AS VIISNURK

BALANCE SHEET

31.12.98

 

(EEK)

consolidated, audited

 

ASSETS                                                     Group           Group             Parent          Parent

                                                        31.12.98        31.12.97           31.12.98        31.12.97

CURRENT ASSETS

Cash and bank (appendix 2)                             4,736,585       1,864,770          4,725,038       1,775,464

Marketable securities (appendix 3)                       342,837         567,751            342,837         567,751

 

Customer receivables (appendix 4)

     Accounts receivable                              38,495,804      42,736,846         38,290,162      42,736,846

     Allowance for doubtful accounts                    (430,455)     (1,130,000)          (430,455)     (1,130,000)

Total                                                 38,065,349      41,606,846         37,859,707      41,606,846

 

Other receivables (appendix 5)                           288,830         908,601            288,830         908,601

 

Prepaid expenses (appendix 6)

     Prepaid/refundable tax receivables                1,447,728       1,323,143          1,020,079       1,323,143

     Other prepaid expenses                                    0          40,470                  0          40,470

Total                                                  1,447,728       1,363,613          1,020,079       1,363,613

 

Inventories (appendix 7)

     Raw materials                                    11,956,783      11,366,285         11,956,783      11,366,285

     Work-in-progress                                 11,961,772      11,004,665         11,961,772      11,004,665

     Finished goods                                   16,067,036      10,166,408         16,067,036      10,166,408

     Goods purchased                                   4,038,408       4,122,356          4,038,408       4,122,356

     Prepayments to suppliers                          1,601,971       1,984,552          1,601,971       1,984,552

Total                                                 45,625,970      38,644,266         45,625,970      38,644,266

 

TOTAL CURRENT ASSETS                                  90,507,299      84,955,847         89,862,461      84,866,541

 

NON-CURRENT ASSETS

Long-term financial investments

     Shares in subsidiaries                                    0               0          3,500,000       3,500,000

     Other shares and units (appendix 10)                605,440         917,706            605,440         917,706

Total                                                    605,440         917,706          4,105,440       4,417,706

 

Material assets (appendix 8)

     Land and buildings                               39,672,996      35,219,839         32,650,775      28,409,145

     Plant and equipment                              59,843,425      50,623,719         59,714,475      50,623,719

     Other inventory                                   4,337,390       3,866,039          4,285,678       3,866,039

     Accumulated depreciation (-)                    (42,037,048)    (34,888,679)       (41,554,733)    (34,888,679)

     Unfinished building                               4,218,132       6,105,017          4,218,132       6,105,017

Total                                                 66,034,895      60,925,935         59,314,327      54,115,241

 

Intangible assets (appendix 9)                           594,442         782,777            594,442         782,777

 

TOTAL NON-CURRENT ASSETS                              67,234,777      62,626,418         64,014,209      59,315,724

 

TOTAL ASSETS                                         157,742,076     147,582,265        153,876,670     144,182,265

 

LIABILITIES AND OWNERS' EQUITY

 

CURRENT LIABILITIES

Võlakohustused

     Debentures (appendix 12)                            900,036       1,194,970            900,036       1,194,970

     Long-term debt repayment (appendix 11)            4,480,440       4,400,440          4,480,440       4,400,440

     Short-term loans from banks (appendix 11)        11,986,600      12,440,019         11,800,000      12,440,019

Total                                                 17,367,076      18,035,429         17,180,476      18,035,429

 

Customer prepayments                                      77,704         300,474             77,704         300,474

 

Supplier payables (appendix 14)

     Accounts payable                                 17,781,519      14,491,094         16,321,911      14,491,094

     Notes payable                                       307,120               0            307,120               0

Total                                                 18,088,639      14,491,094         16,629,031      14,491,094

 

Tax liabilities (appendix 15)                          2,958,464       7,113,171          2,951,678       7,113,171

 

Accrued expenses (appendix 14)

     Salary-related expenses                           5,811,162       5,496,222          5,799,954       5,496,222

     Interest expenses                                   462,141         541,707            462,141         541,707

     Other accrued expenses                               13,931       1,557,098             13,931       1,557,098

Total                                                  6,287,234       7,595,027          6,276,026       7,595,027

 

TOTAL CURRENT LIABILITIES                             44,779,117      47,535,195         43,114,915      47,535,195

 

NON-CURRENT LIABILITIES

Long-term debt obligations

     Non-converible debt (appendix                       451,745         308,694            451,745         308,694

     Bank loans (appendix 11)                         21,082,650      27,113,092         21,082,650      27,113,092

Total                                                 21,534,395      27,421,786         21,534,395      27,421,786

 

Other long-term debts                                    307,120               0            307,120               0

Potential income tax (appendix 26)                     2,859,137       2,513,174          2,859,137       2,513,174

 

TOTAL NON-CURRENT LIABILITIES                         24,700,652      29,934,960         24,700,652      29,934,960

 

TOTAL LIABILITIES                                     69,479,769      77,470,155         67,815,567      77,470,155

 

Minority interest                                      2,808,994       3,400,000

 

OWNERS' EQUITY

Share capital in nominal value (appendix 16)          44,990,610       6,338,600         44,990,610       6,338,600

Capital surplus (appendix 16)                         11,331,780      10,800,000         11,331,780      10,800,000

 

 

Mandatory reserve capital (appendix 17)                  633,860         536,760            633,860         536,760

 

Retained earnings (appendix 17)                       10,908,050      34,987,083         10,908,050      34,987,083

Profit for the year                                   17,589,013      14,049,667         18,196,803      14,049,667

 

TOTAL OWNERS' EQUITY                                  85,453,313      66,712,110         86,061,103      66,712,110

 

TOTAL LIABILITIES AND OWNERS' EQUITY                 157,742,076     147,582,265        153,876,670     144,182,265