SAKU ÕLLETEHAS

CASH FLOW STATEMENT



CONSOLIDATED CASH FLOW STATEMENT OF 2000



consolidated, audited

in kroons

                                   Group        Group        Parent       Parent

                                                            company      company

                                    2000         1999          2000         1999



Profit before taxes           74,209,835   76,029,104    74,209,835   75,914,870

                                        

Income tax                      -254,800  -15,019,840      -254,800  -15,019,830

Depreciation                  39,091,083   30,852,523    39,091,083   30,852,523

Sales and write-offs of           92,454      -86,112        92,454      -86,112

fixed assets

Expenses incurred from                                                   114,224

revaluation of shares of

Saku Keldri OÜ under the

equity method

           Total             113,138,572   91,775,675   113,138,572   91,775,675

                                                                   

Change in the value of         1,088,836   -3,090,911     1,088,836   -3,090,911

financial investment:

incl. Change in the value of   1,088,836   -5,021,073     1,088,836   -5,021,073

      the short-term financial

      investments

      Change in the value of                1,930,162                  1,930,162

      the long-term financial

      investments

Change in inventories        -26,819,703  - 4,777,437   -26,819,703   -5,047,567

Change in trade receivables   26,214,519   -1,575,599    26,206,720      -61,537

Change in current                585,091    2,965,592       596,600    3,248,839

liabilities

           Total               1,068,743   -6,478,355     1,072,453   -4,951,176

                                                                   

  Net cash from operating    114,207,315   85,297,320   114,211,025   86,824,499

         activities                                                





Investing activities                                                            

Acquisition of fixed assets  -74,982,822  -51,643,782   -74,982,822  -51,643,782

Cash from  sales of  fixed       490,422      652,100       490,422      652,100

assets

Acquisition of land             -366,823                   -366,823             

Acquisition of shares         -1,950,000                 -1,950,000             

Collection of long-term          151,513                    114,277             

receivables                             

Acquisition of debt           -8,600,000                 -8,600,000             

securities

Cash from liquidation of                                                 200,000

subsidiaries

Redemption of loans by            53,280      541,440        53,280      541,440

debtors

Net cash used in investing   -85,204,430  -50,450,242   -85,211,666  -50,250,242

activities                                                         





Financing activities                                                            

    Dividends paid           -40,000,000  -32,000,000   -40,000,000  -32,000,000

    Income tax  on            -4,624,848                 -4 624 848             

    dividends paid

    Finance lease payments    -1,936,695                 -1,936,695             

    incl. Finance lease          570,304                    570,304             

    interest

      TOTAL CASH FLOWS       -16,988,354    2,847,078   -16,991,880    4,574,257

                                                                                

Cash, opening balance         28,175,604   25,328,526    28,134,130   23,559,873

Cash, closing balance         11,187,250   28,175,604    11,142,250   28,134,130

     Net change in cash      -16,988,354    2,847,078   -16,991,880    4,574,257



No adjustments have been made to the cash flow statement of 1999.





Ruth Roht

Public Relations Manager

+372 6 508 303