SAKU ÕLLETEHAS

BALANCE SHEET



CONSOLIDATED BALANCE SHEET 31.12.99



In kroons, audited

                                   Group       Group,       Parent      Parent

                                             adjusted      company    company,

                                                                      adjusted

                              31.12.1999   31.12.1998   31.12.1999  31.12.1998

ASSETS                                                                        

Current assets                                                                

Cash and bank accounts        28 175 604   25 328 526   28 134 130  23 559 873

(Note.2)

Shares and other securities    5 021 073                 5 021 073            

(Note 3)

Customer receivables (Note    32 191 690   25 021 887   31 864 061  23 876 049

4)

                                                                              

Miscellaneous receivables     28 574 971   34 218 282   28 821 575  36 797 157

and prepaid expenses (Note              

5)

Inventories (Note 6)          61 353 807   56 576 370   61 353 807  56 306 240

    Total current assets     155 317 145  141 145 065  155 194 646 140 539 319

Fixed assets                                                                  

                                                                              

Long-term financial            1 071 000    3 542 602    1 285 224   3 956 826

investments

 (Note 7)

Tangible assets (Note 8)     193 027 232  172 801 961  193 027 232 172 801 961

     Total fixed assets      194 098 232  176 344 563  194 312 456 176 758 787

        TOTAL ASSETS         349 415 377  317 489 628  349 507 102 317 298 106

                                                                              

LIABILITIES                                                                   

Current liabilities                                                           

Supplier payables             15 509 565    8 600 267   15 509 565   8 600 267

Payables to parent company     1 239 689    1 168 815    1 239 689   1 168 815

Tax payables (Note 9)         13 655 385   13 021 851   13 655 385  12 782 648

Salary-related accrued         5 416 239    4 220 917    5 416 239   4 199 374

expenses

Other liabilities                611 940      616 519      589 441     571 519

                                                                              

Total current liabilities     36 432 818   27 628 369   36 410 319  27 322 623

Owners’ equity                                                                

                                                                              

Share capital                 80 000 000   80 000 000   80 000 000  80 000 000

Mandatory reserve              8 000 000    8 000 000    8 000 000   8 000 000

Other reserves                44 069 965   44 069 965   44 069 965  44 069 965

Retained earnings            119 903 330  114 094 705  120 017 554 114 208 929

Net profit of the period      61 009 264   43 696 589   61 009 264  43 696 589

    Total owners’ equity     312 982 559  289 861 259  313 096 783 289 975 483

   TOTAL LIABILITIES AND     349 415 377  317 489 628  349 507 102 317 298 106

       OWNERS’ EQUITY





Ruth Roht

Public Relations Manager

+372 6 508 303