PRO KAPITAL GRUPP

BALANCE SHEET



CONSOLIDATED BALANCE SHEET, AS AT 31.03.2001



Consolidated

Unaudited

in thousand EEK                               31.03.2001 31.12.2000





ASSETS

Cash and bank                                    246,257     49,480

Marketable securities                                400        400

Customer receivables                             207,795    205,126

Other receivables                                 59,350     59,245

Accrued income                                                   85

Prepaid expenses                                  87,080     81,862

Inventories                                      668,778    674,047

Total current assets                           1,269,660  1,070,245

Long-term financial assets                        31,796     26,748

Tangible assets                                1,241,748  1,017,638

Intangible assets                                 80,967     75,124

Total noncurrent assets                        1,354,511  1,119,510



TOTAL ASSETS                                   2,624,171  2,189,755





LIABILITIES AND OWNER' S EQUITY

Debt obligations                                  54,352     94,970

Customer prepayments for goods and services      119,555     97,193

Supplier payables                                107,546     69,244

Tax liability                                     12,188     10,034

Accrued expenses                                  12,033     13,184

Total current liabilities                        305,674    284,625

Long-term debt obligations                       664,097    240,934

Other long-term payables                         342,505    343,476

Long-term provisions                              28,644     22,373

Total noncurrent liabilities                   1,035,246    606,783

Minority interest                                205,773    203,730

Share capital                                    348,084    348,084

Paid-in capital over/under par                   638,747    638,747

Restricted reserves                               34,431     34,431

Retained earnings                                 71,204     -2,412

Net profit/loss for the financial year           -19,158     73,616

Exchange differences                               4,170      2,151

Total owners equity                            1,077,478  1,094,617



TOTAL LIABILITIES AND OWNER' S EQUITY          2,624,171  2,189,755





Eve Õnnis

PK Grupp, Chief Accountant

 +372 614 4920





Aivar Pihlak

PK Grupp, Board member

+372 614 4920