31.08.2001, Tallinna Farmaatsiatehas, TLN

TALLINNA FARMAATSIATEHAS

BALANCE SHEET



BALANCE SHEET, AS AT 30.06.2001



Consolidated/unaudited

in thousand EEK                              31.12.2000 30.06.2001



A S S E T S



CURRENT ASSETS

Cash and bank accounts                              715        251

Customer receivables

    ACCOUNTS RECEIVABLE                           4,979      2,899

    ALLOWANCE FOR DOUBTFUL RECEIVABLES

    RESERVE                                      -          -

Total                                             4,979      2,899

Other receivables

    RECEIVABLES FROM PARENT COMPANY              30,375     26,517

    OTHER SHORT-TERM RECEIVABLES                     98        111

Total                                            30,473     26,628



Accrued income                                       37         37



Prepaid expenses                                    582        319



Inventories

    RAW MATERIAL                                 12,134      9,105

    WORK-IN-PROGRESS                                565        328

    FINISHED GOODS                               11,654     17,558

    PREPAYMENTS TO SUPPLIERS                      1,331        987

Total                                            25,684     27,979



TOTAL CURRENT ASSETS                             62,471     58,114



NON-CURRENT ASSETS



Long-term investments                               449        449



Fixed assets

FIXED ASSETS IN NET BOOK VALUE                   33,636     32,718

CONSTRUCTION IN PROGRESS                            119      1,750

Total                                            33,755     34,468



Intangible assets                                 3,216      3,084



TOTAL NON-CURRENT ASSETS                         37,420     38,001



TOTAL ASSETS                                     99,891     96,115





LIABILITIES AND SHAREHOLDERS’ EQUITY



LIABILITIES

CURRENT LIABILITIES

    CURRENT PORTION OF LONG-TERM DEBT             7,703      5,135

    SHORT-TERM BANK LOANS                           496        254

Total                                             8,200      5,390



Customers prepayments                       -          -

Accounts payable                                 13,714      9,825

Other payables                                    3,882      1,981

Taxes payable                                       701      1,119



Accrued expenses                                  2,364      1,503



TOTAL CURRENT LIABILITIES                        28,860     19,819



NON-CURRENT LIABILITIES

Long-term debt obligations

    BANK LOANS                                   24,055     24,055

    PAYABLES TO PARENT COMPANY                   24,351     24,351



TOTAL NON-CURRENT LIABILITIES                    48,406     48,406



TOTAL LIABILITIES                                77,266     68,225



SHAREHOLDERS’ EQUITY

SHARE CAPITAL                                    12,500     12,500

RESERVES                                          2,316      2,316

RETAINED EARNINGS

(ACCUMULATED DEFICIT)                            -2,779      7,808

PROFIT (LOSS) FOR FINANCIAL YEAR                 10,587      5,266

SHAREHOLDERS’ EQUITY TOTAL                       22,625     27,891



LIABILITIES AND SHAREHOLDERS’ EQUITY             99,891     96,115





Raivo Unt

Financial Director

+372 612 0201