XXL.EE

BALANCE SHEET



CONSOLIDATED BALANCE SHEET 31.03.2000



CONSOLIDATED BALANCE SHEET



Consolidated, unaudited

in thousand EEK



                                         Group     XXL.EE    Group     XXL.EE



                                       31.03.00  31.03.00  31.12.99  31.12.99

ASSETS

Cash and bank                                177         3       167        10

Marketable securities                      1,201     1,201     1,020     1,000

Customer receivables                       4,493     3,699     6,853     1,785

incl. accounts receivable                  8,315     7,244     9,271     4,277

Allowance for doubtful accounts           -3,822    -3,545    -2,418    -2,492

Other receivables                          7,676     2,939    11,835     3,589

incl.receivables from subsidiaries                     820               1,626

Receivables from associated companies          0

Other current receivables                  7,676     2,119    11,835     1,963

Accrued income                               346       388        18       388

incl.interest receivables                      0       388        18       388

Other accrued income                         346

Prepaid expenses                           1,273       968     2,384     2,340

incl.Prepaid/refundable tax receivable       665       594     2,000     1,999

Other prepaid expenses                       608       374       384       341

Inventories                                1,140       519     1,067       753

incl.raw materials

finished goods

merchandise purchased for resale           1,024       511       954       521

prepayments to suppliers                     116         8       113       232

Total current assets                      16,306     9,717    23,344     9,866



Long-term financial assets                 5,974     7,638     5,377     9,564

incl.stock and shares in subsidiaries          0                         2,122

Stock and shares in associated compani       196       196

Non-current receivables from subsidiar         0     7,014               7,014

Other non-current receivables              5,778       428     5,377       428

Tangible assets                            1,476       960     1,326     1,175

incl.land and building                       188       188       357       357

Plant and equipment                            3         3       575       575

Other equipment and fixtures               1,651       970     1,395       804

Accumulated depreciation                    -366      -201    -1,001      -561

Fixed assets under construction                0

Prepayments for non-current assets

Intangible assets                          1,981     1,981     2,061        20

incl.concessions, patents, trademarks, etc.          1,981     2,061        20

Total non-current assets                   9,431    10,579     8,764    10,761

Total assets                              25,737    20,296    32,108    20,628



Liabilities and owners' equity

Debt obligations                          23,724    19,118    25,096    18,517

incl.Debentures (except bank loans)        4,406     4,406     2,871     2,961

Current period long-term debt repaymen     1,381     1,381     2,210     2,210

Short-term loans from financial instit    17,937    13,331    20,015    13,346

Customer prepayments                         118        77        61        21

Supplier payables                          6,885     5,889     5,623

incl. accounts payable                     6,885     5,889     5,623     5,918

Other payables

incl.payables to subsidiaries                  0

Tax liabilities                              547       247       279         0

Accrued expenses                           1,650     1,269       822     1,085

incl.salary-related accrued expenses         275       238       226       208

Interest payable                             645       645        69       366

Other accrued expenses                       730       386       527       511

Other prepaid revenues                       298                 338

Total current liabilities                 33,222    26,600    32,219    25,540



Long-term debt liabilities

incl.non-convertible long-term debt            0

Long-term bank loans

Deferred income tax liability                  0

Total non-current liabilities

Total liabilities                         33,222    26,600    32,219    25,540



Minority interest                                                 14



Share capital in nominal value            20,000    20,000    20,000    20,000

Capital surplus                           19,006    19,006    19,006    19,006

Mandatory reserve capital                    767       767       767       767

Retained earnings                        -44,890   -44,684     9,178     9,122

Profit/loss for the financial year        -2,368    -1,393   -49,076   -53,806

Total owners' equity                      -7,485    -6,304      -125    -4,912

Total liabilities and owners' equity      25,737    20,296    32,108    20,628





Arho Anttila arho@xxl.ee

Chief Executive

+372 65 07 500