Observer Eesti Oü

WEEK 21st 2004

Thursday, 20th of May, 2004

Estonia might participate in the manufacturing of NATO intelligence technology
E-Arsenal, a company that manufactures Estonian military technology contracted a cooperation pact with TIPS, defence syndicate of NATO countries.
According to the agreement, Estonia can participate in the creation of future intelligence system that encompasses both the radar planes of mainland observation and communication systems that support them.
Eesti Päevaleht

46 percent of Estonian residents to use Internet
According to the research company TNS Emor, the number of Internet users in Baltic States surpassed the limit of 1.6 million by the end of 2003. In Estonia, 479,000 people in the age 15-74 use Internet. This is 46 percent of the entire population. The percentage in Latvia is 24 and in Lithuania – 28. More than half of Estonian Internet users have access to Internet also at home.
Eesti Päevaleht

Wednesday, 19th of May, 2004

Estonian economy grew by EEK 10 billion
Change of calculation methodology increased last year’s GDP by EEK 10 billion up to EEK 125 billion. Estonia’s GDP grew from 4.7 percent to 5.1 in 2003. Recalculation improved several economic indicators that are important for Estonia. Statistics board corrected the calculation of GDP, proceeding from the requirements of the EU and corresponding local calculation to EU’s principles. Above all, changes concerned the evaluation of real estate, which last year’s amount grew 62 percent to EEK 18.8 billion. Real estate business became the second biggest branch of economy in Estonia.

Saku Metall grew quarterly sales
1Q net sales of AS Saku metal grew up to EEK 42.3 million, which is EEK 1.4 million more than a year ago. Company that manufactures construction fillings, thin leaf metal, metal doors and steel profile products earned EEK 2.3 million in first three months of 2003. Amount of investments reached EEK 0.26 million.

Tuesday, 18th of May, 2004

Fazer Estonia reached profit
Last year, Fazer Estonia managed to earn the biggest profit in history – EEK 9.3 million. Just a year before last year, the company was in a small loss.
Turnover of Fazer Estonia reached EEK 216.7 million in 2003. This is nearly fifth more than in 2002. Amount of investments reached EEK 20 million in 2003.

British real estate company promises to invest hundreds of millions
Yesterday morning, In House Capital OÜ, joint company of Great Britain and Estonia, introduced its plans to invest hundreds of millions of kroons to local real estate business.
The company promises to develop projects that would offer affordable lodging to Estonians. The company has selected twelve potential objects. First objects should be completed in six to eight months.

Hansapank purchased Lithuanian stocks for EEK 67 million
Hansapank purchased the stocks of seven Lithuanian industrial companies and a bank for approximately EEK 67 million from a Swedish trust management company.
Hansapank purchased a 7.86 percent holding in Laivite ship plant in Klaipeda, and holdings in _iauliu Bankas, oil group Ma_eikiu Nafta, electronics manufacturer Vilniaus Vingis, Vilniaus Degtines and trade vessel Kalipedos Transporto Laivynas.

Konesko became the biggest engine manufacturer
AS Konesko, manufacturer of electric engines has become Estonia’s biggest manufacturer of electricity engines after the construction of a new factory and a metalworking plant.
In a week, the factory manufactures 1500 electric engines, although manufacturing capacity is even bigger. The entire production is made for export to Scandinavia and the EU.

ERGO paid EEK 27.3 million of benefits
In April, ERGO Kindlustuse AS paid EEK 27.3 million of benefits, which is 35.8 percent more than during respective period last year. ERGO Insurance collected EEK 58.0 million of insurance payments in April. This is 18.3 percent more than in April of 2003.

Monday, 17th of May, 2004

Asva Estonia grew sales
1Q net sales of Asva Estonia, wholesaler of steel, aluminium and copper grew up to EEK 70.4 million, which is EEK 26.1 million more than a year ago.
The company earned a profit of EEK 3.2 million. Amount of investments reached EEK 2 million.

Sales of Viljandi Metall to approach EEK 50 million
1Q net sales of AS Viljandi Metall reached EEK 49.1 million and net profit reached EEK 5.7 million. A year ago, corresponding figures were EEK 36 million and EEK 5.5 million. Viljandi metal is a manufacturer of steel constructions.

Hansa Life Insurance made a record in April
In April, Hansa Life Insurance collected nearly EEK 54 million of insurance premiums, which is the company’s biggest amount of premiums collected during a period of one month.
The amount of insurance premiums during first four months of the year grew 85 percent compared to respective period last year, reaching up to EEK 122.4 million.

Giant trade center of Helsinki to be built through the mediation of Estonian company
Finnish real estate developer SRV Group that owns Hotel Viru in Tallinn has transferred the management of its huge shopping centre development in central Helsinki to its Estonian subsidiary.
The EEK 5.5 billion trade, business and accommodation centre Kamppi is built to the central town of Helsinki through Hotel Viru because of tax issues, claims Finnish economics newspaper Taloussanomat. Ilpo Kokkila, head and shareholder of SRV Group, denies the claims.
SRV purchased Viru hotel during the privatisation process for approximately EEK 150 million in 1994.

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