ESTIKO

BALANCE SHEET



CONSOLIDATED BALANCE SHEET, AS OF 31.03.2000



unaudited

in thousand EEK

                                       31.03.00  31.12.99

ASSETS

CURRENT ASSETS

Cash and bank                             3,031     1,050

Accounts receivable

Customer receivables                     19,488    15,193

Allowance for doubtful accounts          -1,461    -1,599

TOTAL                                    18,027    13,594

Other receivables

Transactions with shareholders            4,000     4,651

Other current receivables                   319     1,722

TOTAL                                     4,319     6,373

Accrued income

Other accrued income                          1         0

TOTAL                                         1         0

Prepaid expenses

Prepaid/refundable tax receivables        2,423     3,611

Other prepaid expenses                      250       291

TOTAL                                     2,673     3,902

Inventories:

Raw materials                             6,345     7,434

Work-in-progress                          3,461     3,400

Finished goods                            6,696     4,475

Merchandise purchased for resale             56       181

Prepayments to suppliers                    181        12

TOTAL                                    16,739    15,502

TOTAL CURRENT ASSETS                     44,790    40,421

NON-CURRENT ASSETS

Long-term financial assets:

Other long-term receivables                 366       395

TOTAL                                       366       395

Tangible assets:

Land and buildings (acquisition cost)   104,856   100,940

Plant and equipment (acquisition cost    48,721    55,046

Other equipment and fixtures              2,845     2,760

(acquisition cost)

Accumulated depreciation (less)         -28,475   -26,002

Fixed assets under construction           3,377     3,377

Prepayments for tangible assets           3,237     4,663

TOTAL                                   134,561   140,784

Intangible assets

Purchased concessions, patents,              45         0

licences, trademarks, etc.

Prepayments for intangible assets             9         9

TOTAL                                        54         9

TOTAL NON-CURRENT ASSETS                134,981   141,188

TOTAL ASSETS                            179,771   181,609



LIABILITIES AND OWNERS' EQUITY

LIABILITIES

CURRENT LIABILITIES

Debt obligations

Debentures (except bank loans)            6,463     6,484

Current period repayment of              11,352    10,497

long-term bank loans

Short-term loans from                     3,980     5,704

credit institutions

TOTAL                                    21,795    22,685

Customer prepayments for                    409       273

goods and services

Accounts payable                                        0

Supplier payables                         8,115     7,331

TOTAL                                     8,115     7,331

Other payables

14.3 Other payables                           0        37

TOTAL                                         0        37

Tax liabilities                           1,259     1,528

Accrued expenses

Salary-related accrued expenses           3,636     2,227

Dividends payable                            11        33

Interest payable                            750       817

Other accrued expenses                      367       411

TOTAL                                     4,764     3,488

Other prepaid income                        257       187

TOTAL CURRENT LIABILITIES                36,599    35,529

NON-CURRENT LIABILITIES

Long-term debt

Non-convertible debt                      2,274     2,547

Bank loans                               56,708    59,665

TOTAL                                    58,982    62,212

TOTAL NON-CURRENT LIABILITIES            58,982    62,212

TOTAL LIABILITIES                        95,581    97,741

MINORITY INTEREST                         2,258     2,511

OWNERS' EQUITY

Share capital in nominal value           59,851    59,851

Capital surplus                           4,727     4,727

Restricted reserves

Mandatory legal reserve                   2,462     2,462

Retained earnings                        14,318     6,989

NET PROFIT (-LOSS) FOR THE                  578     7,330

FINANCIAL YEAR

Treasury shares (less)                       -4        -2

TOTAL OWNERS' EQUITY                     81,932    81,357

TOTAL LIABILITIES AND OWNERS' EQUITY    179,771   181,609





Ellen Tohvri

Management Board chairman

+372 7 308 302