SAKU ÕLLETEHAS

CASH FLOW STATEMENT



GROUP CASH FLOW STATEMENT, H1 2000



(EEK thousand)



                                 Group*  Group*   Group   Group

                                H1 2000 H1 1999    1999    1998



Profit before taxes              39,241  39,684  76,029  56,343

Income tax                               -8,700 -15,020 -12,646

Depreciation                     17,803  14,746  30,852  25,458

Loss from sales and write-

offs of fixed assets                  5     -38     -86    -120

Total                            57,049  45,692  91,775  69,035

Change in the value of the        1,063   1,000  -3,090

financial investments:

incl. change in value of          1,063   1,000  -5,021

short-term financial investments

incl. change in value of                          1,930

long-term financial investments

Change in inventories           -13,135  -5,420  -4,778 -12,508

Change in trade receivables       6,495  -4,663  -1,575 -10,906

Change in current liabilities    24,084  31,775   2,965  12,053

Total                            18,507  22,692  -6,478 -11,361

Net cash from operating          75,556  68,384  85,297  57,675

activities



Investing activities

Acquisition of fixed assets     -49,412 -39,786 -51,644 -47,584

Sales of fixed assets at            313     385     652     722

sales prices

Acquisition of shares              -180  -5,833

Repayment of loans issued            40      22     541      42

Net cash used in investing      -49,239 -45,212 -50,450 -46,820

activities



Financing activities

Dividends paid                  -40,000 -32,000 -32,000 -16,000

Income tax paid on dividends     -4,625

Net cash used in financing      -44,625 -32,000 -32,000 -16,000

activities

Total cash flows                -18,308  -8,828   2,847  -5,145



Cash, opening balance            28,176  25,329  25,329  30,475

Cash, closing balance             9,868  16,501  28,176  25,329

Net change in cash              -18,308  -8,828   2,847  -5,146

* - consolidated, unaudited





Ruth Roht

Public Relations Manager

+372 65 08 303