net			20,697			28,741
Inventories			4,727			4,238
Prepaid expenses and other receivables			3,167			3,092
Deferred income taxes			2,502			1,721
TOTAL CURRENT ASSETS			127,004			140,733
Intangible assets, net			119			146
Tangible fixed assets, net			9,419			10,578
Deferred income taxes			747			708
Long-term investments			19			21
Other assets			174			212
TOTAL ASSETS		$	137,482		$	152,398
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Trade accounts payable		$	4,097		$	5,143
Taxes payable			30,111			42,350
Liabilities to shareholders	5		62,834			70,308
Other accrued liabilities			1,631			2,321
TOTAL CURRENT LIABILITIES			98,673			120,122
Employee benefits			3,929			3,727
TOTAL NONCURRENT LIABILITIES			3,929			3,727
STOCKHOLDERS’ EQUITY
Common stock (11,900,000 shares authorized and outstanding , PLN 10 par value)			26,288			26,288
Retained earnings			(8,820	)		(18,212	)
Accumulated other comprehensive income			17,412			20,473
STOCKHOLDERS’ EQUITY			34,880			28,549
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY		$	137,482		$	152,398

See accompanying notes

F-1

Przedsiebiorstwo “POLMOS” Białystok

Spółka Akcyjna

STATEMENT OF INCOME

Amounts in columns expressed in thousands of U.S. dollars

	Three months ended						Six months ended
	June 30, 2005			June 30, 2004			June 30, 2005			June 30, 2004
Sales	$	83,543		$	75,354		$	165,604		$	138,054
Less –Excise taxes		(62,610	)		(55,917	)		(124,547	)		(102,175	)
Net Sales		20,933			19,437			41,057			35,879
Cost of goods sold		12,449			12,275			25,033			22,499
Gross profit		8,484			7,162			16,024			13,380
Selling, general and administrative expenses		3,515			2,295			6,392			4,334
Provision for doubtful accounts and notes		(596	)		142			(29	)		717
Operating income		5,565			4,725			9,661			8,329
Non-operating income / (expense)
Profit on investments		1,862			1,642			3,396			2,480
Interest income		132			72			203			116
Other income / (expense), net		35			(57	)		94			(98	)
Income before income taxes		7,594			6,382			13,354			10,827
Income tax expense		(1,218	)		(1,182	)		(2,632	)		(2,102	)
Net income	$	6,376		$	5,200		$	10,722		$	8,725

See accompanying notes.

F-2

Przedsiebiorstwo “POLMOS” Białystok

Spółka Akcyjna

STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY

Amounts in columns expressed in thousands of U.S. dollars

	Common Stock		Retained earnings		Accumulated other comprehensive income - Foreign currency translation adjustment		Total
	No. of Shares	Amount
Balance at December 31, 2004	11,900	26,288	(18,212	)	20,473		28,549
Net income for the six months ended June 30, 2005	—	—	10,722		—		10,722
Foreign currency translation adjustment	—	—	—		(3,061	)	(3,061	)
Comprehensive income for six months 2005	—	—	—		—		7,661
Dividend paid	—	—	(1,330	)	—		(1,330	)
Balance at June 30, 2005	11,900	26,288	(8,820	)	17,412		34,880

See accompanying notes

F-3

Przedsiebiorstwo “POLMOS” Białystok

Spółka Akcyjna

STATEMENTS OF CASH FLOWS

Amounts in columns expressed in thousands

	Six months ended June 30, 2005			Six months ended June 30, 2004
Operating activities
Net income	$	10,722		$	8,725
Adjustments to reconcile net income to net cash provided by / (used in) operating activities:
Depreciation and amortization		718			803
Gain on investments		(3,396	)		(2,480	)
Interest received		(203	)		(116	)
Changes in operating assets and liabilities:
Accounts receivable		4,988			(1,007	)
Inventories		(940	)		(1,080	)
Prepayments and other current assets		(2,595	)		(285	)
Trade accounts payable		(500	)		(53	)
Income and other taxes		(8,814	)		(1,342	)
Purchase of trade securities, net		(20,796	)		(9,925	)
Other liabilities		213			1,573
Net cash used in operating activities		(20,603	)		(5,187	)
Investing activities
Purchase of intangible assets, net		(24	)		(16	)
Purchase of tangible assets, net		(733	)		(977	)
Interest received		203			116
Decrease/ (increase) in restricted cash		347			(1,083	)
Net cash used in investing activities		(207	)		(1,960	)
Financing activities
Proceeds from sale of accounts receivable		2,207			—
Dividend payment		(1,330	)		(584	)
Net cash provided by / (used in) financing activities		877			(584	)
Currency effect on brought forward cash balances		(3,878	)		158
Net decrease in cash		(23,811	)		(7,573	)
Cash and cash equivalents at beginning of period		36,480			31,154
Cash and cash equivalents at end of period	$	12,669		$	23,581
Supplemental disclosures of cash flow information
Income tax paid	$	1,930		$	1,527

See accompanying notes

F-4

Przedsiebiorstwo “POLMOS” Białystok

Spółka Akcyjna

NOTES TO FINANCIAL STATEMENTS

Amounts in columns expressed in thousands of U.S. dollars

1. Organization and Description of Business

Przedsiebiorstwo “Polmos” Białystok Spółka Akcyjna (hereinafter referred to as “Polmos Białystok” or the “Company”) is a Polish enterprise that was established as a result of the privatization of a state owned enterprise. The Company is based in North-East Poland and has been in operation since 1928. In May 2005, the Company was listed on the Warsaw Stock Exchange (WSE), with 32% of outstanding shares floated. The remaining shares are held by employees and the State Treasury with 61% of the company designated for sale to a strategic investor.

The Company’s primary source of earnings is the production and sale of vodka, including the Absolwent and Zubrówka brands.

2. Basis of Presentation

The balance sheet at December 31, 2004, has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

The Company maintains their books of account and prepares their statutory financial statements in Polish zloty (PLN) in accordance with Polish statutory requirements and the Accounting Act of September 29, 1994. The financial statements have been adjusted to reflect accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by generally accepted accounting principles in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary to fairly present our financial condition, results of operations and cash flows for the interim periods presented have been included. Operating results for the three and six month period ended June 30, 2005, are not necessarily indicative of the results that may be expected for the year ending December 31, 2005. The interim financial statements should be read with reference to the financial statements and footnotes for the year ended December 31, 2004.

The interim financial statements are prepared under U.S. GAAP and have been presented in U.S. dollars.

F-5

Przedsiebiorstwo “POLMOS” Białystok

Spółka Akcyjna

NOTES TO FINANCIAL STATEMENTS

Amounts in columns expressed in thousands of U.S. dollars

3. Investments

Short-term investments and securities subject to repurchase agreement as of June 30, 2005 consist of:

					Classified as:
	Cost basis		Unrealized gains	Recorded basis	Short-term investments	Securities subject to repurchase agreements
Investments funds		15,255	770	16,025	16,025	—
Government bills		16,958	36	16,994	—	16,994
Corporate bonds		19,224	784	20,008	4,336	15,672
Government bonds		20,388	468	20,857	2,527	18,330
Municipal bonds		7,770	384	8,154	8,154	—
Total	$	79,596	2,442	82,038	31,042	50,996

As of June 30, 2005 investments with a maturity up to 1 year amounted to $81,388 thousand and those with a maturity from 1 year to 3 years amounted to $650 thousand.

Short-term investments and securities subject to repurchase agreement as of December 31, 2004 consist of:

					Classified as:
	Cost basis		Unrealized gains	Recorded basis	Short-term investments	Securities subject to repurchase agreements
Investments funds		13,376	657	14,034	14,034	—
Certificates of deposit		11,061	32	11,093	11,093	—
Government bills		24,221	528	24,748	12,177	12,571
Corporate bonds		2,675	649	3,324	3,324	—
Government bonds		2,561	177	2,738	2,738	—
Municipal bonds		8,695	95	8,789	8,789	—
Total	$	62,589	2,138	64,726	52,155	12,571

As of December 31, 2004 investments with a maturity up to 1 year amounted to $61,402 thousand, those with a maturity from 1 year to 3 years amounted to $780 thousand and those with a maturity over 3 years amounted to $2,544 thousand.

F-6

Przedsiebiorstwo “POLMOS” Białystok

Spółka Akcyjna

NOTES TO FINANCIAL STATEMENTS

Amounts in columns expressed in thousands of U.S. dollars

4. Related party transactions

The Company was owned 100% by the State Treasury until its privatization. Therefore payments due to the State Treasury can be recognized as related party transactions.

The payments made to the State Treasury consist primarily of VAT (sales tax), excise tax, income tax and dividends and the retirement of shares presented as a liability to shareholders.

The Company’s main supplier of spirits used for production is Polmos Torun S.A. (“Polmos Torun”), that is owned by the State Treasury. Polmos Torun supplies approximately 65%-70% of the total value of rectified spirit purchased by the Company. The total value of spirits purchased by the Company from Polmos Torun was $4,945 thousand in the first six months of 2005 and $5,720 thousand in the first six months of 2004.

The accounts payable to Polmos Torun as at June 30, 2005 was $1,065 thousand and as at June 30, 2004 was $1.337 thousand.

5. Liabilities to stockholders

On December 16, 2004 the Company repurchased from the State Treasury and retired 5,000,000 shares. The fair value of shares purchased was $67,731 thousand (PLN 210,250 thousand). As of June 30, 2005 the liability to the State Treasury decreased to $62,834 thousand due to the exchange rate changes. This liability to the State Treasury was paid by the Company in July 2005.

6. Subsequent events

On July 11, 2005 the Polish State Treasury concluded the share sale agreement to sell 61% of Polmos Białystok to Central European Distribution Corporation for a total purchase price of 1.06 billion PLN, conditional upon obtaining the Anti-monopoly Office approval. On October 12, 2005 following approval from the Anti-monopoly Office, the State Treasury closed the share sale agreement.

F-7