HÜVITUSFOND

CASH FLOW STATEMENT

01.01-31.12.98

 

Audited, 

in thousand EEK 

                                                           1998          1997

Cash flow from operating activities                                               

Cash generated from operations                         -370,012       132,241

                                                                             

 Corrections:

Allowance for doubtful accounts                         118,655        10,980

Value adjustments of short-term investments             181,096         3,467

Accumulated depreciation                                  2,036         1,758

Other write-offs and doubtful accounts                   10,546             0

Proceeds from disposal of shareholdings in subsidiaries

and associated companies                                 -2,702             0

Loss from equity method 		                 23,861         1,161

Accounting interest income                             -148,643      -125,112

Accounting interest expenses                             64,689        61,757

Profit/loss from sale of non-current assets                  30           171

                                                                             

Acquisition of marketable securities                   -311,585    -1,361,629

Disposal of marketable securities                       376,204     1,096,522

Interests paid                                          -23,316       -28,550

Interests paid to bondholders                           -44,959       -28,938

Interests received                                      145,498       122,136

Change in prepaid expenses	                         10,934        -9,457

Change in other receivables                             141,893      -246,089

Change in other liabilities                               1,105         4,309

Change in supplier payables                              -1,884         2,306

Total cash flows from operating activities              173,445      -362,967

                                                                             

Cash flows from investing activities                                      

Acquisition of non-current assets                        -3,422        -1,278

Disposal of non-current assets                               26           511

Acquisition of shares in associated companies           -26,500       -33,491

Disposal of shares in associated companies               13,120             0

Change in other non-current investments                -166,795      -114,093

Total cash flows from investing activities             -183,572      -148,351

                                                                             

Cash flows from financing activities                                          

Proceeds from long-term borrowings                      712,033     1,212,937

Repayment of long-term borrowings                      -900,570      -917,802

Revenues from privatization                             235,232       268,889

Total cash flows from financing activities               46,695       564,024

                                                                             

Total cash flows                                         36,568        52,706

                                                                             

Cash and cash equivalents at beginning of period         36,568        52,706

Change in cash and cash equivalents                     117,547        64,841

Cash and cash equivalents at the end of period          154,115       117,547