SAKU ÕLLETEHAS

CASH FLOW STATEMENT



GROUP CASH FLOW STATEMENT, 9M 2000



in thousand EEK

                                             Group*    Group*    Group    Group

                                            Jan-Sep   Jan-Sep

                                               2000      1999     1999     1998



Profit before taxes                          63,380    69,135   76,029   56,343

Income tax                                            -16,081  -15,020  -12,646

Depreciation                                 27,692    22,743   30,852   25,458

Loss from sales and write-

offs of fixed assets                            -91       -37      -86     -120

Total                                        90,981    75,760   91,775   69,035

Change in the value of the                    1,069    -4,833   -3,091

financial investments:

incl. change in the value of                  1,069    -6,763   -5,021

the short-term financial investments

change in the value of the                              1,930    1,930

long-term financial investments

Change in inventories                       -24,572    -7,905   -4,778  -12,508

Change in trade receivables                  23,159    16,057   -1,575  -10,906

Change in current liabilities                 2,565     8,804    2,965   12,053

Total                                         2,221    12,123   -6,479  -11,361

Net cash from operating                      93,202    87,883   85,296   57,674

activities



Investing activitiess

Acquisition of fixed assets                 -64,274   -42,787  -51,644  -47,584

Sales of fixed assets at                        395       385      654      722

sales prices

Acquisition of shares                        -1,950

Acquisition of bonds                         -3,300

Repayment of loans issued                        47       531      541       42

Net cash used in investing                  -69,082   -41,871  -50,449  -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                            -20,505    14,012    2,847   -5,146



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

Cash, closing balance                         7,671    39,341   28,176   25,329

Net change in cash                          -20,505    14,012    2,847   -5,146



* - consolidated, unaudited





Ruth Roht

Public Relations Manager

+372 6 508 303