NORMA

CASH FLOW STATEMENT



CONSOLIDATED CASH FLOWS AS OF 31.12.2001



unaudited

				            EEK in thousands   EUR in thousands

                                           31.12.01 31.12.00 31.12.01  31.12.00

	Operating activities

Operating profit                             167102  152 354    10680      9737

Profit from sale of property, plant and    

equipment                                     -1258   -8 549      -80      -546

Revenues from subsidiary companies            1 094        0       70         0

Deprecation			             33 820   30 163     2161      1928

Property, plant and equipment write-off         286     1619       18       103

Property, plant and equipment discount           29      638        2        41

Increase (-), decrease (+) in current      

assets                                        5 639   -1 213      360       -78

Increase (+), decrease (-) in current      

liabilities                                  45 406   24 235     2902      1549

Interest received and other financial        

income                                       10 486    7 518      670       480

Taxes paid                                   -2 232   -8 959     -143      -573

Interest and other financial expenses      

paid                                              0   -3 705        0      -237

Total operating activities                  260 372  194 101    16641     12405

         

	Investing activities                                                  

Property, plant and equipment sold            2 032   18 847      130      1205

Property, plant and equipment acquired      -87 211  -48 133    -5574     -3076

Loans issued                                -78 432  -78 356    -5013     -5008

Subsidiary companies sold                     5 000        0      320         0

Associated companies sold                         0    2 000        0       128

Loans repaid                                    557    1 284       36        82

Total investing activities                 -158 054 -104 358   -10101     -6670

         

	Financing activities                                                  

Loans repaid                                      0  -53 328        0     -3408

Dividends paid                              -66 000  -39 600    -4218     -2531

Dividends received                                                            0

Financial activities total                  -66 000  -92 928    -4218     -5939



Net cash flow                                36 318   -3 185     2321      -204

                                                                               

Movement in cash and cash equivalents      

Cash and cash equivalents at the           

beginning of the year:                      146 937  149 335     9391      9544 

Net cash flow                                36 318   -3 185     2321      -204 

Foreign exchange gain                          -354      787      -23        50 

Cash and cash equivalents at the end of     

year:                                       182 901  146 937    11689      9391 

incl.cash and bank accounts                  59 449   58 637     3799      3748

marketable securities			    123 452   88 300     7890      5643





Peep Siimon

Chairman of the Board

+372-6500-442