23.10.2001, Trigon Property Development, TLN

VIISNURK

CASH FLOW STATEMENT



STATEMENT OF CASH FLOWS 01.01-30.09.01



In thousands of kroons                                     9m 2001  9m 2000



OPERATING ACTIVITIES

Profit before income tax                                    23,675   24,024

Adjustments for:

Accumulated depreciation for the period                     16,574    9,014

Gain on sale of shares                                                 -341

Gains and losses on sale of non-current assets                -231      255

Interest expense                                             6,138    2,229

Operating profit before changes in working capital          46,156   35,181

Change in current assets                                   -20,229  -27,765

Change in current liabilities                               -9,795   -5,975

Cash generated from operations                              16,132    1,441

Interest paid                                               -6,010   -2,518



NET CASH FROM OPERATING ACTIVITIES                          10,122   -1,077



INVESTING ACTIVITIES

Acquisition of non-current assets                          -32,486  -54,197

Sale of non-current assets                                   1,025      598

Acquisition of shares and other securities                           -5,098

Sale of shares and other securities                                   1,350



NET CASH USED IN INVESTING ACTIVITIES                      -31,461  -57,347



FINANCING ACTIVITIES

Proceeds from borrowing                                      5,872   49,591

Repayment of loans                                          -6,258  -18,545

Settlement of finance lease liabilities                       -541     -389

Change in the overdraft balance                             17,927

Võlakirjade emiteerimine                                             31,293



NET CASH FROM/USED IN FINANCING ACTIVITIES                  17,000   61,950



NET CHANGE IN CASH                                          -4,339    3,526

CASH AT BEGINNING OF PERIOD                                  4,908    2,946

CASH AT END OF PERIOD                                          569    6,472





Andrus Aljas

CFO

+372 44 78 355