KALEV

CASH FLOW STATEMENT



CONSOLIDATED CASH FLOW STATEMENT, 9M 2001



Consolidated

Unaudited

in thousand EEK

                                             9m 2001  9m 2000



OPERATING ACTIVITIES

OPERATING PROFIT                              21,508   13,572

DEPRECIATION OF FIXED ASSETS                   7,116    8,173

PROFIT/LOSS FROM SALE OF FIXED ASSETS           -470     -337

ADJUSTMENTS TO CHANGES IN RECEIVABLES        -12,736   22,287

CHANGE IN INVENTORIES                          1,269    8,656

ADJUSTMENTS TO CHANGES IN LIABILITIES            -62  -16,954

INTERESTS PAID                                -4,091   -6,110

NET CASH FROM OPERATING ACTIVITIES            12,534   29,287



INVESTING ACTIVITIES

INCOME FROM SUBSIDIARY /                                    3

ASSOCIATED COMPANY

PROCEEDS FROM SALE OF FIXED ASSETS             4,589    2,020

PURCHASE OF TANGIBLE FIXED ASSETS            -16,821  -16,359

FIXED ASSETS LEASED                                       947

INTEREST INCOME                                  125      167

NET CASH USED IN INVESTING ACTIVITIES        -12,107  -13,222



FINANCING ACTIVITIES

CHANGE IN CREDIT LINE BALANCE                  5,498      262

CHANGE IN PROCEEDS FROM BORROWINGS            -9,000  -33,365

ISSUES OF NEW DEBT                                     18,000

LEASE PAYMENTS                                  -642     -584

OTHER FINANCING PROCEEDS                        -453      103

NET CASH USED IN FINANCING ACTIVITIES         -4,597  -15,584



CHANGE IN CASH AND CASH EQUIVALENTS           -4,170      481



CASH AND CASH EQUIVALENTS                      7,034    2,696

AT THE BEGINNING OF THE YEAR

CHANGE                                        -4,170      481

EXCHANGE DIFFERENCES                             -13      834

CASH AND CASH EQUIVALENTS                      2,851    4,010

AT THE END OF THE YEAR





Ruth Roht

PR manager

+372 6 28 38 58