FAKTO

BALANCE SHEET



CONSOLIDATED BALANCE SHEET AS OF 31.12.99



Consolidated, unaudited

in thousand EEK



Assets                                           AS Fakto          Group

Current assets                              31.12.99 31.12.98 31.12.99 31.12.98



Cash and bank                                    230      179    8 713    4 975



Customer receivables

Accounts receivable                            6 663    3 328   13 144   19 051

Allowance for doubtful accounts (less)          -467     -368   -1 024   -1 813

Total customer receivables                     6 196    2 960   12 119   17 238



Other receivables

Receivables from subsidiaries and parent co    6 492    6 742        0        0

Other current receivables                      3 072    6 199    8 876    8 282

Total other receivables                        9 564   12 941    8 876    8 282



Accrued income

Calculated interests                               0      114       46      112

Total accrued income                               0      114       46      112



Prepaid expenses and prepaid/refundable tax receivables

Prepaid/refundable tax receivables               411      458    2 887    3 369

Prepaid expenses                                 398      156      351      434

Total prepaid expenses and prepaid/

                refundable tax receivables       809      614    3 238    3 804

Inventories

Raw materials                                     12        8       12        8

Work-in-progress                                 165      386      165      386

Merchandise purchased for resale               5 508    5 814   22 472   30 045

Prepayments to suppliers                          32        0      295      294

Total inventories                              5 718    6 208   22 944   30 733



Total current assets                          22 516   23 016   55 937   65 145



Non-current assets

Long-term financial assets

Shares in subsidiaries                         9 336   11 583        0        0

Goodwill                                         918    1 297      918    1 297

Stock and shares in associated companies           0      400        0      400

Other non-current receivables                  4 000        0    4 562    7 519

Total long-term financial assets              14 254   13 281    5 479    9 216



Tangible assets

Land and building (acquisition cost)          47 404   47 404   72 408   72 074

Plant and equipment (acquisition cost)         7 829    7 957   16 201   14 151

Other equipment and fixtures                   2 310    2 171    6 625    5 998

Accumulated depreciation (less)              -19 169  -15 845  -25 241  -19 761

Total tangible assets                         38 374   41 687   69 992   72 462



Intangible assets

Purchased  patents, licenses, trademarks, etc    199      124      557      246

Total intangible assets                          199      124      557      246



Total non-current assets                      52 826   55 092   76 028   81 925



Total assets                                  75 341   78 108  131 965  147 070





Liabilities and owners' equity

                                                    AS Fakto          Group

Current liabilities



Short-term borrowings

Current period repayment of long-term debt     2 200    2 192    2 200    5 309

Short-term loans from financial institution    4 981    3 418    7 669    3 418

Debentures                                        44      407    4 297    4 151

Total short-term borrowings                    7 225    6 018   14 166   12 878



Customer prepayments                           1 798      775    2 701    1 791



Supplier payables                             14 980   16 965   34 585   44 990



Tax liabilities                                1 981    2 583    4 006    4 465



Accrued expenses

Salary-related accrued expenses                1 322    1 378    2 573    2 706

Interest payable                                   6       32    2 826    2 009

Other accrued expenses                           167      246    1 316      279

Total accrued expenses                         1 496    1 656    6 716    4 994



Total current liabilities                     27 480   27 996   62 173   69 119



Non-current liabilities



Long-term borrowings

Non-convertible long-term debt                    40      163       40      340

Bank loans                                    13 200   11 644   25 823   27 067

Other long-term borrowings from financial i        0        0    6 106    8 465

Total long-term borrowings                    13 240   11 806   31 968   35 872



Other long-term debt obligations

Deferred income tax liability                      0    2 255        0    2 294

Total other long-term debt                         0    2 255        0    2 294



Total non-current liabilities                 13 240   14 061   31 968   38 167



Total liabilities                             40 720   42 057   94 141  107 286



Minority interest                                  0        0    3 202    3 733



Owners' equity

Share capital in nominal value                16 501   16 501   16 501   16 501

Capital surplus                                7 307    7 307    7 307    7 307

Restricted reserves                              767      502      767      502

Retained earnings                              9 167    6 452    9 167    6 452

Profit/loss for the financial year               881    5 290      881    5 290

Total owners' equity                          34 622   36 051   34 622   36 051



Total liabilities and owners' equity          75 341   78 108  131 965  147 070





Toivo Urva

Chairman of Management Board

+372 6 389 222