HÜVITUSFOND

COMMENTARY TO THE FINANCIAL RESULTS

 

COMMENTARY TO 1999 UNAUDITED FINANCIAL RESULTS

 

In 1999 Hüvitusfond earned EEK 101.9 million profit, up from EEK 

370 million loss posted in 1998. Positive result was mainly due to 

more conservative investment policies and profitable investments to 

money and capital markets.

 

In 1999 the fund earned interest revenues in total amount EEK 163.5 

million, of which income from investments in bonds accounted 

for more than half. Interest expenses amounted to EEK 46.8 million, 

of which the interest payments to bondholders accounted for the 

largest share. Net interest income was EEK 116.7 million, up from 

EEK 83.9 million in 1998.

 

Income from other investments totaled EEK 83.3 million, of which 

income from short-term investments (liquid shares, dividends, fund 

units, short-term debt securities) accounted for the largest share. 

Total volume of investment-related expenses was EEK 76.3 million. 

Net investment income totaled EEK 7 million, compared to EEK -431 

million result in 1998. 

 

The fund's net asset value increased in 1999 by EEK 307 million, 

amounting to EEK 1.027 billion at the end of the year. Revenues 

from privatization amounted to EEK 319 million. Total value of 

bonds issued amounted to EEK 113.7 million.

 

 

Jaanus Kosemaa

Public Relations Manager

+372 66 51 800, +372 51 04 614