BALTIKA

CASH FLOW STATEMENT



CONSOLIDATED CASH FLOW STATEMENT, 9M 2001



Consolidated, unaudited

in thousand EEK

                                                01.01-30.09 01.01-30.09

                                                       2001        2000

Operating activities

Operating profit                                     14,644      14,645

Accumulated depreciation                             10,487       8,349

Profit from sale of fixed assets                       -255        -580

Exchange differences                                                236

Change in receivables                               -37,281     -32,888

Change in inventories                               -10,430      -3,466

Change in supplier payables                          12,861       1,231

Interest paid                                        -3,879      -3,647

Income tax paid                                        -258          -

Other financial income                                  125

Net cash from operating activities                  -13,986     -16,120



Investing activities

Purchase of fixed assets                            -26,384      -8,293

Disposal of fixed assets                                966         941

Finance lease payments                                 -348        -192

Acquisition of non-current investments                   -         -471

Acquisition of holding in subsidiary                 -3,270

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

Interest received                                        84         228

Dividends received                                        9

Securities purchased                                     -       -9,636

Sale of securities                                       -       15,769

Repayment of loans granted                               67         382

Loans granted                                           -53        -162

Net cash used in investing activities               -28,929         612



Financing activities

Repayment of borrowings                             -45,925      -4,414

Proceeds from borrowings                             84,140      10,187

Net cash from transactions with treasury shares      -1,575       1,418

Treasury shares of subsidiaries paid                    -51        -150

Proceeds from dividends                                   9           5

Dividends paid                                       -3,863      -2,684

Proceeds from payments to share capital                   5          -

Proceeds from sale of convertible bonds                 192

Net cash used in financing activities                32,932       4,362

Effects of exchange differences                        -436          56

Net change in cash                                  -10,419     -11,090



Cash at beginning of period                          15,298      16,588

Cash at end of period                                 4,879       5,498





Ülle Järv

Management Board member

+372 6 302 741