Tallinna Kaubamaja            FINANCIAL RESULTS                 11/13/2002



FINANCIAL RESULTS FOR 9 MONTHS 2002



The consolidated results of Tallinna Kaubamaja Group include 100% subsidiaries

AS A-Selver, AS Tartu Kaubamaja, Tallinna Kaubamaja Kinnisvara AS and

associated company Rävala Parkla AS (50%).



The consolidated unaudited net sales for the 9 months of 2002 were 1,07

billion kroons (68,6 million euros). The net sales of the comparable period of

last year were 1 billion kroons (64,4 million euros). The average sales area

in the 9 months period was 27 883 sq m and within the same period last year 26

240 sq m. The increase in net sales of the Group in the 9 months period of

2002 was 6,5 per cent and the increase in sales area was 6,3 per cent.



The net sales of the Group split up as follows: net sales of Tallinna

Kaubamaja (parent company) 398,5 million kroons (25,5 million euros) with an

increase of 4 per cent over the comparable period last year, net sales of A-

Selver 571,1 million kroons (36,5 million euros) with an increase of 11 per

cent and net sales of Tartu Kaubamaja 103,7 million kroons (6,6 million euros)

with a decrease of 6 per cent. The sales volume of Tallinna Kaubamaja (parent

company) was influenced by the reconstruction work of the Laikmaa crossing of

4 months with an estimated loss in sales of 10-11 million kroons (0,64-0,7

million euros).



The consolidated net profit of the Group for the 9 months was 31,9 million

kroons (2 million euros), showing an increase of 23 million kroons (1,5

million euros) in comparison to the same period last year when the net profit

of the Group was 8,9 million kroons (0,6 million euros). Net profit per share

was 4,7 kroons (0,3 euros) and in the same period last year 1,3 kroons (0,08

euros).



The efficiency of the Group showed a tendency to improve: both the net sales

per employee and the sales area per employee increased by 21 per cent in

comparison to the same period last year. At the same time the average number

of employees decreased by 12 per cent. The inventory turnover increased by

16,5 per cent in the period of 9 months of 2002. Net profit margin increased

by 3,3 times, being 3 per cent for 9 months this year and 0,9 per cent last

year.



During the reported period the Group invested into tangible fixed assets in

the amount of 133,9 million kroons (8,6 million euros) including capitalized

long-term rent agreement for the building of Mai Selver in the amount of 42,8

million kroons (2,7 million euros). Another large investment was the building

of Merimetsa Selver in the amount of 34,4 million kroons (2,2 million euros).

The investment into IT, sales equipment and machinery amounted to 25 million

kroons (1,6 million euros).



TALLINNA KAUBAMAJA AS

Consolidated unaudited balance sheet

                                    in thousands of EEK/EUR

                                    30.09.2002          31.12.2001

                                    The Group           The Group

 ASSETS                                EEK       EUR       EEK       EUR

Current assets

Cash and bank                           43 196     2 761    76 199     4 870

Trade receivables                        3 454       221     5 100       326

Other receivables                        3 421       219     3 063       196

Accrued income                              59         4        83         5

Prepaid expenses                         2 395       153     2 496       160

Inventories                            172 145    11 002   170 693    10 909

Total current assets                   224 670    14 359   257 633    16 466

Non-current assets

Long-term financial assets

Shares of assoc. companies               3 579       229     2 844       182

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

Other long-term receivables                  0         0         0         0

Total long-term fin. assets             15 607       997    14 872       951

Tangible fixed assets

Land and buildings                     442 453    28 278   360 567    23 044

Plant and equipment                     82 813     5 293    70 469     4 504

Other equipment and fixtures           150 297     9 606   141 514     9 044

Accumulated depreciation              -186 561   -11 923  -151 123    -9 659

Construction in progress                 5 058       323     4 062       260

Prep. to suppl. for tang. FA            19 337     1 236     2 459       157

Total tangible fixed assets            513 397    32 812   427 949    27 351

Intangible assets                       -1 466       -94    -1 713      -110

Total non-current assets               527 537    33 716   441 108    28 192

TOTAL ASSETS                           752 207    48 075   698 741    44 658



LIABILITIES AND OWNERS’ EQUITY

Debt liabilities                       131 667     8 415   131 053     8 376

Cust. advances for goods and serv.       1 138        73     3 161       202

Supplier payables                      109 507     6 999   108 552     6 938

Other payables                          18 998     1 214    24 031     1 536

Total current liabilities              261 310    16 701   266 796    17 051

Long-term debt liabilities

Total non-current liabilities          127 936     8 177    33 032     2 111

Total liabilities                      389 246    24 877   299 828    19 162

Owners’ equity

Share capital                           67 882     4 338    67 882     4 338

Statutory legal reserve                  7 269       465     7 269       465

Reval. reserve of fixed assets         158 727    10 145   160 964    10 287

Retained earnings                       97 153     6 209   127 040     8 119

Net profit for the financial year       31 930     2 041    35 758     2 285

Total owners’ equity                   362 961    23 197   398 913    25 495

TOTAL LIAB. AND OWNERS’ EQUITY         752 207    48 075   698 741    44 658



TALLINNA KAUBAMAJA AS

Consolidated unaudited profit and loss statement

                                    in thousands of EEK/EUR

                                       2002                2001

                                     9 months            9 months

                                    The Group           The Group

                                       EEK       EUR       EEK       EUR

Operating income

Net sales                            1 073 381    68 602 1 007 667    64 402

Other operating income                  27 604     1 764    17 013     1 087

Total operating income               1 100 985    70 366 1 024 679    65 489

Operating expenses

Cost of goods sold                    -801 759   -51 242  -753 738   -48 173

Other operating expenses              -118 190    -7 554  -114 003    -7 286

Personnel expenses                     -96 002    -6 136   -97 397    -6 225

Depreciation                           -40 686    -2 600   -39 183    -2 504

Depr. and value adjustments of FA      -40 933    -2 616   -39 312    -2 513

Depreciation of  goodwill/badwill          247        16       130         8

Other expenses                          -5 071      -324    -1 948      -124

Total operating expenses            -1 061 708   -67 855-1 006 268   -64 312

Operating profit                        39 277     2 510    18 411     1 177

Financial income                         2 396       153     1 308        84

Fin. inc. on shares in subsidiaries        734        47         0         0

Interest income                          1 662       106       437        28

Other financial income                       0         0       871        56

Financial expenses                      -9 743      -623   -10 791      -690

Fin. exp. on shares in subsidiaries          0         0      -134        -9

Interest expenses                       -9 634      -616   -10 519      -672

Other financial expenses                  -109        -7      -138        -9

Net profit                              31 930     2 041     8 928       571





Katrin Mühls

CFO

+372 6 673 200