26.02.2002, Trigon Property Development, TLN

Viisnurk                      CASH FLOW STATEMENT               02/26/2002



STATEMENT OF CASH FLOWS 01.01-31.12.01 (AUDITED)



in thousands of kroons/                      EEK                 EUR

euros                                   2001      2000      2001      2000



Profit before income tax              19 383    31 628     1 239     2 021

 Adjustments for:

 Period's accumulated depreciation    22 599    12 510     1 444       800

 Gain on sale of shares                   18      (369)        1       (24)

 Income from long-term fin.invest.      (829)                (53)

 Loss on sale of non-current assets      188       478        12        31

 Interest expense                      8 820     2 915       564       186

Operating profit before changes       50 179    47 162     3 207     3 014

in working capital

 Change in current assets             (6 116)  (39 567)     (391)   (2 529)

 Change in current liabilities        (6 312)   22 258      (403)    1 423

Cash generated from operations        37 751    29 853     2 413     1 908

 Interest paid                        (8 753)   (4 310)     (559)     (275)



NET CASH FROM OPERATING ACTIVITIES    28 998    25 543     1 853     1 632



 Acquisition of non-current assets   (40 654) (118 701)   (2 598)   (7 586)

 Sale of non-current assets              541       799        35        51

 Acquisition of securities              (764)     (902)      (49)      (58)

 Sale of securities                      746     1 532        48        98



NET CASH USED IN INVESTING ACTIVITI  (40 131) (117 272)   (2 565)   (7 495)



 Proceeds from borrowing               5 000    74 499       320     4 761

 Proceeds from issue of debt secur.             31 293               2 000

 Repayment of loans                   (6 360)  (18 650)     (406)   (1 192)

 Settlement of finance lease liabil   (1 139)   (1 223)      (73)      (78)

 Increase in the overdraft balance    13 760     7 772       879       497



NET CASH FROM FINANCING ACTIVITIES    11 261    93 691       720     5 988



NET INCREASE IN CASH                     128     1 962         8       125

CASH AT BEGINNING OF PERIOD            4 908     2 946       314       188

CASH AT END OF PERIOD                  5 036     4 908       322       314





Andrus Aljas

CFO

+372 44 78 355