TALLINNA KAUBAMAJA

CASH FLOW STATEMENT



CONSOLIDATED, AUDITED CASH FLOW STATEMENT, 2000



Consolidated/Audited

in EEK thousand

                                                  2000               1999

                                              Group    Parent    Group   Parent

Operating activities

Net profit                                   60,389    60,389   34,305   34,305

Minority interest                             2,131         0      910        0

Interest expense                             13,004     5,076   16,084   10,400

Interest income                              -1,086    -2,088     -769   -1,079

Depreciation of fixed assets                 39,739    18,320   38,118   22,386

Profit/loss from sale and liquidation

of fixed assets                                -271      -202    1,148      449

Effect of equity method                         723   -34,712    1,397  -22,530

Sale of long-term financial assets

and value adjustments                        -1,459    -1,459   -3,014   -3,014

Income tax paid                              -3,307    -2,642  -10,081   -8,196

Adjustments to changes in receivables

and inventories                             -67,962    -8,649    1,475  -20,207

Adjustments to changes in liabilities        21,243   -24,772   10,873   29,677

Net cash from operating activities           63,144     9,260   90,445   42,190



Investing activities

Acquisition of shares                             0         0        0  -15,500

Sale of short-term financial assets           2,536     2,536        0        0

Loans to associated companies                  -835      -835        0        0

Other loans granted                         -17,090   -17,090   -3,993   -3,993

Purchase and renovation of tangible              t

fixed assets (except finance lease)         -90,739   -15,825  -14,903   -2,248

Interest income                                 923     1,925      778    1,070

Proceeds from sale of fixed assets            1,032       310      806      258

Net cash used in investing activities      -104,173   -28,979  -17,312  -20,412



Financing activities

Proceeds from borrowings                    167,230   119,500   28,000   28,000

Repayment of borrowings                     -99,120   -75,132  -64,677  -39,343

Finance lease payments                       -4,584      -389   -6,400     -541

Dividends paid                               -6,788    -6,788  -10,182  -10,182

Interest paid                               -13,318    -5,471  -15,300  -10,301

Net cash used in financing activities        43,420    31,720  -68,559  -32,357



Total cash flow                               2,391    12,001    4,573  -10,589



Cash and cash equivalents

at the beginning of period                   27,310     7,250   22,737   17,839

Cash and cash equivalents

at the end of period                         29,701    19,251   27,310    7,250

Change in cash and cash equivalents           2,391    12,001    4,573  -10,589





Urmo Vallner

Management Board member

+372 64 00 200