TALLINNA KAUBAMAJA

CASH FLOW STATEMENT



CONSOLIDATED CASH FLOW STATEMENT, 01.01.-31.03.00



in thousand EEK

                                       01.01.-31.03.2000  01.01.-31.12.1999



Operating activities

Operating profit                                7,217            34,305

Depreciation of fixed assets                    8,810            38,118

Profit/loss from sale and liquidation

of fixed assets                                   -36             1,148

Effect of equity method                            78             1,397

Sale of long-term financial assets

and value adjustments                          -1,548            -3,014

Exchange differences in borrowings                  0               -57

Adjustments to changes in receivables

and inventories                               -28,268             1,484

Adjustments to changes in liabilities         -14,624             2,538

Net cash from operating activities            -28,370            75,918



Investing activities

Other loans granted                            -3,024            -3,993

Repayment of other borrowings                       0                 0

Purchase and renovation of tangible

fixed assets (except finance lease)           -32,715           -14,903

Proceeds from sale of fixed assets                 87               806

Net cash used in investing activities         -35,652           -18,090



Financing activities

Change in credit line balance                  21,261                 0

Proceeds from borrowings                       47,500            28,000

Repayment of borrowings                       -10,370           -64,677

Finance lease payments                         -1,043            -6,400

Dividends paid                                      0           -10,182

Interest paid                                     188               704

Net cash used in financing activities          57,536           -53,259



Total cash flow                                -6,486             4,569



Exchange differences                                0             3,807



Cash and bank at 01.01.                        27,310            22,737

Cash and bank at 31.03.                        20,824            27,310

Change:                                        -6,486             4,573





Urmo Vallner

Management Board member

+372 6 400 200