EESTI TELEKOM

CASH FLOW STATEMENT



EESTI TELEKOM, CONSOLIDATED CASH FLOW STATEMENT



AS EESTI TELEKOM AND SUBSIDIARY COMPANIES

CASH FLOW STATEMENT (unaudited)



In thousand of Estonian kroons

                                 3 mths to  3 mths to

                               31 March 01 31 March 00

Cash flow from operating                    

activities

Profit before tax and minority     275,668    247,045

interest

Adjustments for:                            

  Depreciation                     260,534    247,362

  Profit/Loss from sales and          -271       -486

  write-off of fixed assets

  Income/ expense from                 392        103

  subsidiaries and associated

  companies

  Interests income/ expense         -1,624      1,971

  net

  Other non-cash adjustments           699      1,221

Operating profit before working    535,398    497,216

capital changes

                                            

  Change in current                -28,293     -1,491

  receivables

  Change in inventories            -47,517     18,490

  Change in current               -167,439     15,136

  liabilities (except loans)

Adjusted cash generated from       292,149    529,351

operations

                                            

  Interest paid                     -5,659     -8,310

Net cash flow from operating       286,490    521,041

activities

                                            

Cash flow from investing                    

activities

Purchase of property, plant and   -169,706   -203,186

equipment

Purchase of licenses                -4,026       -815

Purchase of shares, investments    -20,861    -40,000

and other

Proceeds from sales of               2,405      2,175

property, plant and equipment

Proceeds from sales of                   0         10

investments

Loans granted                         -106        -50

Cash receipts from repayment of         16          0

loans

Cash receipts from settlement            0         85

of long-term receivables

Interest received                    2,953      3,326

Net cash flow from investing      -189,325   -238,455

activities

                                            

Cash flow from financing                    

activities

Proceeds from convertible long-        438 

term debt

Repayment of convertible long-          -8 

term debt

Repayment of nonconvertible         -1,692     -1,722

long-term debt

Repayment of long-term             -15,940   -118,440

borrowings

Payment of finance lease            -8,276       -282

liabilities

Dividends paid to minority                       -208

shareholders

Net cash flow from financing       -25,478   -120,652

activities

                                            

Net increase / - decrease in        71,687    161,934

cash and cash  equivalents

                                            

Cash  and cash equivalents at      609,743    485,318

beginning of year

Cash and cash equivalents at       681,430    647,252

end of period





Hille Võrk

Financial manager

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