AS PENNU COMPUTER TECHNOLOGY GROUP

BALANCE SHEET

31.12.98

 

unconsolidated, unaudited	                      31.12.98     30.09.98       31.12.97

 

ASSETS

CURRENT ASSETS

 

1. Cash and bank	                               453,710      383,892     1,207,937

 

2. Marketable securities                                                          735,000

 

3. Customer receivables

 Customer receivables                               12,516,262   15,382,144    22,704,505

 Allowance for doubtful accounts                    -3,123,505     -123,505       -58,929

 Total                                               9,392,757   15,258,639    22,645,576

 

4. Other receivables

 Receivables from subsidiaries                          26,049    1,262,520        45,641

 Other current receivables                           2,792,382    6,750,472       838,875

 Total                                               2,818,431    8,012,992       884,516

 

5. Accrued income

 Interest receivables                                  351,972      113,254       930,684

 Dividend receivables                                   70,000      140,000

 Total                                                 421,972      253,254       930,684

 

6. Prepaid expenses

 Prepaid/ refundable taxes                           5,230,173    3,822,187     1,898,608

 Other prepaid expenses                              1,424,083      845,649       192,087

 Total                                               6,654,256    4,667,836     2,090,695

 

7. Inventories

 Raw material                                          473,419    1,132,246       545,727

 Merchandise purchased for resale                   10,375,874   16,808,968    19,065,489

 Prepayments to suppliers                              810,293    2,141,303         2,954

 Total                                              11,659,586   20,082,517    19,614,170

 

TOTAL CURRENT ASSETS                                31,400,712   48,659,130    48,108,578

 

NON-CURRENT ASSETS

8. Financial assets

 Stock and shares in subsidiaries                    1,407,013   15,127,251    15,157,533

 Stock and shares in affiliated enterprises                       1,794,248     1,554,243

 Non-current receivables from subsidiaries           7,014,473   16,002,231    22,440,000

 Other non-current receivables                       2,460,368    1,319,404

 Total                                              10,881,854   34,243,134    39,151,776

 

9. Tangible assets

 Land and buildings                                    983,017    1,049,435       760,533

 Other equipment and fixtures    	             1,836,811    2,501,859     2,224,381

 Accumulated depreciation                           -1,050,854   -1,544,170    -1,084,307

 Total                                               1,768,974    2,007,124     1,900,607

 

10. Intangible assets

 Purchased patents, licences, etc.                      76,800       96,000

 Total                                                  76,800       96,000

 

TOTAL NON-CURRENT ASSETS                            12,727,628   36,346,258    41,052,383

TOTAL ASSETS                                        44,128,340   85,005,388    89,160,961

 

LIABILITIES AND OWNERS' EQUITY

LIABILITIES     

CURRENT LIABILITIES 

 

11. Debt obligations

 Debentures (except bank loans)                         68,026      100,032        33,779

 Current period long-term debt repayment             6,190,482    5,245,803

 Short-term loans from credit institutions          12,227,350   12,723,574       640,625

 Total                                              18,485,858   18,069,409       674,404

 

12. Customer prepayments for goods and services         51,502    3,063,791     1,794,364

 

13. Supplier payables

 Accounts payable                                   10,308,317   13,892,276    14,104,021

 Total                                              10,308,317   13,892,276    14,104,021

 

14. Other payables

 Payables to subsidiaries                               59,387    2,042,729    28,525,000

 Total                                                  59,387    2,042,729    28,525,000

 

15. Tax liabilities                                    325,073      187,757       664,671

 

16. Accrued expenses

 Salary-related expenses                               323,700      307,944       548,840

 Interest payables                                      40,450       43,670       385,643

 Other accrued expenses                                128,280       30,907       154,391

 Total                                                 492,430      382,521     1,088,874

 

TOTAL CURRENT LIABILITIES                           29,722,567   37,638,483    46,851,334

 

NON-CURRENT LIABILITIES

 

18. Non-current payables

 Non-convertible debt                                  224,266      224,266       147,808

 Long-term bank loans                                3,566,376    5,643,304

 Total                                               3,790,642    5,867,570       147,808

 

18. Deferred income tax                                230,524      230,524

TOTAL NON-CURRENT LIABILITIES                        4,021,166    6,098,094       147,808

TOTAL LIABILITIES                                   33,743,733   43,736,577    46,999,142

 

OWNERS' EQUITY

 

21. Share capital in nominal value                  16,000,000   16,000,000    16,000,000

20. Capital surplus                                 15,005,800   15,005,800    15,005,800

21. Mandatory reserve capital                          766,692      552,600       552,600

22. Retained earnings                                8,891,116    9,105,208     4,823,361

23. Profit for the financial year                  -30,279,001      605,203     5,780,058

TOTAL OWNERS' EQUITY                                10,384,607   41,268,811    42,161,819

TOTAL LIABILITIES AND OWNERS' EQUITY                44,128,340   85,005,388    89,160,961