EESTI TELEKOM

BALANCE SHEET



AUDITED BALANCE SHEET OF AS EESTI MOBIILTELEFON 31.12.1999



ESTONIAN MOBILE TELEPHONE COMPANY                       

IAS, audited                                            

EEK thous.                                              

                                         Group               Parent Company

                                   31.12.99    31.12.98    31.12.99    31.12.98

ASSETS                                                               

Non-current assets                                                   

Land, buildings and equipment       818,394     740,130     810,000     734,335

Goodwill                             10,716      14,100      10,716      14,100

Purchased licenses, patents and          74          80           0           0

trademarks

Development costs                       267           0           0           0

Other investments                         0           0      23,842      14,990

Other long-term receivables             128         131         128         131

Total non-current assets            829,579     754,441     844,686     763,557

                                                                               

Current assets                                                                 

Inventory                            75,849      53,384      65,883      46,816

Trade receivables                   165,924     141,211     155,858     142,378

Cash and equivalents                255,931      86,957     244,664      79,895

Total current assets                497,703     281,552     466,405     269,090

                                                                               

Total assets                      1,327,282   1,035,993   1,311,091   1,032,647

                                                                     

                                                                     

EQUITY AND LIABILITIES                                               

Equity and reserves                                                  

Paid-in capital                      64,696      64,696      64,696      64,696

Reserves                              6,515       6,515       6,515       6,515

Retained earnings                 1,078,497     733,165   1,078,497     733,165

Total equity and reserves         1,149,708     804,376   1,149,708     804,376

                                                                               

                                                                               

Minority interest                       913         403           0           0

                                                                               

Non-current liabilities                                                        

Interest-bearing liabilities          9,582       1,791       9,582       1,791

Deferred tax liabilities                  0      65,084           0      64,848

Total non-current liabilities         9,582      66,875       9,582      66,639

                                                                               

Current liabilities                                                            

Trade payables                      164,679     158,984     149,401     156,276

Interest-bearing liabilities          2,399       5,355       2,399       5,355

Total current liabilities           167,079     164,339     151,800     161,632

                                                                               

Total equity and liabilities      1,327,282   1,035,993   1,311,091   1,032,647





Raul Kalev

PR-manager

+372 6460 220