HÜVITUSFOND

ANNOUNCEMENT

11.01.99

 

 

ADDITIONAL COMMENTARY TO THE DIFFERENCES BETWEEN HÜVITUSFOND’S 

1998 I HALF YEAR PRELIMINARY (UNAUDITED) FINANCIAL RESULTS 

(DISCLOSED VIA THE STOCK EXCHANGE SYSTEM ON JULY 27, 1998) AND 

FINAL (AUDITED) FINANCIAL RESULTS.

 

In the course of audit, the loss of Hüvitusfond increased by 

92.2 million EEK. The changes are reflected mainly in two 

accounts – current investment expenses (loss, discount) and 

receivables (discount, doubtful accounts)

 

The current investment expenses increased by 81.1 million EEK, 

to 187.9 million EEK. The expenses connected with the 

receivables increased by 9.85 million EEK, to 28.9 million EEK.

 

In course of the interim audit, an information concerning the 

annulment of the stock forward transactions made between 

Hüvitusfond and Eesti Ühispank in 1997 was disclosed, about the 

circumstances of which the parties have different opinions. 

Therefore, the base shares of this transaction were adjusted to 

the market prices, due to what the loss increased by 73.4 

million EEK. Also, during the course of audit, additional 

provisions were made on the receivables from Maapank, including 

Hüvitusfond’s deposit in Maapank in the amount of 8.1 million 

EEK.

 

Among the rest, the audit also comprised the critical analysis 

of the accounting principles and managerial accounting 

evaluations used on compilation of the accounting interim 

reports, including a critical revision of all the investment-

related accounts. Due to that, some smaller changes were made 

compared with the preliminary financial results.

 

 

 

Andres Laisk

Hüvitusfond 

Tel. +372 665 1812