HEX Tallinn 2003 Financial Results

The total turnover of HEX Tallinn, the group uniting Tallinn Stock Exchange and Estonian CSD, was EUR 2.5 million in 2003, up 23 pct from the previous year. The shareholders' equity stood at EUR 2 million at the end of the period. The consolidated net profit for year 2003 totaled EUR 0.6 million, compared to the result of EEK 0.1 million the year before. The results are unaudited.

Increased trading activity on the Tallinn Stock Exchange, higher than expected number of subscribers to the funded pension system, and the deadline for mandatory company registration at the Estonian CSD were the main drivers behind the growth of business volumes. By the end of the year, 5,395 public limited companies and 314 private limited companies were registered at the ECSD.

"Our major goal this year is to simplify the life of the registered companies by reducing bureaucracy. We will enhance our co-operation with the Central Commercial Register, Chamber of Notaries, banks and other relevant institutions. In addition, we intend to make more services available online for registered companies," said Gert Tiivas, CEO of HEX Tallinn. "For the stock exchange, the top priority in 2004 will be the launch of the new trading system, which will create a joint Nordic and Baltic trading environment," added Tiivas.