KALEV

BALANCE SHEET



CONSOLIDATED BALANCE SHEET, AS AT 30.06.2001



Consolidated

Unaudited

In thousand EEK



ASSETS



CURRENT ASSETS                            30.06.2001 31.12.2000

CASH AND BANK                                  6,394      7,034

CUSTOMER RECEIVABLES                          32,111     23,874

OTHER RECEIVABLES                              2,623      3,417

PREPAID EXPENSES                               2,231      2,132

INVENTORIES                                   33,440     28,755

TOTAL CURRENT ASSETS                          76,799     65,212



NON-CURRENT ASSETS

OTHER NON-CURRENT RECEIVABLES                    371        371

TANGIBLE ASSETS                              127,394    127,104

TOTAL NON-CURRENT ASSETS                     127,765    127,475



T O T A L  A S S E T S                       204,564    192,687



LIABILITIES AND OWNERS' EQUITY



LIABILITIES

DEBT OBLIGATIONS                              11,494     12,787

CUSTOMER PREPAYMENTS                               8        485

SUPPLIER PAYABLES                             24,019     35,600

TAX LIABILITIES                                4,234      4,899

OTHER LIABILITIES                             18,241      3,800

TOTAL CURRENT LIABILITIES                     57,996     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                          60,571     62,199

RETAINED EARNINGS                            -44,859    -65,148

NET PROFIT, 2000

NET PROFIT FOR THE YEAR                       13,082     20,289

TOTAL OWNERS' EQUITY                         107,568     96,115



TOTAL LIABILITIES AND OWNERS' EQUITY         204,564    192,687





Rutt Panga

Supervisory Board assistant

+372 628 3853