REVAL HOTELLIGRUPP

CASH FLOW STATEMENT



CONSOLIDATED CASH FLOW STATEMENT, H1 2000



Unaudited		

in EEK thousand



	                                 H1 2000	 H1 1999

Cash flow from operating activities

Cash flow from main activities            39,403	  32,074

Interests received                           288	     756

Interests and loan fees paid 	          -4,767	  -9,608

Income tax paid                           -6,917	 -12,529

Net cash flow from operating activities   28,007	  10,693

		

Cash flow from investing activities	

Acquisition of tangible fixed assets      -9,474	  -2,387

Acquisition of financial assets	               0	  -7,100

Loans issued 	                          -1,034	    -939

Proceeds from sale of fixed assets            63	      32

Net cash flow from investing activities  -10,444	 -10,394

		

Cash flow from financing activities	

Proceeds from share issue                 15,780	  24,134

Proceeds from borrowings                  39,117	  15,836

Repayment of borrowings                  -76,132	 -23,893

Net cash flow from financing activities  -21,235	  16,077

		

Net cash flow 	                          -3,672	  16,376

		

Cash and cash equivalents at the 

beginning of the period                   28,769	  21,474

Cash and cash equivalents at the 

end of the period     	                  25,097	  37,850





Katrin Rasmann

CFO

Tel. +372 62 74 444