NORMA

COMMENTARY TO FINANCIAL RESULTS



COMMENTARY TO CONSOLIDATED FINANCIAL RESULTS Q3 Y2001



(unaudited)



Sales and Revenues



During the nine month period Y2001 consolidated net sales of AS 

Norma totalled 570.2 MEEK,of which those of the parent company 

were 554.0 MEEK. Consolidated sales increased by 24,5% (+112.4 MEEK) 

from nine month Y2000. Sales to Russian customers rose by 19% and 

to Western customers by 201%. Revenues of AS Norma accounted for 97%.

The group’s main fields of activity include production and sale of 

safety belts, car components and also real estate administration. 

Exports accounted to 98% of sales revenue, 66% of production was 

exported to Russian customers.

The number of employees at the end of the period was 1072.



Use of Capital



Accounts receivable at the end of the Q3 Y2001 totalled 158.9 MEEK, 

of which 66% related to the Russian customers. During the nine month 

period Y2001 volume of accounts receivable has increased by 40.5 MEEK, 

including Autoliv receivable 38.4 MEEK. The share of accounts in 

arrears of total receivable was 25,5% (24% in Q3 Y2000). The provision 

for bad debts was decreased by 2.1 MEEK. At September 30,2001 the 

reserve totalled 18.8 MEEK. 

As of the Q3 Y2001, the consolidated balance sheet size was 669,4 MEEK, 

a growth by 101.3 MEEK, increased  due to the current assets (+64.4 MEEK) 

and non-current assets(+36.9 MEEK).   

Total liabilities amounted to 100.0 MEEK. The company has no long term 

liabilities.

The group’s owners’ equity increased by 66.2 MEEK, amounting to 569.4 MEEK 

(85% of balance sheet size).



Investments



AS Norma invested a total of 62.7 MEEK, to support existing production 

capacities and assure the efficiency its production processes. Of the total 

22.3 million EEK was invested in machinery and equipment.



Profit and Earnings per Share



The company’s consolidated unaudited net profit was 132.2 MEEK. 

Net profit was 2.7 MEEK higher than in the nine month period 2000 

(129.5 MEEK). Earnings per share was 10,01 EEK in the nine month 

Y2001 (9-month Y2000 9,81 EEK)



Significant Events and Changes in Business Activities



Reconstruction works for the new premises for AS Tööriistavabrik 

(toolshop) were completed.



The  Y2001 results of AS Norma will be released at January 24,2002.





Peep Siimon

Chairman of the Board

+372-6500-442