SOL MELIA ANNUAL REPORT 00 COMP

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TANGIBLE FIXED ASSETS In case of merger, or non-monetary contributions of activities, in accordance with the norms on formulation of consolidated annual accounts, the difference between the book value of the participation in the absorbing company and the net book value of such participation according to the books of the absorbed company may be attributed to the corresponding assets and up to the limit of their market value. For this reason, Sol Meliá, S.A. has recorded as additions for the year the surplus recorded in several hotels as a result of the merger with Inmotel Inversiones, S.A.for an amount of Ptas. 5,157 million, of which Ptas. 2,745 million correspond to Meliá Lebreros, Ptas. 1,748 million to Meliá Sevilla and Ptas. 664 million to Sol Elite Barbados. The main tangible fixed assets additions recorded during the year are as follows: • Incorporation to the consolidated Group of the companies that own the eight hotels acquired in France in November 1999 for a net value of Ptas. 12,681 million. • Acquisition of the hotels Fénix and Colon for Ptas. 7,749 and 3,343 million, respectively. • Acquisition of building sites of tourist interest in the Canary Islands, the purchase value of which is of Ptas. 1,050 million in case of execution. • Incorporation of Azafata, S.A., owner of Hotel Azafata for Ptas. 800 million. • Incorporation of Caribotels de México, S.A. de C.V., owner of Hotel Paradisus Cozumel for Ptas. 6,800 million. • Incorporation of Sol Melia Benelux, B.V., owner of Hotel Melia Avenue Louise for Ptas. 1,450 million. • The main tangible fixed assets disposals recorded during the year are as follows: • Sale of Hotel Sol Las Olas, located in Corralejo-Fuerteventura, the selling price of which was Ptas. 2,300 million. • Sale of Hotel Sol Bardinos, located in Gran Canaria-Las Palmas, the selling price of which was Ptas. 1,400 million. • Sale of Hotel Melia Bavaro, located in Playa Bavaro-Santo Domingo, for 55 million of US-dollars. The Company is also carrying out important repairs and refurbishments in many of its hotels, which has given rise to important additions and disposals of tangible fixed assets. The sales of Hotel Sol Las Olas and Hotel Bardinos are subject to the fulfilment by Sol Meliá, S.A. of certain requirements which are being processed on the formulation date of these annual accounts. The directors do not expect that any significant contingencies will arise from this transitory situation. After the integration of the Tryp Hotel Chain, the Group operates under leasing contracts a total of 67 hotels, of which 5 are five-star hotels with 784 rooms, 36 are four-star hotels with 6,087 rooms, 19 are three-star hotels with 3,680 rooms, 4 are two-star hotels with 212 rooms and 3 are establishments of three-key apartments with 784 apartments. In addition, leasing contracts are signed for 35 hotels which will be operated in 2001, 2002 and 2003, with an approximate total of 6,927 rooms. S OL M ELIÁ A NNUAL R EPORT 2000 106
TANGIBLE FIXED ASSETS The net capital gains derived from the revaluations of assets carried out prior to 1997 by having recourse to sundry legal regulations and voluntary revaluations in order to correct the effects of inflation, are as follows, in thousands of pesetas: (Thousands of pesetas) Revaluation Law 76/61 9,210 Revaluation Law 12/73 429,130 Revaluation Budget Law 1979 4,980,884 Revaluation Budget Law 1980 4,800,546 Revaluation Budget Law 1981 719,368 Revaluation Budget Law 1982 4,405,826 Revaluation Law 1983 239,080 Voluntary revaluation prior to 1990 523,432 Revaluation R.D.L. 796 9,718,258 TOTAL REVALUATIONS 25,825,734 Additionally, the balance sheet at December 31, 2000 includes revaluations of land and buildings for a total cost of Ptas. 29,312 million that were recorded as required by Law 29/1991. Several owned buildings are mortgaged to guarantee various loans. All the fixed assets investments, both in tangible and intangible fixed assets, relate to buildings and other assets related to operations. At December 31, 2000 Sol Meliá has a purchase option right for Hotel Balmoral. Some Group companies located in countries with high rates of inflation restate their financial statements in order to adjust the real value of their fixed assets. The accumulated amount included for this reason in the above tangible fixed assets table is as follows: (Thousands of pesetas) 1999 2000 Land 9,483,720 13,111,259 Buildings 38,056,030 50,436,937 Furniture 5,170,765 6,357,142 Data processing equip. 193,324 361,499 Vehicles 43,425 57,122 Accumulated depreciation (12,629,775) (16,902,272) TOTAL 40,317,489 53,421,688 The depreciation charge referred to in the previous paragraph amounted to Ptas. 2,145 million for the current year. The 1998 figures are not included since the companies that record inflation restatement in their financial statements belong to Melia Inversiones Americanas, and the latter has been consolidated by the full consolidation method as from 1999 onwards. S OL M ELIÁ A NNUAL R EPORT 2000 107
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ANNUAL REPORT 2000 www.solmelia.com
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ANNUAL REPORT 2000
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COMPANY PROFILE CURRENT SOL MELIÁ
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COMPANY PROFILE FINANCIAL PROFILE
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LETTER FROM THE CHAIRMAN dDear shar
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COMPANY HISTORY Meliá De Mar Meli
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MILESTONES 2000· FINANCIAL RESULTS
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SOL MELIÁ IN THE 21 ST. CENTURY Lo
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SOL MELIÁ IN THE 21 ST. CENTURY ·
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Page 72: OFFICIAL COMMUNIQUÉS 25th. July Wi
Page 77 and 78: CONSOLIDATED LIABILITIES In thousan
Page 79 and 80: CONSOLIDATED PROFIT AND LOSS ACCOUN
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Page 91 and 92: ACCOUNTING PRINCIPLES Credits and d
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5 Research and Development Sol Meli
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SOL MELIA ANNUAL REPORT 00 COMP

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