Kalev                         CASH FLOW STATEMENT               03/08/2002



AUDITED CASH FLOW STATEMENT 2001



(in kroons)                      

                                                     

                               2001        2000

CASH FLOW FROM OPERATING 

ACTIVITIES                        EEK        EEK

OPERATING PROFIT            35 508 554  23 678 335

DEPRECIATION OF PROPERTY, 

PLANT AND EQUIPMENT          9 921 676  10 975 898



DEPRECIATION OF 

INTANGIBLE ASSETS               25 000           0

PROFIT/LOSS FROM SALES 

OF NON-CURRENT ASSETS       -3 064 784     585 248



CHANGE IN RECEIVABLES       -4 824 963  23 132 540

CHANGE IN INVENTORIES        1 183 730   6 583 810

CHANGE IN LIABILITIES       -2 728 565  -9 559 425

INTERESTS PAID              -5 231 521  -7 876 565

TOTAL CASH FLOW FROM 

OPERATING ACTIVITIES        30 789 127  47 519 841



                                                     

CASH FLOW FROM 

INVESTING ACTIVITIES                  

PROCEEDS FROM SALES 

OF SHARES                            0   5 693 241

PROCEEDS FROM SALES OF

PROPERTY,PLANT AND EQUIPM.   6 786 720   1 609 704



PROPERTY, PLANT AND 

EQUIPMENT ACQUIRED         -17 097 808 -21 361 841

INTANGIBLE ASSETS ACQUIRED    -300 000           0

FIXED ASSETS ACQUIRED 

WITH LEASE                           0     946 756

CASH FLOW FROM SUBSIDIARIES          0   7 245 354

CHANGE IN LOANS GIVEN                0     374 800

INTEREST RECEIVED              156 754     246 947

TOTAL CASH FLOW FROM 

INVESTING ACTIVITIES       -10 454 334  -5 245 039



                                                     

CASH FLOW FROM FINANCING 

ACTIVITIES                  

LOAN REPAYMENTS            -12 000 000 -96 200 000

LONG-TERM LOANS RECEIVED             0  60 000 000

LEASE PAYMENTS                -681 964  -2 754 529

OTHER FINANCING 

INCOME/EXPENSES               -670 713     215 658

                                      

TOTAL CASH FLOW FROM 

FINANCING ACTIVITIES       -13 352 677 -38 738 871



                                                     

CHANGE IN CASH AND 

CASH EQUIVALENTS             6 982 116   3 535 931

                                                     

CASH AND CASH EQUIVALENTS 

AT THE BEGINNING OF THE YEAR 7 033 972   2 695 734

CHANGE                       6 982 116   3 535 931

CHANGE IN FOREIGN 

CURRENCY EXCHANGE RATE          10 077     802 307



CASH AND CASH EQUIVALENTS 

AT THE END OF THE YEAR      14 026 165   7 033 972





(in euros)                       

                                                     

                               2001        2000

CASH FLOW FROM OPERATING  

ACTIVITIES                      EUR         EUR

OPERATING PROFIT            2 269 404   1 513 318

DEPRECIATION OF PROPERTY, 

PLANT AND EQUIPMENT           634 109     701 486

DEPRECIATION OF INTANGIBLE 

ASSETS                          1 598           0

PROFIT/LOSS FROM SALES 

OF NON-CURRENT ASSETS        -195 875      37 404

CHANGE IN RECEIVABLES        -308 371   1 478 435

CHANGE IN INVENTORIES          75 654     420 781

CHANGE IN LIABILITIES        -174 387    -610 957

INTERESTS PAID               -334 354    -503 403

TOTAL CASH FLOW FROM 

OPERATING ACTIVITIES        1 967 779   3 037 064



                                                     

CASH FLOW FROM INVESTING 

ACTIVITIES                  

PROCEEDS FROM SALES 

OF SHARES                           0     363 863

PROCEEDS FROM  SALES 

OF PROPERTY,PLANT AND EQUIPM. 433 749     102 879

PROPERTY, PLANT AND 

EQUIPMENT ACQUIRED         -1 092 746  -1 365 267

INTANGIBLE ASSETS ACQUIRED    -19 173           0

FIXED ASSETS ACQUIRED 

WITH LEASE                          0      60 509

CASH FLOW FROM SUBSIDIARIES         0     463 061

CHANGE IN LOANS GIVEN               0      23 954

INTEREST RECEIVED              10 018      15 783

TOTAL CASH FLOW FROM 

INVESTING ACTIVITIES         -668 152    -335 218

                                                     

CASH FLOW FROM FINANCING 

ACTIVITIES                  

LOAN REPAYMENTS              -766 938  -6 148 285

LONG-TERM LOANS RECEIVED            0   3 834 689

LEASE PAYMENTS                -43 585    -176 046

OTHER FINANCING 

INCOME/EXPENSES               -42 866      13 783

                                      

TOTAL CASH FLOW FROM 

FINANCING ACTIVITIES         -853 389  -2 475 859



                                                     

CHANGE IN CASH AND 

CASH EQUIVALENTS              446 237     225 987

                                                     

CASH AND CASH EQUIVALENTS 

AT THE BEGINNING OF THE YEAR  449 552     172 288



CHANGE                        446 237     225 987

CHANGE IN FOREIGN CURRENCY 

EXCHANGE RATE                     644      51 277



CASH AND CASH EQUIVALENTS 

AT THE END OF THE YEAR        896 433     449 552





Ruth Roht

PR Manager

+372 6 283 858