2003

Birr

Birr

NET CASH INFOW FROM OPERATING

     ACTIVITIES (Note 20)

126,119,970

80,370,253

RETURNS ON INVESTMENTS AND

      SERVICING OF FINANCE

      Discount on Treasury Bills

550,780

212,000

TAXATION PAID IN YEAR

(2,235,343)

(9,582,087)

CAPITAL EXPENDITURE & FINAN.  INVESTMENT

     Purchase of tangible fixed assets

(7,851,347)

(2,393,040)

     Additional costs in intangibles/deferred costs

(880,680)

(59,118)

     Investment in Government Treasury Bills

(173,444,390)

0

(182,176,417)

(2,452,158)

EQUITY DIVIDENDS PAID

0

0

(57,741,010)

68,548,008

FINANCING

     Issue of shares

5,418,800

2,693,275

(DECREASE)/INCREASE IN CASH

(52,322,210)

71,241,283

Analysis of the balances of cash as shown in balance sheet:-

      Cash on hand

6,585,298

23,316,789

      Reserve account with the National Bank of Ethiopia

31,523,334

2,385,057

      Deposit with other local banks

(71,424,554)

(10,615,715)

      Deposit with foreign banks

(19,006,288)

56,155,152

(52,322,210)

71,241,283