NORMA

CASH FLOW STATEMENT



CONSOLIDATED CASH FLOW STATEMENT AS OF 31.03.01



EEK in thousands, unaudited



         Operating activities             31.03.01   31.03.00

Operating profit                            45266     47345

Profit from sale of property, plant and      

equipment                                    -386      -243

Depreciation                                 8303      8365

Earnings from subsidiaries                   1094         0

Property, plant and equipment write-off        52        13

Increase (-), decrease (+) in current      

assets                                     -18278     -3625 

Increase (+), decrease (-) in current        

liabilities                                  -486      1062

Interest received and other financial        

income                                       2187      1102  

Interest   paid                                -2       -37

                                            37750     53982

         Investing activities                                

Property, plant and equipment sold            540      1295

Property, plant and equipment acquired      -9919     -5736

Loans issued                                  -46       -42

Subsidiaries companies sold                  5000         0

Loans repaid                                  206       341

                                            -4219     -4142

        Financing activities                    0         0   



Net cash flow                               33531     49840



       Movement in cash and cash equivalents                       

Cash and cash equivalents at the           

beginning of the year:                     146937    149335

Net cash flow                               33531     49840

Foreign exchange gain                        -124       776

Cash and cash equivalents at the end of    

year:                                      180344    199951

                                                             

incl.cash and bank accounts                 55725     54645

      marketable securities                124619    143306





Peep Siimon

Chairman of the Board

+372-6500-442