SAKU ÕLLETEHAS

BALANCE SHEET



AUDITED BALANCE SHEET AS OF 31.12.2001



(In thousands of Estonian kroons)



                                  Group    Group*   Parent   Parent*

                                31.12.01 31.12.00 31.12.01  31.12.00

                                         adjusted           adjusted

                                                                 

ASSETS    

Current assets                                                      

Cash and bank (Note 2)           20,199    11,187   20,180    11,142

Shares and other securities       3,907     3,932    3,907     3,932

(Note 3)

Trade receivables  (Note 4)      30,186    31,592   30,081    31,480

Other receivables and             2,100     3,367    2,110     3,517

prepayments (Note 5)

Inventories  (Note 6)            80,767    88,029   80,767    88,029

Total current assets            137,159   138,107  137,045   138,100

Non-current assets                                                  

Long-term financial              17,300    10,550   17,400    10,650

investments (Note 7)

Long-term receivables (Note 8)      186       509      186       405

Intangible assets  (Note 9)         747        87      747        87

Tangible assets (Notes 9,10)    245,658   234,910  245,658   234,910

Total non-current assets        263,891   246,056  263,991   246,052

TOTAL ASSETS                    401,050   384,163  401,036   384,152

LIABILITIES AND EQUITY                                              

Current liabilities                                                 

Debt obligations (Note 10)        1,714     1,457    1,714     1,457

Trade payables                   21,055    15,376   21,055    15,376

Payables to parent and                      4,443              4,443

subsidiary companies

Tax liabilities  (Note 11)       12,123     6,440   12,123     6,440

Payables to employees             3,329     3,733    3,329     3,733

Other accrued expenses              379     1,187      365     1,176

Total current liabilities        38,600    32,636   38,586    32,625

Non-current liabilities                                             

Non-convertible debt (Note 10)    3,412     3,523    3,412     3,523

                                                                    

Equity                                                              

Share capital                    80,000    80,000   80,000    80,000

Capital reserve                   8,000     8,000    8,000     8,000

Other reserves                   44,070    44,070   44,070    44,070

Accumulated profits             171,359   142,123  171,359   142,123

Net profit for the financial     55,609    73,811   55,609    73,811

year

Total equity                    359,038   348,004  359,038   348,004

TOTAL LIABILITIES AND EQUITY                                   

                                401,050   384,163   401,036  384,152



*  The  adjustment results from a change in the valuation

of finished goods inventories.





Kristina Seimann

PR manager

+372 6508 303