AS EESTI TELEKOM

CASH FLOW STATEMENT

01.01-31.03.99

 

IAS, consolidated, unaudited

EEK thous.

                                                               Group                   Estonian Mobile Telephone Co.

 

                                                               3M 99         3M 98         3M 99         3M 98

Cash flow from operating activities

Profit before income tax                                      128,200       111,123       127,748       110,703

Depreciation                                                   53,220        36,342        51,888        35,792

Profit (-) from sales and write-off of fixed                       -5             0             0             0

assets

Profit (-) from affiliated companies under the                      0             0          -266          -873

equity method

Income tax paid                                               -20,319        -9,508       -19,937        -9,508

Interest income                                                -1,361        -1,780        -1,283        -1,739

Interest expense                                                  130           752           119           752

Change in short-term receivables                                8,194        -8,503         1,779       -12,694

Change in inventories                                             635        -2,554         1,535        -1,321

Change in current liabilities (excl. bank loans)              -19,484       -10,788       -17,094        -7,816

Foreign exchange gains and other non-cash                           8             0             0             0

adjustments

Total cash flow from operating activities                     149,219       115,084       144,488       113,297

 

Cash flow from investing activities

Proceeds from sale financial investments                           32           119            32           119

Proceeds from sale of fixed assets

Interest received                                               1,351         1,780         1,283         1,739

Purchase of a subsidiary                                            0       -15,075             0       -17,500

Capital expenditure                                           -54,721       -64,268       -53,201       -63,793

Total cash flow from investing activities                     -53,338       -77,443       -51,886       -79,434

 

Cash flow from financing activities

Interest paid                                                     -84          -752           -84          -752

Repayment of  borrowings                                         -907        -3,836          -907        -3,836

Total cash flow from financing activities                        -991        -4,587          -991        -4,587

 

Net change in cash                                             94,890        33,054        91,611        29,275

 

Cash and equivalents at the beginning of the                   86,957       121,725        79,895       121,543

period

Cash and equivalents at the end of the period                 181,847       154,779       171,507       150,818