23.07.2001, Trigon Property Development, TLN

VIISNURK

CASH FLOW STATEMENT



STATEMENT OF CASH FLOWS 01.01-30.06.01



In thousands of kroons                            I HY 2001  I HY 2000



OPERATING ACTIVITIES

Profit before income tax                             18 512     13 702

  Adjustments for:

  Accumulated depreciation for the period            10 756      5 908

  Gain on sale of shares                                          (310)

  Gains and losses on sale of non-current assets       (191)        65

  Interest expense                                    3 350      1 428

Operating profit before changes in working capita    32 427     20 793

  Change in current assets                          (13 649)   (27 956)

  Change in current liabilities                     (12 320)     1 327

Cash generated from operations                        6 458     (5 836)

  Interest paid                                      (3 167)    (1 435)



NET CASH FROM OPERATING ACTIVITIES                    3 291     (7 271)



INVESTING ACTIVITIES

  Acquisition of non-current assets                 (20 884)   (20 708)

  Sale of non-current assets                            490        116

  Acquisition of shares and other securities                      (819)

  Sale of shares and other securities                            1 350



NET CASH USED IN INVESTING ACTIVITIES               (20 394)   (20 061)



FINANCING ACTIVITIES

  Proceeds from borrowing                             5 000

  Repayment of loans                                 (5 680)      (578)

  Settlement of finance lease liabilities              (632)      (320)

  Change in the overdraft balance                    14 661

  Võlakirjade emiteerimine                                      31 293



NET CASH FROM/USED IN FINANCING ACTIVITIES           13 349     30 395



NET CHANGE IN CASH                                   (3 754)     3 063

CASH AT BEGINNING OF PERIOD                           4 908      2 946

CASH AT END OF PERIOD                                 1 154      6 009





Andrus Aljas

CFO

+372 44 78 355