NORMA

CASH FLOW STATEMENT



CONSOLIDATED CASH FLOW 09/00



(EEK 000'), unaudited

                                                        30.09.2000  30.09.1999

     Operating Activities

Operating Profit                                           126 251     118 992

Profit from Sale of Property, Plant and Equipment           -2 743         -91

Depreciation                                                24 892      25 392

Property, Plant and Equipment Write-off                        687         790

Increase (-), Decrease (+) in Current Assets                25 509      30 915

Increase (+), Decrease (-) in Current Liabilities            1 909       4 507

Interest Received and Other Financial Income                 3 984       3 666

Taxes Paid                                                  -8 959     -23 096

Interest and Other Financial Expenses Paid                  -1 753      -3 650

                                                           169 166     156 714

     Investing Activities

Property, Plant and Equipment Sold                          12 033       1 049

Property, Plant and Equipment Acquired                     -23 087      -9 847

Loans Issued                                                   -96        -163

Associated Companies Sold                                    2 000           0

Loans Repaid                                                 1 012       1 515

                                                            -8 138      -7 446

     Financing Activities

Loans Repaid                                               -13 336     -13 714

Dividends Paid                                             -39 600     -39 600

                                                           -52 936     -53 314

Net Cash Flow                                              108 092      95 954



     Movement in Cash and Cash Equivalents                       

Cash and Cash Equivalents at the Beginning of the Year:    149 335      67 041

Net Cash Flow                                              108 092      95 954

Foreign Exchange Gain                                        1 343       4 205

Cash and Cash Equivalents at the End of Year:              258 769     167 200

incl. Cash and Bank Accounts                               155 228     167 006

      Marketable Securities                                103 541         194





Peep Siimon

Chairman of the Board

+372-6500-442