ESTIKO

BALANCE SHEET



CONSOLIDATED BALANCE SHEET, AS OF 30.06.2000



unaudited

in EEK thousand

                                                30.06.2000 31.12.1999



ASSETS

CURRENT ASSETS

Cash and bank                                        3,307     1,050

Accounts receivable

Customer receivables                                18,003    15,193

Allowance for doubtful accounts                     -2,124    -1,599

TOTAL                                               15,879    13,594

Other receivables

Transactions with shareholders                           0     4,651

Other current receivables                              217     1,722

TOTAL                                                  217     6,373

Accrued income

Other accrued income                                     2         0

TOTAL                                                    2         0

Prepaid expenses

Prepaid/refundable tax receivables                   2,252     3,611

Other prepaid expenses                                 109       291

TOTAL                                                2,361     3,902

Inventories:

Raw materials                                        5,436     7,434

Work-in-progress                                     6,044     3,400

Finished goods                                       6,271     4,475

Merchandise purchased for resale                        51       181

Prepayments to suppliers                               196        12

TOTAL                                               17,998    15,502

TOTAL CURRENT ASSETS                                39,764    40,421

NON-CURRENT ASSETS

Long-term financial assets:

Other long-term receivables                            336       395

TOTAL                                                  336       395

Tangible assets:

Land and buildings (acquisition cost)              104,899   100,940

Plant and equipment (acquisition cost)              49,650    55,046

Other equipment and fixtures (acquisition cost)      2,844     2,760

Accumulated depreciation (less)                    -31,002   -26,002

Fixed assets under construction                      3,423     3,377

Prepayments for tangible assets                      3,019     4,663

TOTAL                                              132,833   140,784

Intangible assets

Purchased concessions, patents,

licences, trademarks, etc.                              43         0

Prepayments for intangible assets                        9         9

TOTAL                                                   52         9

TOTAL NON-CURRENT ASSETS                           133,221   141,188

TOTAL ASSETS                                       172,985   181,609



LIABILITIES AND OWNERS' EQUITY

LIABILITIES

CURRENT LIABILITIES

Debt obligations

Debentures (except bank loans)                       6,068     6,484

Current period repayment of long-term bank loans     9,639    10,497

Short-term loans from financial institutions           892     5,704

TOTAL                                               16,599    22,685

Customer prepayments for goods and services            489       273

Accounts payable                                         0

Supplier payables                                   10,304     7,331

TOTAL                                               10,304     7,331

Other payables                                           0        37

TOTAL                                                    0        37

Tax liabilities                                      1,421     1,528

Accrued expenses

Salary-related accrued expenses                      4,511     2,227

Dividends payable                                       12        33

Interests payable                                      375       817

Other accrued expenses                                 222       411

TOTAL                                                5,120     3,488

Other prepaid revenue                                  265       187

TOTAL CURRENT LIABILITIES                           34,198    35,529



NON-CURRENT LIABILITIES

Long-term debt

Non-convertible debt                                 1,994     2,547

Bank loans                                          50,092    59,665

TOTAL                                               52,086    62,212

TOTAL NON-CURRENT LIABILITIES                       52,086    62,212

TOTAL LIABILITIES                                   86,284    97,741

MINORITY INTEREST                                    2,046     2,511

OWNERS' EQUITY

Share capital in nominal value                      59,851    59,851

Capital surplus                                      4,727     4,727

Reserves

Mandatory legal reserve                              2,828     2,462

Retained earnings                                   13,945     6,989

NET PROFIT (-LOSS) FOR THE FINANCIAL YEAR            3,323     7,330

Treasury shares (less)                                 -19        -2

TOTAL OWNERS' EQUITY                                84,655    81,357

TOTAL LIABILITIES AND OWNERS' EQUITY               172,985   181,609





Ellen Tohvri

Management Board chairman

+372 7 308 302