AS PENNU COMPUTER TECHNOLOGY GROUP

CASH FLOW STATEMENT

01.07-31.03.99

 

Financial year:  01.07-30.06

unconsolidated, unaudited

in thousand EEK                                           parent               parent

                                                  1998/99 9 months      1997/98 9 months

 

 

Cash flows from operating activities during the period

 

Sources

     Net profit                                          -33,964               7,234

     Depreciation                                            610                 552

     Total                                               -33,354               7,786

 

Cash used

     Accounts receivable                                   6,685              -7,243

     Other receivables                                      -897               5,436

     Accrued income                                          -97              -1,141

     Prepaid/refundable tax receivables                    1,373              -3,264

     Other prepaid expenses                                 -199                -147

     Inventories                                           9,818              -6,151

     Prepayments to suppliers                               -426                 351

     Net change in current assets (except 

     cash and bank)                                       16,258             -12,160

 

     Debentures (except bank loans)                          -41                 -71

     Customer prepayments                                      4                  10

     Accounts payable                                     -3,359               2,505

     Payables to subsidiaries                             -6,342              15,552

     Tax liabilities                                          77               1,459

     Accrued expenses                                       -648                 944

     Other prepaid revenue  

     Non-convertible long-term borrowings                    152                   0

     Deferred income tax                                       0                   0

Net change in current liabilities

     (except bank loan) and long-term 

     non-convertible borrowings                          -10,157              20,400

 

Net change in cash flow after operating activities       -27,253              16,026

 

Cash flows from investing activities during the period

 

Sources

     Marketable securities                                     0               1,415

     Net cash sources                                          0               1,415

 

 

Cash used

     Stock and shares in subsidiaries                     13,840             -11,085

     Stock and shares in affiliated companies              1,702                -424

     Acquisition of non-current assets                      -167                  96

     Net cash used                                        15,375             -11,413

 

Net change in cash flow after investing activities       -11,878               6,028

 

Cash flows from financing activities during the period

 

Sources

     Current period long-term debt repayment              -5,260                   0

     Long-term bank loans                                 -2,077              12,000

     Short-term loans (except from credit institutions)    5,000

     Short-term loans from credit institutions               992              -4,482

     Net cash sources                                     -1,345               7,518

 

Cash used

     Long-term receivables from subsidiaries              14,986             -11,910

     Other long-term receivables                          -2,300                   0

     Dividend payments                                                        -1,600

     Net cash used                                        12,685             -13,510

 

Net change in cash flow after financing activities          -538                  35

 

Check: change in net cash on balance sheet                  -538                  35