XXL.EE

BALANCE SHEET

 

CONSOLIDATED BALANCE SHEET FOR 1998-99 FINANICAL YEAR (18 MONTHS)

 

consolidated                                  consolidated   consolidated

                                                  31.12.99       30.06.98

ASSETS

 

CURRENT ASSETS

 

Cash and bank                                      166,923      1,625,281

 

Marketable securities                            1,000,000

 

Customer receivables

incl. accounts receivable                        9,270,654     14,923,471

Allowance for doubtful accounts                 -4,063,224     -1,229,970

Total                                            5,207,430     13,693,501

 

Other receivables

incl.receivables from subsidiaries

Receivables from associated companies

Other current receivables                       10,590,254     25,190,698

Total                                           10,590,254     25,190,698

 

Accrued income

incl.interest receivables                           18,230        271,497

dividends receivable                                              140,000

Total                                               18,230        411,497

 

Prepaid expenses

incl.Prepaid/refundable tax receivables          2,000,039      5,329,800

Other prepaid expenses                             367,649        295,874

Total                                            2,367,688      5,625,674

 

Inventories

incl.raw materials                                                  7,577

finished goods                                                  1,904,507

merchandise purchased for resale                   521,291     20,654,777

prepayments to suppliers                             8,548      1,113,005

Total                                              529,839     23,679,866

 

Total current assets                            19,880,364     70,226,517

 

NON-CURRENT ASSETS

 

Long-term financial assets

incl.stock and shares in subsidiaries                              50,000

Stock and shares in associated companies                        1,701,821

Non-current receivables from subsidiaries

Other non-current receivables                    4,546,228     29,455,838

Total                                            4,546,228     31,207,659

 

Tangible assets

incl.land and building                             357,470     59,530,740

Plant and equipment                                575,341      1,101,049

Other equipment and fixtures                     1,394,887      3,592,616

Accumulated depreciation                        -1,001,477     -1,871,803

Prepayments for non-current assets

Total                                            1,326,221     62,352,602

 

Intangible assets

incl.concessions, patents, trademarks, etc.      2,060,865        165,200

Total                                            2,060,865        165,200

 

Total non-current assets                         7,933,314     93,725,461

 

Total assets                                    27,813,678    163,951,978

 

Liabilities and owners' equity

 

LIABILITIES

 

CURRENT LIABILITIES

 

Debt obligations

incl.Debentures (except bank loans)              2,930,560

Current period long-term debt repayment          2,210,044     10,912,216

Short-term loans from financial institutions    20,014,699     45,899,332

Total                                           25,155,303     56,811,548

 

Customer prepayments                                61,354        207,203

 

Supplier payables

incl. accounts payable                           5,623,016     13,087,546

Total                                            5,623,016     13,087,546

 

Other payables

incl.payables to subsidiaries

Total

 

Tax liabilities                                    278,614        757,178

 

Accrued expenses

incl.salary-related accrued expenses               225,571        647,489

Interest payable                                    69,072      1,687,590

Other accrued expenses                             527,450        121,363

Total                                              822,093      2,456,442

 

Other prepaid revenues                             337,654      1,255,641

 

Total current liabilities                       32,278,034     74,575,558

 

NON-CURRENT LIABILITIES

 

Long-term debt liabilities

incl.non-convertible long-term debt

Long-term bank loans                                           42,087,784

Total                                                          42,087,784

 

Deferred income tax liability                                     240,691

 

Total non-current liabilities                            0     42,328,475

 

Total liabilities                               32,278,034    116,904,033

 

Minority interest                                   13,918      5,828,702

 

OWNERS EQUITY

 

Share capital                                   20,000,000     16,630,200

 

Capital surplus                                 19,005,800     15,005,800

 

Mandatory reserve capital                          766,692        554,840

 

Retained earnings                                9,178,833      4,823,361

 

Profit/loss for the financial year             -53,429,599      4,205,042

 

Total owners' equity                            -4,478,274     41,219,243

 

Total liabilities and owners' equity            27,813,678    163,951,978

 

 

Arho Anttila arho@xxl.ee

Chief Executive

+372 6 283 601