Observer Eesti Oü
WEEK 5th 2004

Monday, 28th of January, 2003

Tallinna Kaubamaja reports strong results for 2003
The non audited net sales of AS Tallinna Kaubamaja (parent company) for 12 months of 2003 was EEK 579.4 million (37 million euros), down 1 percent.
The company’s sales in Tallinn increased 20 percent in a year.
The consolidated non-audited net sales for the year 2003 of the Tallinna Kaubamaja Group was EEK 1.76 billion (112.5 million euros). It is an increase of 15 percent over last year when the net sales of the Group was EEK 1.53 billion (97.9 million euros). The net profit of the Group for 2002 was EEK 45 million (2,9 million euros). Thus the net profit increased 1.5 times.

Estonia’s leading power group reports EEK 338m in profit - 9 months
Eesti Energia Group, the state-owned power company, reported to have earned a nine-month profit of EEK 338 million, up from EEK 246 million a year ago.
The group net sales increased 7.1 percent to EEK 4.13 billion in nine months.
The company invested EEK 2.46 billion during the year.
Sandor Liive, finance director of Eesti Energia, said that the company is going to invest all its profit.
“This year we will invest about six times more than was the last year’s profit. Total investments are expected to amount to EEK 3.4 billion during the financial year,” said Liive.
According to Liive, the company’s results are improving because of the ongoing economic growth of Estonia.
Exports of electricity went up 42.1 percent in nine months and amounted to 1441 GWh. Of exports, 63 percent was exported to Latvia and 37 percent to Russia.

Thursday, 29th of January, 2004

Popularity of banc-assurance to grow
Banc-assurance is an offer of both banking and life insurance products to clients through mutual channels, explains Ulla Illisson, CEO of Sampo Life Insurance.
In Estonia, there are currently three concerns that offer banc-assurance – Hansapank Insurance, Ühispank Life Insurance and Sampo Life Insurance that share nearly three fourth of life insurance market. ERGO Life Insurance and Seesam Life Insurance operate as independent companies. The market is developing upwards. In total, gross premiums of life insurance amounted EEK 578.6 million in 2003. This is 30 percent more than in 2002. Prognosis for the year 2004 is EEK 725 million of premiums in total.

Hansabank Markets raised the growth prognosis of GDP
In its fresh analysis of Baltic economy, Hansabank Markets raised the growth prognosis of GDP in 2003 and 2004. The prognosis for 2003 was raised from 4.2 percent up to 4.6 percent. Hansabank Markets expects GDP to increase 5.1 percent in 2004. Average growth of CPI is 3.7 percent in 2004 according to Hansabank Markets.

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