NORMA

CASH FLOW STATEMENT



CONSOLIDATED CASH FLOWS AS OF H1 2001



EEK in thousands, unaudited



         Operating activities             01.01.01-  01.01.00-

                                          30.06.01   30.06.00



Operating profit                            82 522     83 259

Profit from sale of property, plant and     

equipment                                     -458       -222

Deprecation                                 16 521     16 584

Income from subsidiary companies             1 094          0

Property, plant and equipment write-off        196         44

Property, plant and equipment discount          29          0

Increase (-), decrease (+) in current      

assets                                     -63 695      6 193

Increase (+), decrease (-) in current       

liabilities                                 28 694        853

Interest received and other financial        

income                                       6 263      2 509

Taxes paid                                  -2 232     -8 959

Interest and other financial expenses           -6     -1 725

paid

                                            68 928     98 536

         Investing activities                                

Property, plant and equipment sold             691      3 701

Property, plant and equipment acquired     -36 711    -12 818

Subsidiary companies sold                    5 000          0

Loans issued                                   -46        -79

Loans repaid                                   498        648

                                           -30 568     -8 548

         Financing activities                                

Loans repaid                                     0    -13 336

Dividends paid                             -66 000    -39 600

                                           -66 000    -52 936

                                                     

Net cash flow                              -27 640     37 052



   Movement in cash and cash equivalents                       

Cash and cash equivalents at the           

beginning of the year:                     146 937    149 335

Net cash flow                              -27 640     37 052

Foreign exchange gain                         -148        395

Cash and cash equivalents at the end of    

year:                                      119 149    186 782

                                                             

incl. cash and bank accounts                26 694    101 130

      marketable securities                 92 455     85 652





Peep Siimon

Chairman of the Board

+372 6500 442