ESTIKO

BALANCE SHEET



AUDITED, CONSOLIDATED BALANCE SHEET, AS AT 31.12.2000



AS Estiko Group

(in thousand EEK)

                                              31.12.2000 31.12.1999



ASSETS

CURRENT ASSETS

Cash and bank                                        588      1,050

Customer receivables

Accounts receivable                               17,962     15,193

Allowance for doubtful accounts (less)            -1,873     -1,599

Total                                             16,089     13,594

Other receivables

Transactions with shareholders                         0      4,651

Other current receivables                            160      1,722

Total                                                160      6,373

Prepaid expenses

Prepaid/refundable tax receivables                 1,447      3,611

Other prepaid expenses                                75        291

TOTAL                                              1,522      3,902

Inventories

Raw materials                                     11,764      7,434

Work-in-progress                                   1,880      3,400

Finished goods                                     7,831      4,475

Merchandise purchased for resale                     112        181

Prepayments to suppliers                              22         12

Total                                             21,609     15,502

TOTAL CURRENT ASSETS                              39,968     40,421

NON-CURRENT ASSETS

Long-term financial assets

Other long-term receivables                          273        395

Tangible assets

Land and buildings (acquisition cost)            138,836    100,940

Plant and equipment (acquisition cost)            48,145     55,046

Other equipment and fixtures

(acquisition cost)                                 2,895      2,760

Accumulated depreciation (less)                  -31,643    -26,002

Fixed assets under construction                    3,800      3,377

Prepayments for tangible assets                      490      4,663

Total                                            162,523    140,784

Intangible assets

Prepayments for intangible assets                      9          9

TOTAL NON-CURRENT ASSETS                         162,805    141,188

TOTAL ASSETS                                     202,773    181,609



LIABILITIES AND OWNERS' EQUITY

LIABILITIES

CURRENT LIABILITIES

Debt obligations

Debentures (except bank loans)                     5,375      6,484

Current period repayment of

long-term bank loans                              14,057     10,497

Short-term loans from financial institutions       3,487      5,704

Total                                             22,919     22,685

Customer prepayments for

goods and services                                 1,340        273

Supplier payables                                      0

Accounts payable                                  17,233      7,331

Total                                             17,233      7,331

Other payables

Other payables                                         0         37

Tax liabilities                                    1,170      1,528

Accrued expenses

Salary-related accrued expenses                    2,650      2,227

Dividends payable                                      8         33

Interests payable                                    540        817

Other accrued expenses                               285        411

Total                                              3,483      3,488

Other prepaid revenue                                428        187

TOTAL CURRENT LIABILITIES                         46,573     35,529

NON-CURRENT LIABILITIES

Long-term debt

Non-convertible debt                               4,320      2,547

Bank loans                                        61,070     59,665

Total                                             65,390     62,212

TOTAL NON-CURRENT LIABILITIES                     65,390     62,212

TOTAL LIABILITIES                                111,963     97,741

MINORITY INTEREST                                      0      2,511

OWNERS' EQUITY

Share capital in nominal value                    59,851     59,851

Capital surplus                                    4,727      4,727

Mandatory legal reserve                            2,828      2,462

Retained earnings                                 13,945      6,989

NET PROFIT (-LOSS) FOR THE FINANCIAL YEAR          9,497      7,330

Treasury shares (less)                               -38         -2

TOTAL OWNERS' EQUITY                              90,810     81,357

TOTAL LIABILITIES AND OWNERS' EQUITY             202,773    181,609





Ellen Tohvri

Management Board chairman

+372 737 1000