SAKU ÕLLETEHAS

CASH FLOW STATEMENT



GROUP CASH FLOW STATEMENT, Q1 2000



in thousand EEK

                                  Group*    Group*     Group     Group

                                 Q1 2000   Q1 1999      1999      1998



Profit before taxes                3,303     8,954    76,029    56,343

Income tax                                  -1,840   -15,020   -12,646

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

Loss from sales and write-

offs of fixed assets                  -6        14       -86      -120

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

Change in the value of the                            -3,090

financial investments:

incl. change in the value of                          -5,021

the short-term financial investments

change in the value of the                             1,930

long-term financial investments

Change in inventories             -5,606   -17,017    -4,778   -12,508

Change in trade receivables       25,953    -2,273    -1,575   -10,906

Change in current liabilities      3,139    19,220     2,965    12,053

Total                             23,486       -70    -6,478   -11,361

Net cash from operating           35,288    14,198    85,297    57,675

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

Repayment of loans issued             34        11       541        42

Net cash used in investing       -15,474   -13,938   -50,450   -46,820

activities



Financing activities

Dividends paid                                       -32,000   -16,000

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

activities

Total cash flows                  19,814       260     2,847    -5,145



Cash, opening balance             28,176    25,329    25,329    30,475

Cash, closing balance             47,990    25,589    28,176    25,329

Net change in cash                19,814       260     2,847    -5,146



* - consolidated, unaudited





Ruth Roht

Public Relations Manager

+372 6 508 303