NORMA

BALANCE SHEET



CONSOLIDATED BALANCE SHEET AS OF 31.12.00



EEK in thousands, unaudited



A s s e t s                                 31.12.2000   31.12.1999



Current Assets

  Cash and Bank Accounts                        58 637       91 192

  Marketable Securities                         88 300       58 143

  Accounts Receivable                          118 389      130 169

  Allowance for Doubtful Rreceivable           -20 905      -19 690

  Other Receivables and Prepayments             91 117       10 904

  Inventories                                   65 699       54 685

Total Current Assets                           401 237      325 403

Non-current Assets

  Long-term Financial Assets                     1 253        3 174

  Property, Plant and Equipment                163 263      156 902

  Intangible Assets                              2 363        3 310

Total Non-current Assets                       166 879      163 386

Total Assets                                   568 116      488 789



L i a b i l i t i e s  and  S h a r e h o l d e r s  E q u i t y

Liabilities

Current Liabilities

  Accounts Payable and Accrued Expenses         64 979       50 173

  Short-term Loans                                   0       26 656

Total Current Liabilities                       64 979       76 829

Long-term Liabilities

  Non-current Loans                                  0       26 672

Total Non-current Liabilities                        0       26 672

Total liabilities                               64 979      103 501

Owners` Equity

  Share Capital (par value)                    132 000      132 000

  Retained Earningsand Reserves                213 688      145 700

  Net Profit                                   157 449      107 588

Total Owners' Equity                           503 137      385 288

Total Liabilities and Owners' Equity           568 116      488 789





Peep Siimon

Chairman of the Board

+372-6500-442