HÜVITUSFOND

ANNOUNCEMENT

 

SUPERVISORY BOARD DECISION

 

The Supervisory Board of Hüvitusfond decided not to pay additional 

interest for II half year of 1999 due to the deficit of capital 

stock, resulted from the loss for the 1998 financial year.  

 

By the year 1998, Hüvitusfond had earned a profit of 235 million 

EEK, but it ended the year with a loss of 370 million EEK, which 

resulted in the capital stock deficit of 135 million EEK. The 

approximate profit earned in 1999 does not cover the 135 million 

EEK deficit.

 

The payments of additional interests are decided twice a year by 

the Supervisory Board of Hüvitusfond, by January 20 and July 20 at 

latest.

 

The net result of Hüvitusfond for the first three quarters is a 

76.3 million EEK profit. The net asset value increased by 292 

million EEK, amounting to 1.012 billion EEK at the end of the 

period. Revenues from privatisation amounted to 258 million EEK.

 

The preliminary results of Hüvitusfond's financial year of 1999 

will be published at the end of February.

 

 

Jaanus Kosemaa

Head of Public Relations

+372 66 51 800, +372 51 04 614