BALTIKA

CASH FLOW STATEMENT



AUDITED CONSOLIDATED CASH FLOW STATEMENT, 2000



Consolidated, audited

indirect method

in thousand EEK

                                                    2000    1999

Operating activities

Operating profit                                  19,258   7,460

Accumulated depreciation                          12,167  10,682

Profit from sale of fixed assets                    -593  -3,256

Exchange differences                                 -73    -661

Other financial expenses                               0     -18

Change in receivables                             -9,926  12,701

Change in inventories                             -9,736  17,309

Change in supplier payables                        6,684   3,882

Interest paid                                     -4,876  -6,070

Income tax paid                                    1,680    -380

Net cash from operating activities                14,585  41,649



Investing activities

Purchase of fixed assets                         -17,521 -13,530

incl. installment payments                             0   3,058

Disposal of fixed assets                           1,542   4,348

Finance lease payments                              -384    -946

Acquisition of non-current investments                 0      -7

Acquisition of subsidiaries                       -1,924       0

Proceeds from sale of non-current investments      2,046       0

Interest received                                    332     280

Dividends received                                     5     106

Securities purchased                              -9,636  -9,032

Sale of securities                                15,686   3,751

Repayment of loans granted                           385       0

Loans granted                                       -155       0

Net cash used in investing activities             -9,624 -11,972





Financing activities

Repayment of borrowings                          -10,154 -30,065

Proceeds from borrowings                           5,328  10,605

Net cash from treasury shares transactions         1,418     279

Treasury shares of subsidiaries paid                -150       -

Dividends paid                                    -2,693      -4

Proceeds from payments to share capital                -     400

Net cash used in financing activities             -6,251 -18,785

Effects of exchange differences                        -      -1

Net change in cash                                -1,290  10,891



Cash at beginning of period                       16,588   5,697

Cash at end of period                             15,298  16,588





Ülle Järv

Management Board member

+372 63 02 741