MERKO EHITUS

BALANCE SHEET



BALANCE SHEET AS OF 31.12.2000



consolidated, unaudited, in thousand EEK



                                                    31.12.00     31.12.99



Cash and bank                                         42 294       25 239



Marketable securities                                 95 042       27 699



Accounts receivable                                  203 327       87 734

Allowance for doubtful receivables                      -506         -124

                   Total accounts receivable         202 821       87 610

Receivables from subsidiary and parent companies       1 735        1 735

Receivables from associated companies                  3 029        1 222

Other short-term receivables                          18 423       14 276

                     Total other receivables          23 187       17 233



Interest receivable                                      542          467

Dividends receivable                                                  218

Other accrued income                                       6          945

                          Total accrued income           548        1 630



Prepaid taxes                                          2 546        2 587

Other prepaid expenses                                   781        4 293

                        Total prepaid expenses         3 327        6 880



Raw materials                                          2 516        2 535

Work-in-progress                                         598

Finished goods                                         1 781        1 133

Merchandise purchased for resale                       8 112        3 327

Prepayments to suppliers                                 578        1 550

Construction-in-progress                              10 464        6 014

Due from customers                                    26 516       23 421

                             Total inventories        50 565       37 980

TOTAL CURRENT ASSETS                                 417 784      204 271



Shares in associated companies                         5 303       11 207

Other shares, holdings and debt securities             1 800          115

Miscellaneous long-term receivables                    5 020        4 028

              Total long-term financial assets        12 123       15 350



Land and buildings                                    41 740       46 904

Ground lease                                           1 603        1 603

Plant and equipment                                   13 841       12 988

Other equipment and fixtures                           9 119        6 854

Accumulated depreciation                             -22 438      -16 138

Self-constructed physical assets under construction                   110

Prepayments for noncurrent physical assets             2 867

             Total noncurrent physical assets         46 732       52 321



Purchased concessions, patents, licenses, etc.            31            9

Goodwill                                                 747        1 206

                      Total intangible assets            778        1 215



TOTAL NONCURRENT ASSETS                               59 633       68 886



TOTAL ASSETS                                         477 417      273 157



Debentures (except bank loans)                         8 732        6 107

Short-term loans from financial institutions             159        2 035

                        Total debt obligations         8 891        8 142



Customer prepayments                                  31 313       43 109

Accounts payable to suppliers                        150 957       52 526



Payables to subsidiary and parent companies                            48

Payables to associated companies                       1 337          398

                          Total other payables         1 337          446



Tax liabilities                                       11 846        5 318



Payables to employees                                  7 254        5 572

Interests payable                                                       9

Other accrued expenses                                   372       11 433

                        Total accrued expenses         7 626       17 014



Short-term provisions                                  2 710        1 310

Due to customers                                      94 773       29 485

Other current provisions                                 437

                      Total current provisions        97 920       30 795



Other pre-paid revenue                                    57



TOTAL CURRENT LIABILITIES                            309 947      157 350



Non-convertible debt                                                6 854



TOTAL NONCURRENT LIABILITIES                                        6 854



Share capital                                         88 500       88 500

Paid-in capital over par                               2 950        2 950

Mandatory legal reserve                                4 875        4 875

Retained earnings                                          6       47 717

Net profit for the financial year                     66 595      -39 746

Rate fluctuation                                         541        1 818

TOTAL OWNERS' EQUITY                                 163 467      106 114



MINORITY INTERESTS                                     4 003        2 839



TOTAL LIABILITIES AND OWNERS' EQUITY                 477 417      273 157





Ülo Metsaots

Financial Director

+372 6105 110