REVAL HOTELLIGRUPP

INCOME STATEMENT



CONSOLIDATED INCOME STATEMENT, H1 2000



unaudited, 

in thousand EEK, 

exc. earnings per share

                                         Q2        Q2        H1        H1

                                        2000      1999      2000      1999



Net sales                              69,485    54,132   117,444    94,033



Cost of goods and services sold       -26,973   -22,360   -48,570   -43,546

Gross profit                           42,512    31,772    68,874    50,487



Marketing expenses                     -3,189    -2,087    -6,082    -4,362

Administrative expenses               -18,951   -11,968   -36,371   -24,933

Other revenue                             629       877     1,267     1,641

Other expenses                           -419      -612      -718    -1,175

Operating profit                       20,582    17,982    26,970    21,657



Financial income/expenses

Income/expenses related with

financial investments                     336      -116       113    -1,076

Foreign exchange loss                      -5       577       -29      -731

Interest and other financial

income/expenses                        -2,388    -4,298    -5,137    -9,215

Total financial income/expenses        -2,057    -3,837    -5,054   -11,022



Profit before taxes                    18,525    14,145    21,916    10,635

Income tax                                  0    -2,839         0    -2,839

Net profit for the period              18,525    11,306    21,916     7,796





Earnings per share                      3,52      2,72      4,22      1,89

Diluted earnings per share              3,52      2,72      4,22      1,89





Katrin Rasmann

CFO

+372 627 4444