Baltika                       BALANCE SHEET                     03/12/2002



AUDITED CONSOLIDATED BALANCE SHEET 31.12.2001



Audited

                                        th. EEK              th.EUR

                                31.12.2001 31.12.2000 31.12.2001 31.12.2000

ASSETS

Current assets

Cash and bank                        12626     15298       807       978

Marketable securities                  574       431        37        28

Customer receivables                 56115     45335      3586      2897

Other receivables                    10728      8436       686       539

Prepaid income tax                      74       786         5        50

Inventory                           131145    105501      8382      6743

Total current assets                211262    175787     13502     11235

Non-current assets

Long-term financial investments       2600       817       166        52

Tangible fixed assets                78390     54746      5010      3499

  Land and buildings (at cost)       47610     35044      3043      2240

  Plant and equipment (at cost)      67768     60070      4331      3839

  Other equipment (at cost)          25469     27869      1628      1781

  Accumulated depreciation          -74796    -68565     -4780     -4382

  Prepayments                         2692       256       172        16

  Construction in progress            9647        72       617         5

Intangible fixed assets               5180      1886       331       121

Total non-current assets             86170     57449      5507      3672

TOTAL ASSETS                        297432    233236     19009     14906



LIABILITIES AND OWNERS’ EQUITY

Current liabilities

Debt obligations                     34721     51637      2219      3300

Customer prepayments                   154       732        10        47

Supplier payables                    40544     28617      2591      1829

Other tax liabilities                 5081      6167       325       394

Accrued expenses                      6641      7622       424       487

Short-term provisions                    0       120         0         8

Total current liabilities            87141     94895      5569      6065

Long-term liabilities

Long-term debt obligations           63723      1344      4073        86

Total long-term liabilities          63723      1344      4073        86

TOTAL LIABILITIES                   150864     96239      9642      6151

Minority interest                     6632      9172       424       586

OWNERS’ EQUITY                      139936    127825      8944      8169

Share capital at nominal value       48000     48000      3068      3068

Share premium                        24910     24910      1592      1592

Reserves                             22885     22885      1463      1463

Retained earnings                    28430     17768      1817      1136

Net profit for the fin.year          15711     14262      1004       912

TOTAL LIABILITIES AND OWNERS’       297432    233236     19009     14906

EQUITY





Ülle Järv

Management Board member

+372 6302 741