NORMA

CASH FLOW STATEMENT



CONSOLIDATED CASH FLOW STATEMENT Y2000



TEEK in thousands, unaudited



         Operating Activities                             31.12.00   31.12.99

Operating Profit                                           152 354    121 580

Profit from Sale of Property, Plant and Equipment           -8 549       -449

Depreciation                                                30 163     27 721

Property, Plant and Equipment Write-off                      1 619        127

Property, Plant and Equipment Discount                         638      7 194

Increase (-), Decrease (+) in Current Assets                -1 213     28 141

Increase (+), Decrease (-) in Current Liabilities           24 235      2 794

Interest Received and Other Financial Income                 7 518      4 539

Interest Paid                                               -3 562     -4 695

Other Financial Expenses Paid                                 -144       -760

Taxes Paid                                                  -8 959    -16 745

                                                           194 101    169 447

         Investing Activities

Property, Plant and Equipment Sold                          18 847      1 566

Property, Plant and Equipment Acquired                     -48 133    -28 586

Loans Issued                                               -78 356       -230

Associated Companies Sold                                    2 000          0

Loans Repaid                                                 1 284      1 911

                                                          -104 358    -25 339

         Financing Activities

Loans Repaid                                               -53 328    -27 517

Dividends Paid                                             -39 600    -39 600

                                                           -92 928    -67 117

Net Cash Flow                                               -3 185     76 991



     Movement in Cash and Cash Equivalents

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

Net Cash Flow                                               -3 185     76 991

Foreign Exchange Gain                                          787      5 303

Cash and Cash Equivalents at the End of Year:              146 937    149 335

incl. Cash and Bank Accounts                                58 637     91 192

      Marketable Securities                                 88 300     58 143





Peep Siimon

Chairman of the Board

+372-6500-442