ESTIKO

BALANCE SHEET



CONSOLIDATED BALANCE SHEET, AS AT 31.06.2001



Consolidated, unaudited

in thousand EEK                                    30.06.2001 31.12.2000



ASSETS

CURRENT ASSETS

Cash and bank                                           4,781        588

Customer receivables

Accounts receivable                                    15,261     17,962

Allowance for doubtful accounts                        -1,949     -1,873

Total                                                  13,312     16,089

Other receivables

Other current receivables                                 141        160

Prepaid expenses

Prepaid/refundable tax receivables                      1,076      1,447

Other prepaid expenses                                    173         75

Total                                                   1,249      1,522

Inventories

Raw materials                                           9,472     11,764

Work-in-progress                                        2,419      1,880

Finished goods                                          9,090      7,831

Merchandise purchased for resale                           68        112

Prepayments to suppliers                                  573         22

Total                                                  21,622     21,609

TOTAL CURRENT ASSETS                                   41,105     39,968

NON-CURRENT ASSETS

Long-term financial assets

Other long-term receivables                               209        273

Tangible assets

Land and buildings (acquisition cost)                 142,630    138,836

Plant and equipment (acquisition cost)                 48,567     48,145

Other equipment and fixtures

(acquisition cost)                                      3,263      2,895

Accumulated depreciation (less)                       -34,964    -31,643

Fixed assets under construction                         6,070      3,800

Prepayments for tangible assets                         2,620        490

Total                                                 168,186    162,523

Intangible assets

Prepayments for intangible assets                           9          9

Total                                                 168,404    162,805

TOTAL ASSETS                                          209,509    202,773

AS Estiko Group





                                                   30.06.2001 31.12.2000

LIABILITIES AND OWNERS' EQUITY

LIABILITIES

CURRENT LIABILITIES

Debt obligations

Debentures (except bank loans)                          4,394      5,375

Current period repayment of

long-term bank loans                                   15,248     14,057

Short-term loans from financial institutions            4,265      3,487

Total                                                  23,907     22,919

Customer prepayments for

goods and services                                        297      1,340

Supplier payables

Accounts payable                                       11,329     17,233

Total                                                  11,329     17,233

Tax liabilities                                         1,533      1,170

Accrued expenses

Salary-related accrued expenses                         3,325      2,650

Dividends payable                                           9          8

Interests payable                                         403        540

Other accrued expenses                                    545        285

Total                                                   4,282      3,483

Other prepaid revenue                                     716        428

TOTAL CURRENT LIABILITIES                              42,064     46,573

NON-CURRENT LIABILITIES

Long-term debt

Non-convertible debt                                      644      4,320

Bank loans                                             61,928     61,070

Total                                                  62,572     65,390

TOTAL NON-CURRENT LIABILITIES                          62,572     65,390

TOTAL LIABILITIES                                     104,636    111,963

MINORITY INTEREST

OWNERS' EQUITY

Share capital in nominal value                         59,851     59,851

Capital surplus                                         4,727      4,727

Mandatory legal reserve                                 3,303      2,828

Retained earnings                                      22,966     13,945

NET PROFIT (-LOSS) FOR THE PERIOD                      14,614      9,497

Treasury shares (less)                                   -588        -38

TOTAL OWNERS' EQUITY                                  104,873     90,810

TOTAL LIABILITIES AND OWNERS' EQUITY                  209,509    202,773





Ellen Tohvri

Management Board chairperson

+372 737 1000