HÜVITUSFOND

ANNOUNCEMENT

12.04.99

 

FINANCIAL RESULTS OF Q1 1999, UNAUDITED

 

The activities of Hüvitusfond in Q1 1999 resulted in profit of 42.6 

million EEK, which exceeds the respective result of last year by 

approximately 10 million EEK. The fund earned interest revenues in 

total amount of 37.4 million EEK, of which income from investments 

in bonds accounted for the largest share (51%). 22% of interest 

income proceeds from short-term investments. Interest expenses 

totaled 11.4 million EEK, of which 75% were interest paid to 

bondholders. Net interest income was 26.03 million EEK.

 

In Q1 1999, Hüvitusfond earned income from investments in the amount 

of 38.5 million EEK. The main share of this income originated from 

revaluation after the realization of securities. The securities were 

discounted and reflected on the balance sheet at lower price than 

they were actually sold for. Total volume of expenses related to 

investments amounted to 16.7 million EEK, of which revaluation and 

loss on short-term investments accounted for the largest share 

(98%). During the same period in 1998, the investment-related 

expenses totaled 455,483,516 EEK. Net income from investments 

amounted to 21.8 million EEK. 

 

In Q1 1999, the fund’s worth increased by 161.6 million EEK, or 22%. 

Receipts from privatization amounted to 118.8 million EEK.

 

 

Andres Laisk

Tel. +372 66 51 801