EESTI TELEKOM

BALANCE SHEET



AUDITED BALANCE SHEET OF AS EESTI TELEFON 31.12.1999



ESTONIAN TELEPHONE COMPANY                                 

IAS, audited                                               

EEK thous.                                                 

                                         Group               Parent Company

                                   31.12.99    31.12.98    31.12.99    31.12.98

ASSETS                                                                 

Non-current assets                                                     

Land, buildings and equipment     2,114,154   2,058,386   2,107,842   2,052,685

Goodwill                             14,001         903      14,001         903

Purchased licenses, patents and      45,414      50,920      45,414      50,755

trademarks

Development costs                         0         400           0           0

Investments in associated             2,760       2,352      13,884       6,199

Other investments                        48          98          40          98

Other long-term receivables           2,517       1,306       2,395       1,306

Pre-paid taxes and expenses               0     109,700           0     109,024

Total non-current assets          2,178,894   2,224,065   2,183,576   2,220,970

                                                                       

Current assets                                                         

Inventory                            65,786      50,598      60,825      50,598

Trade receivables                   385,184     315,248     375,926     313,445

Cash and equivalents                 23,784      71,492      11,116      66,510

Total current assets                474,754     437,338     447,867     430,553

                                                                       

Total assets                      2,653,648   2,661,403   2,631,443   2,651,523

                                                                       

EQUITY AND LIABILITIES                                                 

Equity and reserves                                                    

Paid-in capital                     666,900     666,900     666,900     666,900

Reserves                             34,316      21,607      34,316      21,607

Retained earnings                   556,813     564,761     556,813     564,761

Total equity and reserves         1,258,029   1,253,268   1,258,029   1,253,268

                                                                       

Minority interest                     6,314       2,565           0           0

                                                                       

Non-current liabilities                                                

Interest-bearing loans and          891,965     992,639     891,965     992,639

other liabilities

Other non-current liabilities         7,252                    7,252 

Total non-current liabilities       899,217     992,639     899,217     992,639

                                                                       

Current liabilities                                                    

Trade payables                      415,651     316,456     399,768     310,641

Interest-bearing liabilities         74,437      96,475      74,437      94,975

Total current liabilities           490,088     412,931     474,205     405,616

                                                                       

Total equity and liabilities      2,653,648   2,661,403   2,631,451   2,651,523





Raul Kalev

PR-manager

+372 6460 220