AS EESTI TELEKOM

CASH FLOW STATEMENT

01.01-31.03.99

 

IAS, consolidated, unaudited

 

EEK thous.

 

                                                         G R O U P                   ESTONIAN TELECOM

 

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

Cash flow from operating activities

Profit before tax and minority interest                  175,939       187,949        63,768        81,391

Depreciation and amortisation                            213,215       144,164           133            94

Profit/loss from sales and write-off of                     -203           452             0             0

fixed assets

Income from subsidiaries and associated                     -146             0       -84,434       -81,745

companies

Interests received                                         5,654         2,889        19,196        15,630

Interest expense calculated                               12,000        12,615             0             0

Interests paid                                           -15,679       -12,943             0             0

Income tax paid                                          -19,937       -10,500             0          -992

Other non-cash adjustments                                 2,118         3,637             0             0

Change in working capital

Change in current receivables                            -85,970       -99,097          -499           -57

Change in inventories                                    -10,742       -17,837           -24           -45

Change in current liabilities                             62,037        72,405        -3,166          -512

(except bank loans)

Total cash flow from operating activities                338,286       283,734        -5,026        13,764

 

Cash flow from investing activities

Proceeds from sales of property, plant and                   418           379             0             0

equipment

Proceeds from sales of short-term                         11,671             0         7,000             0

investments

Dividends received                                             0         4,171             0         4,156

Cash receipts from loan repayment                             32           119             0             0

Purchase of property, plant and equipment               -189,727      -177,392        -1,384           -68

Acquisition of Esmofon Ltd., net of cash                       0       -13,594             0             0

acquired

Purchase of investment                                      -120             0          -120             0

Purchase of short-term investments                       -55,807             0       -55,807             0

Purchase of licenses                                      -1,054        -2,144             0             0

Total cash flow from investing activities               -234,587      -188,461       -50,311         4,088

 

Cash flow from financing activities

Repayment of nonconvertable long-term debt                -2,150        -2,065             0             0

Repayment of long-term borrowings                        -17,440        -5,000             0             0

Payment of finance lease liabilities                        -940        -3,836             0             0

Total cash flow from financing activities                -20,530       -10,901             0             0

 

Net increase / - decrease in cash and cash                83,169        84,372       -55,337        17,852

equivalents

Cash  and cash equivalents at beginning of               272,022       221,824       118,244        41,682

year

Cash and cash equivalents at end of year                 350,413       302,386        56,202        54,620