TALLINNA KÜLMHOONE

BALANCE SHEET



CONSOLIDATED BALANCE SHEET, AS AT 30.09.00



Consolidated, unaudited

in thousand EEK



                                                   incl. TKH         incl. TKH

ASSETS                                     30.09.00 30.09.00 31.12.99 31.12.99

CURRENT ASSETS

Cash and bank                                 2,868    2,597    2,134    2,817

Accounts receivable

Customer receivables                         34,191   28,300   26,752   22,246

Allowance for doubtful accounts                -200     -200      -28      -28

TOTAL                                        33,991   28,100   26,724   22,218

OTHER RECEIVABLES

Receivables from parent company and                    6,603             5,132

subsidiaries

Other current receivables                     1,629    1,549      415      377

TOTAL                                         1,629    8,152      415    5,509

ACCRUED INCOME

Other accrued income                                               10        6

PREPAID EXPENSES

Prepaid/refundable tax receivables                                274

Other prepaid expenses                          839      749      566      474

TOTAL                                           839      749      840      474

INVENTORIES

Raw materials                                 8,134    8,134    7,373    7,373

Work-in-progress                                 91       91       81       81

Finished goods                                5,546    5,546    7,313    7,313

Merchandise purchased for resale             13,761   10,946   15,713   12,579

Prepayments to suppliers                        699      699      113      113

Goods in transit                              3,000    3,000

TOTAL                                        31,231   28,416   30,593   27,459

TOTAL CURRENT ASSETS                         70,558   68,014   60,716   58,483

NON-CURRENT ASSETS

Long-term financial assets                    1,500   10,470             9,391

TANGIBLE ASSETS

Land and building                            44,034   36,824   42,486   35,725

Plant and equipment                          90,649   83,812   87,281   81,275

Other equipment and fixtures                 15,129   12,641   13,045   10,931

Accumulated depreciation (less)             -30,765  -25,247  -21,081  -17,178

Fixed assets under construction

Prepayments for fixed assets                  1,448    1,448

TOTAL                                       120,495  109,478  121,731  110,753

INTANGIBLE ASSETS

Goodwill                                      1,983             2,645

TOTAL NON-CURRENT ASSETS                    123,978  119,948  124,376  120,144

TOTAL ASSETS                                194,536  187,962  185,092  178,627



LIABILITIES AND OWNERS EQUITY

CURRENT LIABILITIES

Debentures                                    2,048      416    3,419    1,951

Short-term loans from credit institutions    11,347   10,729    8,261    7,848

Current period repayment of long-term debt      721      721   12,917   12,917

TOTAL                                        14,116   11,866   24,597   22,716

Customer prepayments                              3        2        2

Accounts payable

Supplier payables                            26,165   24,775   19,525   17,949

Payables to parent company and subsidiaries               14               556

Tax liabilities                               3,245    2,961    2,978    2,822

Accrued expenses



Salary-related accrued expenses               4,308    3,927    3,811    3,491

Interest expenses                                                 582      582

Other accrued expenses                           21       21       41       34

TOTAL                                         4,329    3,948    4,434    4,107

TOTAL CURRENT LIABILITIES                    47,858   43,566   51,536   48,150

NON-CURRENT LIABILITIES

Bank loans                                   50,543   50,543   50,613   50,613

Other loans from credit institutions          4,314    2,546    4,931    2,287

Other long-term debt

Notes payable to suppliers                      196      196      196      196

TOTAL NON-CURRENT LIABILITIES                55,053   53,285   55,740   53,096

Deferred income tax liability

TOTAL LIABILITIES                           102,911   96,851  107,276  101,246

MINORITY INTEREST                               514               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 (loss) for the year               13,730   13,730   17,558   17,558

Treasury shares                                  -3       -3       -3       -3

TOTAL OWNERS EQUITY                          91,111   91,111   77,381   77,381

TOTAL LIABILITIES AND OWNERS EQUITY         194,536  187,962  185,092  178,627





Evald Karu

Management Board member

+372 6 057 800