ESTONIAN MOBILE TELEPHONE COMPANY

CASH FLOW STATEMENT

01.01-30.06.99

 

 

consolidated, IAS

unaudited

EEK thous.

                                                                              Group                AS Eesti Mobiiltelefon

 

                                                                        6 M 99         6 M 98        6 M 99        6 M 98

Cash flow from operating activities

Profit before income tax                                               282,133        234,388       280,771       233,629

Depreciation                                                           108,602         77,675       107,551        77,075

Profit (-) from sales and write-off of fixed assets                         28             -5             0             0

Profit (-) from affiliated companies                                         0              0        -3,552        -2,673

under the equity method

Income tax paid                                                        -95,534        -74,621       -92,501       -73,110

Interest income                                                         -2,162         -3,471        -2,043        -3,400

Interest expense                                                           584          3,009           567         3,009

Change in short-term receivables                                       -17,532        -25,283       -10,826       -30,323

Change in inventories                                                   -6,130        -22,989        -5,865       -20,824

Change in current liabilities (excl. bank loans)                        -5,255         30,327       -14,276        33,505

Foreign exchange gains and other non-cash adjustments                      -11            -55           -11           -55

Net cash flow from operating activities                                264,722        218,976       259,815       216,833

 

Cash flow from investing activities

Proceeds from sale financial investments                                    64             59            64            59

Proceeds from sale of fixed assets                                          22             21             0             0

Interest received                                                        2,146          3,472         2,043         3,400

Purchase of a subsidiary                                                     0        -22,755             0       -25,500

Capital expenditure                                                   -102,713       -156,695      -100,526      -154,787

Net cash flow from investing activities                               -100,480       -175,898       -98,419      -176,828

 

Cash flow from financing activities

Proceeds from short-term borrowings                                     56,000        232,150        56,000       232,000

Repayment of short-term borrowings                                                   -120,000                    -120,000

Interest paid                                                             -189         -2,682          -189        -2,682

Repayment of  borrowings                                                -2,085         -4,735        -2,085        -4,735

Dividends paid                                                        -185,000       -172,000      -185,000      -172,000

Dividends received                                                                                    3,462

Net cash flow from financing activities                               -131,275        -67,266      -127,813       -67,416

 

Net increase/ - decrease in cash and cash equivalents                   32,967        -24,188        33,583       -27,411

 

Cash  and cash equivalents at 01.01                                     86,957        121,725        79,895       121,543

 

Cash  and cash equivalents at 30.06                                    119,924         97,538       113,479        94,131