EESTI TELEKOM

CASH FLOW STATEMENT



CONSOLIDATED CASH FLOW STATEMENT 2001, EUR



AS EESTI TELEKOM AND SUBSIDIARY COMPANIES

In thousand of euros (EUR)

unaudited

                                    12 mths   12 mths

                                       2001      2000

Cash flow from operating                     

activities

Profit before tax and minority       52,307    70,084

interest

Adjustments for:                             

  Depreciation                       72,965    61,950

  Profit/loss from sales and             94      -237

write-off of fixed assets

  Profit/loss from sale of                0         0

investments

  Income/ expense from               -1,715        20

subsidiaries and associates

  Profit/loss from value                  0         0

adjustment of shares

  Interests income/ expense, net       -196        18

  Other non-cash adjustments            -18       -43

Operating profit before working     123,437   131,792

capital changes

                                             

  Change in current receivables      -3,634       -21

  Change in inventories               2,523      -484

  Change in current liabilities     -10,323    12,153

(except loans)

Adjusted cash generated from        112,003   143,440

operations

                                             

  Interest paid                      -1,016    -1,420

  Income tax paid                         0    -3,241

Net cash flow from operating        110,987   138,779

activities

                                             

Cash flow from investing                     

activities

Purchase of tangible assets         -58,335   -77,138

Purchase of licenses                 -2,296    -2,035

Purchase of shares, investments      -8,474    -8,784

and other

Proceeds from sales of tangible         730       683

assets

Proceeds from sales of                3,196     6,381

investments

Proceeds from sales of associates     2,780         0

Loans granted                          -307        -6

Cash receipts from repayment of           5        13

loans

Cash receipts from settlement of             

long-term receivables

Dividends received                       12         0

Interest received                     1,296     1,419

Net cash flow from investing        -61,393   -79,467

activities

                                             

Cash flow from financing                     

activities

Proceeds from convertible long-          28         0

term debt

Repayment of convertible long-           -1         0

term debt

Proceeds from nonconvertible long-        0     6,024

term debt

Repayment of nonconvertible long-    -6,724      -446

term debt

Proceeds from long-term                   0         0

borrowings

Repayment of long-term borrowings    -6,713   -21,410

Proceeds from finance lease               0         0

liabilities

Payment of finance lease             -1,063      -385

liabilities

Proceeds from short-term              5,000         0

borrowings

Repayment of short-term              -5,000         0

borrowings

Dividends paid                      -48,293   -35,122

Dividends paid to minority                0       -20

shareholders

Net cash flow from financing        -62,766   -51,359

activities

                                             

Net increase / - decrease in cash   -13,172     7,953

and cash  equivalents

                                             

Cash  and cash equivalents at        38,970    31,017

beginning of year

Cash and cash equivalents at end     25,798    38,970

of period





Hille Võrk

Financial Manager

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