TALLINNA KAUBAMAJA

BALANCE SHEET



CONSOLIDATED BALANCE SHEET, AS AT 30.06.00



Unaudited

in EEK thousand



                                           30.06.00   31.12.99

ASSETS                                        Group      Group



CURRENT ASSETS

Cash and bank                                36,511     27,310

Customer receivables                          1,517      2,602

Allowance for doubtful accounts                -216       -216

Other receivables                             5,924      3,575

Other current receivables                     5,924      3,575

Accrued income                                   56          9

Interest receivables                             56          9

Prepaid expenses                              6,361      2,945

Prepaid/refundable tax receivables            3,100        742

Other prepaid expenses                        3,261      2,203

Inventories                                 137,140    113,381

Raw materials                                 2,238      1,845

Work-in-progress                                 10         11

Merchandise purchased for resale            134,891    109,025

Prepayments to suppliers                          0      2,499

TOTAL CURRENT ASSETS                        187,293    149,606

NON-CURRENT ASSETS

Long-term financial assets                   25,419     22,605

Stock and shares in associated companies      1,631      1,965

Long-term receivables from                   13,093     12,693

associated companies

Other long-term loans                         8,619      1,210

Other long-term receivables                   2,076      2,076

Other investments in securities                   0      4,681

Tangible assets                             408,290    204,543

Land and buildings                          332,904    176,497

Plant and equipment                          53,888     46,040

Other equipment and fixtures                102,661     89,371

Accumulated depreciation                    -90,782   -109,685

Fixed assets under construction                   0      2,217

Prepayments for tangible assets               9,619        103

Intangible assets                               372        442

Goodwill                                        372        442

TOTAL NON-CURRENT ASSETS                    434,081    227,610

TOTAL ASSETS                                621,374    377,216





LIABILITIES AND OWNERS' EQUITY

LIABILITIES                               30.06.00   31.12.99

                                             Group      Group

CURRENT LIABILITIES

Debt obligations                             72,566     31,773

Current period repayment of                  15,379     26,620

long-term bank loans

Short-term loans                              9,576          0

Short-term finance lease liabilities          2,611      5,153

Other current liabilities                    45,000          0

Customer prepayments                              0        195

Supplier payables                            51,562     72,817

Tax liabilities                               6,573     19,269

Accrued expenses                              8,195      9,878

Salary-related accrued expenses               7,406      9,016

Interest expenses                               635        784

Other accrued expenses                          154         77

Prepaid revenue                                  57        108

Prepayments from tenants                         57        108

TOTAL CURRENT LIABILITIES                   138,953    134,039

NON-CURRENT LIABILITIES

Long-term debt obligations                  138,386     78,371

Long-term bank loans                        138,386     78,371

Other long-term debt                            648        648

Non-current liabilities to suppliers            628        629

Long-term prepayments from tenants               20         20

Long-term finance lease liabilities           3,871      3,871

TOTAL NON-CURRENT LIABILITIES               142,905     82,891

TOTAL LIABILITIES                           281,857    216,930

MINORITY INTEREST                             6,743      6,206

OWNERS' EQUITY

Share capital                                67,882     67,882

Mandatory legal reserve                       8,321      5,443

Other restricted reserves                       565        565

Fixed assets revaluation reserves           168,881          0

Retained earnings                            70,549     45,910

NET PROFIT (-LOSS) FOR THE FINANCIAL YEAR    16,601     34,305

Exchange differences                            -25        -25

TOTAL OWNERS' EQUITY                        332,774    154,080

TOTAL LIABILITIES AND OWNERS' EQUITY        621,374    377,216





Urmo Vallner

Management Board member

+372 64 00 200