Estonian Telecom Limited

CASH FLOW STATEMENT

01.01-30.06.99

 

consolidated, IAS

unaudited

EEK thous.

                                                            G R 0 U P                      AS EESTI TELEKOM

 

                                                                6M 99          6M 98          6M 99          6M 98

Cash flow from operating activities

Profit before tax and minority interest                       417,133        407,710        265,390        178,472

Depreciation and amortisation                                 431,483        295,809            315            188

Profit/loss from sales and write-off of                           607            422             -3              0

fixed assets

Profit from sales of shares                                         0         -5,805              0         -5,805

Income from subsidiaries and                                     -437              0       -277,828       -178,459

associated companies

Interest income calculated                                     -8,588         -8,315        -13,052        -10,861

Interests received                                             12,729         10,518         24,787         20,818

Interest expense calculated                                    21,591         25,704              0              0

Interests paid                                                -21,030        -25,229              0              0

Income tax paid                                              -114,224       -115,701              0         -1,983

Other non-cash adjustments                                      3,765         -2,143              0              0

Change in working capital

Change in current receivables                                -111,410        -71,381           -545            -36

Change in inventories                                         -27,722        -40,061            -21             -8

Change in current liabilities (except bank loans)              39,980         45,277         -5,452          2,314

Net cash flow from operating activities                       643,877        516,805         -6,409          4,640

 

Cash flow from investing activities

Proceeds from sales of property, plant and equipment              615            679              0              0

Proceeds from sales of short-term investments                  13,671         23,510          9,000         23,510

Dividends received                                                  0          4,231        119,850        147,173

Cash receipts from loan repayment                                  77            428              0            315

Purchase of property, plant and equipment                    -391,783       -399,058         -1,963           -349

Acquisition of Esmofon Ltd., net of cash acquired                   0        -18,594              0              0

Purchase of shares                                               -120              0           -120              0

Purchase of short-term investments                            -63,214              0        -63,214              0

Purchase of licenses                                           -9,514         -2,538              0              0

Net cash flow from investing activities                      -450,268       -391,342         63,553        170,649

 

Cash flow from financing activities

Repayment of nonconvertable long-term debt                     -4,357         -4,108              0              0

Proceeds from non-current borrowings                                0        100,000              0              0

Repayment of long-term borrowings                             -46,745        -20,292              0              0

Proceeds from short-term borrowings                            56,000        232,150              0              0

Repayment of short-term borrowings                                  0       -120,000              0              0

Payment of finance lease liabilities                           -2,155         -4,768              0              0

Dividends paid to minority shareholders                      -115,150       -137,408              0              0

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

Minority's contribution into share capital                          0            320              0              0

Net cash flow from financing activities                      -175,164        -11,432        -62,757        -57,326

 

Net increase / - decrease in cash and cash  equivalent         18,445        114,031         -5,613        117,963

 

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

Cash and cash equivalents at 30.06                            290,467        335,855        112,631        159,643