ESTIKO

BALANCE SHEET



CONSOLIDATED BALANCE SHEET, AS OF 30.09.2000



Consolidated, unaudited

in thousand EEK

                                                    30.09.2000 31.12.1999



ASSETS

CURRENT ASSETS

Cash and bank                                            1,989      1,050

Accounts receivable

Customer receivables                                    18,582     15,193

Allowance for doubtful accounts                         -2,713     -1,599

Total                                                   15,869     13,594

Other receivables

Transactions with shareholders                               0      4,651

Other current receivables                                  252      1,722

Total                                                      252      6,373

Accrued income

Other accrued income                                         2          0

Total                                                        2          0

Prepaid expenses

Prepaid/refundable tax receivables                       2,008      3,611

Other prepaid expenses                                     210        291

TOTAL                                                    2,218      3,902

Inventories:

Raw materials                                            7,111      7,434

Work-in-progress                                         5,146      3,400

Finished goods                                           6,630      4,475

Merchandise purchased for resale                            48        181

Prepayments to suppliers                                   381         12

Total                                                   19,316     15,502

TOTAL CURRENT ASSETS                                    39,646     40,421

NON-CURRENT ASSETS

Long-term financial assets:

Other long-term receivables                                305        395

Total                                                      305        395

Tangible assets:

Land and buildings (acquisition cost)                  105,736    100,940

Plant and equipment (acquisition cost)                  49,875     55,046

Other equipment and fixtures (acquisition cost)          2,915      2,760

Accumulated depreciation (less)                        -33,737    -26,002

Fixed assets under construction                          3,126      3,377

Prepayments for tangible assets                          3,000      4,663

Total                                                  130,915    140,784

Intangible assets

Purchased concessions, patents,

licences, trademarks, etc.                                  41          0

Prepayments for intangible assets                            9          9

Total                                                       50          9

TOTAL NON-CURRENT ASSETS                               131,270    141,188

TOTAL ASSETS                                           170,916    181,609



LIABILITIES AND OWNERS' EQUITY

LIABILITIES

CURRENT LIABILITIES

Debt obligations

Debentures (except bank loans)                           6,104      6,484

Current period repayment of long-term bank loans        10,361     10,497

Short-term loans from financial institutions                 0      5,704

Total                                                   16,465     22,685

Customer prepayments for goods and services                394        273

Supplier payables                                            0

Accounts payable                                        10,381      7,331

Total                                                   10,381      7,331

Other payables                                               0         37

Total                                                        0         37

Tax liabilities                                            710      1,528

Accrued expenses

Salary-related accrued expenses                          3,049      2,227

Dividends payable                                            9         33

Interests payable                                          308        817

Other accrued expenses                                     237        411

Total                                                    3,603      3,488

Other prepaid revenue                                      463        187

TOTAL CURRENT LIABILITIES                               32,016     35,529

NON-CURRENT LIABILITIES

Long-term debt

Non-convertible debt                                     1,659      2,547

Bank loans                                              47,445     59,665

Total                                                   49,104     62,212

TOTAL NON-CURRENT LIABILITIES                           49,104     62,212

TOTAL LIABILITIES                                       81,120     97,741

MINORITY INTEREST                                        1,837      2,511

OWNERS' EQUITY

Share capital in nominal value                          59,851     59,851

Capital surplus                                          4,727      4,727

Reserves

Mandatory legal reserve                                  2,828      2,462

Retained earnings                                       13,945      6,989

NET PROFIT (-LOSS) FOR THE PERIOD                        6,643      7,330

Treasury shares (less)                                     -35         -2

TOTAL OWNERS' EQUITY                                    87,959     81,357

TOTAL LIABILITIES AND OWNERS' EQUITY                   170,916    181,609





Ellen Tohvri

Management Board chairman

+372 7 308 302