AS EESTI TELEFON

CASH FLOW STATEMENT

01.01.-31.12.98

 

 

IAS

EEK thous.

 

                                                                            Group                          ET

                                                                             1998           1997           1998           1997

Cash flow from operating activities

Profit before tax and minority interest                                   260,378        228,046        258,329        227,152

Depreciation                                                              553,315        361,385        550,463        356,652

Profit from sales of fixed assets                                            -944        -11,708           -944        -11,708

Profit from sales of investments

Loss from sales and write-off of fixed assets                               4,541          6,017          4,541          6,003

Dividends calculated                                                          -75                           -75

Loss from sales and write-off of investments                                   50                            50

Income from subsidiaries and associated companies                            -448                        -2,853         -2,273

Interest income calculated                                                 -3,528         -1,374         -3,433         -1,289

Interests received                                                          3,528          1,374          3,433          1,289

Interest expense calculated                                                65,572         59,794         65,080         58,581

Interests paid                                                            -62,054        -63,018        -61,577        -61,557

Loss from revaluation of investments

Income tax paid                                                           -38,095        -19,573        -38,095        -19,573

Other non-cash adjustments                                                 -3,897            639         -3,897            639

 

Change in working capital

    Change in current receivables                                         -88,424         -9,033        -86,937         -6,659

    Change in inventories                                                   5,260        -15,706          5,104        -16,179

    Change in current liabilities (except bank loans)                     112,574         64,036        111,877         57,967

Cash flow from operating activities                                       807,753        600,879        801,066        589,045

 

Cash flow from investing activities

Proceeds from sales of property, plant and equipment                        2,146         20,841          2,146         20,841

Proceeds from sales of investments                                              0

Dividends received                                                             75                            75

Cash receipts from loan repayment                                               0            111                           111

Purchase of property, plant and equipment                                -643,232       -639,771       -639,585       -631,640

Purchase of investment                                                     -2,100                        -2,100           -930

Purchase of licenses                                                      -19,997        -32,392        -19,997        -32,392

Payments for development costs (deferred)                                       0

Total cash flow from investing activities                                -663,108       -651,211       -659,461       -644,010

 

Cash flow from financing activities

Proceeds from issued debentures

Repayment of debentures                                                                  -69,392                       -69,392

Nonconvertable long-term debt received

Repayment of nonconvertable long-term debt                                 -8,382         -7,985         -8,382         -7,985

Proceeds from long-term borrowings                                        100,000        390,000        100,000        390,000

Repayment of long-term borrowings                                        -114,695       -150,889       -110,195       -150,889

Payment of finance lease liabilities                                          -70            -70            -70            -70

Proceeds from short-term borrowings (net)                                       0         -9,162                        -9,162

Dividends paid                                                           -108,425        -55,709       -108,425        -55,709

Dividends paid to minority shareholders

Total cash flow from financing activities                                -131,572         96,793       -127,072         96,793

 

Net increase / - decrease in cash and cash  equivalents                    13,073         46,461         14,533         41,828

 

 

Cash  and cash equivalents at beginning of year                            58,419         11,958         51,977         10,149

Cash and cash equivalents at end of year                                   71,492         58,419         66,510         51,977