In thousands of kroons                                     I HY 2001  I HY 2000

OPERATING ACTIVITIES
Profit before income tax                                      18 512     13 702
  Adjustments for:
  Accumulated depreciation for the period              10 756       5 908
  Gain on sale of shares                                          (310)
  Gains and losses on sale of non-current assets         (191)           65
  Interest expense                                                3 350       1 428
Operating profit before changes in working capita    32 427     20 793
  Change in current assets                                  (13 649)   (27 956)
  Change in current liabilities                                (12 320)       1 327
Cash generated from operations                              6 458     (5 836)
  Interest paid                                                    (3 167)     (1 435)

NET CASH FROM OPERATING ACTIVITIES                 3 291    (7 271)

INVESTING ACTIVITIES
  Acquisition of non-current assets                        (20 884)   (20 708)
  Sale of non-current assets                                       490          116
  Acquisition of shares and other securities                                (819)
  Sale of shares and other securities                                         1 350

NET CASH USED IN INVESTING ACTIVITIES           (20 394)   (20 061)

FINANCING ACTIVITIES
  Proceeds from borrowing                                       5 000
  Repayment of loans                                            (5 680)       (578)
  Settlement of finance lease liabilities                        (632)       (320)
  Change in the overdraft balance                            14 661
  Võlakirjade emiteerimine                                                      31 293

NET CASH FROM/USED IN FINANCING ACTIVITIES     13 349     30 395

NET CHANGE IN CASH                                           (3 754)      3 063
CASH AT BEGINNING OF PERIOD                              4 908       2 946
CASH AT END OF PERIOD                                        1 154       6 009



Andrus Aljas
CFO
+372 44 78 355