TALLINNA KAUBAMAJA

CASH FLOW STATEMENT



CONSOLIDATED CASH FLOW STATEMENT 01.01.-30.06.00



Unaudited

in EEK thousand



                                             H1 2000       1999

1. Operating activities

Net profit                                    16,601     34,305

Depreciation of fixed assets                  23,258     38,118

Profit/loss from sale and liquidation

of fixed assets                                 -200      1,148

Effect of equity method                          334      1,397

Sale of long-term financial assets

and value adjustments                         -1,602     -3,014

Exchange differences in borrowings                 0        -57

Adjustments to changes in receivables

and inventories                              -24,738      1,484

Adjustments to changes in liabilities        -35,880      2,538

Net cash from operating activities           -22,227     75,918



Investing activities

Sale of short-term financial assets            2,482          0

Loans to associated companies                   -400          0

Other loans granted                           -7,409     -3,993

Purchase and renovation of tangible

fixed assets (except finance lease)          -58,621    -14,903

Proceeds from sale of fixed assets               332        806

Dividend income                                   54          0

Net cash used in investing activities        -63,563    -18,090



Financing activities

Change in credit line balance                  9,576          0

Proceeds from borrowings                     132,514     28,000

Repayment of borrowings                      -38,741    -64,677

Finance lease payments                        -2,103     -6,400

Dividends paid                                -6,788    -10,182

Interest paid                                    532        704

Net cash used in financing activities         94,991    -53,259



Total cash flow                                9,201      4,569



Exchange differences                               0          4



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

Cash and bank at 30.06.                       36,511     27,310

Change:                                        9,201      4,573





Urmo Vallner

Management Board member

+372 64 00 200