KALEV

BALANCE SHEET



CONSOLIDATED BALANCE SHEET, AS AT 30.09.2001



Consolidated

Unaudited

In thousand EEK



ASSETS



CURRENT ASSETS                            30.09.2001 31.12.2000

CASH AND BANK                                  2,581      7,034

CUSTOMER RECEIVABLES                          35,848     23,874

OTHER RECEIVABLES                              3,659      3,417

PREPAID EXPENSES                               2,650      2,132

INVENTORIES                                   27,487     28,755

TOTAL CURRENT ASSETS                          72,495     65,212



NON-CURRENT ASSETS

OTHER NON-CURRENT RECEIVABLES                    371        371

TANGIBLE ASSETS                              130,770    127,104

INTANGIBLE ASSETS                                290

TOTAL NON-CURRENT ASSETS                     131,431    127,475



T O T A L  A S S E T S                       203,926    192,687



LIABILITIES AND OWNERS' EQUITY



LIABILITIES

DEBT OBLIGATIONS                               8,643     12,787

CUSTOMER PREPAYMENTS                              25        485

SUPPLIER PAYABLES                             22,471     35,600

TAX LIABILITIES                                4,493      4,899

OTHER LIABILITIES                             17,506      3,800

TOTAL CURRENT LIABILITIES                     53,138     57,571



LONG-TERM BORROWINGS                          39,000     39,000

NON-CONVERTIBLE DEBT                             139

TOTAL NON-CURRENT LIABILITIES                 39,139     39,000



OWNERS' EQUITY

SHARE CAPITAL                                 78,775     78,775

REVALUATION RESERVES                          60,571     62,199

RETAINED EARNINGS                            -44,859    -65,148

NET PROFIT FOR THE YEAR                       17,162     20,289

TOTAL OWNERS' EQUITY                         111,649     96,115



TOTAL LIABILITIES AND OWNERS' EQUITY         203,926    192,687





Ruth Roht

PR manager

+372 6 28 38 58