AS BALTIKA

BALANCE SHEET

31.12.98

 

Consolidated, unaudited

in EEK  

 

ASSETS                                                          31.12.1998        31.12.1997

 

Current assets

 

Cash and bank                                                    5,697,022         8,757,833

Marketable securities                                              615,704         1,471,373

Accounts receivable

     Customer receivables                                       52,308,540        46,052,574

     Allowance for doubtful accounts (less)                     -4,104,200        -2,128,543

Total                                                           48,204,340        43,924,031

 

Other receivables

     Transactions with shareholders                                      -         3,185,000

     Other current receivables                                     688,678         5,255,971

Total                                                              688,678         8,440,971

Accrued income

     Interests                                                      22,068            60,279

Total                                                               22,068            60,279

Prepaid expenses 

     Prepaid/refundable tax receivables                          7,750,600         3,114,065

     Other prepaid expenses                                      2,134,876           674,738

Total                                                            9,885,476         3,788,803

Inventories

     Raw materials                                              28,037,881        26,823,583

     Work-in-progress                                            8,859,439         9,103,166

     Finished goods                                             75,474,516        50,409,587

     Prepayments to suppliers                                      702,928           565,481

Total                                                          113,074,764        86,901,817

Total current assets                                           178,188,052       153,345,107

 

Non-current assets                                              31.12.1998        31.12.1997

Financial assets

     Shares, units and bonds                                       700,460           655,750

     Other non-current receivables                                 742,950         1,095,446

     Other non-current receivables                                 166,000                 -

Total                                                            1,609,410         1,751,196

 

Tangible assets

     Land and buildings (acquisition cost)                      31,690,079        23,041,132

     Plant and equipment (acquisition cost)                     53,177,763        42,519,140

     Other equipment and fixtures		

      (acquisition cost)                                        17,029,099        10,955,964

     Accumulated depreciation                                  -53,144,858       -40,177,036

     Unfinished building                                                 -           225,264

     Prepayments for non-current assets                            154,203           418,000

Total                                                           48,906,286        36,982,464

 

Intangible assets

     Concessions, patents, licence, trademarks purchased         1,049,020           925,964

     Goodwill                                                      881,483         1,154,759

Total                                                            1,930,503         2,080,723

Total non-current assets                                        52,446,199        40,814,383

 

Total assets                                                   230,634,251       194,159,490

 

 

Liabilities and owners' equity

Current liabilities

Debt obligations

     Current period long-term debt repayment                     5,615,199         6,034,477

     Short-term loans from financial institutions               52,249,464        38,721,309

Total                                                           57,864,663        44,755,786

 

Customer prepayments                                                84,756                 -

Accounts payable

     Supplier payables                                          18,315,216        20,264,727

Total                                                           18,315,216        20,264,727

Tax liabilities                                                  6,463,534         4,782,886

Accrued expenses

     Salary-related accrued expenses                             6,764,231         3,887,634

     Dividends payable                                             280,732           500,330

     Interests payable                                             225,400           131,981

     Other accrued expenses                                        579,024            70,950

Total                                                            7,849,387         4,590,895

 

Total current liabilities                                       90,577,556        74,394,294

Non-current liabilities

 

Long-term debt obligations

     Bank loans                                                 17,673,388         4,756,007

     Other long-term debt                                          445,000                 0

Total                                                           18,118,388         4,756,007

 

Long-term provisions (income tax provisions)                       734,479                 -

Total non-current liabilities                                   18,852,867         4,756,007

Total liabilities                                              109,430,423        79,150,301

 

Minority interest                                                7,975,274           869,668

 

Owners' equity

Share capital in nominal value                                  48,000,000        48,000,000

Capiutal surplus                                                23,979,630        23,884,523

Reserves

     Mandatory reserve capital                                   4,800,000         4,800,000

     Other reserves                                             18,090,523        18,090,523

Retained earnings                                               17,170,168         8,572,171

Profit/loss for the financial year                               1,945,379        10,912,407

Treasury shares                                                   -766,546          -160,000

Exchange differences                                                21,400            39,897

Total owners' equity                                           113,240,554       114,139,521

Total liabilities and owners' equity                           230,646,251       194,159,490