EESTI TELEKOM

BALANCE SHEET



GROUP BALANCE SHEET AS OF 30.09.2000



ESTONIAN TELECOM AND SUBSIDIARY COMPANIES

In thousands of Estonian kroons



                       30-Sep-00 31-Dec-99 30-Sep-99

ASSETS                                           

Current assets                                   

Cash and cash            518,875   485,318   422,891

equivalents

Short-term investments         0         0    49,487

Trade receivables        388,531   372,105   362,476

Other receivables         41,306    30,795    42,220

Accrued income            93,726    83,683   102,979

Prepaid expenses          19,094    15,208   100,558

Inventories              134,294   141,656   119,048

Total current assets   1,195,826 1,128,765 1,199,659

Non-current assets                               

Long term financial       21,217     6,293     6,414

assets

Deferred tax assets            0         0   109,700

Tangible assets        3,004,458 2,934,647 2,865,809

Intangible assets         49,998    69,925    48,942

Total non-current      3,075,674 3,010,865 3,030,865

assets

TOTAL ASSETS           4,271,500 4,139,630 4,230,524

                                                 

EQUITY AND LIABILITIES                           

Current liabilities                              

Interest bearing loans   162,727    76,836   139,429

and borrowings

Customer prepayments       6,296     7,138     8,408

Accounts payable to      224,918   174,762   163,585

suppliers

Other payables                 0     1,949     1,220

Tax liabilities           63,490   115,270    88,330

Accrued expenses         202,595   159,176   180,668

Provisions                 4,658    12,370         0

Prepaid revenue           45,969    41,303    41,246

Total current            710,653   588,804   622,886

liabilities

Non-current                                          

liabilities

Interest bearing loans   208,008   516,579   560,971

and borrowings

Other long-term                0     7,252         0

payables

Deferred tax                   0         0    81,964

liabilities

Total non-current        208,008   523,831   642,935

liabilities

Minority interest         11,552     7,227     4,534

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        661,389   698,859   727,602

Net profit for the       871,138   580,262   491,919

period

Total equity           3,341,287 3,019,768 2,960,169

TOTAL EQUITY AND       4,271,500 4,139,630 4,230,524

LIABILITIES





Raul Kalev

PR manager

+372 6 272 466