KALEV

BALANCE SHEET



AUDITED AND CONSOLIDATED BALANCE SHEET 31.12.1999



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                      34,138,908    41,433,463

OTHER RECEIVABLES                         20,848,642    28,814,158

ACCRUED INCOME                                             813,408

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

INVENTORIES                               35,339,411    53,398,351

TOTAL CURRENT ASSETS                      94,783,056   144,549,087



NON-CURRENT ASSETS

FINANCIAL INVESTMENTS IN SUBSIDIARIES                   16,489,579

OTHER NON-CURRENT RECEIVABLES                401,310     8,820,975

TANGIBLE ASSETS                          125,206,301    78,008,577

TOTAL NON-CURRENT ASSETS                 125,607,611   103,319,131



T O T A L  A S S E T S                   220,390,667   247,868,218



LIABILITIES AND OWNERS' EQUITY



LIABILITIES

DEBT OBLIGATIONS                          28,434,970    29,364,716

CUSTOMER PREPAYMENTS                          77,641         1,063

SUPPLIER PAYABLES                         27,912,584    28,575,606

TAX LIABILITIES                            6,304,724     4,397,240

OTHER LIABILITIES                         19,655,268     7,381,947

TOTAL CURRENT LIABILITIES                 82,385,187    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



OWNERS' EQUITY

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                  -43,174,358   -73,417,159

TOTAL OWNERS' EQUITY                      75,826,722    57,496,232



TOTAL LIABILITIES AND OWNERS' EQUITY     220,390,667   247,868,218





Annika Rinde

Executive assistant

+372 628 3710