NORMA

BALANCE SHEET



CONSOLIDATED BALANCE SHEET 1 QUARTER 2000



(EEK in thousands, unaudited)



                                   31.03.  incl.    31.12.   incl.

                                    2000  AS Norma   1999   AS Norma

A s s e t s



Current assets                                             

 Cash and bank accounts (note 1)   54 645   52 789   91 192   89 129

 Markstable securities (note2)    145 306  145 306   58 143   58 143

 Accounts recevable (note 3, 19)  121 806  111 285  110 479  104 346

 Other recevables and prepayments   6 882    6 894   10 904   10 617

   (note 4)

 Inventiries  (note 5)             50 712   44 561   54 685   49 578

Total current assets              379 351  360 835  325 403  311 813



Non-current assets                                            

 Long-term financial assets         3 236   90 291    3 174   84 005

   (note 6)

 Property, plant and equipment    154 411   88 086  156 902   91 937

   (note 8)

 Intangible assets (note 8, 9)      2 107      680    3 310      870

Total non-current assets          159 754  179 057  163 386  176 812



Total assets                      539 105  539 892  488 789  488 625



                                                             

L i a b i l i t i e s  and  s h a r e h o l d e r s´  e q u i t y



Liabilities                                                   

Current liabilities                                           

 Accounts payable abd accrued      52 072   56 402   50 173   56 041

   expenses (note10)

 Short-term loans (note11)         26 656   26 656   26 656   26 656

Total current liabilities          78 728   83 058   76 829   82 697

Long-term liabilities                                         

 Non-current loans (note 11)       26 672   26 672   26 672   26 672

Total non-current liabilities      26 672   26 672   26 672   26 672

Total liabilities                 105 400  109 730  103 501  109 369



Owners` equity                                                

 Share capital (par value)        132 000  132 000  132 000  132 000

   (note 13)

 Retained earning and reserves    253 288  253 288  145 700  146 023

   (note 14)

 Net profit                        48 417   44 874  107 588  101 233

Total owners´ equity              433 705  430 162  385 288  379 256



Total liabilities and owners´     539 105  539 892  488 789  488 625

  equity





Peep Siimon

Chairman of the Board

6500-442