TALLINNA KÜLMHOONE

BALANCE SHEET



CONSOLIDATED AND AUDITED BALANCE SHEET 31.12.99



in thousand EEK

                                         31.12.1999    31.12.1998

ASSETS

Cash and marketable securities                2,134         1,843

Customer receivables                         26,724        17,681

Other receivables                             1,265         5,442

TOTAL LIQUID ASSETS                          30,123        24,966

Finished goods                                7,313         2,621

Inventories                                   7,373         7,764

Work-in-progress                                 81            10

Goods and other                              15,826        13,642

TOTAL GOODS AND INVENTORIES                  30,593        24,037

TOTAL CURRENT ASSETS                         60,716        49,003

Long-term financial assets                                  6,152

Non-current assets and unrealized           121,731       121,573

capital investments

Intangible assets

Goodwill                                      2,645         3,529

TOTAL NON-CURRENT ASSETS                    124,376       131,254

TOTAL ASSETS                                185,092       180,257



LIABILITIES AND OWNERS EQUITY

SHORT-TERM LOANS                             24,597        24,044

Supplier payables                            19,525        21,454

Customer prepayments                              2            15

Salary-related accrued expenses               3,811         3,391

Tax liabilities                               2,978         1,492

Other short-term payables                       623           847

TOTAL CURRENT LIABILITIES                    51,536        51,243

NON-CURRENT LIABILITIES                      55,740        68,919

TOTAL LIABILITIES                           107,276       120,162

MINORITY INTEREST                               435           272

Share capital                                33,870        33,870

Capital surplus                              49,000        49,000

Restricted reserves                           1,086           586

Retained earnings                           -24,130       -32,976

Net profit for the year                      17,558         9,346

Treasury shares                                  -3            -3

TOTAL OWNERS EQUITY                          77,381        59,823

TOTAL LIABILITIES AND OWNERS EQUITY         185,092       180,257





Evald Karu

Management Board member

+372 22 13 369