TALLINNA KAUBAMAJA

CASH FLOW STATEMENT



CASH FLOW STATEMENT, Q1 2001



Consolidated, unaudited

in EEK thousand

                                             Q1 2001   Q1 2000

Operating activities

Net profit                                    -5,852     7,217

Depreciation of fixed assets                  12,576     8,810

Profit/loss from sale and liquidation

of fixed assets                                    0       -36

Effect of equity method                           73        78

Sale of long-term financial assets

and value adjustments                              0    -1,548

Minority interest profit/loss                   -109      -193

Interest expense                               3,576     2,753

Interest income                                 -149      -101

Adjustments to changes in receivables

and inventories                              -13,710   -28,268

Adjustments to changes in liabilities        -11,556   -14,487

Net cash from operating activities           -15,150   -28,230



Investing activities

Other loans granted                                0    -3,024

Repayment of other borrowings                 18,300         0

Purchase and renovation of tangible

fixed assets (except finance lease)          -34,062   -32,715

Proceeds from sale of fixed assets                10        87

Interest income                                  149        50

Net cash used in investing activities        -15,603   -35,602



Financing activities

Change in credit line balance                 17,973    21,261

Proceeds from borrowings                      24,600    47,500

Repayment of borrowings                      -30,870   -10,370

Finance lease payments                        -1,059    -1,043

Interest paid                                 -3,852    -2,233

Net cash used in financing activities          6,791    57,346



Total cash flow                              -23,961    -6,486



Cash and cash equivalents

at the beginning of period                    29,701    27,310

Cash and cash equivalents

at the end of period                           5,740    20,824

Change in cash and cash equivalents          -23,961    -6,486





Toomas Tamsar

Management Board chairman

+372 6 400 200