AS RAKVERE LIHAKOMBINAAT

BALANCE SHEET

31.12.98

 

Consolidated, unaudited

in EEK                                                  Group          Group         Parent         Parent

                                                     12/31/98       12/31/97       12/31/98       12/31/97

ASSETS

 

Current assets 

Cash and bank                                      10,184,710      7,090,006      1,670,022        667,883

Accounts receivable 

Customer receivables                               70,548,056     65,360,338     51,241,475     48,686,223

Allowance for doubtful accounts (less)            -11,748,610       -367,829    -11,748,610       -367,829

Total accounts receivable                          58,799,446     64,992,509     39,492,865     48,318,394

Other receivables

Receivables from subsidiaries and parent company        4,339                    68,800,066     22,373,227

Other current receivables                             183,290      1,198,199        133,290        346,574

Total other receivables                               187,629      1,198,199     68,933,356     22,719,801

Accrued income 

Interests                                                          1,566,579        387,446      2,090,313

Other accrued income                                  612,194     21,001,867                    21,001,867

Total accrued income                                  612,194     22,568,446        387,446     23,092,180

Prepaid expenses

Prepaid/refundable tax receivables                  7,625,307      8,355,127         47,507        464,774

Other prepaid expenses                              2,837,321      2,319,623      1,692,166      2,276,062

Total prepaid expenses                             10,462,628     10,674,750      1,739,673      2,740,836

Inventories

Raw materials                                      62,688,772     73,959,216     44,769,112     54,266,427

Work-in-progress                                   35,817,182     38,028,560        313,942        982,533

Finished goods                                     18,927,876     18,428,536     14,543,578     12,727,193

Merchandise purchased for resale                    4,577,226      3,185,771        746,219        536,167

Prepayments to suppliers                              768,510      1,065,935        467,817        539,763

Total inventories                                 122,779,566    134,668,018     60,840,668     69,052,083

Total current assets                              203,026,173    241,191,928    173,064,030    166,591,177

 

Non-current assets

Financial assets

Stock and shares in subsidiaries                                                 27,932,942    106,089,469

Non-current receivables from subsidiaries                                         1,252,843     23,360,000

and parent company

Other shares, units and bonds                       1,475,010      1,483,658      1,470,290      1,478,790

Other non-current receivables                       1,335,173      1,751,108      1,287,974      1,631,532

Total financial assets			            2,810,183      3,234,766     31,944,049    132,559,791

Tangible assets

Land and building (acquisition cost)              308,357,689    295,207,365    219,554,809    214,947,611

Plant and equipment (acquisition cost)            472,735,432    440,191,961    394,764,098    378,753,398

Other equipment and fixtures		           56,328,307     56,879,326     27,543,259     26,723,165

Accumulated depreciation (less)                  -446,177,953   -383,174,043   -368,043,616   -320,770,159

Unfinished building                                27,925,655     33,920,172      2,212,814      2,040,334

Prepayments for non-current assets                  3,077,244      1,131,794      1,187,521         74,367

Total tangible assets                             422,246,374    444,156,575    277,218,885    301,768,716

Intangible assets

Development costs                                   1,856,597        434,623      1,495,950        430,551

Goodwill                                                          58,330,966

Total intangible assets                             1,856,597     58,765,589      1,495,950        430,551

Total non-current assets                          426,913,154    506,156,930    310,658,884    434,759,058

 

Total assets :                                    629,939,327    747,348,858    483,722,914    601,350,235

 

 

Liabilities and owners' equity                          Group          Group         Parent         Parent

                                                     12/31/98       12/31/97       12/31/98       12/31/97

Current liabilities

Debt obligations

Debentures (except bank loans)                    104,259,889    103,036,929    103,446,632    103,036,929

Convertible debt                                    1,639,763

Current period long-term debt repayment            10,057,292     16,386,384

Short-term loans from financial institutions       48,091,286     37,865,083     21,236,670     23,635,065

Total current liabilities                         164,048,230    157,288,396    124,683,302    126,671,994

Customer prepayments				      848,161        431,133         51,106        102,579

Supplier payables                                  63,187,600     86,435,248     33,720,785     45,642,410

Notes payable                                                     11,077,638                    11,077,638

Total supplier payables                            63,187,600     97,512,886     33,720,785     56,720,048

Other payables

Payables to subsidiaries and parent company         2,808,541                     3,564,489        899,438

Payables to associated companies                                   1,226,756

Total other payables                                2,808,541      1,226,756      3,564,489        899,438

Tax liabilities                                     8,358,072      6,295,542      4,734,145      2,347,537

Accrued expenses

Salary-related accrued expenses                     8,574,040      8,256,014      6,066,104      5,936,848

Interests payable                                   2,823,857      4,457,627      2,823,857      3,004,261

Other accrued expenses                                203,174         10,676          9,657          5,044

Total accrued expenses                             11,601,071     12,724,317      8,899,618      8,946,153

Total current liabilities                         250,851,675    275,479,030    175,653,445    195,687,749

 

Non-current liabilities

Long-term borrowings

Non-convertible long-term debt         	           24,326,181     23,570,653     23,452,499     21,829,499

Convertible long-term debt                          1,643,735

Bank loans                                         62,778,602     55,100,521

Total non-current liabilities                      87,104,783     80,314,909     23,452,499     21,829,499

Total liabilities                                 337,956,458    355,793,939    199,105,944    217,517,248

 

Minority interest of off-group shareholders         5,119,086      9,472,185

 

Owners' equity

Share capital                                     377,217,000    377,217,000    377,217,000    377,217,000

Reserves

Mandatory reserve capital                           1,416,288                     1,416,288

Other reserves                                                       934,879                       934,879

Retained earnings                                   5,199,699      5,199,699      1,999,372      5,199,699

Profit/loss for the financial year                -96,015,690     -2,718,728    -96,015,690        481,409

Unrealized exchange differences                      -953,514      1,449,884

Total owners' equity                              286,863,783    382,082,734    284,616,970    383,832,987

 

Total liabilities and owners' equity              629,939,327    747,348,858    483,722,914    601,350,235