EESTI TELEKOM

ANNOUNCEMENT

18.11.99

 

ESTONIAN MOBILE TELEPHONE COMPANY

CASH FLOW STATEMENT 09/99

 

EEK thous.

 

                                                    Group               Parent Company

                                                   9 mths        9 mths        9 mths        9 mths

                                            to 30 Sept 99 to 30 Sept 98 to 30 Sept 99 to 30 Sept 98

Cash flow from operating activities

Profit before income tax                          444,610       364,449       441,960       362,739

Depreciation                                      167,608       123,855       165,974       122,797

Profit (-) from sales and                               0            -4             0             0

write-off of fixed assets

Profit (-) from affiliated companies                    0             0        -7,419        -5,244

under the equity method

Income tax paid                                  -115,859       -82,552      -112,438       -81,042

Interest income                                    -2,753        -4,715        -2,593        -4,621

Interest expense                                    1,137         4,704         1,118         4,704

Change in short-term receivables                  -18,232       -34,327       -10,693       -38,917

Change in inventories                               8,512         3,790         9,090         9,048

Change in current                                 -11,890        25,270       -24,787        28,612

liabilities (excl. bank loans)

Foreign exchange gains and                             10            99            10            99

other non-cash adjustments

Net cash flow from operating activities           473,142       400,568       460,222       398,175

 

Cash flow from investing activities

Proceeds from sale financial investments               97         2,513            97            88

Proceeds from sale of fixed assets                     33            24             0             0

Interest received                                   2,740         4,717         2,593         4,621

Purchase of a subsidiary                                0       -22,500             0       -22,500

Capital expenditure                              -212,135      -265,448      -209,623      -262,607

Net cash flow from investing activities          -209,265      -280,695      -206,933      -280,398

 

Cash flow from financing activities

Proceeds from short-term borrowings                56,000       232,750        56,000       232,000

Repayment of short-term borrowings                      0      -184,600             0      -184,000

Interest paid                                        -214        -4,651          -209        -4,651

Proceeds from nonconvertible long-term debt        13,756             0        13,756             0

Repayment of  borrowings                           -3,557        -8,696        -3,557        -8,696

Dividends paid                                   -185,000      -172,000      -185,000      -172,000

Dividends received                                      0             0         3,460             0

Proceeds from minority                                  0           320             0             0

shareholders for shares

Net cash flow from financing activities          -119,015      -136,877      -115,550      -137,347

 

Net increase/ - decrease in                       144,861       -17,003       137,740       -19,570

cash and cash equivalents

 

Cash  and cash equivalents at                      86,957       121,725        79,895       121,543

beginning of period

Cash  and cash equivalents at                     231,819       104,722       217,635       101,973

the end of the period