MERKO EHITUS

BALANCE SHEET



CONSOLIDATED BALANCE SHEET AS OF 30.09.2000



consolidated,

in thousand EEK,

unaudited

			                  30.09.00     31.12.99     30.09.99



Cash and bank                               39 306       25 239       20 387



Marketable securities                       77 725       27 699       48 227



Accounts receivable                        172 660       87 734       55 705

Allowance for doubtful receivables            -274         -124          -30

Total accounts receivable                  172 386       87 610       55 675



Receivables from subsidiary and 

parent companies                             1 735        1 735        1 736

Receivables from associated companies        2 506        1 222        3 232

Other short-term receivables                68 491       37 697       32 267

Total other receivables                     72 732       40 654       37 235

			

Interest receivable                            510          467          441

Dividends receivable                                        218	

Other accrued income                           118          945          943

Total accrued income                           628        1 630        1 384



Prepaid taxes                                3 178        2 587        2 958

Other prepaid expenses                      14 663       10 307        5 751

Total prepaid expenses                      17 841       12 894        8 709

			

Raw materials                                2 743        2 535        2 505

Work-in-progress                               171                        39

Finished goods                               1 471        1 133          683

Merchandise purchased for resale             3 283        3 327        3 281

Prepayments to suppliers                     7 375        1 550        1 961

Total inventories                           15 043        8 545        8 469



TOTAL CURRENT ASSETS                       395 661      204 271      180 086

			

Shares in associated companies               5 308       11 207       12 490

Other shares, holdings and debt securities     700          115          115

Miscellaneous long-term receivables          5 238        4 028        4 348

Total long-term financial assets            11 246       15 350       16 953

			

Land and buildings                          49 328       46 904       22 902

Ground lease                                 1 603        1 603        1 603

Plant and equipment                         14 694       12 988       11 684

Other equipment and fixtures                 7 459        6 854        8 902

Accumulated depreciation                   -21 069      -16 138      -15 597

Self-constructed physical assets 

under construction                             177          110	

Prepayments for noncurrent physical assets     120		

Total noncurrent physical assets            52 312       52 321       29 494

			

Purchased concessions, patents, licenses        48            9	

Goodwill                                       862        1 206        1 321

Total intangible assets                        910        1 215        1 321

			

TOTAL NONCURRENT ASSETS                     64 468       68 886       47 768

			

TOTAL ASSETS                               460 129      273 157      227 854

			

			

Debentures (except bank loans)               5 706        6 107        4 809

Current period long-term debt repayment                                   38

Short-term loans from financial institutions   633        2 035        2 000

Total debt obligations                       6 339        8 142        6 847

			

Customer prepayments                        77 853       43 109       17 576

Accounts payable to suppliers              136 818       52 526       46 603

			

Payables to subsidiary and parent companies                  48           42

Payables to associated companies                            398          516

Total other payables                                        446          558

			

Tax liabilities                              4 674        5 318       11 398

			

Payables to employees                        6 579        5 572        4 504

Interests payable                                             9          144

Other accrued expenses                       7 993       11 433        4 049

Total accrued expenses                      14 572       17 014        8 697

			

Short-term provisions                        1 347        1 310        2 021

Other pre-paid revenue                      70 961       29 485       14 359

TOTAL CURRENT LIABILITIES                  312 564      157 350      108 059

			

Non-convertible debt                         6 854        6 854        6 903

Total long-term liabilities                  6 854        6 854        6 903

			

Payables to subsidiary and parent companies                               42

Other noncurrent provisions                                            1 119

TOTAL NONCURRENT LIABILITIES                 6 854        6 854        8 064

			

TOTAL LIABILITIES                          319 418      164 204      116 123

			

Share capital                               88 500       88 500       88 500

Paid-in capital over par                     2 950        2 950        2 950

Mandatory legal reserve                      4 875        4 875        4 875

Retained earnings                                6       47 717       49 305

Net profit for the financial year           39 731      -39 746      -37 515

Rate fluctuation                               977        1 818          952

TOTAL OWNERS' EQUITY                       137 039      106 114      109 067

			

MINORITY INTERESTS                           3 672        2 839        2 664

			

TOTAL LIABILITIES AND OWNERS' EQUITY       460 129      273 157      227 854





Ülo Metsaots

Financial Director

+372 6 105 110