AS  EESTI TELEKOM

CASH FLOW STATEMENT

01.01-31.12.98

IAS

 

EEK thous.

                                                       G R O U P              ESTONIAN TELECOM

 

                                                              1998        1997        1998        1997

Cash flow from operating activities

Profit before tax and minority interest                    746,842     576,919     319,930     226,135

Depreciation and amortisation                              720,516     482,386         383         350

Profit from sales of fixed assets                            3,459      -3,566           6           0

Profit from sales of investments                            -6,117           0      -7,198           0

Income from subsidiaries and associated companies             -448           0    -332,400    -213,272

Loss from value adjustments of shares                            0         182           0         182

Interest income calculated                                 -19,619      -6,421     -24,834     -17,948

Interests received                                          16,607       4,445      21,816      15,842

Interest expense calculated                                 55,710      48,014           0           0

Interests paid                                             -52,635     -52,013           0           0

Income tax paid                                           -152,283     -55,594     -22,125      -4,026

Other non-cash adjustments                                  -4,997      -3,106         -60      -4,371

Change in working capital

    Change in current receivables                         -127,705     -23,730         -10         979

    Change in inventories                                      293     -38,668         231        -229

    Change in current liabilities (except bank loans)      155,226      55,313       5,570       1,005

Total cash flow from operating activities                1,334,849     984,161     -38,691       4,647

 

Cash flow from investing activities

Proceeds from sales of property, plant and equipment         4,536      20,841           0           0

Proceeds from sales of investments                          23,822           0      25,610           0

Dividends received                                           4,291           0     147,233      49,772

Cash receipts from loan repayment                              436         423         315         315

Purchase of property, plant and equipment               -1,008,125    -897,453        -578        -200

Acquisition of Esmofon Ltd., net of cash acquired          -18,594           0           0           0

Purchase of investment                                           0         -23           0         -23

Purchase of licenses                                       -20,097     -30,556           0           0

Total cash flow from investing activities               -1,013,731    -906,768     172,580      49,864

 

Cash flow from financing activities

Proceeds from issued debentures                                  0     158,373           0           0

Repayment of debentures                                          0    -207,358           0           0

Repayment of nonconvertable long-term debt                  -8,382     -48,058           0           0

Proceeds from long-term borrowings                         100,000     390,000           0           0

Repayment of long-term borrowings                         -114,695    -150,906           0           0

Payment of finance lease liabilities                        -5,430     -14,762           0           0

Proceeds from short-term borrowings (net)                  -48,000      36,451           0           0

Proceeds from issuance of share capital                          1           0           1           0

Minority contribution for shares                               320           0           0           0

Dividends paid                                             -57,326     -15,287     -57,326     -15,287

Dividends paid to minority shareholders                   -137,408     -46,897           0           0

Total cash flow from financing activities                 -270,920     101,556     -57,325     -15,287

 

Net increase / - decrease in cash and cash  equivalents     50,198     178,949      76,564      39,224

 

Cash  and cash equivalents at beginning of year            221,824      42,875      41,680       2,456

Cash and cash equivalents at end of year                   272,022     221,824     118,244      41,680