REVAL HOTELLIGRUPP

INCOME STATEMENT



CONSOLIDATED AND AUDITED INCOME STATEMENT 1999



01.01.99-31.12.99

Consolidated, audited

in thousand EEK

                                                        1999             1998



Net sales                                        204,734,741      211,841,596

Cost of goods and services sold                  -89,617,032      -99,388,242

Gross profit                                     115,117,709      112,453,354



Marketing expenses                               -10,222,556       -7,807,477

Administrative expenses                          -56,302,754      -72,038,380

Other revenue                                      6,627,550        4,085,367

Other expenses                                    -4,622,490       -1,722,120

Operating profit                                  50,597,459       34,970,744



Financial income / expenses

Income / expenses from financial investments        -426,513          -15,943

Foreign exchange loss                               -597,695          -13,241

Interest expenses                                -17,672,006       -2,626,377

Net financial income / expenses                  -18,696,214       -2,655,561



Profit before taxes                               31,901,245       32,315,183



Income tax                                        -1,567,634       -8,559,322

Profit after income tax                           30,333,610       23,755,861

Minority share                                                         18,732

Net profit for the year                           30,333,610       23,774,593





Katrin Rasmann

CFO

Tel. +372 62 74 444