REVAL HOTELLIGRUPI AS

INCOME STATEMENT

01.01-31.12.98

 

Consolidated, unaudited

In thousand EEK

                                                              01.01.98-     01.01.97-

                                                               31.12.98      31.12.97

 

  Net sales                                                     209,952       204,192

  Cost of sales                                                  99,078        93,165

Gross profit                                                    110,874       111,027

  Marketing expenses                                              7,042         6,993

  General administration expenses                                71,670        64,495

  Other commercial revenues                                       6,957         3,092

  Other commercial expenses                                       5,425         1,085

 

Commercial profit                                                33,694        41,546

 

  Financial revenues                                              9,841         4,707

  Income from sale of subsidiary                                    410

  Income from financial investments                                 755

  Foreign exchange gain                                           2,161         2,280

  Interest income                                                 6,515         2,427

  Financial expenses                                             10,019         6,997

  Financial expenses related to associated enterprises              160

  Financial expenses related to subsidiaries                        452           526

  Foreign exchange loss                                             443           323

  Interest expenses                                               7,640         6,148

  Other financial expenses                                        1,325

 

Profit before taxes                                              33,515        39,256

 

  Income tax                                                      7,708        10,351

  Minority interest                                                 -19           -18

Net profit for the period                                        25,826        28,923

 

 

1 Consolidated income statement reflects the financial results of the parent company 

and subsidiary AS Hotell Olümpia between 1.01.-31.12.98 and (all shares were sold on 

31.03.98) financial results of AS Taimekt between 1.01.98-31.03.98.