BALTIKA

BALANCE SHEET



CONSOLIDATED BALANCE SHEET, AS AT 31.10.2001



Consolidated, unaudited

in thousand EEK



                                            30.09.2001 31.12.2000

CURRENT ASSETS

Cash and bank                                    4,879     15,298

Marketable securities                              477        431

Customer receivables                            78,286     45,335

Other receivables and prepaid expenses          12,242      9,222

Inventories                                    115,931    105,501

TOTAL CURRENT ASSETS                           211,815    175,787

NON-CURRENT ASSETS

Long-term financial assets                       2,205        817



Tangible assets                                 70,995     54,746

Intangible assets                                2,205      1,886

TOTAL NON-CURRENT ASSETS                        75,405     57,449

TOTAL ASSETS                                   287,220    233,236



LIABILITIES AND OWNERS' EQUITY

CURRENT LIABILITIES

Debt obligations                                24,358     51,637

Customer prepayments                               142        732

Supplier payables                               39,827     28,617

Tax liabilities                                  5,604      6,167

Accrued expenses                                 9,732      7,622

Current provisions                                 120        120

TOTAL CURRENT LIABILITIES                       79,783     94,895

NON-CURRENT LIABILITIES

Long-term liabilities                           67,009      1,344

TOTAL NON-CURRENT LIABILITIES                   67,009      1,344

TOTAL LIABILITIES                              146,792     96,239

Minority interest                                7,013      9,172

OWNERS' EQUITY                                 133,415    127,825

Share capital in nominal value                  48,000     48,000

Capital surplus                                 24,910     24,910

Restricted reserves                             22,885     22,885

Retained earnings                               28,430     17,768

NET PROFIT FOR THE FINANCIAL YEAR                9,190     14,262

TOTAL LIABILITIES AND OWNERS' EQUITY           287,220    233,236





Ülle Järv

Management Board member

+372 6 302 741