HÜVITUSFOND

ANNOUNCEMENT

22.10.99

 

 

COMMENTARY TO THE FINANCIAL RESULTS

 

In three quarters of 1999 Hüvitusfond earned 76.3 million EEK profit 

(respective result of last year was -242.7 million EEK). Compared to 

the results of this year's first two quarters, the Q3 result was lower 

due to additional provisions made in Q3.

 

In nine months the fund earned interest revenues in total amount 

of 123 million EEK, of which income from investments in bonds accounted 

for approximately half. Interest expenses totaled 34.7 million EEK, of 

which the interest payments to bondholders accounted for the largest 

share. Net interest income was 88.4 million EEK.

 

Income from investments totaled 91.4 million EEK, of which income from 

short-term investments (shares, commercial papers, fund units) accounted 

for the largest share. Total volume of investment-related expenses was 

85.1 million EEK. Net investment income totaled 6.3 million EEK 

(respective result in 1998 was 313.4 million EEK).

 

The fund's net asset value increased in nine months by 292 million EEK, 

amounting to 1,012 million EEK at the end of the period. Revenues from 

privatization amounted to 258 million EEK. Total value of bonds issued 

amounted to 42.2 million EEK.

 

 

 

Jaanus Kosemaa

Public Relations manager

Hüvitusfond

+372 66 51 800, 824, +372 51 04 614