TALLINNA KAUBAMAJA

BALANCE SHEET



BALANCE SHEET, AS AT 31.03.2001



Consolidated, unaudited

in thousand EEK



ASSETS                                         31.03.2001 31.12.2000

CURRENT ASSETS

Cash and bank                                       5,740     29,701

Customer receivables                                3,579      7,132

Other receivables                                   6,085     28,239

Accrued income                                          0        172

Prepaid expenses                                    6,115      4,539

Inventories                                       196,013    175,661

TOTAL CURRENT ASSETS                              217,531    245,444

NON-CURRENT ASSETS

Long-term financial assets                         15,690     15,763

Stock and shares in associated companies            2,669      2,742

Long-term receivables from

associated companies                               12,028     12,028

Other long-term receivables                           993        993

Tangible assets                                   446,126    424,615

Land and buildings                                373,725    339,205

Plant and equipment                                67,253     64,301

Other equipment and fixtures                      132,397    129,957

Accumulated depreciation                         -133,730   -110,327

Uninstalled equipment                                 528        896

Prepayments for tangible assets                     5,953        584

Intangible assets                                     267        302

TOTAL NON-CURRENT ASSETS                          462,083    440,680

TOTAL ASSETS                                      679,614    686,124



LIABILITIES AND OWNERS' EQUITY                 31.03.2001 31.12.2000

LIABILITIES

CURRENT LIABILITIES

Debt obligations                                  124,203     86,523

Customer prepayments                                    5      1,196

Supplier payables                                  89,873     90,198

Other expenses                                     18,805     28,515

TOTAL CURRENT LIABILITIES                         232,886    206,433



Long-term debt obligations                         66,927     93,930

TOTAL NON-CURRENT LIABILITIES                      66,927     93,930

TOTAL LIABILITIES                                 299,813    300,362

MINORITY INTEREST                                   8,228      8,337

OWNERS' EQUITY

Share capital                                      67,882     67,882

Mandatory legal reserve                             8,321      8,321

Other restricted reserves                             565        565

Fixed assets revaluation reserves                 169,719    169,719

Retained earnings                                 130,938     70,549

NET PROFIT (-LOSS) FOR THE PERIOD                  -5,852     60,389

TOTAL OWNERS' EQUITY                              371,573    377,425

TOTAL LIABILITIES AND OWNERS' EQUITY              679,614    686,124





Toomas Tamsar

Management Board chairman

+372 6 400 200