NORMA

BALANCE SHEET



CONSOLIDATED BALANCE SHEET 09/00



(EEK '000), unaudited

                                      30.09.2000  31.12.1999



A s s e t s                                          

Current Assets

  Cash and Bank Accounts                 155 228     91 192

  Marketable Securities                  103 541     58 143

  Accounts Receivable                     98 838    130 169

  Allowance for Doubtful Rreceivable     -12 867    -19 690

  Other Receivables and Prepayments       10 918     10 904

  Inventories                             52 457     54 685

Total Current Assets                     408 115    325 403

Non-current Assets

  Long-term Financial Assets               1 497      3 174

  Property, Plant and Equipment          147 524    156 902

  Intangible Assets                        1 519      3 310

Total Non-current Assets                 150 540    163 386

Total Assets                             558 655    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            43 508     50 173

Expenses

  Short-term Loans                        13 320     26 656

Total Current Liabilities                 56 828     76 829

Long-term Liabilities

  Non-current Loans                       26 672     26 672

Total Non-current Liabilities             26 672     26 672

Total liabilities                         83 500    103 501

Owners` Equity

  Share Capital (par value)              132 000    132 000

  Retained Earningsand Reserves          213 688    145 700

  Net Profit                             129 467    107 588

Total Owners' Equity                     475 155    385 288

Total Liabilities and Owners' Equity     558 655    488 789





Peep Siimon

Chairman of the Board

+372-6500-442