RAKVERE LIHAKOMBINAAT

BALANCE SHEET



CONSOLIDATED BALANCE SHEET, AS AT 31.03.2001



Consolidated, unaudited

in thousand EEK                                  31.03.01   31.12.00



ASSETS



Current assets

Cash and bank                                       4,900      3,432

Customer receivables                               61,963     71,727

Other current receivables                          11,303     14,599

Inventories                                       145,528    128,363

Total current assets                              223,694    218,121



Non-current assets

Long-term financial assets                          3,855      3,937

Tangible assets                                   393,754    395,589

Goodwill                                              845        893

Software                                            3,017      3,131

Total non-current assets                          401,471    403,550



Total assets :                                    625,165    621,671



Liabilities and owners' equity



Current liabilities

Short-term loan and lease liabilities              33,165     45,019

Accounts payable                                   54,234     45,989

Other current liabilities                          21,895     27,284

Total current liabilities                         109,294    118,292



Long-term loan and lease liabilities              188,904    188,971

Total liabilities                                 298,198    307,263



Minority interest of off-group shareholders         3,786      3,706



Owners' equity

Share capital                                     377,217    377,217

Mandatory legal reserve                             2,629      2,629

Retained earnings                                 -59,448    -69,748

Unrealized exchange differences                     2,783        604

Total owners' equity                              323,181    310,702



Total liabilities and owners' equity              625,165    621,671





Olle Horm

Management Board chairman

+372 32 29221