MERKO EHITUS

BALANCE SHEET



CONSOLIDATED BALANCE SHEET, AS AT 30.09.2001



onsolidated, unaudited

in thousand EEK



                                                       30.09.2001   31.12.2000



Cash and bank                                              49,726       42,294



Marketable securities                                      60,932       95,042



Accounts receivable                                       164,322      203,327

Allowance for doubtful accounts                              -524         -506

Total customer receivables                                163,798      202,821



Receivables from subsidiaries and parent company            1,735        1,735

Receivables from associated companies                      12,260        3,029

Other current receivables                                  49,553       18,423

Total other receivables                                    63,548       23,187



Interest receivable                                           593          542

Other accrued income                                            3            6

Total accrued income                                          596          548



Prepaid/refundable tax receivables                          4,064        2,546

Other prepaid expenses                                      2,139          781

Total prepaid expenses                                      6,203        3,327



Raw materials                                               2,664        2,516

Work-in-progress                                           11,770          598

Finished goods                                                785        1,781

Merchandise purchased for resale                           27,972        8,112

Prepayments to suppliers                                    3,645          578

Construction-in-progress                                   16,789       10,464

Due from customers                                         11,969       26,516

Total inventories                                          75,594       50,565

TOTAL CURRENT ASSETS                                      420,397      417,784



Shares in associated enterprises                            6,447        5,303

Other shares, units and bonds                               1,800        1,800

Other non-current receivables                               6,148        5,020

Total long-term financial assets                           14,395       12,123



Land and buildings                                         36,713       41,740

Building rights                                               458        1,603

Plant and equipment                                        15,304       13,841

Other equipment and fixtures                               11,151        9,119

Accumulated depreciation                                  -25,445      -22,438

Prepayments for fixed assets                                    0        2,867

Total tangible assets                                      38,181       46,732



Purchased concessions, patents, licenses, etc.                116           31

Goodwill                                                        0          747

Total intangible assets                                       116          778



TOTAL NON-CURRENT ASSETS                                   52,692       59,633



TOTAL ASSETS                                              473,089      477,417





Debentures (except bank loans)                              1,796        8,732

Short-term loans from financial institutions                  853          159

Total debt obligations                                      2,649        8,891



Customer prepayments                                       18,510       31,313



Accounts payable                                          112,303      150,957



Payables to associated enterprises                          2,018        1,337



Tax liabilities                                             7,419       11,846



Salary-related accrued expenses                             8,277        7,254

Other accrued expenses                                        977          372

Total accrued expenses                                      9,254        7,626



Short-term provisions                                       3,488        2,710

Due to customers                                          101,718       94,773

Other current provisions                                      459          437

Total current provisions                                  105,665       97,920



Other prepaid revenue                                           0           57

TOTAL CURRENT LIABILITIES                                 257,818      309,947



Supplier payables                                           5,462            0



TOTAL NON-CURRENT LIABILITIES                               5,462            0



Share capital                                              88,500       88,500

Capital surplus                                             2,950        2,950

Mandatory legal reserve                                     8,205        4,875

Retained earnings                                          49,213            6

Net profit for the period                                  55,873       66,595

Exchange differences                                          868          541

TOTAL OWNERS' EQUITY                                      205,609      163,467



MINORITY INTEREST                                           4,200        4,003



TOTAL LIABILITIES AND OWNERS' EQUITY                      473,089      477,417





Ülo Metsaots

Management Board member

+372 6 105 110