TALLINNA KÜLMHOONE

BALANCE SHEET



CONSOLIDATED BALANCE SHEET, AS AT 31.03.2001



Consolidated, unaudited

in thousand EEK



                                         incl. TKH          incl. TKH

ASSETS                                    31.03.01 31.03.01  31.12.00 31.12.00

CURRENT ASSETS

Cash and bank                                1,966      925     1,814    1,001

Accounts receivable

Customer receivables                        37,533   31,006    34,515   29,901

Allowance for doubtful accounts

TOTAL                                       37,533   31,006    34,515   29,901

Other receivables

Receivables from parent company and                

subsidiaries                                   863    9,739              5,978

Other current receivables                      733      680       154       88

TOTAL                                        1,596   10,419       154    6,066

ACCRUED INCOME

Other accrued income                                                3        1

PREPAID EXPENSES

Prepaid/refundable tax receivables             777       98        82       80

Other prepaid expenses                         960      854       390      315

TOTAL                                        1,737      952       472      395

INVENTORIES

Raw materials                                7,766    7,766     6,852    6,852

Work-in-progress                               176      176        34       34

Finished goods                              11,581   11,581     6,574    6,574

Merchandise purchased for resale            23,261   18,229    20,550   17,959

Prepayments to suppliers                       217      217        52       42

TOTAL                                       43,001   37,969    34,062   31,461

TOTAL CURRENT ASSETS                        85,833   81,271    71,020   68,825

NON-CURRENT ASSETS

Long-term financial assets                            9,687             10,167

TANGIBLE ASSETS

Land and building                           46,891   37,495    46,828   37,509

Plant and equipment                         91,974   83,731    89,968   83,092

Other equipment and fixtures                15,426   12,599    15,671   13,231

Accumulated depreciation (less)            -35,443  -28,835   -32,872  -26,847

Fixed assets under construction              3,951    3,447     2,705    2,485

Prepayments for fixed assets                 3,009    3,009     3,080    3,080

TOTAL                                      125,808  111,446   125,380  112,550

Intangible assets

Prepayments for intangible assets            1,301    1,301       693      693

Goodwill                                     1,542              1,763

TOTAL NON-CURRENT ASSETS                   128,651  122,434   127,836  123,410

TOTAL ASSETS                               214,484  203,705   198,856  192,235



LIABILITIES AND OWNERS EQUITY

CURRENT LIABILITIES

Debentures                                   2,594    1,046     3,617    1,866

Short-term loans from credit institution    25,526   22,988    13,174   12,295

Current period repayment

of long-term debt                            7,164    7,164    12,596   12,596

TOTAL                                       35,284   31,198    29,387   26,757

Customer prepayments                             2                  2        1

Accounts payable

Supplier payables                           39,578   35,598    27,928   26,586

Payables to parent company and subsidiaries             262                273

Tax liabilities                              2,955    2,498     3,649    3,243

Accrued expenses



Salary-related accrued expenses              5,396    4,794     4,722    4,337

Interest expenses                               26       26       811      811

Other accrued expenses                           3        3        15       15

TOTAL                                        5,425    4,823     5,548    5,163

TOTAL CURRENT LIABILITIES                   83,244   74,379    66,514   62,023

NON-CURRENT LIABILITIES

Bank loans                                  37,458   37,458    37,458   37,458

Other loans from credit institutions         2,156    1,115     2,732    1,132

Other long-term debt

Notes payable to suppliers                     330

TOTAL NON-CURRENT LIABILITIES               39,944   38,573    40,190   38,590

TOTAL LIABILITIES                          123,188  112,952   106,704  100,613

MINORITY INTEREST                              543                530

OWNERS EQUITY

Share capital in nominal value              33,870   33,870    33,870   33,870

Capital surplus                             49,000   49,000    49,000   49,000

Restricted reserves

Mandatory reserve capital                    2,086    2,086     2,086    2,086

Other reserves

Retained earnings                            6,669    6,669    -7,572   -7,572

Net profit (loss) for the year                -869     -869    14,241   14,241

Treasury shares                                 -3       -3        -3       -3

TOTAL OWNERS EQUITY                         90,753   90,753    91,622   91,622

TOTAL LIABILITIES AND OWNERS EQUITY        214,484  203,705   198,856  192,235





Evald Karu

Management Board member

+372 605 7800