EESTI TELEKOM

BALANCE SHEET



CONSOLIDATED BALANCE SHEET 31.12.99



IAS, unaudited

EEK thous.

                                            G R O U P        Parent Company

                                  31.Dec 99 31.Dec 98  31.Dec 99  31.Dec 98

                                                                           

A S S E T S                                                                

Non-current assets                                                         

Long-term financial assets            6 292   113 587  2 791 729  1 282 530

   shares in associated               2 759     2 352          0          0

companies

   other long-term financial            888        98  2 406 762    897 563

investments

   long term receivables              2 645     1 437    384 967    384 967

   deferred tax assets                    0   109 700          0          0

Tangible assets                   2 934 647 2 798 035      3 368        958

   land                               6 784     2 862          0          0

   buildings                        813 004   784 244          0          0

   machinery and equipment        4 855 479 3 965 769      4 375      2 153

   (accumulated depreciation)    -2 796 920 -2 038 146     -1 509     -1 195

   fixed assets under                22 485    64 292          0          0

construction

   advance payments for non-         33 815    19 014        502          0

current assets

Intangible assets                    69 926    65 499          0          0

   development costs                    267       480          0          0

   licenses, trade marks, etc.       45 488    50 919          0          0

   goodwill                          24 171    14 100          0          0

Total non-current assets          3 010 865 2 977 121  2 795 097  1 283 488

                                                                           

Current assets                                                             

Cash and cash equivalents           485 318   272 022    205 603    118 244

   cash and bank accounts           485 318   272 022    205 603    118 244

   other cash equivalents                 0         0          0          0

Short-term investments                    0     4 671          0          0

Trade receivables                   358 105   331 090          0          0

   trade receivables                401 681   402 252          0          0

   (allowance for doubtful          -43 576   -71 162          0          0

receivables)

Other receivables                    44 795    21 228         11          0

Accrued income                       83 683    13 502     16 098    170 818

Prepaid expenses                     15 208    83 151      4 260     21 001

Inventories                         141 656   103 977         21          5

   raw materials and supplies       102 543    84 720          0          0

   work-in-process                      758     1 752          0          0

   merchandise purchased for         24 234    16 262          9          0

sale

   advance payments to               14 121     1 243         12          5

suppliers

Total current assets              1 128 765   829 641    225 993    310 068

TOTAL ASSETS                      4 139 630 3 806 762  3 021 090  1 593 556

                                            G R O U P        Parent Company

                                  31.Dec 99 31.Dec 98  31.Dec 99  31.Dec 98

EQUITY  AND  LIABILITIES                                                   

Capital and reserves                                                       

Issued capital                    1 373 833   735 001  1 373 833    735 001

Agio                                309 966     4 525    309 966      4 525

Reserves                             56 851    25 478     56 851     25 478

Accumulated profits               1 279 121   821 732  1 279 121    821 732

   retained earnings                698 859   503 569    698 859    503 569

   net profit of the year           580 262   318 163    580 262    318 163

Total equity                      3 019 771 1 586 736  3 019 771  1 586 736

                                                                           

Minority interest in subsidiary       7 226 1 010 497          0          0

companies

                                                                           

Non-current liabilities                                                    

Interest - bearing loans and        523 831   609 463          0          0

borrowings

Deferred tax liabilities                  0    65 084          0          0

Total non-current liabilities       523 831   674 547          0          0

                                                                           

Current liabilities                                                        

Interest - bearing loans and         76 835   101 830          0          0

borrowings

   current period long-term          74 368    96 337          0          0

debt repayment

   short-term bank loans              2 467     5 493          0          0

Trade and other payables            511 967   433 152      1 319      6 820

   customer prepayments               7 138    12 130          0          0

   accounts payable to              174 760   161 570        581      6 526

suppliers

   debt obligations                 330 069   259 452        738        294

Total current liabilities           588 802   534 982      1 319      6 820

                                                                           

TOTAL LIABILITIES AND EQUITY      4 139 630 3 806 762  3 021 090  1 593 556





Raul Kalev

PR-manager

6 460 220