BALTIKA

BALANCE SHEET



CONSOLIDATED BALANCE SHEET 31.03.2000



Consolidated, unaudited

thousand EEK



ASSETS                              31.03.2000 31.12.1999

CURRENT ASSETS

Cash and bank                            8,996      2,611

Marketable securities                    5,852      1,186

Customer receivables                    50,710     57,292

Other receivables                        1,001        920

Accrued income                              33         25

Prepaid expenses                         9,978      7,063



Inventories:                            90,895    102,886

Raw materials                           21,754     23,671

Finished goods                           5,584      4,544

Work-in-progress                        63,172     74,562

Prepayments to suppliers                   385        109

TOTAL CURRENT ASSETS                   167,465    171,983

NON-CURRENT ASSETS

Long-term financial assets                 618      1,487



Tangible assets                         51,013     47,096

Land and buildings                      33,396     31,731

Plant and equipment                     58,856     53,475

Other equipment and fixtures            20,675     17,268

Accumulated depreciation               -61,914    -55,603

Prepayments for fixed assets                -         225

Intangible assets                        1,356      1,818

TOTAL NON-CURRENT ASSETS                52,987     50,401

TOTAL ASSETS                           220,452    222,384



LIABILITIES AND OWNERS' EQUITY

CURRENT LIABILITIES

Debt obligations                        44,236     52,332

Customer prepayments                     1,229         82

Supplier payables                       15,085     11,727

Tax liabilities                          3,299      6,528

Accrued expenses                        13,510      7,682

TOTAL CURRENT LIABILITIES               77,359     78,351

NON-CURRENT LIABILITIES

Long-term liabilities                   12,939     18,118

Noncurrent provisions (income               -         589

tax provisions)

TOTAL NON-CURRENT LIABILITIES           12,939     18,707

TOTAL LIABILITIES                       90,298     97,058

Minority interest                        9,548      9,082

OWNERS' EQUITY                         120,606    116,244

Share capital                           48,000     48,000

Capital surplus                         24,920     24,039

Restricted reserves                     22,891     22,885

Retained earnings                       20,423     19,175

NET PROFIT (-LOSS)                       4,372      2,692

Treasury shares                             -        -547

TOTAL LIABILITIES AND OWNERS' EQUITY   220,452    222,384





Ülle Järv

Management Board member

+372 63 02 741