TALLINNA KAUBAMAJA

CASH FLOW STATEMENT



CONSOLIDATED CASH FLOW STATEMENT 01.01.-30.09.00



Unaudited

in EEK thousand

                                               9m 2000      1999



Operating activities

Net profit                                      25,541    34,305

Depreciation of fixed assets                    33,141    38,118

Profit/loss from sale and liquidation

of fixed assets                                   -251     1,148

Effect of equity method                            596     1,397

Sale of long-term financial assets

and value adjustments                           -1,602    -3,014

Exchange differences in borrowings                   0       -57

Adjustments to changes in receivables

and inventories                                -68,843     1,484

Adjustments to changes in liabilities           19,991     2,538

Net cash from operating activities               8,571    75,918

Investing activities

Sale of short-term financial assets              2,482         0

Loans to associated companies                     -675         0

Other loans granted                            -17,090    -3,993

Purchase and renovation of tangible

fixed assets (except finance lease)            -82,528   -14,903

Proceeds from sale of fixed assets                 459       806

Dividend income                                     54         0

Net cash used in investing activities          -97,298   -18,090

Financing activities

Proceeds from borrowings                       141,814    28,000

Repayment of borrowings                        -59,611   -64,677

Finance lease payments                          -3,115    -6,400

Dividends paid                                  -6,788   -10,182

Interest paid                                      713       704

Net cash used in financing activities           73,013   -53,259

Total cash flow                                -15,713     4,569

Exchange differences                                 0         4

Cash and bank at 01.01.                         27,310    22,737

Cash and bank at 30.09.                         11,597    27,310

Change:                                        -15,713     4,573





Urmo Vallner

Management Board member

+372 64 00 200