ESTIKO

CASH FLOW STATEMENT



CONSOLIDATED CASH FLOW STATEMENT, H1 2001



Unaudited

in thousand EEK



                                                       H1 2001    H1 2000

Operating activities

PROCEEDS                                               103,206     95,897

Proceeds from customers                                102,938     90,626

Other                                                      268      5,271

PAYMENTS                                                86,895     77,128

Payments to suppliers                                   69,638     62,496

Tax payments                                             7,629      6,348

Payments of wages and salaries                           8,583      7,254

Payments to other accrued expenses                         927        861

Other payments                                             119        169

Net cash flow from operating activities                 16,311     18,769



Investing activities

PROCEEDS                                                15,209      6,274

Proceeds from sale of fixed assets                      15,209      4,774

Proceeds from prepayments for fixed assets                   0      1,500

PAYMENTS                                                17,688      2,175

Paid at purchase of tangible assets                     17,688      2,130

Paid at purchase of financial assets                         0         45

Net cash used in investing activities                   -2,479      4,100



Financing activities

Credit line                                                778     -2,964

PROCEEDS                                                 9,307         33

Proceeds from interest on borrowings                        30         33

Proceeds from borrowings                                 9,276          0

PAYMENTS                                                19,725     17,682

Repayment of borrowings                                  7,228     12,278

Repayment of non-convertible  borrowings                 3,945        319

Finance lease payments                                   2,842        690

Interest payments                                        4,461      4,192

Other financial expenses                                   403        141

Owners' equity - Acquisition of treasury share             549         17

Other payments                                             297         43

Net cash used in financing activities                   -9,640    -20,612



Net cash flow                                            4,193      2,257



Cash at beginning of period                                588      1,050

Cash at end of period                                    4,781      3,307





Ellen Tohvri

Management Board chairperson

+372 737 1000