REVAL HOTELLIGRUPP

BALANCE SHEET



CONSOLIDATED BALANCE SHEET 30.06.2000



unaudited, in thousand EEK



                                                        30.06.2000  31.12.1999

ASSETS

Current assets

Cash and cash equivalents                                   25,097      28,769

Receivables, accrued income and prepaid revenue             20,593      12,770

Prepaid income tax                                           6,238       6,238

Inventories                                                  3,569       3,821

Total current assets                                        55,497      51,598



Non-current assets

Investments in associated companies                         13,507      13,392

Loans to associated companies                                4,802       3,769

Tangible assets                                            268,336       2,713

Intangible assets                                           12,039      15,620

Total non-current assets                                   298,684     303,783



TOTAL ASSETS                                               354,181     355,381





LIABILITIES AND OWNERS EQUITY

Current liabilities

Current period share of non-current liabilities             10,000      20,000

Other payables and prepayments                              13,663       9,483

Income tax liability                                             0       6,925

Accrued expenses and tax liabilities                        14,157      13,294

Total current liabilities                                   37,821      49,702



Non-current liabilities

Loans from credit institutions                             108,845     135,860

Total non-current liabilities                              108,845     135,860



OWNERS EQUITY

Share capital                                               52,651      48,143

Restricted reserves                                         44,247      31,459

Retained earnings                                           88,700      59,883

Net profit for the period                                   21,916      30,334

TOTAL OWNERS EQUITY                                        207,515     169,819



TOTAL LIABILITIES AND OWNERS EQUITY                        354,181     355,381





Katrin Rasmann

CFO

+372 627 4444