11.05.2001, Tallinna Farmaatsiatehas, TLN

TALLINNA FARMAATSIATEHAS

BALANCE SHEET



BALANCE SHEET, AS AT 31.03.2001



Consolidated/unaudited

in thousand EEK                             31.12.2000 31.03.2001



A S S E T S



CURRENT ASSETS

Cash and bank accounts                             715         49

Customer receivables

    ACCOUNTS RECEIVABLE                          4,979      2,079

    ALLOWANCE FOR DOUBTFUL RECEIVABLES

    RESERVE                                          -          -

Total                                            4,979      2,079

Other receivables

    RECEIVABLES FROM PARENT COMPANY             30,375     33,896

    OTHER SHORT-TERM RECEIVABLES                    98        148

Total                                           30,473     30,043



Accrued income                                      37         37



Prepaid expenses                                   582        595



Inventories

    RAW MATERIAL                                12,134     10,844

    WORK-IN-PROGRESS                               565        969

    FINISHED GOODS                              11,654     15,176

    PREPAYMENTS TO SUPPLIERS                     1,331      2,113

Total                                           25,684     29,101



TOTAL CURRENT ASSETS                            62,471     65,904



NON-CURRENT ASSETS



Long-term investments                              449        449



Fixed assets

FIXED ASSETS IN NET BOOK VALUE                  33,636     32,650

CONSTRUCTION IN PROGRESS                           119        119

Total                                           33,755     32,769



Intangible assets                                3,216      3,275



TOTAL NON-CURRENT ASSETS                        37,420     36,493



TOTAL ASSETS                                    99,891    102,398





LIABILITIES AND SHAREHOLDERS’ EQUITY



LIABILITIES

CURRENT LIABILITIES

    CURRENT PORTION OF LONG-TERM DEBT            7,703      6,372

    SHORT-TERM BANK LOANS                          496        377

Total                                            8,200      6,749



Customers prepayments                                -          -

Accounts payable                                13,714     14,688

Other payables                                   3,882      2,944

Taxes payable                                      701        862



Accrued expenses                                 2,364      1,913



TOTAL CURRENT LIABILITIES                       28,860     27,156



NON-CURRENT LIABILITIES

Long-term debt obligations

    BANK LOANS                                  24,055     24,055

    PAYABLES TO PARENT COMPANY                  24,351     24,351



TOTAL NON-CURRENT LIABILITIES                   48,406     48,406



TOTAL LIABILITIES                               77,266     75,562



SHAREHOLDERS’ EQUITY

SHARE CAPITAL                                   12,500     12,500

RESERVES                                         2,316      2,316

RETAINED EARNINGS

(ACCUMULATED DEFICIT)                           -2,779      7,808

PROFIT (LOSS) FOR FINANCIAL YEAR                10,587      4,211

SHAREHOLDERS’ EQUITY TOTAL                      22,625     26,836



LIABILITIES AND SHAREHOLDERS’ EQUITY            99,891    102,398





Raivo Unt

Financial Director

+372 612 0201