Harju Elekter                 BALANCE SHEET                     02/28/2002



BALANCE SHEETS, 31.12.2001



BALANCE SHEET

CONSOLIDATED, UNAUDITED



in thousand                   EEK           EUR

ASSETS                     31.12.01 31.12.00 31.12.01 31.12.00

Cash, bank                    11 039   8 142     706     520

Marketable securities            468     402      30      26

Total customer receivables    15 305  15 868     978   1 014

Other current receivables      3 320   2 484     214     159

Accrued income                    35      34       2       2

Prepaid expenses               1 242   1 540      79      98

Total current receivables     19 902  19 926   1 273   1 274

Raw materials and inventorie  21 557  19 462   1 378   1 244

Goods                          3 730   3 331     238     213

Prepayments to suppliers           0       8       0       1

Total inventories             25 286  22 801   1 616   1 457

TOTAL CURRENT ASSETS          56 694  51 272   3 625   3 277

Stock and shares in ass.comp  22 580  19 399   1 443   1 240

Other shares                   4 521   3 997     289     255

Other long-term receivables      473     522      30      33

Total financial investments   27 574  23 918   1 762   1 529

Plant and equipment           75 284  72 905   4 812   4 659

Other equipment and fixtures  43 845  37 594   2 802   2 403

Other inventory                3 757   3 371     240     215

Accumulated depreciation     -31 751 -24 407  -2 029  -1 560

Construction-in-progress         716       0      46       0

Total tangible assets         91 851  89 462   5 870   5 718

Licences                         309     421      20      27

Goodwill                         112     208       7      13

Total intangible assets          421     629      27      40

TOTAL NON-CURRENT ASSETS     119 845 114 010   7 660   7 287

TOTAL ASSETS                 176 540 165 282  11 284  10 563

LIABIL.AND OWNERS'EQUITY

Debt obligations              14 929  11 182     954     715

Customer prepayments              94     326       6      21

Supplier payables             12 433  11 793     795     754

Other short-term borrowings      499     381      32      24

Tax liabilities                4 908   5 731     315     366

Accrued expenses               6 010   6 317     384     404

TOTAL CURRENT LIABIL.         38 873  35 730   2 486   2 284

TOTAL NON-CURRENT LIABIL.     12 254  17 902     783   1 144

TOTAL LIABILITIES             51 127  53 631   3 269   3 428

Share capital                 54 000  54 000   3 451   3 451

Restricted reserves            6 510   3 610     416     231

Retained earnings             44 161  24 864   2 822   1 589

Net profit for the year       20 742  29 176   1 326   1 865

TOTAL OWNERS' EQUITY         125 413 111 650   8 015   7 136

TOT.LIABIL.AND OWNERS'EQUITY 176 540 165 282  11 284  10 563





BALANCE SHEET OF THE PARENT COMPANY, UNAUDITED



in thousand                   EEK           EUR

ASSETS                     31.12.01 31.12.00 31.12.01 31.12.00

Cash, bank                    10 260   8 119     656     519

Marketable securities            468     402      30      26

Total customer receivables    10 718  11 477     685     733

Other current receivables      5 422   7 129     347     456

Accrued income                    35      34       2       2

Prepaid expenses                 938   1 223      60      78

Total current receivables     17 113  19 863   1 094   1 269

Raw materials and inventorie  14 275  12 341     912     789

Goods                          3 679   3 295     235     211

Prepayments to suppliers           0       0       0       0

Total inventories             17 954  15 635   1 147     999

TOTAL CURRENT ASSETS          45 795  44 019   2 927   2 813

Stock and shares in subs.      8 602   7 629     550     488

Other receivables from subs.       0      53       0       3

Stock and shares in ass.comp  22 580  19 399   1 443   1 240

Other shares                   4 521   3 997     289     255

Other long-term receivables      473     522      30      33

Total financial investments   36 175  31 600   2 312   2 020

Plant and equipment           75 151  72 799   4 803   4 653

Other equipment and fixtures  25 665  23 200   1 640   1 483

Other inventory                2 693   2 625     172     168

Accumulated depreciation     -27 426 -21 733  -1 753  -1 389

Construction-in-progress         716       0      46       0

Total tangible assets         76 799  76 892   4 908   4 914

Licences                         309     421      20      27

Total intangible assets          309     421      20      27

TOTAL NON-CURRENT ASSETS     113 283 108 913   7 240   6 961

TOTAL ASSETS                 159 078 152 932  10 167   9 774

LIABIL.AND OWNERS' EQUITY

Debt obligations               7 299   7 688     466     491

Customer prepayments              11     326       1      21

Supplier payables             10 703  10 124     684     647

Other short-term borrowings      483     621      31      40

Tax liabilities                4 345   5 315     278     340

Accrued expenses               5 320   5 592     340     357

TOTAL CURRENT LIABILITIES     28 161  29 665   1 800   1 896

TOTAL NON-CURRENT LIABIL.      5 503  11 616     352     742

TOTAL LIABILITIES             33 664  41 281   2 152   2 638

Share capital                 54 000  54 000   3 451   3 451

Restricted reserves            6 510   3 610     416     231

Retained earnings             44 161  24 864   2 822   1 589

Net profit for the year       20 742  29 176   1 326   1 865

TOTAL OWNERS' EQUITY         125 413 111 650   8 015   7 136

TOT.LIAB. AND OWNERS' EQUITY 159 078 152 932  10 167   9 774





Karin Padjus

Chief accountant

67 47 403





Moonika Vetevool

PR manager

+372 6712 761