28.02.2001, Tallinna Farmaatsiatehas, TLN

TALLINNA FARMAATSIATEHAS

BALANCE SHEET



BALANCE SHEET, AS AT 31.12.2000



Consolidated/unaudited

in thousand EEK                              31.12.2000 31.12.1999



A S S E T S



CURRENT ASSETS

Cash and bank accounts                              715      1,782

Customer receivables

    ACCOUNTS RECEIVABLE                           4,979      3,443

    ALLOWANCE FOR DOUBTFUL RECEIVABLES

    RESERVE                                      -          -

Total                                             4,979      3,443



Other receivables

    RECEIVABLES FROM PARENT COMPANY              30,375     22,601

    OTHER SHORT-TERM RECEIVABLES                     98      3,048

Total                                            30,473     25,649



Accrued income                                       37         37



Prepaid expenses                                    582        473



Inventories

    RAW MATERIAL                                 12,134     12,380

    WORK-IN-PROGRESS                                565        879

    FINISHED GOODS                               11,654     12,415

    PREPAYMENTS TO SUPPLIERS                      1,331      1,266

Total                                            25,684     26,940



TOTAL CURRENT ASSETS                             62,471     58,324



NON-CURRENT ASSETS



Long-term investments                               449        480



Fixed assets

FIXED ASSETS IN NET BOOK VALUE                   33,636     33,561

CONSTRUCTION IN PROGRESS                            119      1,344

Total                                            33,755     34,905



Intangible assets                                 3,216      3,218



TOTAL NON-CURRENT ASSETS                         37,420     38,604



TOTAL ASSETS                                     99,891     96,928





LIABILITIES AND SHAREHOLDERS’ EQUITY



LIABILITIES

CURRENT LIABILITIES

    CURRENT PORTION OF LONG-TERM DEBT             7,703      7,703

    SHORT-TERM BANK LOANS                           496        418

Total                                             8,200      8,121



Customers prepayments                                44

Accounts payable                                 13,714     13,130

Other payables                                    3,882      1,006

Taxes payable                                       701      1,575



Accrued expenses                                  2,364      1,969



TOTAL CURRENT LIABILITIES                        28,860     25,846



NON-CURRENT LIABILITIES

Long-term debt obligations

    BANK LOANS                                   24,055     30,812

    PAYABLES TO PARENT COMPANY                   24,351     28,232



TOTAL NON-CURRENT LIABILITIES                    48,406     59,044



TOTAL LIABILITIES                                77,266     84,890



SHAREHOLDERS’ EQUITY

SHARE CAPITAL                                    12,500     12,500

RESERVES                                          2,316      2,316

RETAINED EARNINGS

(ACCUMULATED DEFICIT)                            -2,779     -8,560

PROFIT (LOSS) FOR FINANCIAL YEAR                 10,587      5,782

SHAREHOLDERS’ EQUITY TOTAL                       22,625     12,037



LIABILITIES AND SHAREHOLDERS’ EQUITY              9,243      5,104





Raivo Unt

Financial Director

+372 612 0201