KALEV

BALANCE SHEET



CONSOLIDATED BALANCE SHEET, AS AT 31.03.2001



Consolidated

Unaudited

In thousand EEK

                                            31.03.2001 31.12.2000

ASSETS

CURRENT ASSETS

CASH AND BANK                                      239      7,034

CUSTOMER RECEIVABLES                            26,925     23,874

OTHER RECEIVABLES                                2,204      3,417

PREPAID EXPENSES                                 1,744      2,132

INVENTORIES                                     27,902     28,756

TOTAL CURRENT ASSETS                            59,014     65,212



NON-CURRENT ASSETS

OTHER NON-CURRENT RECEIVABLES                      371        371

TANGIBLE ASSETS                                130,452    127,104

TOTAL NON-CURRENT ASSETS                       130,823    127,475



T O T A L  A S S E T S                         189,837    192,687



LIABILITIES AND OWNERS' EQUITY



LIABILITIES

DEBT OBLIGATIONS                                 9,168     12,787

CUSTOMER PREPAYMENTS                               485

SUPPLIER PAYABLES                               28,838     35,600

TAX LIABILITIES                                    762      4,899

OTHER LIABILITIES                                  993      3,800

TOTAL CURRENT LIABILITIES                       48,768     57,571



LONG-TERM BORROWINGS                            39,000     39,000

TOTAL NON-CURRENT LIABILITIES                   39,000     39,000



OWNERS' EQUITY

SHARE CAPITAL                                   78,775     78,775

REVALUATION RESERVES                            62,199     62,199

RETAINED EARNINGS                              -65,148    -65,148

NET PROFIT, 2000                                20,289

NET PROFIT FOR THE YEAR                          5,954     20,289

TOTAL OWNERS' EQUITY                           102,069     96,115



TOTAL LIABILITIES AND OWNERS' EQUITY           189,837    192,687





Rutt Panga

Supervisory Board assistant

+372 628 3853