REVAL HOTELLIGRUPI AS

ANNOUNCEMENT

07.04.99 

 

 

Auditor's report to the shareholders of Reval Hotelligrupi AS

(translation from Estonian)

 

We have audited the consolidated financial statements of Reval 

Hotelligrupi AS as of 31 December 1998. These financial 

statements are the responsibility of the company’s management. 

Our responsibility is to express an opinion on these financial 

statements based on our audit. 

We conducted our audit in accordance with Estonian Standards on 

Auditing. Those standards require that we plan and perform the 

audit to obtain reasonable assurance about whether the financial 

statements are free of material misstatement. An audit includes 

examining, on test basis, evidence supporting the amounts and 

disclosures in the financial statements. An audit also includes 

assessing the accounting principles used and significant 

estimates made by management, as well as evaluating the overall 

financial statement presentation. We believe that our audit 

provides a reasonable basis for our opinion.

On acquisition of associates, the difference between the cost of 

acquisition and the investor’s share of the fair values of the 

net identifiable assets has not been recognised as a separate 

asset in accordance with International Accounting Standards. 

Instead, goodwill in the amount of EEK 1.5 million as of 31 

December 1998 is included in the carrying amount of long-term 

financial assets.

In our opinion, with the exception of the matter discussed above, 

the financial statements, prepared in accordance with 

International Accounting Standards, give a true and fair view of 

the consolidated results of Reval Hotelligrupi AS operations for 

the financial year, a profit of EEK 23 774 594, and of its 

consolidated financial position as of 31 December 1998, showing 

the balance sheet total of EEK 343 190 977.

This translation is based on the auditor’s report issued on the 

original financial statements prepared in Estonian language.

Tallinn, 5 April 1999

KPMG Estonia

 

(signed)	

Andres Root	

Authorised Public Accountant