EESTI TELEKOM

BALANCE SHEET



CONSOLIDATED BALANCE SHEET, 30.06.2000



ESTONIAN TELECOM AND SUBSIDIARY COMPANIES

BALANCE SHEET



In thousands of Estonian kroons

                               30-Jun-00  31-Dec-99  30-Jun-99

ASSETS                                                     

Current assets                                             

Cash and cash equivalents        648,637    485,318    290,467

Short-term investments            40,000          -     54,407

Trade receivables                390,201    372,105    366,368

Other receivables                 34,691     30,795     28,812

Accrued income                    76,110     83,683     79,805

Prepaid expenses                  18,227     15,208     97,061

Inventories                      148,392    141,656    131,699

Total current assets           1,356,258  1,128,765  1,048,619

                                                      

Non-current assets                                         

Long term financial assets         6,339      6,293      5,560

Deferred tax assets                    -          -    109,700

Tangible assets                2,941,941  2,934,647  2,774,104

Intangible assets                 53,319     69,925     55,825

Total non-current assets       3,001,599  3,010,865  2,945,189

TOTAL ASSETS                   4,357,857  4,139,630  3,993,808

                                                           

EQUITY AND LIABILITIES                                     

Current liabilities                                        

Interest bearing loans and        48,845     76,836    151,466

borrowings

Customer prepayments               6,034      7,138      9,016

Accounts payable to suppliers    223,781    174,762    140,697

Other payables                         0      1,949          -

Tax liabilities                   56,167    115,270     85,871

Accrued expenses                 716,001    159,176    191,518

Provisions                         6,047     12,370          -

Prepaid revenue                   46,037     41,303     39,446

Total current liabilities      1,102,913    588,804    618,014

                                                      

Non-current liabilities                                         

Interest bearing loans and       226,134    516,579    565,936

borrowings

Other long-term payables           7,252      7,252          -

Deferred tax liabilities               -          -     72,474

Total non-current liabilities    233,386    523,831    638,410

Minority interest                 10,078      7,227      3,744

Equity                                                     

Issued capital                 1,373,833  1,373,833  1,373,833

Share premium                    309,964    309,964    309,964

Legal reserve                    124,963     56,851     56,851

Retained earnings                661,416    698,859    727,602

Net profit for the period        541,303    580,262    265,390

Total equity                   3,011,480  3,019,768  2,733,640

                                                           

TOTAL EQUITY AND LIABILITIES   4,357,857  4,139,630  3,993,808





Raul Kalev

PR-manager

+372 6460 220