XXL.EE

BALANCE SHEET



CONSOLIDATED BALANCE SHEET 99/09



Fiscal year:  01.07.1998-31.12.1999



Consolidated, unaudited, in thousand EEK

                                              30.09.99 30.06.99

ASSETS

Cash and bank                                      918     895

Marketable securities

Customer receivables                             9,064   7,763

incl. accounts receivable                       12,623  12,172

Allowance for doubtful accounts                 -3,559  -4,409

Other receivables                                5,426  11,049

incl.receivables from subsidiaries

Receivables from associated companies                0

Other current receivables                        5,426  11,049

Accrued income

incl.interest receivables                            0

dividends receivable                                 0

Prepaid expenses                                 2,972   2,479

incl.Prepaid/refundable tax receivables          2,299   2,114

Other prepaid expenses                             673     365

Inventories                                      7,091   8,330

incl.raw materials                                   4

finished goods                                      17      79

merchandise purchased for resale                 6,598   8,008

prepayments to suppliers                           472     243

Total current assets                            25,471  30,517



Long-term financial assets                      11,530  11,797

incl.stock and shares in subsidiaries                0

Stock and shares in associated companies             0     261

Non-current receivables from subsidiaries            0

Other non-current receivables                   11,530  11,535

Tangible assets                                  1,800   1,530

incl.land and building                             110

Plant and equipment                                727     840

Other equipment and fixtures                     2,633   2,252

Accumulated depreciation                        -1,670  -1,561

Fixed assets under construction                      0

Prepayments for non-current assets

Intangible assets                                   44      68

incl.concessions, patents, trademarks, etc.         44      68

Total non-current assets                        13,374  13,395

Total assets                                    38,845  43,912



Liabilities and owners' equity

Debt obligations                                32,461  34,865

incl.Debentures (except bank loans)              7,300   6,300

Current period long-term debt repayment          2,810   3,566

Short-term loans from financial institutions    22,351  24,998

Customer prepayments                                75      84

Supplier payables                                9,215   7,397

incl. accounts payable                           9,215   7,397

Other payables                                             247

incl.payables to subsidiaries                        0     247

Tax liabilities                                  1,148   1,175

Accrued expenses                                 1,197     944

incl.salary-related accrued expenses               491     472

Interest payable                                    69      53

Other accrued expenses                             637     420

Other prepaid revenues                             613     613

Total current liabilities                       44,709  45,325



Long-term debt liabilities

incl.non-convertible long-term debt                  0

Long-term bank loans

Deferred income tax liability                        0      97

Total non-current liabilities                               97

Total liabilities                               44,709  45,422



Minority interest                                   79     -71



Share capital in nominal value                  16,000  16,000

Capital surplus                                 15,006  15,006

Mandatory reserve capital                          767     767

Retained earnings                                8,891   8,891

Profit/loss for the financial year             -46,607 -42,102

Total owners' equity                            -5,943  -1,438

Total liabilities and owners' equity            38,845  43,912





Arho Anttila arho@xxl.ee

Chief Executive

+372 6053760