BALTIKA

BALANCE SHEET



AUDITED CONSOLIDATED BALANCE SHEET, AS AT 31.12.2000



Consolidated, audited

thousand EEK





                                            31.12.2000 31.12.1999

ASSETS

CURRENT ASSETS

Cash and bank                                   15,298     16,588

Marketable securities                              431      6,194

Customer receivables                            45,335     36,259

Other receivables and prepaid expenses           8,436      7,838

Income tax refunds                                 786      2,657

Inventories                                    105,501     95,765

TOTAL CURRENT ASSETS                           175,787    165,301

NON-CURRENT ASSETS

Long-term financial assets                         817      1,081

Tangible assets                                 54,746     49,931

Land and buildings (acquisition cost)           35,044     33,523

Plant and equipment (acquisition cost)          60,070     56,289

Other inventories                               27,869     20,879

Accumulated depreciation                       -68,565    -60,760

Prepayments for non-current assets                 256          0

Fixed assets under construction                     72          0

Intangible assets                                1,886      1,875

TOTAL NON-CURRENT ASSETS                        57,449     52,887

TOTAL ASSETS                                   233,236    218,188



LIABILITIES AND OWNERS' EQUITY

CURRENT LIABILITIES

Debt obligations                                51,637     45,697

Customer prepayments

for goods and services                             732        157

Supplier payables                               28,617     20,166

Income tax liability                                 0        191

Other tax liabilities                            6,167      3,731

Accrued expenses                                 7,622     11,598

Current provisions                                 120          0

TOTAL CURRENT LIABILITIES                       94,895     81,540

NON-CURRENT LIABILITIES

Long-term liabilities                            1,344     12,939

TOTAL NON-CURRENT LIABILITIES                    1,344     12,939

TOTAL LIABILITIES                               96,239     94,479

Minority interest                                9,172      8,988

OWNERS' EQUITY                                 127,825    114,721

Share capital                                   48,000     48,000

Capital surplus                                 24,910     24,039

Restricted reserves                             22,885     22,885

Retained earnings                               17,768     19,151

NET PROFIT FOR THE FINANCIAL YEAR               14,262      1,193

Treasury shares                                      0       -547

TOTAL LIABILITIES AND OWNERS' EQUITY           233,236    218,188





Ülle Järv

Member of the Management Board

+372 63 02 741