2001.04.24, Trigon Property Development, TLN

VIISNURK

CASH FLOW STATEMENT



STATEMENT OF CASH FLOWS 01.01-31.03.2001



unaudited

In thousands of kroons                             1st Q 2001   1st Q 2000



OPERATING ACTIVITIES

Profit before income tax                                8 567        5 942

   Adjustments for:

   Accumulated depreciation for the period              5 136        2 888

   Gain on sale of shares                                             (185)

   Gains and losses on sale of non-current assets        (137)          21

   Interest expense                                       781          669

Operating profit before changes in working capita      14 347        9 335

   Change in current assets                            12 753       (7 405)

   Change in current liabilities                      (14 538)        (925)

Cash generated from operations                         12 562        1 005

   Interest paid                                       (2 377)        (631)



NET CASH FROM OPERATING ACTIVITIES                     10 185          374



INVESTING ACTIVITIES

   Acquisition of non-current assets                  (12 647)      (6 609)

   Sale of non-current assets                             186          115

   Acquisition of shares and other securities                         (819)

   Sale of shares and other securities                                 519



NET CASH USED IN INVESTING ACTIVITIES                 (12 461)      (6 795)



FINANCING ACTIVITIES

   Proceeds from borrowing                              5 000

   Repayment of loans                                  (5 762)        (578)

   Settlement of finance lease liabilities               (180)        (158)

   Change in the overdraft balance                       (606)       8 646



NET CASH FROM/USED IN FINANCING ACTIVITIES             (1 548)       7 910



NET CHANGE IN CASH                                     (3 824)       1 489

CASH AT BEGINNING OF PERIOD                             4 908        2 946

CASH AT END OF PERIOD                                   1 084        4 435





Andrus Aljas

CFO

+372 44 78355