AS RAKVERE LIHAKOMBINAAT

BALANCE SHEET

31.03.99

 

Consolidated, unaudited

in thousand EEK                                                 Group           Group        Parent        Parent

                                                              3/31/99        12/31/98       3/31/99      12/31/98

 

ASSETS

 

Current assets 

Cash and bank                                                   7,933          10,185         4,763         1,670

Accounts receivable

Customer receivables                                           62,841          70,548        45,926        51,241

Allowance for doubtful accounts (less)                        -11,780         -11,749       -11,483       -11,749

Total accounts receivable                                      51,061          58,799        34,443        39,492

Other receivables

Receivables from subsidiaries and parent company                                    4        61,465        68,800

Other current receivables                                         295             183           284           133

Total other receivables                                           295             187        61,749        68,933

Accrued income 

Interests                                                                                     1,424           388

Other accrued income                                                              612

Total accrued income                                                0             612         1,424           388

Prepaid expenses

Prepaid/refundable tax receivables                              9,381           7,625            48            48

Other prepaid expenses                                          5,791           2,838         1,454         1,692

Total prepaid expenses                                         15,172          10,463         1,502         1,740

Inventories

Raw materials                                                  56,748          62,689        39,117        44,769

Work-in-progress                                               36,780          35,817           376           314

Finished goods                                                 16,392          18,928        11,564        14,544

Merchandise purchased for resale                                4,941           4,577           708           746

Prepayments to suppliers                                          537             769           288           468

Total inventories                                             115,398         122,780        52,053        60,841

Total current assets                                          189,859         203,026       155,934       173,064

 

Non-current assets

Long-term financial investments

Stock and shares in subsidiaries                                                             21,965        27,933

Non-current receivables from subsidiaries and parent company                                107,773         1,253

Other shares, units and bonds                                   1,475           1,475         1,470         1,470

Other non-current receivables                                   1,196           1,335         1,196         1,288

Total long-term financial investments                           2,671           2,810       132,404        31,944

Tangible assets 

Land and building (acquisition cost)                          314,114         308,358       226,144       219,555

Plant and equipment (acquisition cost)                        469,308         472,735       388,486       394,764

Other equipment and fixtures                                   58,072          56,328        28,193        27,543

Accumulated depreciation (less)                              -465,700        -446,178      -380,219      -368,044

Unfinished building                                            27,860          27,926         1,000         2,213

Prepayments for non-current assets                              3,012           3,077           897         1,188

Total tangible assets                                         406,666         422,246       264,501       277,219

Intangible assets

Development costs                                               1,811           1,857         1,469         1,496

Goodwill         

Total intangible assets                                         1,811           1,857         1,469         1,496

Total non-current assets                                      411,148         426,913       398,374       310,659

 

Total assets :                                                601,007         629,939       554,308       483,723

 

Liabilities and owners' equity                                  Group           Group        Parent        Parent

                                                              3/31/99        12/31/98       3/31/99      12/31/98

Current liabilities

Debt obligations

Debentures (except bank loans)   			      103,098         104,260       102,979       103,447

Convertible debt                                                1,635           1,640

Current period long-term debt repayment                           493          10,057

Short-term loans from financial institutions                    6,991          48,091                      21,237

Total current liabilities                                     112,217         164,048       102,979       124,684

Customer prepayments                                              490             848                          51

Accounts payable                 

Supplier payables                                              43,599          63,187        22,434        33,721

Notes payable   

Total accounts payable                                         43,599          63,187        22,434        33,721

Other payables

Payables to subsidiaries and parent company                       916           2,809         2,282         3,564

Payables to affiliated companies 

Total other payables                                              916           2,809         2,282         3,564

Tax liabilities                                                 8,127           8,358         4,654         4,734

Accrued expenses

Salary-related accrued expenses                                 8,822           8,574         6,306         6,066

Interest payable                                                4,287           2,824         4,287         2,824

Other accrued expenses                                              1             203             1            10

Total accrued expenses                                         13,110          11,601        10,594         8,900

Total current liabilities                                     178,459         250,851       142,943       175,654

 

Non-current liabilities

Long-term debt obligations

Non-convertible long-term borrowings                           21,909          24,326        21,035        23,452

Convertible long-term borrowings

Bank loans                                                      6,991          62,779

Borrowings from subsidiaries and parent company               109,211                       109,211

Total non-current liabilities                                 138,111          87,105       130,246        23,452

Total liabilities                                             316,570         337,956       273,189       199,106

 

Minority interest of off-group shareholders                     3,399           5,119

 

Owners' equity

Share capital                                                 377,217         377,217       377,217       377,217

Reserves

Mandatory reserve capital                                       1,416           1,416         1,416         1,416

Other reserves

Retained earnings                                             -94,016           5,200       -94,016         1,999

Profit/loss for the financial year/current period              -3,498         -96,015        -3,498       -96,015

Unrealized exchange differences                                   -81            -954

Total owners' equity                                          281,038         286,864       281,119       284,617

 

Total liabilities and owners' equity                          601,007         629,939       554,308       483,723