HÜVITUSFOND

COMMENTARY TO FINANCIAL RESULTS



COMMENTARY TO UNAUDITED FINANCIAL RESULTS, 2000



According to unaudited data Hüvitusfond earned net income in amount of 

EEK 62.7 million in 2000 (EEK 96.1 million in 1999).



In 2000 the fund earned EEK 124.1 million in interest income, whereas 

more than half of net interest income was earned from investments in 

bonds. Interest expenses totaled EEK 37.1 million, mostly including 

interest paid on bonds. Net interest income was EEK 87 million. 



Income from trading portfolio was EEK 19.7 million (EEK 28.1 million 

in previous period). Income from investment portfolio was EEK 1.8 million 

(EEK 1.7 million in 1999).



In 2000 the fund’s revenues from privatization amounted to EEK 4.5 million.

The fund issued bonds for total of EEK 48.5 million.



In 2000 Hüvitusfond earned EEK 88.9 million of gross profit (EEK 121.4 

million in 1999). Hüvitusfond's profit from business activities totaled 

EEK 62.7 million (EEK 96.1 million in 1999).



The financial results of Hüvitusfond in year 2000 are at expected level. 

Lower income is mostly due to shrinking of interest-bearing assets by 

close to EEK 200 million (redemption of bonds) and changed business 

environment due to lower interest income.





Jaanus Kosemaa

PR manager

+372 6651800