REVAL HOTELLIGRUPP

BALANCE SHEET



CONSOLIDATED BALANCE SHEET 31.03.2000



Consolidated, unaudited

in thousand EEK

                                     31.03.2000 31.12.1999

ASSETS

Current assets

Cash and cash equivalents                15,636     28,769

Receivables, accrued income              10,221     12,770

and prepaid expenses

Prepaid income tax                        6,238      6,238

Inventories                               3,435      3,821

Total current assets                     35,529     51,598



Non-current assets

Investments in associated companies      13,171     13,392

Loans to associated companies             4,176      3,769

Tangible assets                         269,211    271,003

Intangible assets                        14,157     15,620

Total non-current assets                300,714    303,783



TOTAL ASSETS                            336,244    355,381



LIABILITIES AND OWNERS EQUITY

Current liabilities

Debt obligations                         10,000     20,000

Other payables and prepayments            6,801      9,483

Deferred income tax liability             6,935      6,925

Accrued expenses and tax liabilities     13,709     13,294

Total current liabilities                37,445     49,702



Non-current liabilities

Loans from credit institutions          109,808    135,860

Total non-current liabilities           109,808    135,860



OWNERS EQUITY

Share capital                            52,651     48,143

Mandatory legal reserve                  42,730     31,459

Retained earnings                        90,217     59,883

Net profit for the year                   3,391     30,334

TOTAL OWNERS EQUITY                     188,990    169,819



TOTAL LIABILITIES AND OWNERS EQUITY     336,244    355,381





Feliks Mägus

Management Board chairman

+372 627 44 44