AS PENNU COMPUTER TECHNOLOGY GROUP

CASH FLOW STATEMENT

01.07-31.03.99

 

Financial year:  01.07-30.06

consolidated, unaudited

in thousand EEK                                       group             group*

                                             1998/99 9 months 1997/98 9 months

 

 

 

Cash flows from operating activities during the period

 

Sources

     Net profit                                       -23,844            7,234

     Depreciation                                       1,424            2,570

     Total                                            -22,420            9,804

 

Cash used

     Accounts receivable                                4,101           -6,217

     Other receivables                                 18,385           -2,536

     Accrued income                                       341              302

     Prepaid/refundable tax receivables                 2,637           -8,321

     Other prepaid expenses                              -124             -445

     Inventories                                       10,414           -6,151

     Prepayments to suppliers                            -438              349

     Net change in current assets (except 

     cash and bank)                                    35,315          -23,020

 

     Debentures (except bank loans)                        15              -88

     Customer prepayments                                -122              140

     Accounts payable                                  -4,860           19,819

     Payables to subsidiaries

     Tax liabilities                                      452            2,026

     Accrued expenses                                  -1,268            1,419

     Other prepaid revenue                               -498                0

     Non-convertible long-term borrowings                 152             -148

     Deferred income tax                                  -10                0

     Net change in current liabilities

     (except bank loan) and long-term 

     non-convertible borrowings                        -6,140           23,168

 

Net change in cash flow after operating activities      6,756            9,952

 

Cash flows from investing activities during the period

 

Sources

     Marketable securities                                  0            1,415

     Net cash sources                                       0            1,415

 

 

Cash used

     Stock and shares in subsidiaries                                    6,121

     Stock and shares in affiliated companies           1,331             -674

     Acquisition of non-current assets                 59,084          -67,685

     Net cash used                                     60,415          -62,238

 

Net change in cash flow after investing activities     67,171          -50,871

 

Cash flows from financing activities during the period

 

Sources

     Minority interest                                 -6,226            4,000

     Current period long-term debt repayment           -9,815

     Long-term bank loans                             -38,521           53,000

     Short-term loans (except from credit institutions) 5,000              200

     Short-term loans from credit institutions        -16,688           21,518

     Net cash sources                                 -66,250           78,718

 

Cash used

     Long-term receivables from subsidiaries                            11,000

     Other long-term receivables                       -1,039          -35,296

     Dividend payments                                                  -1,600

     Net cash used                                     -1,039          -25,896

 

Net change in cash flow after financing activities       -119            1,950

 

Check: change in net cash on balance sheet               -119            1,950

 

*unconsolidated beginning balances are used to find the cash flows of 9 months 

of 1997/98 financial year