ESTONIAN TELEPHONE COMPANY

CASH FLOW STATEMENT

01.01-30.06.99

 

consolidated, IAS

unaudited

EEK thous.

                                                                         Group                        AS Eesti Telefon

 

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

Cash flow from operating activities

Profit before tax and minority interest                                147,167        173,295        145,993        171,800

Depreciation                                                           322,830        218,032        321,574        217,016

Profit from sales of fixed assets                                         -134           -335           -134           -335

Loss from sales and write-off of fixed assets                              713            761            713            761

Dividends calculated                                                                      -75                           -75

Income from subsidiaries and associated companies                         -437                        -1,445         -1,239

Interest income calculated                                              -1,018         -1,627         -1,018         -1,627

Interests received                                                       1,209          1,627          1,209          1,627

Interest expense calculated                                             28,651         30,339         28,614         30,011

Interests paid                                                         -36,254        -37,946        -36,200        -37,614

Income tax paid                                                        -18,690        -39,098        -17,568        -39,098

Other non-cash adjustments                                               3,615            119          3,158            119

 

Change in working capital

    Change in current receivables                                     -106,331        -30,287       -105,091        -30,860

    Change in inventories                                              -21,561        -14,476        -21,561        -14,632

    Change in current liabilities (except bank loans)                   63,783         -3,450         65,828         -2,588

Net cash flow from operating activities                                383,543        296,879        384,072        293,266

 

Cash flow from investing activities

Proceeds from sales of property, plant and equipment                       593            658            593            658

Dividends received                                                                         75                            75

Receipts from long-term claims                                              77             54             77             54

Purchase of property, plant and equipment                             -287,107       -242,014       -286,196       -241,813

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

Net cash flow from investing activities                               -295,951       -243,765       -295,040       -243,564

 

Cash flow from financing activities

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

Proceeds from long-term borrowings                                                    100,000                       100,000

Overtaken loan from Estpak Data                                                                                       4,500

Repayment of long-term borrowings                                      -46,745        -20,292        -45,245        -18,792

Payment of finance lease liabilities                                       -70            -33            -70            -33

Dividends paid                                                         -50,000       -108,425        -50,000       -108,425

Net cash flow from financing activities                               -101,172        -32,858        -99,672        -26,858

 

Net increase / - decrease in cash and

cash  equivalents                                                      -13,580         20,256        -10,640         22,844

 

 

Cash  and cash equivalents at 01.01                                     71,492         58,419         66,510         51,977

Cash and cash equivalents at 30.06                                      57,912         78,675         55,870         74,821