BALTIKA

BALANCE SHEET



CONSOLIDATED BALANCE SHEET, AS AT 31.03.2001



Consolidated, unaudited

thousand EEK



                                               31.03.2001  31.12.2000

CURRENT ASSETS

Cash and bank                                       3,740      15,298

Marketable securities                                 479         431

Customer receivables                               72,405      45,335

Other receivables and prepaid expenses             10,637       9,222

Inventories                                        94,394     105,501

TOTAL CURRENT ASSETS                              181,655     175,787

NON-CURRENT ASSETS

Long-term financial assets                            980         817

Tangible assets                                    60,141      54,746

Intangible assets                                   2,231       1,886

TOTAL NON-CURRENT ASSETS                           63,352      57,449

TOTAL ASSETS                                      245,007     233,236



LIABILITIES AND OWNERS' EQUITY

CURRENT LIABILITIES

Debt obligations                                   64,733      51,637

Customer prepayments                                  104         732

Supplier payables                                  22,762      28,617

Tax liabilities                                     4,200       6,167

Accrued expenses                                   10,935       7,622

Current provisions                                    120         120

TOTAL CURRENT LIABILITIES                         102,854      94,895

NON-CURRENT LIABILITIES

Long-term liabilities                               1,344       1,344

TOTAL NON-CURRENT LIABILITIES                       1,344       1,344

TOTAL LIABILITIES                                 104,198      96,239

Minority interest                                   6,342       9,172

OWNERS' EQUITY                                    134,467     127,825

Share capital                                      48,000      48,000

Capital surplus                                    24,910      24,910

Restricted reserves                                22,885      22,885

Retained earnings                                  32,030      17,768

NET PROFIT (-LOSS) FOR THE FINANCIAL YEAR           6,642      14,262

TOTAL LIABILITIES AND OWNERS' EQUITY              245,007     233,236





Ülle Järv

Management Board member

+372 63 02 741