BALTIKA

BALANCE SHEET



CONSOLIDATED BALANCE SHEET, AS OF 30.09.2000



Consolidated, unaudited

thousand EEK





ASSETS                                        30.09.2000 31.12.1999

CURRENT ASSETS

Cash and bank                                      5,498     16,588

Marketable securities                                407      6,194

Customer receivables                              65,927     36,258

Other receivables                                  2,447      1,788

Accrued income                                        38         69

Prepaid expenses                                  11,320      8,639



Inventories                                       99,231     95,765

Raw materials                                     24,625     30,321

Work-in-progress                                   5,374      6,328

Finished goods                                    68,334     58,644

Prepayments to suppliers                             898        472

TOTAL CURRENT ASSETS                             184,868    165,301



NON-CURRENT ASSETS

Long-term financial assets                           272      1,081

Tangible assets                                   52,695     49,931

Land and buildings                                35,035     33,523

Plant and equipment                               60,179     56,289

Other inventories                                 22,837     20,879

Accumulated depreciation                         -66,291    -60,760

Prepayments for non-current assets                    41          0

Fixed assets under construction                      894          0

Intangible assets                                  1,191      1,875

TOTAL NON-CURRENT ASSETS                          54,158     52,887

TOTAL ASSETS                                     239,026    218,188



LIABILITIES AND OWNERS' EQUITY

CURRENT LIABILITIES

Debt obligations                                  51,278     45,697

Customer prepayments for goods and services          498        157

Supplier payables                                 20,601     20,166

Tax liabilities                                    4,952      3,922

Accrued expenses                                  13,568     11,598

Current provisions                                    78          0

TOTAL CURRENT LIABILITIES                         90,975     81,540

NON-CURRENT LIABILITIES

Long-term liabilities                             12,939     12,939

TOTAL NON-CURRENT LIABILITIES                     12,939     12,939

TOTAL LIABILITIES                                103,914     94,479



Minority interest                                 10,752      8,988



OWNERS' EQUITY                                   124,360    114,721

Share capital                                     48,000     48,000

Capital surplus                                   24,920     24,039

Restricted reserves                               22,885     22,885

Retained earnings                                 18,002     19,151

NET PROFIT (-LOSS) FOR THE FINANCIAL YEAR         10,703      1,193

Treasury shares                                     -150       -547

TOTAL LIABILITIES AND OWNERS' EQUITY             239,026    218,188





Ülle Järv

Management Board Member

+372 63 02 741