HARJU ELEKTER

BALANCE SHEET



CONSOLIDATED BALANCE SHEET, AS AT 31.03.2001



Consolidated, unaudited

in thousand EEK                                   Group            Parent

                                            31.03.01 31.12.00 31.03.01 31.12.00



ASSETS

Cash, bank                                     8,077    8,142    6,790    8,119

Marketable securities                            387      402      387      402

Total customer receivables                    13,001   15,868   10,182   11,477

Other current receivables                      1,984    2,484    5,014    7,129

Accrued income                                     0       34        0       34

Prepaid expenses                               1,044    1,540    1,024    1,223

Total current receivables                     16,029   19,926   16,220   19,863

Inventories                                   18,840   19,462   12,259   12,341

Goods                                          3,430    3,331    3,363    3,295

Prepayments to suppliers                           1        8        0        0

Total inventories                             22,271   22,801   15,622   15,635

TOTAL CURRENT ASSETS                          46,765   51,272   39,019   44,019

Stock and shares in subsidiaries                   0        0    9,185    7,629

Other receivables from subsidiaries                0        0       53       53

Stock and shares in associated companies      20,060   19,399   20,060   19,399

Other shares                                   3,997    3,997    3,997    3,997

Other long-term receivables                      522      522      522      522

Total financial investments                   24,579   23,918   33,816   31,600

Plant and equipment                           73,269   72,906   73,124   72,799

Other equipment and fixtures                  38,063   37,597   23,655   23,200

Other inventory                                3,439    3,371    2,679    2,625

Accumulated depreciation                     -26,242  -24,412  -23,178  -21,733

Fixed assets under construction                  285        0      285        0

Prepayments for fixed assets                     263        0      263        0

Total tangible assets                         89,077   89,462   76,829   76,892

Licences                                         393      421      393      421

Goodwill                                         184      208        0        0

Total intangible assets                          577      629      393      421

TOTAL NON-CURRENT ASSETS                     114,233  114,010  111,038  108,913

TOTAL ASSETS                                 160,997  165,282  150,057  152,932



LIABILITIES AND OWNERS' EQUITY

Debt obligations                               8,262   11,182    5,086    7,688

Customer prepayments                             111      326      111      326

Supplier payables                              9,111   11,793    8,329   10,124

Other short-term borrowings                      595      381      830      621

Tax liabilities                                4,289    5,731    3,909    5,315

Accrued expenses                               5,545    6,317    4,992    5,592

TOTAL CURRENT LIABILITIES                     27,912   35,730   23,257   29,665

TOTAL NON-CURRENT LIABILITIES                 17,902   17,902   11,616   11,616

TOTAL LIABILITIES                             45,813   53,631   34,873   41,281

Share capital                                 54,000   54,000   54,000   54,000

Restricted reserves                            3,610    3,610    3,610    3,610

Retained earnings                             54,040   24,864   54,040   24,864

Net profit for the year                        3,534   29,176    3,534   29,176

TOTAL OWNERS' EQUITY                         115,184  111,650  115,184  111,650

TOTAL LIABILITIES AND OWNERS' EQUITY         160,997  165,282  150,057  152,932







Karin Padjus

Chief Accountant

+372 67 47 403





Lembit Libe

Chief Economist

+372 67 47 412