HANSAPANK

CASH FLOW STATEMENT



CONSOLIDATED CASH FLOW STATEMENT, 2001



Consolidated Cash Flow Statements          EEK              EUR

(in millions, unaudited)               2001     2000     2001     2000

                                                              

Operating profit                    1,750.7  1,287.2    111.9     82.3

Adjustments to operating profit                                      

Loan losses                           168.6     51.5     10.8      3.3

Interest income                    -4,604.9 -3,389.7   -294.3   -216.6

Interest expense                    1,943.3  1,414.6    124.2     90.4

Depreciation and amortisation         614.1    478.0     39.2     30.5

Profit   from  sales  of  tangible     -6.2     -1.5     -0.4     -0.1

assets

Book   value  of  tangible  assets    151.0      0.3      9.7      0.0

written-off

Total adjustments to operating     -1,734.1 -1,446.8   -110.8    -92.5

profit

Changes  in  operating assets and                                   

liabilities

Net change in prepayments            -249.4   -747.1    -15.9    -47.7

Net change in accrued liabilities     321.3    309.0     20.5     19.7

Net change in deposits placed with -1,362.9    634.3    -87.1     40.5

other banks

Net change in trading securities      736.2   -101.4     47.1     -6.5

Net  change in loans to  financial   -961.4    106.4    -61.4      6.8

institutions

Net change in liquidity securities  2,265.5 -1,222.1    144.8    -78.1

Net change in securities purchased -1,345.3 -1,036.8    -86.0    -66.3

under resale agreements

Net change in loans                -9,338.4 -7,660.4   -596.8   -489.6

Net change in other assets            776.0   -114.1     49.6     -7.3

Net     change    in    short-term    -39.5    -24.3     -2.5     -1.6

liabilities due to other banks

Net change in demand deposits       6,404.0  3,829.4    409.3    244.7

Net change in time deposits         1,216.5  4,361.7     77.7    278.8

Net   change  in  securities  sold      0.1   -509.2        -    -32.5

under repurchase agreements

Net change in other liabilities       648.7    874.8     41.5     55.9

Total   adjustments  to  operating   -928.6 -1,299.8    -59.2    -83.1

assets and liabilities

Interest received                   4,651.1  3,220.2    297.3    205.8

Interest paid                      -1,886.3 -1,230.7   -120.6    -78.7

Extraordinary income / (-expense)         -     22.4        -      1.4

Income tax paid                       -26.5    -98.8     -1.7     -6.3

Net  cash  provided  by  operating  1,826.3    453.7    116.9     29.0

activities

Cash flows of investing activities                                   

Acquisition of subsidiaries           665.1    579.1     42.5     37.0

Sale of associated companies              -        -        -        -

Dividends received                     12.5      3.1      0.8      0.2

Net  change in securities held for    157.5    294.3     10.1     18.8

investment

Acquisition of  tangible assets    -1,587.1   -597.8   -101.4    -38.2

Sale of tangible assets               224.6    192.5     14.4     12.3

Acquisition of intangible assets      -74.9    -26.4     -4.8     -1.7

Net  cash  flow used in  investing   -602.3    444.8    -38.4     28.4

activities

Cash    flows    from    financing                                   

activities

Credit  lines of Central Bank  and      8.5     15.0      0.5      1.0

government received

Credit  lines of Central Bank  and    -40.0    -46.7     -2.6     -3.0

government paid

Long-term   loans  received   from  1,012.0    402.6     64.7     25.7

other banks

Long-term loans paid back to other   -886.0 -1,605.3    -56.6   -102.6

banks

Issue of securities                   821.5  1,725.6     52.5    110.3

Income from treasury shares            -1.0      0.6     -0.1      0.0

Issued capital and share premium        4.5        -      0.3        -

Net change in subordinated loans      355.0   -102.9     22.7     -6.6

Dividends paid                        -78.9   -388.8     -5.0    -24.8

Net change in treasury stock           91.0     -6.3      5.8     -0.4

Net cash flow used in financing     1,286.6     -6.2     82.2     -0.3

activities

Effect of the change in exchange       51.5     -1.6      3.3     -0.1

rate from foreign subsidiaries

Net  increase in cash and cash      2,562.1    890.7    164.0     57.0

equivalents

Cash and cash equivalents at the    6,790.0  5,899.3    434.0    377.0

beginning of the year

Cash and cash equivalents at the    9,352.1  6,790.0    598.0    434.0

end of the year





Mart Tõevere

Head of investor relations

+372 6131 569