NORMA

CASH FLOW STATEMENT



CONSOLIDATED CASH FLOWS 06/00



Thousands kroons



         Operating activities             30.06.00   30.06.99

Operating profit                            83 259     85 660

Profit from sale of property, plant and       -222        -10

equipment

Deprecation                                 16 584     17 109

Property, plant and equipment write-off         44         69

Increase (-), decrease (+) in current        6 193      3 936

assets

Increase (+), decrease (-) in current          853     -9 793

liabilities

Interest received and other financial        2 509      2 114

income

Taxes paid                                  -8 959     -8 402

Interest and other financial expenses       -1 725     -3 197

paid

                                            98 536     87 486

         Investing activities                                

Property, plant and equipment sold           3 701        948

Property, plant and equipment acquired     -12 818     -6 238

Loans issued                                   -79        -67

Loans repaid                                   648        999

                                            -8 548     -4 358

         Financing activities                                

                                                             

Loans repaid                               -13 336    -13 588

Dividends paid                             -39 600    -39 600

                                           -52 936    -53 188

                                                             

Net cash flow                               37 052     29 940



 Movement in cash and cash equivalents                       

Cash and cash equivalents at the           149 335     67 041

beginning of the year:

Net cash flow                               37 052     29 940

Foreign exchange gain                          395      5 633

Cash and cash equivalents at the end of    186 782    102 614

year:

                                                             

incl.cash and bank accounts                101 130    102 436

       marketable securities                85 652        178





Peep Siimon

Chairman of the Board

6500-442