BALTIKA

CASH FLOW STATEMENT



CONSOLIDATED CASH FLOW STATEMENT, H1 2001



Consolidated, unaudited

in thousand EEK                             01.01-30.06 01.01-30.06

                                                   2001        2000

Operating activities

Operating profit                                 11,496       6,335

Accumulated depreciation                          6,900       5,752

Profit from sale of fixed assets                    331         471

Exchange differences                               -414         376

Change in receivables                              -536       5,616

Change in inventories                            -8,131      -9,268

Change in supplier payables                      -8,167      -6,140

Interest paid                                    -2,328      -2,347

Income tax paid                                     -69           0

Net cash from operating activities                 -918         795



Investing activities

Purchase of fixed assets                        -14,180      -6,496

incl. installment payments                            0        -192

Disposal of fixed assets                            209         821

Finance lease payments                             -211           0

Acquisition of non-current investments                0        -471

Acquisition of holding in subsidiary             -1,719           0

Proceeds from sale of investments                     0       2,046



Interest received                                    50         167

Dividends received                                    9           0

Securities purchased                                  0      -9,636

Sale of securities                                    0      11,586

Repayment of loans granted                           14         380

Loans granted                                       -53         -29

Net cash used in investing activities           -15,881      -1,824





Financing activities

Repayment of borrowings                         -10,125      -2,906

Proceeds from borrowings                         21,605           0

Net cash from transactions with treasury shares  -1,575       1,418

Treasury shares of subsidiaries paid                -51        -150

Dividends paid                                   -3,863      -3,041

Proceeds from sale of convertible bonds             192

Net cash used in financing activities             6,183      -4,679

Effects of exchange differences                       0          -6

Net change in cash                              -10,616      -5,714



Cash at beginning of period                      15,298      16,588

Cash at end of period                             4,682      10,874





Ülle Järv

Management Board member

+372 6 302 741