NORMA

BALANCE SHEET



CONSOLIDATED BALANCE SHEET AS OF  31.12.2001



unaudited

                                     EEK in thousands   EUR in thousands

Assets

                                   31.12.01   31.12.00 31.12.01  31.12.00

Current assets

Cash and bank accounts               59 449     58 637    3 799     3 748

Marketable securities               123 452     88 300    7 890     5 643

Accounts receivable                 153 291    118 389    9 797     7 566

Allowance for doubtful receivables  -13 136    -20 905     -840    -1 336

Other receivables and prepayments    99 985     91 117    6 390     5 823

Inventories                          83 132     65 699    5 313     4 199

Total current assets                506 173    401 237   32 350    25 644

Non-current assets

Long-term financial assets            1 060      1 253       68        80

Property, plant and equipment       216 042    163 263   13 808    10 434

Intangible assets                     1 886      2 363      121       151

Total non-current assets            218 988    166 879   13 996    10 665

Total assets                        725 161    568 116   46 346    36 309



Liabilities  and  shareholders´  equity

Liabilities

Current liabilities

Accounts payable and		    

accrued expenses                    110 385     64 979    7 055     4 153

Total current liabilities           110 385     64 979    7 055     4 153

Total liabilities                   110 385     64 979    7 055     4 153

Owners` equity

Share capital (par value)           132 000    132 000    8 436     8 436

Retained earning and reserves       305 137    213 688   19 502    13 657

Net profit                          177 638    157 449   11 353    10 063

Total owners´ equity                614 776    503 137   39 291    32 156

Total liabilities and

owners´ equity			    725 161    568 116   46 346    36 309





Peep Siimon

Chairman of the Board

+372-6500-442