HÜVITUSFOND

COMMENTARY TO FINANCIAL RESULTS



COMMENTARY TO FINANCIAL RESULTS, 9M 2001



In 9m 2001 Hüvitusfond earned net income in amount of EEK 57.9 million.



In 9 months the fund earned EEK 78 million in interest income, whereas 

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

bonds. Interest expenses totaled EEK 18 million, mostly including 

interest paid on bonds. Net interest income was EEK 60 million (EEK 

68 million last year).



Income from trading portfolio (stock exchange listed shares and money 

market instruments) was EEK 2 million (EEK 14 million in previous period).



Income from investment portfolio (bonds, less liquid shares and 

units) was EEK 7.8 million (EEK 2.3 million in previous period). 

Interest income from bonds in investment portfolio is shown on 

interest income account on income statement.



Provisions for doubtful accounts decreased by EEK 13 million, 

compared to EEK 1 million increase in 9m 2000.



In 9m Hüvitusfond earned EEK 71 million of gross profit (EEK 70 

million in previous period). 



In 9m the fund saw EEK 13 million loss from subsidiaries, 

compared to EEK 20 million loss during the same period 

last year.



Hüvitusfond's operating profit in 9m totaled EEK 57.9 million 

(EEK 53 million in 9m 2000).



In 3 months Hüvitusfond's total assets decreased by EEK 133 million 

due to redemption of bonds (total volume EEK 182 million). 



As of 30.09.2001 the fund's owners equity stood at EEK 1,102 million

increasing on the account of income compared to the previous period.





Jaanus Kosemaa

PR manager

+372 66 51 800