KALEV

BALANCE SHEET



CONSOLIDATED BALANCE SHEET, AS AT 30.09.2000



Consolidated

in EEK thousand



ASSETS                               30.09.2000  31.12.1999



CURRENT ASSETS

CASH AND BANK                             4,010       2,696

MARKETABLE SECURITIES                     1,003         757

CUSTOMER RECEIVABLES                     21,272      34,139

OTHER RECEIVABLES                         8,532      20,849

PREPAID EXPENSES                          1,961       1,003

INVENTORIES                              26,684      35,339

TOTAL CURRENT ASSETS                     63,462      94,783



NON-CURRENT ASSETS

OTHER NON-CURRENT RECEIVABLES               351         401

TANGIBLE ASSETS                         132,079     125,207

TOTAL NON-CURRENT ASSETS                132,430     125,608



T O T A L  A S S E T S                  195,892     220,391



LIABILITIES AND OWNERS' EQUITY



LIABILITIES

DEBT OBLIGATIONS                         20,884      28,435

CUSTOMER PREPAYMENTS                        245          78

SUPPLIER PAYABLES                        26,443      27,912

TAX LIABILITIES                           4,231       6,305

OTHER LIABILITIES                         7,546      19,655

TOTAL CURRENT LIABILITIES                59,349      82,385



LONG-TERM BORROWINGS                     51,000      61,785

OTHER LONG-TERM DEBT                        394         394

TOTAL NON-CURRENT LIABILITIES            51,394      62,179



OWNERS' EQUITY

SHARE CAPITAL                            78,775      78,775

REVALUATION RESERVES                     62,199      62,199

RETAINED EARNINGS                       -65,147     -21,973

NET LOSS, 1999                                      -43,174

NET PROFIT FOR THE YEAR                   9,322

TOTAL OWNERS' EQUITY                     85,149      75,827



TOTAL LIABILITIES AND                   195,892     220,391

OWNERS' EQUITY





Kristina Seimann

PR manager

+372 62 83 858