ESTONIAN TELECOM

CASH FLOW STATEMENT

01.01-30.09.99

 

EEK thous.

                                                             G R O U P                    ESTONIAN TELECOM

                                                                9 mths         9 mths         9 mths         9 mths

                                                         to 30 Sept 99  to 30 Sept 98  to 30 Sept 99  to 30 Sept 98

Cash flow from operating activities

Profit before tax and minority interest                        684,959        597,507        491,919        258,238

Depreciation and amortisation                                  658,120        509,605            510            285

Expenses related to pension fund                                13,756

Profit/loss from sales and write-off of fixed assets               237            400             -3

Profit from sales of shares                                       -273         -6,117           -273         -7,198

Income from subsidiaries and associated companies                 -382                      -505,003       -265,036

Interest income calculated                                     -11,318        -13,465        -18,860        -17,837

Interests received                                              14,260         13,011         25,508         21,265

Interest expense calculated                                     28,316         39,085

Interests paid                                                 -32,735        -41,238

Income tax paid                                               -138,456       -134,432         17,000        -22,125

Other non-cash adjustments                                       4,533          2,873

Change in working capital

Change in current receivables                                 -142,047        -80,677         -5,543            -65

Change in inventories                                          -15,071          4,050            -19            -18

Change in current liabilities (except bank loans)               80,603         81,352         -5,317          2,086

Net cash flow from operating activities                      1,144,502        971,954            -81        -30,405

 

Cash flow from investing activities

Proceeds from sales of property, plant and equipment             1,929          1,562             48

Proceeds from sales of short-term investments                   18,671         24,529         14,000         25,610

Dividends received                                                              4,231        150,198        147,173

Cash receipts from loan repayment                                  174            538                           315

Purchase of property, plant and equipment                     -701,948       -759,181         -2,502           -501

Acquisition of Esmofon Ltd., net of cash acquired                             -18,594

Purchase of shares                                                -840                          -840

Purchase of short-term investments                             -63,214         -9,533        -63,214

Purchase of licenses                                           -13,170         -7,670

Net cash flow from investing activities                       -758,398       -764,118         97,690        172,597

 

Cash flow from financing activities

Repayment of nonconvertable long-term debt                      -5,860         -6,296

Proceeds from non-current borrowings                                          100,000

Repayment of long-term borrowings                              -82,684        -38,764

Proceeds from short-term borrowings, net                        64,000        232,000

Repayment of short-term borrowings                                           -184,000

Payment of finance lease liabilities                            -3,627         -8,905

Dividends paid to minority shareholders                       -144,307       -137,408

Dividends paid                                                 -62,757        -57,326        -62,757        -57,326

Minority's contribution into share capital                                        320

Net cash flow from financing activities                       -235,235       -100,379        -62,757        -57,326

 

Net increase / - decrease in cash and cash  equivalents        150,869        107,457         34,852         84,866

 

Cash  and cash equivalents at 01.01                            272,022        221,824        118,244         41,680

Cash and cash equivalents at 30.09                             422,891        329,281        153,096        126,546