TALLINNA KAUBAMAJA

BALANCE SHEET



CONSOLIDATED BALANCE SHEET, AS AT 30.09.2001



Consolidated, unaudited

in thousand EEK



ASSETS                                        30.09.2001 31.12.2000

CURRENT ASSETS

Cash and bank                                     19,575     29,701

Customer receivables                               3,433      7,132

Other receivables                                  1,005     28,239

Accrued income                                         0        172

Prepaid expenses                                   4,084      4,539

Inventories                                      190,504    175,661

TOTAL CURRENT ASSETS                             218,602    245,444

NON-CURRENT ASSETS

Long-term financial assets                        15,629     15,763

Stock and shares in associated companies           2,608      2,742

Long-term receivables from

associated companies                              12,028     12,028

Other long-term receivables                          993        993

Tangible assets                                  441,689    424,615

Land and buildings                               376,323    339,205

Plant and equipment                               73,083     64,301

Other equipment and fixtures                     141,418    129,957

Accumulated depreciation                        -152,517   -110,327

Fixed assets under construction                      137        896

Prepayments to suppliers for tangible assets       3,245        584

Intangible assets                                 -1,796        302

TOTAL NON-CURRENT ASSETS                         455,522    440,680

TOTAL ASSETS                                     674,124    686,124



LIABILITIES AND OWNERS' EQUITY               30.09.2001 31.12.2000

LIABILITIES

CURRENT LIABILITIES

Debt obligations                                 111,212     86,523

Customer prepayments                                 576      1,196

Supplier payables                                 99,656     90,198

Other liabilities                                 19,474     28,515

TOTAL CURRENT LIABILITIES                        230,917    206,433



Long-term debt obligations                        66,927     93,930

TOTAL NON-CURRENT LIABILITIES                     66,927     93,930

TOTAL LIABILITIES                                297,844    300,362

MINORITY INTEREST                                      0      8,337

OWNERS' EQUITY

Share capital                                     67,882     67,882

Mandatory legal reserve                            9,294      8,321

Other restricted reserves                              0        565

Fixed assets revaluation reserves                169,719    169,719

Retained earnings                                120,457     70,549

NET PROFIT (-LOSS) FOR THE PERIOD                  8,928     60,389

TOTAL OWNERS' EQUITY                             376,280    377,425

TOTAL LIABILITIES AND OWNERS' EQUITY             674,124    686,124





Katrin Mühls

CFO

+372 6 673 373