SAKU ÕLLETEHAS

CASH FLOW STATEMENT



UNCONSOLIDATED CASH FLOW STATEMENT, H1 2000



(EEK thousand)



                                  Parent**Parent** Parent  Parent

                                  H1 2000 H1 1999    1999    1998



Profit before taxes                39,241  39,684  75,915  56,340

Income tax                                 -8,700 -15,020 -12,643

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

Loss from sales and write-

offs of fixed assets                    5     -38     -86    -120

Expenses incurred by

revaluation of shares in Saku

Keldri OÜ under equity method                         114

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

Change in the value of the          1,063   1,000  -3,090     -59

financial investments:

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

short-term financial investments

incl. change in value of                            1,930     -59

long-term financial investments

Change in inventories             -13,135  -5,691  -5,049 -13,892

Change in trade receivables         6,486  -3,249     -61 -10,740

Change in current liabilities      24,094  32,023   3,249  13,398

Total                              18,508  24,083  -4,951 -11,293

Net cash from operating            75,557  69,775  86,824  57,742

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            -100

Income from liquidation of

subsidiaries                                          200

Repayment of loans issued              40      22     541      42

Net cash used in investing        -49,239 -45,212 -50,250 -46,920

activities



Financing activities              -44,070         -32,000

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                  -18,307  -7,437   4,573  -5,178



Cash, opening balance              28,134  23,560  23,560  28,737

Cash, closing balance               9,827  16,123  28,134  23,560

Net change in cash                -18,307  -7,437   4,574  -5,178

* - unaudited





Ruth Roht

Public Relations Manager

+372 65 08 303