NORMA

BALANCE SHEET



CONSOLIDATED BALANCE SHEET AS OF 31.03.01



EEK in thousands, unaudited



         Assets                     31.03.2001        31.12.2000   

                                         

Current assets                                           

  Cash and bank accounts                55725  		  58637       

  Marketable securities*               124619  		  88300       

  Accounts receivable                  120564 		 118389       

  Allowance for doubtful receivable    -17248 		 -20905    

  Other receivables and prepayments     89020		  91117       

  Inventories                           75197		  65699       

Total current assets                   447877		 401237       

Non-current assets                                           

  Long-term financial assets             1253		   1253       

  Property, plant and equipment        164974		 163263    

  Intangible assets                      1950		   2363    

Total non-current assets               168177		 166879    

Total assets                           616054		 568116    

                                                          

       Liabilities  and  shareholders`  equity

Liabilities                                               

Current liabilities                                       

  Accounts payable and accrued            

expenses                                64494             64979 

  Short-term loans                          0		      0    

Total current liabilities               64494		  64979    

Long-term liabilities                                     

  Non-current loans                         0		      0    

Total non-current liabilities               0		      0    

Total liabilities                       64494		  64979    

Owners` equity                                            

  Share capital (par value)            132000		 132000    

  Retained earningsand reserves        371137		 213688    

  Net profit                            48423		 157449       

Total owners` equity                   551560		 503137       

Total liabilities and owners` equity   616054		 568116       



*Short-term bonds and shares are recorded at purchase value





Peep Siimon

Chairman of the Board

+372-6500-442