TALLINNA KAUBAMAJA

CASH FLOW STATEMENT



CONSOLIDATED CASH FLOW STATEMENT, H1 2001



Unaudited

in EEK thousand

                                               H1 2001    H1 2000

Operating activities

Net profit                                       4,459     16,601

Depreciation of fixed assets                    25,664     23,258

Profit/loss from sale and liquidation

of fixed assets                                     -8       -200

Effect of equity method                             48        334

Sale of long-term financial assets

and value adjustments                                0     -1,602

Minority interest profit/loss                        0       -536

Interest expense                                 7,147      6,124

Interest income                                   -243       -494

Adjustments to changes in receivables

and inventories                                -15,819    -28,268

Adjustments to changes in liabilities          -13,711    -39,054

Net cash from operating activities               7,536    -23,837



Investing activities

Sale of short-term financial assets                  0      2,482

Loans to associated companies                        0       -400

Acquisition of holding in subsidiaries          -6,000          0

Repayment of other borrowings                   18,300     -7,409

Purchase and renovation of tangible

fixed assets (except finance lease)            -49,909    -58,621

Proceeds from sale of fixed assets                  19        332

Interest income                                    415         54

Net cash used in investing activities          -37,174    -65,644



Financing activities

Change in credit line balance                        0      9,576

Proceeds from borrowings                        81,408    132,514

Repayment of borrowings                        -42,372    -39,642

Dividends paid                                 -10,182     -6,788

Finance lease payments                          -2,137     -2,103

Interest paid                                   -7,010      5,125

Net cash used in financing activities           19,705     98,682



Total cash flow                                 -9,933      9,201



Cash and cash equivalents

at the beginning of period                      29,701     27,310

Cash and cash equivalents

at the end of period                            19,768     36,511

Change in cash and cash equivalents             -9,933      9,201





Katrin Mühls

CFO

+372 6 673 373