KALEV

BALANCE SHEET



UNCONSOLIDATED BALANCE SHEET 31.03.2000



in EEK

                                                 Kalev         Kalev

ASSETS                       	             31.03.1999    31.03.2000

CURRENT ASSETS

CASH AND BANK                                31,553,303       221,784

MARKETABLE SECURITIES                         1,188,978     2,283,088

CUSTOMER RECEIVABLES                         46,736,423    25,493,546

OTHER RECEIVABLES                            45,938,680    14,389,165

ACCRUED INCOME                                1,695,349     1,132,433

PREPAID EXPENSES                              5,730,424     1,138,956

INVENTORIES                                  46,201,842    30,325,961

TOTAL CURRENT ASSETS                        179,044,999    74,984,933



NON-CURRENT ASSETS

OTHER NON-CURRENT RECEIVABLES                 8,977,675       401,311

TANGIBLE ASSETS                              64,304,298    69,787,671

TOTAL NON-CURRENT ASSETS                     73,281,973    70,188,982



T O T A L  A S S E T S                      252,326,972   145,173,915



LIABILITIES AND OWNERS' EQUITY



LIABILITIES

DEBT OBLIGATIONS                             38,845,339    28,244,644

CUSTOMER PREPAYMENTS                             36,007       236,156

SUPPLIER PAYABLES                            20,499,833    32,516,347

TAX LIABILITIES                               5,244,716     5,213,463

OTHER LIABILITIES                             7,672,854     8,327,874

TOTAL CURRENT LIABILITIES                    72,298,749    74,538,484



LONG-TERM BORROWINGS                        117,200,000    51,000,000

OTHER LONG-TERM DEBT                          3,322,026       393,755

TOTAL NON-CURRENT LIABILITIES               120,522,026    51,393,755



OWNERS' EQUITY

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

CAPITAL SURPLUS                              29,591,459

RESTRICTED RESERVES                           6,828,239

RETAINED EARNINGS                           -57,698,466   -64,990,529

NET PROFIT FOR THE YEAR                       2,009,965     5,457,205

TOTAL OWNERS' EQUITY                         59,506,197    19,241,676



TOTAL LIABILITIES AND OWNERS' EQUITY        252,326,972   145,173,915





Kristina Seimann

Public Relations Manager

+372 628 3858