TALLINNA KÜLMHOONE

BALANCE SHEET



CONSOLIDATED BALANCE SHEET, AS AT 31.12.2000



Consolidated, unaudited

in thousand EEK



                                               incl. TKH          incl. TKH

ASSETS                                31.12.00  31.12.00 31.12.99  31.12.99

CURRENT ASSETS

Cash and bank                            1,814     1,001    2,134     2,817

Accounts receivable

Customer receivables                    34,515    29,901   26,752    22,246

Allowance for doubtful accounts                               -28       -28

TOTAL                                   34,515    29,901   26,724    22,218

Other receivables

Receivables from parent company and

subsidiaries                                       5,978              5,132

Other current receivables                  154        88      415       377

TOTAL                                      154     6,066      415     5,509

ACCRUED INCOME

Other accrued income                         3         1       10         6

PREPAID EXPENSES

Prepaid/refundable tax receivables          82        80      274

Other prepaid expenses                     390       315      566       474

TOTAL                                      472       395      840       474

INVENTORIES

Raw materials                            6,852     6,852    7,373     7,373

Work-in-progress                            34        34       81        81

Finished goods                           6,640     6,640    7,313     7,313

Merchandise purchased for resale        18,333    15,742   15,713    12,579

Prepayments to suppliers                    52        42      113       113

Goods in transit                         2,151     2,151

TOTAL                                   34,062    31,461   30,593    27,459

TOTAL CURRENT ASSETS                    71,020    68,825   60,716    58,483

NON-CURRENT ASSETS

Long-term financial assets                        10,168              9,391

TANGIBLE ASSETS

Land and building                       46,828    37,509   42,486    35,725

Plant and equipment                     89,968    83,092   87,281    81,275

Other equipment and fixtures            15,671    13,231   13,045    10,931

Accumulated depreciation (less)        -32,872   -26,847  -21,081   -17,178

Fixed assets under construction          2,705     2,485

Prepayments for fixed assets             3,773     3,773

TOTAL                                  126,073   113,243  121,731   110,753

Intangible assets

Goodwill                                 1,763              2,645

TOTAL NON-CURRENT ASSETS               127,836   123,411  124,376   120,144

TOTAL ASSETS                           198,856   192,236  185,092   178,627



LIABILITIES AND OWNERS EQUITY

CURRENT LIABILITIES

Debentures                               3,617     1,866    3,419     1,951

Short-term loans

from credit institutions                13,174    12,295    8,261     7,848

Current period repayment

of long-term debt                       12,596    12,596   12,917    12,917

TOTAL                                   29,387    26,757   24,597    22,716

Customer prepayments                         2         1        2

Accounts payable

Supplier payables                       27,928    26,586   19,525    17,949

Payables to parent company

and subsidiaries                                     273                556

Tax liabilities                          3,649     3,243    2,978     2,822

Accrued expenses

Salary-related accrued expenses          4,722     4,337    3,811     3,491

Interest expenses                          811       811      582       582

Other accrued expenses                      15        15       41        34

TOTAL                                    5,548     5,163    4,434     4,107

TOTAL CURRENT LIABILITIES               66,514    62,023   51,536    48,150

NON-CURRENT LIABILITIES

Bank loans                              37,547    37,547   50,613    50,613

Other loans from credit institutions     2,364     1,132    4,931     2,287

Other long-term debt

Notes payable to suppliers                 367                196       196

TOTAL NON-CURRENT LIABILITIES           40,278    38,679   55,740    53,096

TOTAL LIABILITIES                      106,792   100,702  107,276   101,246

MINORITY INTEREST                          530                435

OWNERS EQUITY

Share capital in nominal value          33,870    33,870   33,870    33,870

Capital surplus                         49,000    49,000   49,000    49,000

Restricted reserves

Mandatory reserve capital                2,086     2,086    1,086     1,086

Other reserves

Retained earnings                       -7,572    -7,572  -24,130   -24,130

Net profit (loss) for the year          14,153    14,153   17,558    17,558

Treasury shares                             -3        -3       -3        -3

TOTAL OWNERS EQUITY                     91,534    91,534   77,381    77,381

TOTAL LIABILITIES AND OWNERS EQUITY    198,856   192,236  185,092   178,627





Evald Karu

Management Board member

372 6 057 800