HÜVITUSFOND

ANNOUNCEMENT

20.11.98

 

HÜVITUSFOND’S 1998 FIRST THREE QUARTERS UNAUDITED FINANCIAL 

RESULTS

 

As of the III quarter of 1998, the Hüvitusfond balance sheet 

volume was 1.533 billion EEK. In 9 months, the balance sheet 

volume decreased by 249 million EEK (14%).

 

On the assets side of the balance sheet, the marketable 

securities decreased the most (by 282 million EEK), amounting 231 

million EEK at the end of the period. The reason for that is a 

change in the methods of calculation, due to which the shares are 

reassessed to the market value monthly, as well as the share 

price decrease on the market.

 

On the owners’ equity and liabilities side of the balance sheet, 

the current debt obligations decreased by 141 million EEK. During 

the period, there has been two Hüvitusfond bond issues in the 

total of 71.94 million EEK. The net value of the fund decreased 

by 190.4 million EEK during the period, being 736.5 million EEK 

at the end of the period.

 

Total I half-year revenues of the fund were 138.6 million EEK, of 

which the interest income was 111.4 million EEK (80.5%). The 

income from investments amounted 24.6 million EEK (17.7%), and 

other operating revenues gave 2.6 million EEK (1.8%). Total 

expenses of the same period totaled 379.7 million EEK. The 

interest expenses amounted 50.1 million EEK (13.1%). The fund has 

earned profit from the interests in the amount of 61.3 million 

EEK. The investment-related expenses were 312 million EEK 

(82.2%), and administrative expenses 12.9 million EEK (3.4%). The 

largest contributions to the investment-related expenses were 

made by 260.6 million EEK discount of the shares traded, and 29.9 

million EEK provisions concerning the risk- and real estate 

projects. The 1998 3 quarters operating loss was 241.1 EEK. The 

fund’s worth has decreased by 190.9 million EEK.  

 

Fund’s net worth of 736.5 million EEK is the difference between 

the non-current assets and the nominal value of the bonds issued, 

to which is added –6.8 million EEK accumulated loss from normal 

operations. The total nominal value of the bonds issued by 

Hüvitusfond is 446.9 million EEK.

 

In the IV quarter, there will be an additional provision on the 

investments in the amount of 66.4 million EEK.

 

 

Andres Laisk

Tel. +372 6 651 812