NRM: Unaudited Preliminary Financial Results Q3 and 9 months Y2008

AS Norma						October 20, 2008

Unaudited Preliminary Financial Results Q3 and 9 months Y2008

Sales and Revenues

During the period Q3 Y2008 consolidated net sales of AS Norma totalled 345.0
MEEK (22.0 MEUR).This constitutes a 14.9% (44.8 MEEK; 2.9 MEUR) increase
compared to Q3 Y2007. Sales to Russian and Ukraine customers rose by 43.3%
(65.9% from this growth came from sales of safety systems), sales to other
customers decreased by 15.7% in Q3 Y2008. Sales to parent company Autoliv
amounted to 103.6 MEEK (6.6 MEUR), a decrease 21% compared to the same period
in 2007. 

In Q3 Y2008, AS Norma exported 99.0% of its products (Q3 Y2007: 99.0%) - 26% to
Sweden and 64% to Russia (Q3 Y2007: respectively 41% and 51%). 

For 9 months Y2008 consolidated sales of AS Norma totalled 1 068.1 MEEK (68.3
MEUR), an increase 19.4% (173.2 MEEK; 11.1 MEUR) compared to 9 months in 2007.
Sales to Russian and Ukraine customers increased by 59% and sales to other
customers declined by 8.0%. Sales to parent company Autoliv reached 439.2 MEEK
(28.1 MEUR), which was 9.9% less compared to the same period in 2007. 

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 Q3 Y2008 was 986, which is 7 employees
more than a year ago and 14 more compared to the beginning of 2008. The Group
employed a monthly average of 997 people. 

Assets and liabilities

Accounts receivable at the end of Q3 Y2008 totalled 192.2 MEEK (12.3 MEUR), of
which 69.2% related to the Russian and Ukrainian customers. Receivables from
Autoliv were 45.7 MEEK (2.9 MEUR). AS Norma's payables to Autoliv amounted to
49.3 MEEK (3.1 MEUR). 

The share of accounts in arrears of total receivables was 4.0%. In management's
opinion there were no bad debts to be provisioned. 

At the end of the Q3 Y2008, the consolidated total assets totalled 1113.7 MEEK
(71.2 MEUR), a growth during the current year 56.5 MEEK (3.6 MEUR), including
of 67.4 MEEK (4.3 MEUR) increase in current assets. The growth was, above all,
due to the changes in short-term financial investments and inventory. 

As of 30.09.2008 the Group deposited euros at Autoliv AB in the amount of 18.1
MEUR (283.2 MEEK) and kroons in the amount of 23.0 MEEK (1.5 MEUR) for the term
of maturity less than 3-month and 3-12-month. The transactions with Autoliv AB
were made only when the interest rates offered by commercial banks were lower
than that of Autoliv AB. 

Short-term liabilities amounted to 167.4 MEEK (10.7 MEUR) at the end of Q3
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 38.9 MEEK (2.5 MEUR) during the
period, amounting to 946.3 MEEK (60.5 MEUR), which made up 85% of total assets. 

Investments

During 9 months of 2008, AS Norma invested a total of 30.0 MEEK (1.9 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 49.0 MEEK (3.1 MEUR) in Q3
Y2008, which was 20.6 MEEK (1.3 MEUR) more than in Q3 Y2007. Net profit made up
14.2% of sales (9.4% in Q3 Y2007). 

For 9 months Y2008 net profit amounted to 104.9 MEEK (6.7 MEUR), which is 37.3
MEEK (2.4 MEUR) higher than at the same period a year ago. The net profit
margin was 9.8% (9M Y2007: 7.6%). 

Both, diluted and basic earnings per share were 7.94 EEK (0.51 EUR) as of the
end of September, a year earlier EPS was 5.12 EEK (0.33 EUR). 



Major events

A part-time working time. 
Due to the decrease of production volumes by Swedish car makers, As Norma has
obtained a permit to implement part-time working time to Norma Autoliv seatbelt
division employees for the period 20 October, 2008 to 19 January, 2009. 


Peep Siimon
Chairman of the Management Board