KALEV

BALANCE SHEET



AUDITED CONSOLIDATED BALANCE SHEET, AS AT 31.12.2000



Consolidated

Audited

In EEK





ASSETS                                       31.12.2000     31.12.1999



CURRENT ASSETS

CASH AND BANK                                 7,033,972      2,695,734

MARKETABLE SECURITIES                                 0        757,059

CUSTOMER RECEIVABLES                         23,873,825     34,138,908

OTHER RECEIVABLES                             3,416,755     20,848,642

PREPAID EXPENSES                              2,131,821      1,003,302

INVENTORIES                                  28,755,601     35,339,411

TOTAL CURRENT ASSETS                         65,211,974     94,783,056



NON-CURRENT ASSETS

OTHER NON-CURRENT RECEIVABLES                   371,156        401,310

TANGIBLE ASSETS                             127,103,755    125,206,301

TOTAL NON-CURRENT ASSETS                    127,474,911    125,607,611



T O T A L  A S S E T S                      192,686,885    220,390,667



LIABILITIES AND OWNERS' EQUITY



LIABILITIES

DEBT OBLIGATIONS                             12,786,851     28,434,970

CUSTOMER PREPAYMENTS                            484,853         77,641

SUPPLIER PAYABLES                            35,599,883     27,912,584

TAX LIABILITIES                               4,899,389      6,304,724

OTHER LIABILITIES                             3,800,423     19,655,268

TOTAL CURRENT LIABILITIES                    57,571,399     82,385,187



LONG-TERM BORROWINGS                         39,000,000     61,785,003

OTHER LONG-TERM DEBT                                  0        393,755

TOTAL NON-CURRENT LIABILITIES                39,000,000     62,178,758



OWNERS' EQUITY

SHARE CAPITAL                                78,775,000     78,775,000

REVALUATION RESERVE                          62,199,431     62,199,431

LOSS OF PREVIOUS PERIODS                    -65,147,710    -21,973,351

NET PROFIT/LOSS FOR THE YEAR                 20,288,765    -43,174,358



TOTAL OWNERS' EQUITY                         96,115,486     75,826,722



TOTAL LIABILITIES AND OWNERS' EQUITY        192,686,885    220,390,667





Rutt Panga

Supervisory Borad assistant

+372 628 3853