EESTI TELEKOM

BALANCE SHEET



CONSOLIDATED BALANCE SHEET AS AT 31.12.2000



Estonian Telecom Limited and Subsidiary Companies



Balance sheet as at 31 December 2000



In thousands of kroons (EEK)

                             CONSOLIDATED

                             2000          1999

A S S E T S                        

Non-current assets                 

Property, plant and     3,234,088     2,934,647

equipment

Goodwill                   26,796        24,171

Licenses, patents and      40,807        45,754

trademarks

Investments in             17,849         2,760

subsidiaries and associates

Other investments           9,071           888

Other non-current assets    2,293         2,646

                        3,330,904     3,010,866

Current assets                     

Inventories               149,223       141,655

Trade and other           531,111       501,791

receivables

Cash and cash             609,743       485,318

equivalents

                        1,290,077     1,128,764

Total assets            4,620,981     4,139,630

                                   

EQUITY AND LIABILITIES

Capital and reserves               

Capital issued          1,373,833     1,373,833

Reserves                  434,927       366,815

Accumulated profits     1,783,273     1,279,121

                        3,592,033     3,019,768

Minority interest                  

Subsidiary companies        8,193         7,226

                                   

Non-current liabilities

Interest - bearing        200,978       523,831

loans and borrowings

                          200,978       523,831

                                   

Current liabilities                

Trade and other           658,385       511,969

payables

Interest - bearing        161,392        76,836

loans and borrowings

                          819,777       588,805

Total equity and        4,620,981     4,139,630

liabilities





Hille Võrk

Financial Manager

+372 6 272 460