ESTIKO

CASH FLOW STATEMENT



CONSOLIDATED CASH FLOW STATEMENT, Q1 2001



in thousand EEK

                                               Q1 2001  Q1 2000



Operating activities

PROCEEDS                                        49,479   40,461

Proceeds from customers                         49,282   39,635

Other                                              196      826

PAYMENTS                                        38,386   34,208

Payments to suppliers                           30,747   28,100

Tax payments                                     3,401    2,320

Payments of wages and salaries                   3,696    3,207

Payments to other accrued expenses                 498      476

Other payments                                      44      105

Net cash flow from operating activities         11,093    6,252



Investing activities

PROCEEDS                                         4,709    2,850

Proceeds from sale of fixed assets               4,709    1,350

Proceeds from prepayments for fixed assets                1,500

PAYMENTS                                        13,442      979

Paid at purchase of tangible assets             13,442      934

Paid at purchase of financial assets                         45

Net cash used in investing activities           -8,733    1,871



Financing activities

Credit line                                      3,103   -1,050

PROCEEDS                                         8,033       11

Proceeds from interest on borrowings                 8       11

Proceeds from borrowings                         8,025

Proceeds from credit line                        3,103   -1,050

PAYMENTS                                        10,328    5,103

Repayment of borrowings                          3,605    2,776

Repayment of non-convertible  borrowings         3,945

Finance lease payments                             354      385

Interest payments                                2,276    1,893

Other financial expenses                           147       47

Owners' equity - Acquisition of treasury shares      2        2

Net cash used in financing activities              808   -6,142



Net cash flow                                    3,168    1,981



Cash at beginning of period                        588    1,050

Cash at end of period                            3,756    3,031





Ellen Tohvri

Management Board chairperson

+372 737 1000