XXL.EE

BALANCE SHEET



AUDITED BALANCE SHEET, 2000



Audited

in EEK

                                                        31.12.00      31.12.99



ASSETS

Cash and bank                                              4,707        10,496

Marketable securities                                  3,846,906     1,000,000

Customer receivables                                     368,651     4,276,867

Allowance for doubtful accounts                          -11,638    -2,492,363

incl.receivables from subsidiaries                     2,634,612     1,625,881

Other current receivables                              1,845,138     1,963,430

Accrued income, interest receivables                       3,564       387,962

Prepaid expenses                                         512,515     2,340,526

Prepaid/refundable tax receivables                       342,719     1,999,276

Other prepaid expenses                                   169,796       341,250

Inventories                                            1,242,582       521,293

prepayments to suppliers                                   9,526       232,349

Total current assets                                  10,456,563     9,866,441

Long-term financial assets                               464,463     9,564,934

Stock and shares in subsidiaries                         356,868     2,122,172

Non-current receivables from subsidiaries                      0     7,014,472

Other non-current receivables                            107,595       428,290

Tangible assets (acquisition cost)                     2,075,482     1,736,778

Plant and equipment                                      390,197       575,341

Other equipment and fixtures                           1,685,285     1,161,437

Accumulated depreciation                                -749,811      -560,748

Intangible assets                                        214,827        20,448

Total non-current assets                               2,004,961    10,761,412

Total assets                                          12,461,524    20,627,852





Liabilities and owners' equity                          31.12.00      31.12.99

Debt obligations                                       8,378,133    18,516,415

Debentures (except bank loans)                         1,191,051     2,960,523

Current period long-term debt repayment                        0     2,210,044

Short-term loans from financial institutions           7,187,082    13,345,848

Customer prepayments                                      17,807        20,769

Supplier payables                                        798,291     5,918,185

Tax liabilities                                          845,984             0

Accrued expenses                                         750,448     1,084,641

Salary-related accrued expenses                          310,449       207,558

Interest payable                                         125,486       366,006

Other accrued expenses                                   314,513       511,077

Total current liabilities                             10,790,663    25,540,009

OWNERS' EQUITY

Share capital in nominal value                        25,000,000    20,000,000

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

Mandatory reserve capital                                766,692       766,692

Retained earnings                                    -34,684,649     9,121,640

Profit/loss for the financial year                    -8,416,982   -53,806,289

Total owners' equity                                   1,670,861    -4,912,157

Total liabilities and owners' equity                  12,461,524    20,627,852





Arho Anttila

CEO

+372 650 7500