Tallinna Kaubamaja            BALANCE SHEET                     03/01/2002



CONSOLIDATED UNAUDITED BALANCE SHEET, 31.12.2001



TALLINNA KAUBAMAJA AS

CONSOLIDATED BALANCE SHEET

unaudited, in thousands of kroons and euros

                                  The Group         The Group

                                  31.12.2001        31.12.2000

 ASSETS                           EEK       EUR     EEK       EUR

Current assets

Cash and bank                         76 199   4 870    29 701   1 898

Trade receivables                      5 100     326     7 132     456

Other receivables                      3 063     196    28 239   1 805

Accrued income                            83       5       172      11

Prepaid expenses                       2 496     160     2 255     144

Inventories                          170 693  10 909   175 661  11 227

Total current assets                 257 633  16 466   243 160  15 541

Non-current assets

Long-term financial assets

Shares of subsidiaries                     0       0         0       0

Shares of associated companies         2 844     182     2 742     175

Long-t receivables from ass. Co.s     12 028     769    12 028     769

Other long-term receivables                0       0       993      63

Total long-term financial assets      14 872     951    15 763   1 007

Tangible fixed assets

Land and buildings                   360 567  23 044   339 205  21 679

Plant and equipment                   70 469   4 504    64 301   4 110

Other equipment and fixtures         141 514   9 044   129 957   8 306

Accumulated depreciation            -151 123  -9 659  -110 327  -7 051

Construction in progress               4 062     260       896      57

Prep. to suppliers for tangible FA     2 459     157       584      37

Total tangible fixed assets          427 949  27 351   424 615  27 138

Intangible assets                     -1 713    -110       302      19

Total non-current assets             441 108  28 192   440 680  28 165

TOTAL ASSETS                         698 741  44 658   683 840  43 705



LIABILITIES AND OWNERS’ EQUITY

Debt liabilities                     131 053   8 376    84 239   5 384

Cust. advances for goods and serv.     3 161     202     1 196      76

Supplier payables                    108 552   6 938    90 198   5 765

Other payables                        24 031   1 536    28 515   1 822

Total current liabilities            266 796  17 051   204 149  13 047

Long-term debt liabilities            33 032   2 111    93 930   6 003

Total non-current liabilities         33 032   2 111    93 930   6 003

Total liabilities                    299 828  19 162   298 078  19 051

Minority interest                          0       0     8 337     533

Owners’ equity

Share capital                         67 882   4 338    67 882   4 338

Statutory legal reserve                7 269     465     6 704     428

Other reserves                             0       0       565      36

Reval. reserve of fixed assets       165 632  10 586   169 719  10 847

Retained earnings                    122 372   7 821    72 166   4 612

Net profit for the financial year     35 758   2 285    60 389   3 860

Total owners’ equity                 398 913  25 495   385 762  24 655

TOTAL LIAB. AND OWNERS’ EQUITY       698 741  44 658   683 840  43 705



BALANCE SHEET OF THE PARENT COMPANY

unaudited, in thousands of kroons and euros

                                  Parent            Parent

                                  31.12.2001        31.12.2000

 ASSETS                           EEK       EUR     EEK       EUR

Current assets

Cash and bank                         57 270   3 660    19 251    1230

Trade receivables                      1 720     110     3 341     214

Other receivables                     22 892   1 463    34 293    2192

Accrued income                            83       5       172      11

Prepaid expenses                       1 334      85       790      50

Inventories                           81 437   5 205    89 578    5725

Total current assets                 164 735  10 529   147 425   9 422

Non-current assets

Long-term financial assets

Shares of subsidiaries               341 101  21 800   313 976   20067

Shares of associated companies         2 844     182     2 742     175

Long-t receivables from ass. Co.s     12 028     769    12 028     769

Other long-term receivables                0       0         0       0

Total long-term financial assets     355 973  22 751   328 746   21011

Tangible fixed assets

Land and buildings                         0       0         0       0

Plant and equipment                   16 547   1 058    18 439    1178

Other equipment and fixtures          80 414   5 139    78 454    5014

Accumulated depreciation             -75 109  -4 800   -68 877   -4402

Construction in progress                   0       0         0       0

Prep. to suppliers for tangible FA        30       2         0       0

Total tangible fixed assets           21 882   1 398    28 016   1 791

Intangible assets                          0       0         0       0

Total non-current assets             377 855  24 149   356 762  22 801

TOTAL ASSETS                         542 590  34 678   504 187  32 223



LIABILITIES AND OWNERS’ EQUITY

Debt liabilities                      88 036   5 627    49 333    3153

Cust. advances for goods and serv.     1 519      97       670      43

Supplier payables                     41 746   2 668    37 128    2373

Other payables                        12 376     791    21 736    1389

Total current liabilities            143 677   9 183   108 867    6958

Long-term debt liabilities                 0       0    17 895    1144

Total non-current liabilities              0       0    17 895    1144

Total liabilities                    143 677   9 183   126 762    8102

Minority interest                          0                 0       0

Owners’ equity

Share capital                         67 882   4 338    67 882    4338

Statutory legal reserve                7 269     465     6 704     428

Other reserves                             0       0       565      36

Reval. reserve of fixed assets       165 632  10 586   169 719   10847

Retained earnings                    122 372   7 821    72 166    4612

Net profit for the financial year     35 758   2 285    60 389    3860

Total owners’ equity                 398 913  25 495   377 425  24 122

TOTAL LIAB. AND OWNERS’ EQUITY       542 590  34 678   504 187  32 223





Katrin Mühls

CFO

+372 6 673 200