NRM: Unaudited Preliminary Financial Results Q1 Y2008

AS Norma                                    April 21,2008

Unaudited Preliminary Financial Results Q1 Y2008

Sales and Revenues

During the period Q1 Y2008 consolidated net sales  of  AS
Norma totalled 330.8 MEEK (21.1 MEUR).This constitutes an
17%  (47.6 MEEK, 3.0 MEUR) increase compared to Q1 Y2007.
Sales to Russian and Ukrainian customers rose by 69% (84%
of  this  growth came from deliveries of safety  systems)
and sales to other customers decreased by 7.1%. Sales  to
Autoliv  Group  amounted to 168.1  MEEK  (10.7  MEUR),  a
decrease 7.3% compared to the same period in 2007.

In  Q1 2008 AS Norma exported 99.2% of it�s products  (Q1
2007:  98.8%)  -  46% to Sweden, 45% to  Russian  and  4%
German customers (Q1 2007: respectively 61%, 31%, 4%).

The  main field of activity of Group were production  and
sale  of  car safety seatbelts and their components.  The
Group  also manufactured car components, as well as  dies
and molds for stamping machines, and rendered engineering
services  related  to the design and  adaptation  of  car
safety systems and seatbelts.

The number of employees at the end of the period was 964,
which is 12 employees less than a year ago and 8 less
compared to the beginning of Y2008. The Group employed a
monthly average of 966 people.


Assets and liabilities

Accounts  receivable at the end Q1 Y2008  totalled  157.1
MEEK (10.0 MEUR), of which 53% related to the Russian and
Ukrainian customers. Receivables from Autoliv Group  were
66.4  MEEK  (4.2  MEUR). AS Norma�s payables  to  Autoliv
Group amounted to 45.1 MEEK (2.9 MEUR).

The share of accounts in arrears of total receivables was
9.9%. In management�s opinion there were no bad debts  to
be provisioned.

At the end of the Q1 Y2008, the consolidated total assets
totalled  1106 MEEK (70.7 MEUR), a growth 48.8 MEEK  (3.1
MEUR),  including  of 56.2 MEEK (3.6  MEUR)  increase  in
current  assets. The growth was, above all,  due  to  the
changes in short-term financial investments.

Total  liabilities amounted to 168.0 MEEK (10.7 MEUR)  at
the   end  of  Q1  Y2008.  The  Group  has  no  long-term
liabilities, all investments and operating activities are
financed from equity.

The  owners' equity of the Group increased by  30.5  MEEK
(1.9  MEUR)  during the period, amounting to  938.0  MEEK
(59.9 MEUR), which made up 85% of total assets.


Investments

In  Q1 Y2008, AS Norma invested a total of 6.7 MEEK  (0.4
MEUR),  to  support  existing production  capacities  and
assure the future profits.


Net Profit and Earnings per Share

The  Group's consolidated unaudited net profit  was  30.5
MEEK  (1.9  MEUR) in Q1 Y2008, which was  3.9  MEEK  (0.2
MEUR)  i.e.  15% more than a year before (Q1  2007:  26.6
MEEK; 1.7 MEUR).

Both, diluted and basic earnings per share were 2.31  EEK
(0.15  EUR) in Q1 Y2008, a year earlier EPS was 2.01  EEK
(0.13 EUR).


The Q2 Y2008 results of AS Norma will be released at July
21, 2008.

Peep Siimon
Chairman of the Management Board
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