HARJU ELEKTER

BALANCE SHEET



CONSOLIDATED BALANCE SHEET, AS AT 31.12.2000



Consolidated/unaudited

in thousand EEK                                  Group             Parent

                                           31.12.00 31.12.99 31.12.00 31.12.99



ASSETS

Cash, bank                                    8,142   17,532    8,119   17,066

Marketable securities                           402      450      402      450

Total customer receivables                   15,868   11,068   11,477    8,895

Other current receivables                     2,484    1,510    7,129    2,474

Accrued income                                   34       89       34       88

Prepaid expenses                              1,540    1,797    1,223    1,475

Total current receivables                    19,926   14,465   19,863   12,932

Inventories                                  19,462   13,487   12,341   11,022

Goods                                         3,331    3,458    3,295    3,303

Prepayments to suppliers                          8       18        0       18

Total inventories                            22,801   16,963   15,635   14,343

TOTAL CURRENT ASSETS                         51,272   49,410   44,019   44,791

Stock and shares in subsidiaries                  0        0    7,629    4,845

Other receivables from subsidiaries               0        0       53      256

Stock and shares in associated companies     19,399   17,422   19,399   17,422

Other shares                                  3,997    1,554    3,997    1,554

Other long-term receivables                     522      429      522      429

Total financial investments                  23,918   19,406   31,600   24,506

Plant and equipment                          72,906   55,888   72,799   55,913

Other equipment and fixtures                 37,597   27,168   23,200   21,214

Other inventory                               3,371    2,505    2,625    2,191

Accumulated depreciation                    -24,412  -18,677  -21,733  -17,215

Unrealized capital investments                    0       54        0       54

Prepayments for fixed assets                      0      905        0      758

Total tangible assets                        89,462   67,843   76,892   62,914

Goodwill                                        421      533      421      533

Licences                                        208      304        0        0

Total intangible assets                         629      838      421      533

TOTAL NON-CURRENT ASSETS                    114,010   88,087  108,913   87,954

TOTAL ASSETS                                165,282  137,497  152,932  132,745



LIABILITIES AND OWNERS' EQUITY

Debt obligations                             11,182    8,960    7,688    8,047

Customer prepayments                            326       23      326       23

Supplier payables                            11,793   11,366   10,124    9,451

Other short-term borrowings                     381      873      621      873

Tax liabilities                               5,731    4,684    5,315    4,163

Accrued expenses                              6,317    4,425    5,592    3,771

TOTAL CURRENT LIABILITIES                    35,730   30,331   29,665   26,327

TOTAL NON-CURRENT LIABILITIES                17,902   19,292   11,616   18,544

TOTAL LIABILITIES                            53,631   49,623   41,281   44,871

Share capital                                54,000   18,000   54,000   18,000

Restricted reserves                           3,610    3,610    3,610    3,610

Retained earnings                            24,864   44,169   24,864   44,169

Net profit for the year                      29,176   22,095   29,176   22,095

TOTAL OWNERS' EQUITY                        111,650   87,874  111,650   87,874

TOTAL LIABILITIES AND OWNERS' EQUITY        165,282  137,497  152,932  132,745





Karin Padjus

Chief Accountant

+372 67 47 403





Lembit Libe

Chief Economist

+372 67 47 412