TALLINNA KAUBAMAJA

BALANCE SHEET



CONSOLIDATED, AUDITED BALANCE SHEET, AS AT 31.12.2000



Consolidated/audited

in thousand EEK

                                                31.12.2000         31.12.1999

ASSETS                                       Group    Parent    Group    Parent

CURRENT ASSETS

Cash and bank                               29,701    19,251   27,310     7,250

Customer receivables                         7,132     3,341    2,386       909

Other receivables                           28,239    34,293    3,575    30,317

Accrued income                                 172       172        9         9

Prepaid expenses                             4,539     3,074    2,945       609

Inventories                                175,661    89,578  113,382    67,897

TOTAL CURRENT ASSETS                       245,444   149,709  149,606   106,991

NON-CURRENT ASSETS

Long-term financial assets

Stock and shares in subsidiaries                 0   313,976        0   107,701

Stock and shares in associated companies     2,742     2,742    1,965     1,965

Long-term receivables from

associated companies                        12,028    12,028   12,693    12,693

Other long-term receivables                    993         0    3,286     1,210

Other investments in securities                  0         0    4,681     4,681

Total long-term financial investments       15,763   328,746   22,625   128,250

Tangible assets

Land and buildings                         339,205         0  176,497         0

Plant and equipment                         65,197    18,439   46,040    16,932

Other equipment and fixtures               129,957    78,454   89,371    67,218

Accumulated depreciation                  -110,327   -68,877 -109,685   -53,148

Fixed assets under construction                  0         0    2,217         0

Prepayments for tangible assets                584         0      103        57

Total tangible assets                      424,615    28,016  204,543    31,059

Intangible assets                              302         0      442         0

TOTAL NON-CURRENT ASSETS                   440,680   356,762  227,610   159,309

TOTAL ASSETS                               686,124   506,471  377,216   266,300



LIABILITIES AND OWNERS' EQUITY

LIABILITIES                                 86,523    51,617   31,773     4,028

Customer prepayments                         1,196       670      195        37

Supplier payables                           90,198    37,128   72,817    38,531

Other current debt                          28,515    21,736   29,255    47,634

TOTAL CURRENT LIABILITIES                  206,433   111,152  134,039    90,230

NON-CURRENT LIABILITIES

Long-term debt obligations                  93,930    17,895   82,891    21,964

TOTAL NON-CURRENT LIABILITIES               93,930    17,895   82,891    21,964

TOTAL LIABILITIES                          300,362   129,046  216,930   112,194

MINORITY INTEREST                            8,337         0    6,206         0

OWNERS' EQUITY

Share capital                               67,882    67,882   67,882    67,882

Mandatory legal reserve                      8,321     6,704    5,443     4,989

Other restricted reserves                      565       565      565       565

Fixed assets revaluation reserves          169,719   169,719        0         0

Retained earnings                           70,549    72,166   45,910    46,364

NET PROFIT (-LOSS) FOR THE FINANCIAL YEAR   60,389    60,389   34,305    34,305

Exchange differences                             0         0      -25         0

TOTAL OWNERS' EQUITY                       377,425   377,425  154,080   154,105

TOTAL LIABILITIES AND OWNERS' EQUITY       686,124   506,471  377,216   266,300





Urmo Vallner

Management Board member

+372 64 00 200