NORMA

CASH FLOW STATEMENT



CONSOLIDATED CASH FLOWS 1. QUARTER 2000



Thousands EEK, unaudited

                                        Consolidated     Incl. AS

                                                           Norma

                                           31.03.00      31.03.00

  Operating activities

Operating profit                              47 345       43 909

Profit from sale of property, plant and         -243          -37

 equipment (note 8)

Deprecation (note 8)                           8 365        5 255

Property, plant and equipment write-off           13            0

 (note 8)

Increase (-), decrease (+) in current         -3 625        1 492

 assets

Increase (+), decrease (-) in current          1 062         -476

 liabilities

Interest received and other financial          1 102        1 072

 income (note 22)

Interest and other financial expenses            -37          -20

 paid (note 23)

                                              53 982       51 195



  Investing activities                                

Property, plant and equipment sold (note 8)    1 295           37

Property, plant and equipment acquired        -5 736       -1 448

 (note 8)

Loans issued (note 6)                            -42          -42

Loans repaid (note 6)                            341          341

                                              -4 142       -1 112

  Financing activities                                

                                                   0            0

                                                             

Net cash flow                                 49 840       50 083



  Movement in cash and cash equivalents                       

Cash and cash equivalents at the beginning   149 335      147 272

 of the year:

Net cash flow                                 49 840       50 083

Foreign exchange gain                            776          741

Cash and cash equivalents at the end of      199 951      198 096

  year:

                                                             

incl. cash and bank accounts (note 1)         54 645       52 790

      marketable securities (note 2)         145 306      145 306





Peep Siimon

Chairman of the Board

6500-442