HÜVITUSFOND

CASH FLOW STATEMENT

01.01-30.06.98

 

Audited, 

in thousand EEK                                                 

                                                                     

                                              1998 I half  1997 I half

Cash flow from operating activities                                              

Cash generated from operations		         -184,442     132,241

             		      Corrections:                                   

Allowance for doubtful accounts                    22,992      10,980

Unrealized loss from current investments          193,967       1,758

Accumulated depreciation                              863       3,467

Profit/loss from application of equity method      14,823       1,161

Accounting interest income                        -75,914    -125,112

Accounting interest expenses                       32,346      61,757

Profit/loss from sale of non-current assets            17         171

                                                                     

Acquisition of marketable securities             -193,465  -1,361,629

Disposal of marketable securities                 178,463   1,096,522

Interests paid                                    -13,350     -28,550

Interests paid to bondholders                     -23,019     -28,938

Interests received                                 71,897     122,136

Change in prepaid expenses	                   10,558     -10,742

Change in other receivables                       -51,497    -246,089

Change in other liabilities                        -3,390       4,309

Change in supplier payables                        -1,687       2,306

Total cash flows from operating activities        -20,838    -364,252

                                                                     

Cash flows from investing activities

Acquisition of non-current assets                    -874      -1,278

Disposal of non-current assets                         26         511

Acquisition of shares in associated companies     -16,660     -33,491

Disposal of shares in associated companies          4 743           0

Change in other non-current investments           -28,768    -114,093

Dividends received                                  5,717       1,285

Total cash flows from investing activities        -35,816    -147,066

                                                                     

Cash flows from financing activities                              

Proceeds from long-term borrowings                631,302   1,212,937

Repayment of long-term borrowings                -721,211    -917,802

Revenues from privatization                        72,135     268,889

Total cash flows from financing activities        -17,773     564,024

                                                                     

Total cash flows                                  -74,427      52,706

Cash and cash equivalents at beginning of period  117,547      64,841

Cash and cash equivalents at the end of period     43,120     117,547

Change in cash and cash equivalents               -74,427      52,706