TALLINNA KÜLMHOONE

BALANCE SHEET



CONSOLIDATED BALANCE SHEET 30.06.2001



Consolidated, unaudited

in thousand EEK

                                                   incl. TKH          incl. TKH



ASSETS                                    30.06.01  30.06.01 31.12.00  31.12.00

CURRENT ASSETS

Cash and bank                                2,731     1,298    1,814     1,001

Accounts receivable

Customer receivables                        42,783    33,271   34,515    29,901

Allowance for doubtful accounts

TOTAL                                       42,783    33,271   34,515    29,901

Other receivables

Receivables from parent company and

subsidiaries                                 1,107    13,758              5,978

Other current receivables                    1,054       966      154        88

TOTAL                                        2,161    14,724      154     6,066

ACCRUED INCOME

Other accrued income                             1                  3         1

PREPAID EXPENSES

Prepaid/refundable tax receivables             402        89       82        80

Other prepaid expenses                       1,389     1,163      390       315

TOTAL                                        1,791     1,252      472       395

INVENTORIES

Raw materials                                8,800     8,800    6,852     6,852

Work-in-progress                               110       110       34        34

Finished goods                              11,730    11,730    6,574     6,574

Merchandise purchased for resale            20,932    15,544   20,550    17,959

Prepayments to suppliers                       468       468       52        42

TOTAL                                       42,040    36,652   34,062     1,461

TOTAL CURRENT ASSETS                        91,507    87,197   71,020    68,825

NON-CURRENT ASSETS

Long-term financial assets                             9,514             10,167

TANGIBLE ASSETS

Land and building                           50,174    40,778   46,828    37,509

Plant and equipment                         95,605    87,243   89,968    83,092

Other equipment and fixtures                20,535    17,337   15,671    13,231

Accumulated depreciation (less)             38,779   -31,514  -32,872   -26,847

Fixed assets under construction                792       233    2,705     2,485

Prepayments for fixed assets                   209       209    3,080     3,080

TOTAL                                      128,536   114,286  125,380   112,550

INTANGIBLE ASSETS

Intangible assets                            1,335     1,335      693       693

Goodwill                                     1,322              1,763

TOTAL                                        2,657     1,335    2,456       693

TOTAL NON-CURRENT ASSETS                   131,193   125,135  127,836   123,410

TOTAL ASSETS                               222,700   212,332  198,856   192,235



LIABILITIES AND OWNERS EQUITY

CURRENT LIABILITIES

Debentures                                   2,431     1,103    3,617     1,866

Short-term loans from credit institutions   24,954    22,118   13,174    12,295

Current period repayment

of long-term debt                            5,983     5,983   12,596    12,596

TOTAL                                       33,368    29,204   29,387    26,757

Customer prepayments                         5,327     5,323        2         1

Accounts payable

Supplier payables                           34,308    31,026   27,928    26,586

Payables to parent company

and subsidiaries                             1,127     1,186                273

TOTAL                                       35,435    32,212   27,928    26,859

Tax liabilities                              4,106     3,667    3,649     3,243

Accrued expenses



Salary-related accrued expenses              5,623     4,889    4,722     4,337

Interest expenses                              679       679      811       811

Other accrued expenses                          28        25       15        15

TOTAL                                        6,330     5,593    5,548     5,163

TOTAL CURRENT LIABILITIES                   84,566    75,999   66,514    62,023

NON-CURRENT LIABILITIES

Bank loans                                  37,458    37,458   37,458    37,458

Other loans from credit institutions         5,300     4,465    2,732     1,132

TOTAL                                       42,758    41,923   40,190    38,590

Other long-term debt

Notes payable to suppliers                     330

TOTAL NON-CURRENT LIABILITIES               43,088    41,923   40,190    38,590

TOTAL LIABILITIES                          127,654   117,922  106,704   100,613

MINORITY INTEREST                              636                530

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                    3,086     3,086    2,086     2,086

Other reserves

Retained earnings                            5,669     5,669   -7,572    -7,572

Net profit (loss) for the year               2,788     2,788   14,241    14,241

Treasury shares                                 -3        -3       -3        -3

TOTAL OWNERS EQUITY                         94,410    94,410   91,622    91,622

TOTAL LIABILITIES AND OWNERS EQUITY        222,700   212,332  198,856   192,235





Evald Karu

Management Board member

+372 6 057 800