XXL.EE

BALANCE SHEET



GROUP BALANCE SHEET, AS OF 30.06.2000



Unaudited,

in thousand EEK



                                                    30.06.00  31.12.99

ASSETS

Cash and bank                                             29       167

Marketable securities                                  1,000     1,020

Customer receivables                                   4,176     4,076

incl. accounts receivable                              7,679     7,579

Allowance for doubtful accounts                       -3,503     -3503

Other receivables                                      2,997     9,811

incl.receivables from subsidiaries

Receivables from associated companies                      9

Other current receivables                              2,988     9,811

Accrued income                                            26        18

incl.interest receivables                                           18

Other accrued income                                      26

Prepaid expenses                                         628     2,384

incl.Prepaid/refundable tax receivables                  186     2,000

Other prepaid expenses                                   442       384

Inventories                                              147     1,067

incl.raw materials

finished goods

merchandise purchased for resale                         138       954

prepayments to suppliers                                   9       113

Total current assets                                   9,003    18,543



Long-term financial assets                             2,628     5,377

incl.stock and shares in subsidiaries

Stock and shares in associated companies

Non-current receivables from subsidiaries

Other non-current receivables                          2,628     5,377

Tangible assets                                        1,403     1,326

incl.land and building                                   188       357

Plant and equipment                                       68       575

Other equipment and fixtures                           1,381     1,395

Accumulated depreciation                                -234    -1,001

Fixed assets under construction

Prepayments for non-current assets

Intangible assets                                      1,886     2,061

incl.concessions, patents, trademarks, etc.             1886     2,061

Total non-current assets                               5,917     8,764

Total assets                                          14,920    27,307



Liabilities and owners' equity

Debt obligations                                      16,192    25,096

incl.Debentures (except bank loans)                    5,644     2,871

Current period long-term debt repayment                1,288     2,210

Short-term loans from financial institutions           9,260    20,015

Customer prepayments                                      20        61

Supplier payables                                      6,407     5,623

incl. accounts payable                                 6,407     5,623

Other payables                                             0

incl.payables to subsidiaries

Tax liabilities                                           28       279

Accrued expenses                                       1,172       822

incl.salary-related accrued expenses                     360       226

Interest payable                                          69        69

Other accrued expenses                                   743       527

Other prepaid revenues                                             338

Total current liabilities                             23,819    32,219



Long-term debt liabilities                                 0

incl.non-convertible long-term debt

Long-term bank loans

Deferred income tax liability

Total non-current liabilities                              0

Total liabilities                                     23,819    32,219



Minority interest                                                   14



Share capital in nominal value                        20,000    20,000

Capital surplus                                       19,006    19,006

Mandatory reserve capital                                767       767

Retained earnings                                    -44,685     9,178

Profit/loss for the financial year                    -3,987   -53,863

Total owners' equity                                  -8,899    -4,912

Total liabilities and owners' equity                  14,920    27,307





Arho Anttila arho@xxl.ee

Chief Executive

+372 6 507 500