Observer Eesti Oü
WEEK 8th 2004

Monday, 9th of February, 2004

Credit Bank received a profit of EEK 1.5 million in January
In January, Credit Bank earned EEK 1.47 million of profit. Bank’s total assets amounted EEK 1.778 by the end of the month. The amount of Credit Bank’s loan portfolio was EEK 613.1 million, having grown by 17.1 percent compared to respective period last year.

Finnish electronics giant to double size of its plant in Tallinn
Elcoteq Network Corporation announced on Friday that it plans to double the size of its second plant in Tallinn.
The company reported that, owing to strengthened demand, it decided at the end of the year to almost double the size of its second manufacturing plant in Tallinn with an expansion totalling almost 9,000 square meters.
This plant, opened in 2001, concentrates on communications network equipment. The second Elcoteq assembly plant in Tallinn has 24,000 sqm of floor space.
Ilmar Petersen, board member of Elcoteq Tallinn, said that the expansion project would cost up to EEK 200 million.
Elcoteq Network Corporation is one of the largest electronics manufacturing services companies in the communications technology field.
The company operates on three continents in 12 countries and it has over 12,000 employees.
Elcoteq Network Corporation is listed on the Helsinki Exchanges.

Tuesday, 10h of February, 2004

Profit of Estonian Gas to increase
Net turnover of AS Eesti Gaas amounted EEK 1147.1 million in 2003. Net turnover reached EEK 1034 million a year earlier.
Profit of the company reached EEK 101.8 million and the amount of investments was EEK 77.1 million.
Estonian Gas earned EEK 84.4 million in 2002.

E-Piim earned EEK 14 million in profit
Milk industry E-Piim earned EEK 525 million of consolidated unaudited turnover and EEK 14 million of profit in 2003.
The company stored 96,000 tons of raw milk, which is 20 percent of the raw milk that was purchased by the entire Estonian milk industry in 2003.

Wednesday, 11th of February, 2004

Estonian Air carries 46 percent more passengers - January
Estonian national carrier Estonian Air carried 32,035 passengers in January, which is 46 percent more than in January 2003.
The number of passengers on the Kiev and London routes has almost doubled, the airline announced.
There were also notably more passengers flying on the Tallinn-Vilnius route.
One reason why more passengers are flying between Tallinn-Kiev and Tallinn-London is the airline’s decision to replace Fokker 50, which had 48 seats with Boeing 737 with 113 seats.
Estonian Air President Erki Urva said that the main reason for a sharp rise in passengers over the year was the new pricing structure, which has made air transportation available also to those Estonians who earlier considered it too expensive.

Friday, 13th of February, 2004

Hansabank Group net profit up 9 percent to EUR 130.9 million
Hansabank Group reported yesterday that its net profit for 2003 amounted to EUR 130.9 million that is an increase of 9 percent.
Operating profit before provisions increased to EUR 176.2 million and was up 35 percent.
Group revenues increased 9 percent and expenses fell 8 percent.
Indrek Neivelt, Chairman of the Board, said in comment: “2003 was a successful year for Hansabank Group. We reached several important milestones: our Group has two million cards, one million Internet bank customers and half a million pension customers. We managed to improve on last year’s results despite a rapid decrease in interest margins. Our pre-tax profit increased by 15 percent to EUR 147.1 million and our market capitalisation grew by 35 percent to EUR 1.7 billion. We also took a big step forward in efficiency, reducing our cost to asset ratio from 3.8 percent to 3.1 percent over the year.”

Editorial: it is worth to invest into Hansapank stock for long
Yesterday, Hansapank surprised the public by declaring economic results earlier than announced. Äripäev believes that this is good, since the threat of insider business always accompanies closed information.
Although some analysts believe that the profit of Hansapank grew less than expected, Äripäev recommends purchasing (more) Hansapank stocks.
Last year was the year of the bottom of interest rates. Increase of the general level of interest rates influences the bank’s profitability.

Hansapank plans expanding to eastern market
Due to successful leasing operations in Russia, Baltic’s biggest banking concern Hansapank wishes to offer also banking services in Russia.
Fast development at the Baltic banking market is over, admits Erkki Raasuke, board member of Hansapank. Local growth possibilities are starting to wither. The bank must keep its eye on new perspectives.
The bank managed to grow its loan portfolio significantly in Russia due to its subsidiary and earn a profit of EEK 81 million. Therefore the bank is looking for growth opportunities in Russia.

Saturday, 14th of February, 2004

Ühispank earned over EEK 500 million in profit last year
Estonian Ühispank group received EEK 542.7 million of profit last year. This is 43 percent more than in 2002.
EEK 357.2 million of net profit came from service fees that increased by fourth in a year. Group’s loan and leasing portfolio grew by EEK 4.3 billion and amounted EEK 20.7 billion by the end of December.

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