AS EESTI TELEKOM

CASH FLOW STATEMENT

01.01-31.03.99

 

IAS, consolidated, unaudited

EEK thous.

 

                                                                    Group                   Estonian Telephone Co.

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

Cash flow from operating activities

Profit before tax and minority interest                             68,263        77,137        67,860        76,575

Depreciation                                                       159,994       107,488       159,276       106,988

Profit from sales of fixed assets                                      -30          -179           -30          -179

Loss from sales and write-off of fixed assets                           93           631            93           631

Income from subsidiaries and associated companies                     -146                        -491          -471

Interest income calculated                                            -591          -960          -591          -960

Interests received                                                     588           960           588           960

Interest expense calculated                                         15,682        15,664        15,645        15,506

Interests paid                                                     -31,008       -26,919       -30,955       -26,761

Other non-cash adjustments                                           2,624           451         2,626           749

 

Change in working capital

    Change in current receivables                                  -76,817       -84,279       -75,726       -87,549

    Change in inventories                                          -11,070       -12,693       -11,070       -12,849

    Change in current liabilities                                   65,226        74,143        64,841        76,871

    (except bank loans)

Cash flow from operating activities                                192,808       151,444       192,066       149,511

 

Cash flow from investing activities

Proceeds from sales of property,                                       418           379           418           379

plant and equipment

Dividends received                                                                    15                          15

Purchase of property, plant and equipment                         -131,677      -108,061      -131,196      -108,044

Purchase of licenses                                                -1,054        -2,144        -1,054        -2,144

Total cash flow from investing activities                         -132,313      -109,811      -131,832      -109,794

 

Cash flow from financing activities

Repayment of nonconvertable long-term debt                          -2,150        -2,065        -2,150        -2,065

Overtaken loan from Estpak Data                                                                                4,500

Repayment of long-term borrowings                                  -17,440        -5,000       -15,940        -5,000

Payment of finance lease liabilities                                   -33                         -33

Total cash flow from financing activities                          -19,623        -7,065       -18,123        -2,565

 

Net increase / - decrease in cash and                               40,872        34,568        42,111        37,152

cash equivalents

 

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

the period

Cash and cash equivalents at end of the period                     112,364        92,987       108,621        89,129