TALLINNA KÜLMHOONE

BALANCE SHEET



CONSOLIDATED BALANCE SHEET, AS AT 30.09.2001



Consolidated, unaudited

in thousand EEK

                                                 incl. TKH         incl. TKH

ASSETS                                  30.09.01  30.09.01 31.12.00 31.12.00

CURRENT ASSETS

Cash and bank                                756       107   1,814     1,001

Accounts receivable

Customer receivables                      37,986    30,732  34,515    29,901

Allowance for doubtful accounts             -150      -150

TOTAL                                     37,836    30,582  34,515    29,901

Other receivables

Receivables from parent company

and subsidiaries                             883    10,055             5,978

Other current receivables                    241       204     154        88

TOTAL                                      1,124    10,259     154     6,066

ACCRUED INCOME

Other accrued income                                             3         1

PREPAID EXPENSES

Prepaid/refundable tax receivables           166        90      82        80

Other prepaid expenses                     1,191       977     390       315

TOTAL                                      1,357     1,067     472       395

INVENTORIES

Raw materials                              7,996     7,996   6,852     6,852

Work-in-progress                             133       133      34        34

Finished goods                             6,526     6,526   6,574     6,574

Merchandise purchased for resale          22,660    17,735  20,550    17,959

Prepayments to suppliers                     165       165      52        42

TOTAL                                     37,480    32,555  34,062    31,461

TOTAL CURRENT ASSETS                      78,553    74,570  71,020    68,825

NON-CURRENT ASSETS

Long-term financial assets                           9,506            10,167

TANGIBLE ASSETS

Land and building                         50,537    41,140  46,828    37,509

Plant and equipment                       96,495    87,869  89,968    83,092

Other equipment and fixtures              20,235    16,923  15,671    13,231

Accumulated depreciation (less)          -42,401   -34,660 -32,872   -26,847

Fixed assets under construction              616         0   2,705     2,485

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

TOTAL                                    125,691   111,481 125,380   112,550

INTANGIBLE ASSETS

Intangible assets                          1,221     1,221     693       693

Goodwill                                   1,101             1,763

TOTAL                                      2,322     1,221   2,456       693

TOTAL NON-CURRENT ASSETS                 128,013   122,208 127,836   123,410

TOTAL ASSETS                             206,566   196,778 198,856   192,235



LIABILITIES AND OWNERS EQUITY

CURRENT LIABILITIES

Debentures                                 1,716       508   3,617     1,866

Short-term loans from

credit institutions                       18,891    15,741  13,174    12,295

Current period repayment

of long-term debt                          1,092     1,092  12,596    12,596

TOTAL                                     21,699    17,341  29,387    26,757

Customer prepayments                           4         0       2         1

Accounts payable

Supplier payables                         27,396    24,772  27,928    26,586

Payables to parent company

and subsidiaries                           2,626     2,649               273

TOTAL                                     30,022    27,421  27,928    26,859

Tax liabilities                            3,601     3,095   3,649     3,243

Accrued expenses



Salary-related accrued expenses            5,060     4,452   4,722     4,337

Interest expenses                             19        19     811       811

Other accrued expenses                        21        20      15        15

TOTAL                                      5,100     4,491   5,548     5,163

TOTAL CURRENT LIABILITIES                 60,426    52,348  66,514    62,023

NON-CURRENT LIABILITIES

Bank loans                                37,413    37,413  37,458    37,458

Other loans from

credit institutions                        4,964     4,465   2,732     1,132

TOTAL                                     42,377    41,877  40,190    38,590

Other long-term debt

Notes payable to suppliers                   330

TOTAL NON-CURRENT LIABILITIES             42,707    41,877  40,190    38,590

TOTAL LIABILITIES                        103,133    94,225 106,704   100,613

MINORITY INTEREST                            692               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            11,116    10,928  14,241    14,241

Treasury shares                                                 -3        -3

TOTAL OWNERS EQUITY                      102,741   102,553  91,622    91,622

TOTAL LIABILITIES AND OWNERS EQUITY      206,566   196,778 198,856   192,235





Evald Karu

Management Board member

+372 6 057 800