TALLINNA KAUBAMAJA

BALANCE SHEET



CONSOLIDATED UNAUDITED BALANCE SHEET, AS AT 30.09.00



Unaudited

in thousand EEK                                30.09.2000 31.12.1999

                                                    Group      Group

ASSETS

CURRENT ASSETS

Cash and bank                                      11,597     27,310

Customer receivables                                5,452      2,602

Allowance for doubtful accounts                      -216       -216

Other receivables                                   5,780      3,575

Short-term option                                   5,754      3,575

Other current receivables                              27          0

Accrued income                                        135          9

Interest receivables                                  135          9

Prepaid expenses                                    8,170      2,945

Prepaid/refundable tax receivables                  5,425        742

Other prepaid expenses                              2,746      2,203

Inventories                                       175,566    113,382

Raw materials                                       2,321      1,845

Work-in-progress                                       13         11

Merchandise purchased for resale                  171,373    109,025

Prepayments to suppliers                            1,858      2,499

TOTAL CURRENT ASSETS                              206,484    149,606

NON-CURRENT ASSETS

Long-term financial assets                         35,113     22,625

Stock and shares in associated companies            1,369      1,965

Long-term receivables from associated companie     13,368     12,693

Other long-term loans                              18,300      1,210

Other long-term receivables                         2,076      2,076

Other investments in securities                         0      4,681

Tangible assets                                   422,270    204,543

Land and buildings                                332,911    176,497

Plant and equipment                                54,808     46,040

Other equipment and fixtures                      105,511     89,371

Accumulated depreciation                         -100,062   -109,685

Uninstalled equipment                              29,103      2,217

Prepayments for tangible assets                         0        103

Intangible assets                                     337        442

Goodwill                                              337        442

TOTAL NON-CURRENT ASSETS                          457,721    227,610

TOTAL ASSETS                                      664,204    377,216



LIABILITIES AND OWNERS' EQUITY                 30.09.2000 31.12.1999

LIABILITIES                                         Group      Group

CURRENT LIABILITIES

Debt obligations                                   74,570     31,773

Current period repayment of long-term bank loa     38,044     26,620

Short-term finance lease liabilities                1,598      5,153

Other current liabilities                          34,300          0

Short-term liability to suppliers                     628          0

Customer prepayments                                    7        195

Supplier payables                                 107,020     72,817

Other expenses

Tax liabilities                                     6,346     19,269

Accrued expenses                                    8,857      9,878

Salary-related accrued expenses                     8,241      9,016

Interest expenses                                     477        784

Other accrued expenses                                138         78

Prepaid revenue                                        48        108

Prepayments from tenants                               48        108

TOTAL CURRENT LIABILITIES                         196,847    134,039

NON-CURRENT LIABILITIES

Long-term debt obligations                        118,722     78,371

Long-term bank loans                              114,851     78,371

Other long-term debt                                    0        648

Non-current liabilities to suppliers                    0        629

Long-term prepayments from tenants                      0         20

Long-term finance lease liabilities                 3,871      3,871

Long-term provisions

TOTAL NON-CURRENT LIABILITIES                     118,722     82,891

TOTAL LIABILITIES                                 315,570    216,930

MINORITY INTEREST                                   6,922      6,206

OWNERS' EQUITY

Share capital                                      67,882     67,882

Mandatory legal reserve                             8,321      5,443

Other restricted reserves                             565        565

Fixed assets revaluation reserves                 168,881          0

Retained earnings                                  70,549     45,910

NET PROFIT (-LOSS) FOR THE FINANCIAL YEAR          25,541     34,305

Exchange differences                                  -25        -25

TOTAL OWNERS' EQUITY                              341,713    154,080

TOTAL LIABILITIES AND OWNERS' EQUITY              664,204    377,216





Urmo Vallner

Member of the Management Board

+372 640 0200