22.02.1999, Trigon Property Development, TLN

AS VIISNURK

CASH FLOW STATEMENT

01.01-31.12.98

 

CASH FLOW STATEMENT (INDIRECT METHOD)

(EEK)

consolidated, audited                                      Group             Group              Parent            Parent

                                                            1998              1997                1998              1997

Cash flows from operating activities

Profit before income tax                              18,288,557        18,603,661          19,487,353        18,603,661

   Specifications:

   Annual accumulated depreciation                     7,653,349         6,112,751           7,171,034         6,112,751

   Profit/loss from sale of shares                       112,027          -567,147             112,027          -567,147

   Loss from the sale of subsidiaries' shares             54,766                 0              54,766                 0

   Accounting loss from sale of shares                   346,168           100,812             346,168           100,812

   Loss from long-term financial investments                   0           871,520                   0           871,520

   Loss from sale of non-current assets                   97,672           130,392              97,672           130,392

   Income from sale of non-current assets                -81,498          -171,348             -81,498          -171,348

   Income from investments                              -269,372            -1,849            -269,372            -1,849

   Interest expenses                                   4,166,685         5,432,031           4,166,685         5,432,031

Operating profit before change in current assets      30,368,354        30,510,823          31,084,835        30,510,823

Decrease/increase in customer receivables              3,541,497        -9,948,009           3,747,139        -9,948,009

Increase in inventories                               -6,981,704        -9,288,064          -6,981,704        -9,288,064

Increase in supplier payables                          3,904,665         8,102,543           2,445,057         8,102,543

Decrease/increase in tax liabilities                    -848,519         1,072,515            -857,305         1,072,515

Decrease/increase in other current receivables           619,771          -728,481             619,771          -728,481

Decrease in future period expenses                       -84,115           308,158             343,534           308,158

Decrease in customer prepayments                        -222,770          -760,646            -222,770          -760,646

Decrease in accrued expenses                          -1,204,227          -157,198          -1,213,435          -157,198

Increase in potential income tax                         345,963           559,705             345,963           559,705

Cash generated from operations                        29,438,915        19,671,346          29,311,085        19,671,346

Interest payments                                     -4,246,251        -5,861,563          -4,246,251        -5,861,563

Income tax paid                                       -4,620,738        -1,188,746          -4,620,738        -1,188,746

 

Net cash from operating activities                    20,571,926        12,621,037          20,444,096        12,621,037

 

Cash flows from investment activities

Acquisition of non-current assets                    -12,652,598       -19,181,114         -12,260,409       -12,370,420

Proceeds of unfinished building                        1,386,371          -510,914           1,386,371          -510,914

Sale of non-current assets                               123,827         3,574,838             123,827         3,574,838

Acquisition of securities                               -252,123        -1,039,307            -252,123        -1,039,307

Sale of securities                                        18,843           943,737              18,843           943,737

Sale/acquisition of shares in subsidiaries               257,500                 0             257,500        -3,500,000

Interests received                                       167,312             1,849             167,312             1,849

Dividends received                                       102,060                 0             102,060                 0

 

Net cash flow in investing activities                -10,848,808       -16,210,911         -10,456,619       -12,900,217

 

Cash flows from financing activities

Proceeds from share issue                              1,152,190        15,171,000           1,152,190        11,771,000

Long-term loan taken                                   2,250,000         5,000,000           2,250,000         5,000,000

Repayments of loans                                   -4,400,441       -13,400,082          -4,400,441       -13,400,082

Capital rent payments                                 -1,599,633        -1,366,869          -1,599,633        -1,366,869

Decrease in proceeds of credit line                   -4,253,419        -1,273,973          -4,440,019        -1,273,973

 

Net cash flow in financing activities                 -6,851,303         4,130,076          -7,037,903           730,076

 

TOTAL CHANGE IN CASH AND CASH EQUIVALENTS              2,871,815           540,202           2,949,574           450,896

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD       1,864,770         1,324,568           1,775,464         1,324,568

CASH AND CASH EQUIVALENTS AT THE END OF PERIOD         4,736,585         1,864,770           4,725,038         1,775,464