NORMA

REPORT



CHANGES IN OWNERS` EQUITY AS OF  31.12.2001



EEK in thousands, unaudited

                              Share  Reserves  Previous Financial   Total

                            capital              period     year   owners

                                                 profit   Profit   equity

31.12.1999                   132 000   15 636   130 064  107 588  385 288

Net retained earnings of 1999                   107 588 -107 588        0

Reserves	                       -2 436     2 436                 0

Dividends                                       -39 600           -39 600

Net profit for the financial year                        157 449  157 449

31.12.2000                   132 000   13 200   200 488  157 449  503 137



31.12.2000                   132 000   13 200   200 488  157 449  503 137

Net retained earnings of 2000                   157 449 -157 449        0

Dividends                                       -66 000           -66 000

Net profit for the financial year                        177 638  177 638

31.12.2001                   132 000   13 200   291 938  177 638  614 776











AS Norma

Changes in owners` equity as of 31.12.2001

EUR in thousands, unaudited

                              Share  Reserves  Previous Financial   Total

                            capital              period     year   owners

                                                 profit   Profit   equity

31.12.1999                     8 436      999     8 313    6 876   24 624

Net retained earnings of 1999                     6 876   -6 876

Reserves                                 -156       156

Dividends                                        -2 531            -2 531

Net profit for the financial year                         10 063   10 063

31.12.2000                     8 436      844    12 813   10 063   32 156



31.12.2000                     8 436      844    12 813   10 063   32 156

Net retained earnings of 1999                    10 063  -10 063

Dividends                                        -4 218            -4 218

Net profit for the financial year                         11 353   11 353

31.12.2001                     8 436      844    18 658   11 353   39 291





Peep Siimon

Chairman of the Board

+372-6500-442