09.05.2001, Tallinna Farmaatsiatehas, TLN

TALLINNA FARMAATSIATEHAS

BALANCE SHEET



AUDITED BALANCE SHEET, AS AT 31.12.2000



Consolidated, audited

in thousand EEK                             31.12.2000 31.12.1999



A S S E T S



CURRENT ASSETS

Cash and bank accounts                             715      1,782

Customer receivables

    ACCOUNTS RECEIVABLE                          4,979      3,443

    ALLOWANCE FOR DOUBTFUL RECEIVABLES

    RESERVE                                         -          -

Total                                            4,979      3,443



Other receivables

    RECEIVABLES FROM PARENT COMPANY             30,375     22,601

    OTHER SHORT-TERM RECEIVABLES                    98      3,048

Total                                           30,473     25,649



Accrued income                                      37         37



Prepaid expenses                                   582        473



Inventories

    RAW MATERIAL                                12,134     12,380

    WORK-IN-PROGRESS                               565        879

    FINISHED GOODS                              11,654     12,415

    PREPAYMENTS TO SUPPLIERS                     1,331      1,266

Total                                           25,684     26,940



TOTAL CURRENT ASSETS                            62,471     58,324



NON-CURRENT ASSETS



Long-term investments                              449        480



Fixed assets

FIXED ASSETS IN NET BOOK VALUE                  33,636     33,561

CONSTRUCTION IN PROGRESS                           119      1,344

Total                                           33,755     34,905



Intangible assets                                3,216      3,218



TOTAL NON-CURRENT ASSETS                        37,420     38,604



TOTAL ASSETS                                    99,891     96,928





LIABILITIES AND SHAREHOLDERS’ EQUITY



LIABILITIES

CURRENT LIABILITIES

    CURRENT PORTION OF LONG-TERM DEBT            7,703      7,703

    SHORT-TERM BANK LOANS                          496        418

Total                                            8,200      8,121



Customers prepayments                               44

Accounts payable                                13,714     13,130

Other payables                                   3,882      1,006

Taxes payable                                      701      1,575



Accrued expenses                                 2,364      1,969



TOTAL CURRENT LIABILITIES                       28,860     25,846



NON-CURRENT LIABILITIES

Long-term debt obligations

    BANK LOANS                                  24,055     30,812

    PAYABLES TO PARENT COMPANY                  24,351     28,232



TOTAL NON-CURRENT LIABILITIES                   48,406     59,044



TOTAL LIABILITIES                               77,266     84,890



SHAREHOLDERS’ EQUITY

SHARE CAPITAL                                   12,500     12,500

RESERVES                                         2,316      2,316

RETAINED EARNINGS

(ACCUMULATED DEFICIT)                           -2,779     -8,560

PROFIT (LOSS) FOR FINANCIAL YEAR                10,587      5,782

SHAREHOLDERS’ EQUITY TOTAL                      22,625     12,037



LIABILITIES AND SHAREHOLDERS’ EQUITY            99,891     96,928





Raivo Unt

Financial Director

+372 612 0201