2002.02.28, Tallinna Farmaatsiatehas, TLN

Tallinna Farmaatsiatehas      BALANCE SHEET                     02/28/2002



BALANCE SHEET AS AT 31.12.01



unaudited

in thousand EEK/EUR                      EEK                     EUR

				31.12.2000 31.12.2001  31.12.2000 31.12.2001



A S S E T S



CURRENT ASSETS

Cash and bank accounts                 715      390          46           25

Customer receivables

    ACCOUNTS RECEIVABLE              4,979    3,331         318          213

Other receivables

    RECEIVABLES FROM PARENT COMPANY 30,375   29,232       1,941        1,868

    OTHER SHORT-TERM RECEIVABLES        98       97           6            6

Total                               30,473   29,329       1,947        1,874



Accrued income                          37        0           2            0



Prepaid expenses                       582    1,523          37           97



Inventories

    RAW MATERIAL                    12,134    6,415         775          410

    WORK-IN-PROGRESS                   565      403          36           26

    FINISHED GOODS                  11,654   13,303         744          850

    PREPAYMENTS TO SUPPLIERS         1,331      316          85           20

Total                               25,684   20,436       1,641        1,306



TOTAL CURRENT ASSETS                62,471   55,011       3,993        3,515



NON-CURRENT ASSETS



Long-term investments                  449      424          29           27



Fixed assets

FIXED ASSETS IN NET BOOK VALUE      33,636   37,262        2,150       2,381

CONSTRUCTION IN PROGRESS               119    3,941            7         252

Total                               33,755   41,203        2,157       2,633



Intangible assets                    3,216    2,625          205         167



TOTAL NON-CURRENT ASSETS            37,420   44,252        2,392       2,828



TOTAL ASSETS                        99,891   99,263        6,384       6,344





LIABILITIES AND SHAREHOLDERS’ EQUITY



LIABILITIES

CURRENT LIABILITIES

    CURRENT PORTION OF 

    LONG-TERM DEBT                   7,703    9,415           492        602

    SHORT-TERM BANK LOANS              496    1,184            32         75

Total                                8,200   10,599           524        677



Accounts payable                    13,714    6,198           876        396

Other payables                       3,882    4,204           248        269

Taxes payable                          701      875            45         56

Accrued expenses                     2,364    2,386           151        152



TOTAL CURRENT LIABILITIES           28,860   24,263         1,844      1,551



NON-CURRENT LIABILITIES

Long-term debt obligations

    BANK LOANS                      24,055   21,840         1,537      1,396

    PAYABLES TO PARENT COMPANY      24,351   20,147         1,556      1,287



TOTAL NON-CURRENT LIABILITIES       48,406   41,987         3,093      2,683



TOTAL LIABILITIES                   77,266   66,249         4,937      4,234



SHAREHOLDERS’ EQUITY



SHARE CAPITAL                       12,500   12,500           799        799

RESERVES                             2,316    2,316           148        148

RETAINED EARNINGS

(ACCUMULATED DEFICIT)               -2,779    7,808          -178        499

PROFIT (LOSS) FOR FINANCIAL YEAR    10,587   10,388           677        664

SHAREHOLDERS’ EQUITY TOTAL          22,625   33,013         1,446      2,110



LIABILITIES AND SHAREHOLDERS’ 

EQUITY                              99,891   99,263         6,384      6,344





Raivo Unt

CFO

+372 6 120 201