SAKU ÕLLETEHAS

CASH FLOW STATEMENT



PARENT COMPANY CASH FLOW STATEMENT, Q1 2000



in thousand EEK

                                    Parent**  Parent**    Parent    Parent

                                     Q1 2000   Q1 1999      1999      1998



Profit before taxes                    3,303     8,954    75,915    56,340

Income tax                                      -1,840   -15,020   -12,643

Depreciation                           8,505     7,140    30,852    25,458

Loss from sales and write-

offs of fixed assets                      -6        14       -86      -120

Expenses incurred by

revaluation of shares in Saku

Keldri OÜ under equity method                                114

Total                                 11,802    14,268    91,775    69,035

Change in the value of the                -6              -3,090       -59

financial investments:

incl. change in the value of                              -5,021

the short-term financial investments

change in the value of the                -6               1,930       -59

long-term financial investments

Change in inventories                 -5,606   -17,087    -5,049   -13,892

Change in trade receivables           25,923    -1,949       -61   -10,740

Change in current liabilities          3,162    19,087     3,249    13,398

Total                                 23,473        51    -4,951   -11,293

Net cash from operating               35,275    14,319    86,824    57,742

activities



Investing activitiess

Acquisition of fixed assets          -15,628   -14,199   -51,644   -47,584

Sales of fixed assets at                 120       250       652       722

sales prices

Acquisition of shares                                                 -100

Income from liquidation of

subsidiaries                                                 200

Repayment of loans issued                 34        11       541        42

Net cash used in investing           -15,474   -13,938   -50,250   -46,920

activities



Financing activities                                     -32,000

Dividends paid                                           -32,000   -16,000

Net cash used in financing                 0         0   -32,000   -16,000

activities

Total cash flows                      19,801       381     4,573    -5,178



Cash, opening balance                 28,134    23,560    23,560    28,737

Cash, closing balance                 47,935    23,941    28,134    23,560

Net change in cash                    19,801       381     4,574    -5,178



** - unaudited





Ruth Roht

Public Relations Manager

+372 6 508 303