ESTIKO

BALANCE SHEET



CONSOLIDATED BALANCE SHEET, AS AT 30.09.2001



Consolidated, unaudited

in thousand EEK

                                                   30.09.2001 31.12.2000

ASSETS

CURRENT ASSETS

Cash and bank                                           1,355        588

Customer receivables

Accounts receivable                                    18,054     17,962

Allowance for doubtful accounts                        -1,698     -1,873

Total                                                  16,356     16,089

Other receivables

Other current receivables                                 364        160

Prepaid expenses

Prepaid/refundable tax receivables                      1,068      1,447

Other prepaid expenses                                    279         75

Total                                                   1,347      1,522

Inventories

Raw materials                                           8,819     11,764

Work-in-progress                                        3,065      1,880

Finished goods                                          7,480      7,831

Merchandise purchased for resale                           28        112

Prepayments to suppliers                                  255         22

Total                                                  19,647     21,609

TOTAL CURRENT ASSETS                                   39,069     39,968

NON-CURRENT ASSETS

Long-term financial assets

Other long-term receivables                               176        273

Tangible assets

Land and buildings (acquisition cost)                 150,250    138,836

Plant and equipment (acquisition cost)                 57,657     48,145

Other equipment and fixtures

(acquisition cost)                                      3,533      2,895

Accumulated depreciation (less)                       -37,781    -31,643

Fixed assets under construction                         7,417      3,800

Prepayments for tangible assets                         2,245        490

Total                                                 183,321    162,523

Intangible assets

Prepayments for intangible assets                           9          9

TOTAL NON-CURRENT ASSETS                              183,506    162,805

TOTAL ASSETS                                          222,575    202,773





                                                   30.09.2001 31.12.2000

LIABILITIES AND OWNERS' EQUITY

LIABILITIES

CURRENT LIABILITIES

Debt obligations

Debentures (except bank loans)                          5,382      5,375

Current period repayment of

long-term bank loans                                   14,602     14,057

Short-term loans from financial institutions            5,688      3,487

Total                                                  25,672     22,919

Customer prepayments for

goods and services                                        223      1,340

Supplier payables

Accounts payable                                       13,953     17,233

Total                                                  13,953     17,233

Tax liabilities                                           789      1,170

Accrued expenses

Salary-related accrued expenses                         3,400      2,650

Dividends payable                                           7          8

Interests payable                                         379        540

Other accrued expenses                                    610        285

Total                                                   4,396      3,483

Other prepaid revenue                                     826        428

TOTAL CURRENT LIABILITIES                              45,859     46,573

NON-CURRENT LIABILITIES

Long-term debt

Non-convertible debt                                    7,481      4,320

Bank loans                                             63,748     61,070

Total                                                  71,229     65,390

TOTAL NON-CURRENT LIABILITIES                          71,229     65,390

TOTAL LIABILITIES                                     117,088    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 FOR THE PERIOD                              15,283      9,497

Treasury shares (less)                                   -643        -38

TOTAL OWNERS' EQUITY                                  105,487     90,810

TOTAL LIABILITIES AND OWNERS' EQUITY                  222,575    202,773





Ellen Tohvri

Management Board chairperson

+372 737 1000