KALEV

BALANCE SHEET



CONSOLIDATED AND UNAUDITED BALANCE SHEET 31.12.99



In EEK



ASSETS

                                         31.12.1999    31.12.1998

CURRENT ASSETS

CASH AND BANK                             2,695,734    12,430,311

MARKETABLE SECURITIES                       757,059     1,239,087

CUSTOMER RECEIVABLES                     34,109,442    41,433,463

OTHER RECEIVABLES                        22,782,883    28,814,158

ACCRUED INCOME                               29,467       813,408

PREPAID EXPENSES                          1,003,302     6,420,309

INVENTORIES                              32,116,690    53,398,351

TOTAL CURRENT ASSETS                     93,494,577   144,549,087



NON-CURRENT ASSETS

LONG-TERM FINANCIAL                                    16,489,579

INVESTMENTS IN SUBSIDIARIES

OTHER NON-CURRENT RECEIVABLES               401,311     8,820,975

TANGIBLE ASSETS                         125,638,083    78,008,577

TOTAL NON-CURRENT ASSETS                126,039,394   103,319,131



T O T A L  A S S E T S                  219,533,971   247,868,218



LIABILITIES AND OWNERS' EQUITY



LIABILITIES

DEBT OBLIGATIONS                         25,656,630    27,405,317

CUSTOMER PREPAYMENTS                         77,641         1,063

SUPPLIER PAYABLES                        27,806,519    28,575,606

TAX LIABILITIES                           5,650,760     4,397,240

OTHER LIABILITIES                        10,258,587     9,341,346

TOTAL CURRENT LIABILITIES                69,450,136    69,720,572



LONG-TERM BORROWINGS                     61,785,003   117,319,200

OTHER LONG-TERM DEBT                        393,755     3,332,214

TOTAL NON-CURRENT LIABILITIES            62,178,758   120,651,414



MINORITY INTEREST

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

CAPITAL SURPLUS                                        29,591,459

RESTRICTED RESERVES                                     6,828,239

REVALUATION RESERVES                     62,199,431

RETAINED EARNINGS                       -21,973,351    15,718,693

NET PROFIT FOR THE YEAR                 -31,096,003   -73,417,159

TOTAL OWNERS' EQUITY                     87,905,077    57,496,232



TOTAL LIABILITIES AND OWNERS' EQUITY    219,533,971   247,868,218





Annika Rinde

Executive Assistant

+372 62 83 710