VIISNURK

CASH FLOW STATEMENT



AUDITED STATEMENT OF CASH FLOWS 01.01-31.12.2000



In kroons

                                                       2000           1999

OPERATING ACTIVITIES 

Profit before income tax                         31 628 096     26 077 512

   Adjustments for:

   Accumulated depreciation for the year         12 509 806      9 103 592

   Gain on sale of shares                          -369 449       -537 590

   Gain on sale of shares in subsidiaries                       -5 745 968

   Losses on sale of non-current assets             478 529        482 014

   Investment income                                              -186 256

   Interest expense                               2 915 279      2 737 310

Op. profit before changes in working capital     47 162 261     31 930 614

   Change in current assets                     -39 566 909     -1 501 100

   Change in current liabilities                 22 257 823      7 922 329

   Change in deferred income tax liability                      -2 859 137

Cash generated from operations                   29 853 175     35 492 706

   Interest paid                                 -4 309 779     -3 029 928

   Income tax paid                                        0     -1 198 306



NET CASH FROM OPERATING ACTIVITIES               25 543 396     31 264 472



INVESTING ACTIVITIES    

   Acquisition of non-current assets           -118 701 032    -37 034 682

   Sale of non-current assets                       798 334        582 400

   Acquisition of shares and securities            -901 620     -6 053 060

   Sale of shares and securities                  1 531 769      6 672 186

   Sale of shares in subsidiaries                                8 495 873

   Interest received                                                86 083

   Dividends received                                              100 173



NET CASH USED IN INVESTING ACTIVITIES          -117 272 549    -27 151 028



FINANCING ACTIVITIES     

   Proceeds from borrowing                       74 498 884      9 026 370

   Proceeds from the issue of debt securities    31 293 200

   Repayment of loans                           -18 650 551    -14 030 041

   Settlement of finance lease liabilities       -1 223 030       -900 036

   Increase in the overdraft balance              7 772 415



NET CASH FROM/USED IN FINANCING ACTIVITIES       93 690 918     -5 903 707



NET CHANGE IN CASH                                1 961 765     -1 790 263

CASH AT BEGINNING OF PERIOD                       2 946 322      4 736 585

CASH AT END OF PERIOD                             4 908 087      2 946 322





Andrus Aljas

CFO

+37244 78355