SAKU ÕLLETEHAS

CASH FLOW STATEMENT



CONSOLIDATED CASH FLOW STATEMENT 01.01-31.12.99



In kroons

                                    Group      Group      Parent      Parent

                                                         company     company

                                     1999       1998        1999        1998

Profit before taxes            76 029 104 56 342 477  75 914 870  56 339 425

Income tax                   -15 019 840 -12 645 888 -15 019 830 -12 642 836

Depreciation                   30 852 523 25 458 383  30 852 523  25 458 383

Loss from sales and write-        -86 112   -120 456     -86 112    -120 456

offs of fixed assets                                                        

Expenses incurred by                                     114 224            

revaluation of shares in Saku

Keldri OÜ under equity method

            Total              91 775 675 69 034 516  91 775 675  69 034 516

Change in the value of the     -3 090 911             -3 090 911            

financial investments of AS

Saku Linnas:

incl. change in the value of   -5 021 073             -5 021 073            

  the short-term financial

         investments

 change in the value of the     1 930 162              1 930 162            

     long-term financial

         investments

Change in inventories        - 4 777 437 -12 508 288  -5 047 567 -13 892 186

Change in trade receivables   -1 575 599 -10 905 641     -61 537 -10 739 365

Change in current liabilities   2 965 592 12 053 144   3 248 839  13 398 635

            Total             -6 478 355 -11 360 785  -4 951 176 -11 232 916

   Net cash from operating     85 297 320 57 673 731  86 824 499  57 801 600

         activities

                                                                            

Investing activitiess                                                       

Acquisition of fixed assets  -51 643 782 -47 584 494 -51 643 782 -47 584 494

Sales of fixed assets at          652 100    722 170     652 100     722 170

sales prices

Acquisition of shares                                               -100 000

Income from liquidation of                               200 000            

subsidiaries

Repayment of long term loan       541 440     42 360     541 440      42 360

given by parent company

Net cash used in investing   -50 450 242 -46 819 964 -50 250 242 -46 919 964

activities

                                                                            

                                                                            

Financing activities                                                        

                                                                            

 Dividends paid              -32 000 000 -16 000 000 -32 000 000 -16 000 000

   Change in the value of                                            -59 227

    financial investments

 Net cash used in financing  -32 000 000 -16 000 000 -32 000 000 -16 059 227

         activities

      Total cash flows          2 847 078 -5 146 233   4 574 257  -5 177 591

                                                                            

Cash, opening balance          25 328 526 30 474 759  23 559 873  28 737 464

Cash, closing balance          28 175 604 25 328 526  28 134 130  23 559 873

     Net change in cash         2 847 078 -5 146 233   4 574 257  -5 177 591





Ruth Roht

Public Relations Manger

+372 6 508 303