NORMA

CASH FLOW STATEMENT



CONSOLIDATED CASH FLOWS AS OF 30.09.2001



EEK in thousands , unaudited

         Operating activities             30.09.01   30.09.00

Operating profit                           124 626    126 251

Profit from sale of property, plant and       

equipment                                     -654     -2 743  

Deprecation                                  1 094          0

Income from subsidiary companies            24 992     24 892

Property, plant and equipment write-off        228         68

Property, plant and equipment discount          29          7

Increase (-), decrease (+) in current      

assets                                     -69 780     25 509

Increase (+), decrease (-) in current       

liabilities                                 35 070      1 909  

Interest received and other financial         

income                                       8 961      3 984

Taxes paid                                  -2 232     -8 959

Interest and other financial expenses paid     -14     -1 753

Total                                      122 320    169 166

         

        Investing activities                                

Property, plant and equipment sold           1 105     12 033

Property, plant and equipment acquired     -62 720    -23 087

Loans issued                                  -188        -96

Subsidiary companies sold                    5 000          0

Associated companies sold                        0      2 000

Loans repaid                                   562      1 012

Total                                      -56 241     -8 138

         Financing activities                                

                                                             

Loans repaid                                     0    -13 336

Dividends paid                             -66 000    -39 600

Total                                      -66 000    -52 936

                                                             

Net cash flow                               79 046    108 092



   Movement in cash and cash equivalents                       

Cash and cash equivalents at the           

beginning of the year                      146 937    149 335

Net cash flow                                   79    108 092

Foreign exchange gain                         -215      1 343

Cash and cash equivalents at the end of    

year                                       146 801    258 769

                                                             

  incl.cash and bank accounts               50 146    155 228

       marketable securities                96 655    103 541





Peep Siimon

Chairman of the Board

+372-6500-442