KALEV

BALANCE SHEET



CONSOLIDATED BALANCE SHEET 30.09.1999



Consolidated, unaudited, in thousand EEK





ASSETS                                          30.09.1999      30.09.1998

CURRENT ASSETS

CASH AND BANK                                        6 252           1 625

MARKETABLE SECURITIES                                1 072           6 920

CUSTOMER RECEIVABLES                                37 045          66 994

OTHER RECEIVABLES                                   19 470          28 892

ACCRUED INCOME                                       1 367             645

PREPAID EXPENSES                                     2 297           7 719

INVENTORIES                                         50 966          93 590

TOTAL CURRENT ASSETS                               118 470         206 386



NON-CURRENT ASSETS

LONG-TERM FINANCIAL INVESTMENTS IN SUBSIDIARIES                     21 258

OTHER NON-CURRENT RECEIVABLES                        7 782          15 452

TANGIBLE ASSETS                                    135 278          68 620

GOODWILL OF SUBSIDIARIES                                            19 054

TOTAL NON-CURRENT ASSETS                           143 060         124 384



T O T A L  A S S E T S                             261 530         330 770



LIABILITIES AND OWNERS' EQUITY



LIABILITIES

DEBT OBLIGATIONS                                    28 335          28 275

CUSTOMER PREPAYMENTS                                     7             344

SUPPLIER PAYABLES                                   26 655          30 530

OTHER PAYABLES                                                         455

TAX LIABILITIES                                      5 073           2 409

OTHER LIABILITIES                                    5 575           5 483

TOTAL CURRENT LIABILITIES                           65 646          67 495



LONG-TERM BORROWINGS                                87 369

OTHER LONG-TERM DEBT                                 3 225         134 969

TOTAL NON-CURRENT LIABILITIES                       90 594         134 969



MINORITY INTEREST                                                      654



OWNERS' EQUITY

SHARE CAPITAL                                       78 775          78 775

CAPITAL SURPLUS                                                     29 591

RESTRICTED RESERVES                                                  6 828

REVALUATION RESERVE                                 62 199

RETAINED EARNINGS                                  -21 279          15 522

NET PROFIT FOR THE YEAR                            -14 406          -3 064

TOTAL OWNERS' EQUITY                               105 290         127 652



TOTAL LIABILITIES AND OWNERS' EQUITY               261 530         330 770





Eva Jaanson

Chief Accountant





Tiina Altmets

Information Manager

+372 6283711