TALLINNA KAUBAMAJA

BALANCE SHEET



CONSOLIDATED BALANCE SHEET, 31.03.00



in thousand EEK

                                               31.03.00     31.12.99

ASSETS                                            Group        Group



CURRENT ASSETS

Cash and bank                                    20,824       27,310

Customer receivables                              2,111        2,602

Allowance for doubtful accounts                    -216         -216

Other receivables                                 2,493        3,575

Other current receivables                         2,493        3,575

Accrued income                                       32            9

Interest receivables                                 32            9

Prepaid expenses                                  7,297        2,945

Prepaid/refundable tax receivables                4,186          742

Other prepaid expenses                            3,110        2,203

Inventories                                     139,312      113,381

Raw materials                                     2,071        1,845

Work-in-progress                                     15           11

Merchandise purchased for resale                137,227      109,025

Prepayments to suppliers                              0        2,499

TOTAL CURRENT ASSETS                            171,853      149,606

NON-CURRENT ASSETS

Long-term financial assets                       26,654       22,625

Stock and shares in associated companies          1,886        1,965

Long-term receivables from

associated companies                             12,693       12,693

Other long-term loans                             4,234        1,210

Other long-term receivables                       2,076        2,076

Other investments in securities                   5,765        4,681

Tangible assets                                 228,436      204,543

Land and buildings                              176,907      176,497

Plant and equipment                              46,860       46,040

Other equipment and fixtures                     95,117       89,371

Accumulated depreciation                       -117,177     -109,685

Fixed assets under construction                   3,025        2,217

Prepayments for tangible assets                  23,704          103

Intangible assets                                   407          442

Goodwill                                            407          442

TOTAL NON-CURRENT ASSETS                        255,497      227,610

TOTAL ASSETS                                    427,350      377,216





LIABILITIES AND OWNERS' EQUITY

LIABILITIES                                    31.03.00     31.12.99

                                                  Group        Group

CURRENT LIABILITIES

Debt obligations                                 89,121       31,773

Current period repayment of

long-term bank loans                             16,249       26,620

Short-term loans                                 21,261            0

Short-term finance lease liabilities              4,111        5,153

Other current liabilities                        47,500            0

Customer prepayments                                  0          195

Supplier payables                                71,220       72,817

Tax liabilities                                   8,894       19,269

Accrued expenses                                  7,454        9,878

Salary-related accrued expenses                   6,815        9,016

Interest expenses                                   534          784

Other accrued expenses                              105           77

Prepaid revenue                                      75          108

Prepayments from tenants                             75          108

TOTAL CURRENT LIABILITIES                       176,764      134,039

NON-CURRENT LIABILITIES

Long-term debt obligations                       78,371       78,371

Long-term bank loans                             78,371       78,371

Other long-term debt                                648          648

Non-current payables to suppliers                   628          629

Long-term prepayments from tenants                   20           20

Long-term finance lease liabilities               3,871        3,871

TOTAL NON-CURRENT LIABILITIES                    82,890       82,891

TOTAL LIABILITIES                               259,654      216,930

MINORITY INTEREST                                 6,399        6,206

OWNERS' EQUITY

Share capital                                    67,882       67,882

Mandatory legal reserve                           5,443        5,443

Other restricted reserves                           565          565

Retained earnings                                80,215       45,910

NET PROFIT (-LOSS) FOR THE FINANCIAL YEAR         7,217       34,305

Exchange differences                                -25          -25

TOTAL OWNERS' EQUITY                            161,297      154,080

TOTAL LIABILITIES AND OWNERS' EQUITY            427,350      377,216





Urmo Vallner

Management Board member

+372 6 400 200