TALLINNA KÜLMHOONE

BALANCE SHEET



CONSOLIDATED BALANCE SHEET 30.06.2000



Consolidated, unaudited

in thousand EEK



                                                  incl.TKH          incl.TKH

ASSETS                                     30.06.00 30.06.00 31.12.99 31.12.99

CURRENT ASSETS

Cash and bank                                 2,536    1,743    2,134    2,817

Accounts receivable

Customer receivables                         34,564   28,374   26,752   22,246

Allowance for doubtful accounts                 -14      -14      -28      -28

TOTAL                                        34,550   28,360   26,724   22,218

Other receivables

Receivables from parent company and 

subsidiaries                                           8,553             5,132

Total current receivables                     1,849    1,719      415      377

TOTAL                                         1,849   10,272      415    5,509

ACCRUED INCOME

Other accrued income                                               10        6

Prepaid expenses

Prepaid/refundable tax receivables              183               274

Other prepaid expenses                          388      315      566      474

TOTAL                                           571      315      840      474

INVENTORIES

Raw materials                                 8,421    8,421    7,378    7,373

Work-in-progress                                150      150       81       81

Finished goods                               10,238   10,238    7,313    7,313

Merchandise purchased for resale             17,664   13,869   15,708   12,579

Prepayments to suppliers                        234      234      113      113

TOTAL                                        36,707   32,912   30,593   27,459

TOTAL CURRENT ASSETS                         76,213   73,602   60,716   58,483

NON-CURRENT ASSETS

Long-term financial assets                             8,950             9,391

TANGIBLE ASSETS

Land and building                            43,710   36,761   42,486   35,725

Plant and equipment                          90,618   83,781   87,281   81,275

Other equipment and fixtures                 14,898   12,405   13,045   10,931

Accumulated depreciation                    -27,522  -22,557  -21,081  -17,178

Fixed assets under construction

Prepayments for fixed assets                  1,709    1,709

TOTAL                                       123,413  112,099  121,731  110,753

Intangible assets

Goodwill                                      2,204             2,645

TOTAL NON-CURRENT ASSETS                    125,617  121,049  124,376  120,144

TOTAL ASSETS                                201,830  194,651  185,092  178,627



LIABILITIES AND OWNERS EQUITY

CURRENT LIABILITIES

Debentures                                    2,773      941    3,419    1,951

Short-term loans from credit institutions    10,954   10,024    8,261    7,848

Current period repayment of long-term debt    6,054    6,054   12,917   12,917

TOTAL                                        19,781   17,019   24,597   22,716

Customer prepayments                              6        5        2

Accounts payable

Supplier payables                            34,399   33,102   19,525   17,949

Payables to parent company and subsidiaries               45               556

Tax liabilities                               3,643    3,441    2,978    2,822

Accrued expenses



Salary-related accrued expenses               4,698    4,323    3,811    3,491

Interest expenses                               531      531      582      582

Other accrued expenses                           25       23       41       34

TOTAL                                         5,254    4,877    4,434    4,107

TOTAL CURRENT LIABILITIES                    63,083   58,489   51,536   48,150

NON-CURRENT LIABILITIES

Bank loans                                   50,613   50,613   50,613   50,613

Other loans from credit institutions          4,342    2,375    4,931    2,287

Other long-term debt

Supplier payables                               196      196      196      196

TOTAL NON-CURRENT LIABILITIES                55,151   53,184   55,740   53,096

Deferred income tax liability

TOTAL LIABILITIES                           118,234  111,673  107,276  101,246

MINORITY INTEREST                               482               435

OWNERS EQUITY

Share capital in nominal value               33,870   33,870   33,870   33,870

Capital surplus                              49,000   49,000   49,000   49,000

Restricted reserves

Mandatory reserve capital                     2,086    2,086    1,086    1,086

Other reserves

Retained earnings                            -7,572   -7,572  -24,130  -24,130

Net profit for the year                       5,733    5,597   17,558   17,558

Treasury shares                                  -3       -3       -3       -3

TOTAL OWNERS EQUITY                          83,114   82,978   77,381   77,381

TOTAL LIABILITIES AND OWNERS EQUITY         201,830  194,651  185,092  178,627





Evald Karu

Management Board member

+372 6 057 800