REVAL HOTELLIGRUPP

BALANCE SHEET



CONSOLIDATED AND AUDITED BALANCE SHEET 31.12.99



Consolidated, audited

in thousand EEK

                                                  31.12.1999    31.12.1998

ASSETS

Current assets

Cash and cash equivalents                          28,769,417    21,473,550

Customer receivables, accrued                      12,769,612    12,082,615

income and prepaid expenses

Prepaid income tax                                  6,237,601

Inventories                                         3,821,008     3,891,402

Total current assets                               51,597,638    37,447,567



Non-current assets

Long-term financial assets                         13,392,133    16,768,527

Loans to associated enterprises                     3,768,650     5,198,716

Tangible assets                                   271,002,670   276,183,365

Intangible assets                                  15,619,773     7,110,643

Deferred income tax asset                                           482,159

Total non-current assets                          303,783,226   305,743,410



TOTAL ASSETS                                      355,380,864   343,190,977





LIABILITIES AND OWNERS EQUITY

Current liabilities

Debt obligations                                   20,000,000    45,896,863

Other payables and prepayments                      9,482,727     7,286,844

Short-term income tax liability                     6,925,391     9,834,037

Accrued expenses and tax liabilities               13,293,639    10,379,967

Total current liabilities                          49,701,757    73,397,712



Non-current liabilities

Loans from credit institutions                    135,860,451   148,602,152

Deferred income tax liability                                     5,839,916

Total non-current liabilities                     135,860,451   154,442,068



OWNERS EQUITY

Share capital                                      48,142,720    40,884,420

Mandatory legal reserve                            31,458,934    13,394,656

Retained earnings                                  59,883,392    37,297,529

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

TOTAL OWNERS EQUITY                               169,818,655   115,351,198



TOTAL LIABILITIES AND OWNERS EQUITY               355,380,864   343,190,977





Katrin Rasmann

CFO

Tel. +372 62 74 444