HÜVITUSFOND

BALANCE SHEET

31.12.98

 

unaudited

 

 

        ASSETS                                         31.12.1998        31.12.1997

1.      CURRENT ASSETS                                                        

1.1.    Cash and bank                              172,115,013.82    117,546,996.49

1.2.    Marketable securities                      234,805,479.89    513,720,133.22

1.4.    Other receivables                                                       

1.4.1.  Receivables from subsidiaries               31,600,000.00     14,525,000.00

1.4.2.  Receivables from associated companies       57,715,853.08     47,886,836.80

1.4.3.  Other current receivables                  218,984,972.77    270,157,065.08

1.4.4   Receivables for securities                  18,279,517.83        800,000.00

1.5.    Accrued income                              39,849,773.02     35,448,234.81

1.6.    Prepaid expenses	                                      

1.6.1.  Prepaid/refundable tax receivables             445,159.51      1,139,374.02

1.6.2.  Other prepaid expenses                       4,682,157.68     14,931,322.49

        Total current assets                       777,877,927.60  1,016,154,962.91

2.      NON-CURRENT ASSETS                                                          

2.1.    Financial assets                                         

2.1.1.  Units and shares in subsidiaries            20,182,297.00     17,974,804.08

2.1.2.  Non-current receivables from subsidiaries   45,600,000.00     77,370,000.00

2.1.3.  Units and shares in associated companies    20,377,096.50     28,568,107.14

2.1.4.  Non-current receivables from associated 

	companies 				     6,869,215.01     96,435,599.36

2.1.5.  Other shares                                   266,000.00        265,000.00

2.1.6.  Other non-current investments               17,674,944.40     11,353,010.40

2.1.6.  Other non-current receivables              704,451,121.79    552,166,068.30

2.1.7.  Allowance for doubtful accounts           -149,786,609.34    -31,562,719.00

2.2.    Tangible assets                                                       

2.2.1.  Non-current assets                          21,095,948.00     17,689,944.55

2.2.3.  Prepayments for non-current assets                   0.00              0.00

2.2.4.  Accumulated depreciation                     4,670,086.00      3,194,726.00

2.3.    Intangible assets                              235,882.15        386,242.15

        Total non-current assets                   682,295,809.51    767,451,330.98

        TOTAL ASSETS                             1,460,773,737.50  1,783,606,293.50

                                                                                   

       LIABILITIES AND OWNERS' EQUITY

1.      LIABILITIES                                                                 

1. 1.   Current liabilities                                                    

1. 1.   Debt obligations                           263,137,037.93    211,674,211.05

1.

1.1.2.  Supplier payables                              769,311.67      2,754,175.87

1.1.3.  Liabilities to subsidiaries                          0.00         10,351.99

1.1.4.  Liabilities to associated companies                  0.00              0.00

1.1.5.  Other payables                               4,977,387.10      4,001,716.63

1.1.6.  Tax liabilities                                402,742.61        568,083.24

1.1.7.  Accrued expenses                                                        

1.1.7.1 Interests                                   17,583,037.44     21,500,468.04

1.1.7.2 Salary-related payables                        303,652.39        397,685.38

1.1.8.  Other prepaid revenues                               0.00              0.00

        Total current liabilities                  287,173,169.07    240,906,692.20

2.1.    Non-current liabilities                                        

2.1.1.  Bonds issued                               438,261,400.00    375,006,800.00

2.1.2.  Other debt instruments issued                           0    240,000,000.00

2.1.3.  Other non-current liabilities                1,105,893.00        707,491.00

                                                                                   

        Total non-current liabilities              439,367,293.00    615,006,800.00

        NET PROFIT/LOSS                            734,233,275.47    926,985,310.69

        TOTAL LIABILITIES AND OWNERS' EQUITY     1,460,773,737.50  1,783,606,293.50