Kalev                         BALANCE SHEET                     03/08/2002



AUDITED BALANCE SHEET AS OF 31.12.2001



(in kroons)                                  

                                                           

ASSETS                                                     

                            31 December 2001  31 December 

                            2001              2002

CURRENT ASSETS              EEK               EEK, pro forma

                                                   

CASH AND BANK                  14 026 165    7 033 972

CUSTOMER RECEIVABLES           29 638 468   23 873 825

OTHER RECEIVABLES               1 062 142    3 416 755

PREPAID EXPENSES                3 030 730    2 131 821

INVENTORIES                    27 571 871   28 755 601

TOTAL CURRENT ASSETS           75 329 376   65 211 974

                                                           

NON-CURRENT ASSETS                                         

MISCELLANEOUS LONG-TERM           887 180      371 156

RECEIVABLES

PROPERTY, PLANT AND EQUIPMENT  93 220 174  127 103 755

INVESTMENT PROPERTY            37 337 778            0

INTANGIBLE ASSETS                 275 000            0

TOTAL NON-CURRENT ASSETS      131 720 132  127 474 911

                                                           

TOTAL ASSETS                  207 049 508  192 686 885

                                                           

LIABILITIES AND OWNERS’ EQUITY                             

                                                           

LIABILITIES                                                

DEBT LIABILITIES               12 104 886   12 786 851

CUSTOMER PREPAYMENTS              207 977      484 853

TRADE PAYABLES                 28 228 155   35 599 883

TAX LIABILITIES                 8 531 521    4 899 389

OTHER LIABILITIES               4 850 260    3 800 423

TOTAL CURRENT LIABILITIES      53 922 799   57 571 399

                                                           

LONG-TERM DEBT LIABILITIES     27 000 000   39 000 000

OTHER LONG-TERM PAYABLES           58 076            0

TOTAL NON-CURRENT LIABILITIES  27 058 076   39 000 000

                                                           

OWNERS’ EQUITY                                             

SHARE CAPITAL                  78 775 000   78 775 000

REVALUATION RESERVE            42 776 334   46 930 612

RETAINED LOSS                 -25 435 847  -49 878 891

PROFIT FOR THE FINANCIAL YEAR  29 953 146   20 288 765

TOTAL OWNERS’ EQUITY          126 068 633   96 115 486

                                                           

TOTAL LIABILITIES AND OWNERS’ 207 049 508  192 686 885

EQUITY









BALANCE SHEET (in euros)                                  

                                                          

ASSETS                                                    

                              31 December   31 December 

                              2001          2000

CURRENT ASSETS                EUR           EUR, pro forma

                                                  

CASH AND BANK                 896 433       449 552

CUSTOMER RECEIVABLES        1 894 239     1 525 812

OTHER RECEIVABLES              67 883       218 370

PREPAID EXPENSES              193 698       136 248

INVENTORIES                 1 762 159     1 837 813

TOTAL CURRENT ASSETS          814 412     4 167 794

                                                          

NON-CURRENT ASSETS                                        

MISCELLANEOUS LONG-TERM        56 701         23 721

RECEIVABLES

PROPERTY, PLANT AND EQUIPM. 5 957 840      8 123 390

INVESTMENT PROPERTY         2 386 313              0

INTANGIBLE ASSETS              17 576              0

TOTAL NON-CURRENT ASSETS    8 418 429      8 147 111

                                                          

TOTAL ASSETS               13 232 842     12 314 905

                                                          

LIABILITIES AND OWNERS’ EQUITY                            

                                                          

LIABILITIES                                               

DEBT LIABILITIES               773 641       817 227

CUSTOMER PREPAYMENTS            13 292        30 988

TRADE PAYABLES               1 804 103     2 275 241

TAX LIABILITIES                545 262       313 127

OTHER LIABILITIES              309 987       242 891

TOTAL CURRENT LIABILITIES    3 446 286     3 679 474

                                                          

LONG-TERM DEBT LIABILITIES   1 725 610     2 492 548

OTHER LONG-TERM PAYABLES         3 712             0

TOTAL NON-CURRENT 

LIABILITIES1 	               729 322     2 492 548

                                                          

OWNERS’ EQUITY                                            

SHARE CAPITAL                 5 034 627    5 034 627

REVALUATION RESERVE           2 733 899    2 999 405

RETAINED LOSS                -1 625 643   -3 187 834

PROFIT FOR 

THE FINANCIAL YEAR            1 914 350    1 296 685

TOTAL OWNERS’ EQUITY          8 057 234    6 142 883

                                                          

TOTAL LIABILITIES AND OWNERS’13 232 842   12 314 905

EQUITY





Ruth Roht

PR Manager

+372 6 283 858