SOL MELIA ANNUAL REPORT 00 COMP

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FISCAL SITUATION 23.3 Tax credits In accordance with Law 19/94 on investments in the Canary Islands, Sol Meliá, S.A. is required to invest in new fixed assets located in the Canary Islands during the following three years, as per the following details, in thousands of pesetas: YEAR OF AMOUNT REINVESTED PENDING REINVESTMENT ORIGIN TO BE REINVESTED AMOUNT REINVESTMENT EXPIRATION 1996 396,864 396,864 31/12/99 1997 554,257 554,257 31/12/00 1998 1,082,197 1,082,197 31/12/01 1999 1,231,808 1,231,808 31/12/02 2000 3,265,635 3,265,635 31/12/03 TOTAL 6,530,761 3,265,126 3,265,635 The breakdown of tax losses pending set-off of Sol Meliá, S.A. and its consolidated tax group, in thousands of pesetas, is as follows: AVAILABLE THOUSANDS OF YEAR UNTIL PESETAS 1997 2008 217,177 The breakdown of the tax deductions for export activities pending application by Sol Meliá, S.A. at December 31, 2000 and deducted for tax purposes during the year are as follows, in thousands of pesetas: PORTFOLIO INVESTMENT DEDUCTION DEDUCTIONS PENDING INVESTMENTS AMOUNT AMOUNT 1999 2000 DEDUCTIONS Bear, S.A. de CV 2,982,219 745,555 745,555 Lomondo Limited 1,935,798 483,950 284,154 199,796 Sol Meliá France, SAS 8,286,124 2,071,531 0 431,159 1,640,372 Agotel, GMBH 706,209 176,552 0 176,552 Sol Meliá Benelux, S.A. 1,255,373 313,843 0 313,843 TOTAL 15,165,723 3,791,431 1,029,709 630,955 2,130,768 Inmotel Inversiones, S.A. has taken advantage in 1996 of the tax benefits resulting from the reinvestment of extraordinary profits, not including in its taxable income the proceeds obtained from the transfer of assets, of Ptas. 8,193 million, through the corresponding adjustment to taxable income, and maintaining, subject to reinvestment, a total of Ptas. 10,724 million. This tax profit was adjusted during the inspection of Inmotel Inversiones, S.A. and following the inspection, Ptas. 5,231 million is pending reinvestment. The resulting total deemed tax exempt due to reinvestment amounts to Ptas. 4,060 million. S OL M ELIÁ A NNUAL R EPORT 2000 138
FISCAL SITUATION As a result of the inspection adjustments, Sol Meliá, S.A. has applied tax losses amounting to Ptas. 7,248 million and tax liabilities and assets have decreased by Ptas. 1,476 and 2,550 million, respectively, with the corresponding effect on the profit and loss account. This was the main reason for the increase in the tax rate of the Group’s parent company in 2000 when compared with the previous year. The tax benefits of Sol Meliá, S.A., arising from the sale of assets and tax exempt due to reinvestment, as well as the disposal amounts to be reinvested, in thousands of pesetas, are as follows: AMOUNT PROFIT PENDING EXPIRATION YEAR SALE OF SALE ON SALE REINVESTED REINVESTMENT DATE 1996 Sundry assets 5,231,169 4,060,445 5,231,169 0 1999 1997 H. Don Manolo 578,000 259,108 578,000 0 2000 1998 Sundry assets 1,469,773 977,146 1,469,773 0 2001 1999 H. Sol Canarios 825,000 369,669 825,000 0 2002 2000 Lav. Industrial de Guadalajara 215,250 172,801 0 215,250 2003 TOTAL 8,319,192 5,839,169 8,103,942 215,250 The 1996 amounts reflect the write-off of balances previously applicable to reinvestments, which have been adjusted at the aforementioned inspection. As indicated in Note 5 above, the tax criteria applied to financial leasing contracts signed after January 1, 1996 were modified in 1999. The information stipulated in Article 98 of Law 43/95, of December 27, on Corporation Tax, and on mergers and spin-offs of activities carried out in previous years is included in the first Notes to the consolidated annual accounts approved after each transaction, the summary of which is as follows: Inmotel Inversiones, S.A.: 1993, 1996, 1997 and 1998 Sol Meliá, S.A.: 1999 The breakdown of tax deductions applicable for new fixed assets acquired in the Canary Islands by Sol Meliá, S.A. is: YEAR INVESTMENT DEDUCTION APPLICATION PENDING (QUOTA) 1999 2,457,600 614,400 500,000 114,400 2000 624,577 156,144 0 156,144 TOTAL 3,082,177 770,544 500,000 270,544 S OL M ELIÁ A NNUAL R EPORT 2000 139
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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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LETTER FROM THE CHAIRMAN And it is
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COMPANY HISTORY Meliá De Mar Meli
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COMPANY HISTORY Just six months lat
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ORGANISATIONAL STRUCTURE CHAIRMAN G
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MILESTONES 2000· FINANCIAL RESULTS
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MILESTONES 2000· FINANCIAL RESULTS
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MILESTONES 2000· HOTEL GROWTH Year
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MILESTONES 2000· HOTEL GROWTH Meli
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MILESTONES 2000· HOTEL GROWTH In S
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MILESTONES 2000 · RESEARCH & DEVEL
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MILESTONES 2000 · EVERYTHING IS PO
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MILESTONES 2000 · QUALITY & ENVIRO
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MILESTONES 2000 · COMPANY AND SOCI
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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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SOL MELIÁ IN THE 21ST. CENTURY ·
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GOOD GOVERNANCE CODE The Board of D
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GOOD GOVERNANCE CODE that the relat
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GOOD GOVERNANCE CODE 11 Selection a
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GOOD GOVERNANCE CODE fees or other
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GOOD GOVERNANCE CODE Amongst the nu
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GOOD GOVERNANCE CODE This recommend
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OFFICIAL COMMUNIQUÉS 25th. July Wi
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CONSOLIDATED LIABILITIES In thousan
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CONSOLIDATED PROFIT AND LOSS ACCOUN
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2 Consolidation Scope 2.1 Subsidiar
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CONSOLIDATION SCOPE COMPANY ADDRESS
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CONSOLIDATION SCOPE 2.3 Companies e
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Page 91 and 92: ACCOUNTING PRINCIPLES Credits and d
Page 93 and 94: ACCOUNTING PRINCIPLES 5.9 Investmen
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Page 97 and 98: 6 Goodwill on Consolidation Goodwil
Page 99 and 100: GOODWILL ON CONSOLIDATION 6.2 Compa
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Page 107 and 108: TANGIBLE FIXED ASSETS The net capit
Page 109 and 110: INVESTMENTS 12.2 Long-term securiti
Page 111 and 112: INVESTMENTS Disposals for the year
Page 113 and 114: INVESTMENTS 12.3 Other long-term re
Page 115 and 116: 13 Deferred Expenses (Thousands of
Page 117 and 118: 15 Debtors The breakdown of the sho
Page 119 and 120: 18 Equity The breakdown and movemen
Page 121 and 122: EQUITY The breakdown of the balance
Page 123 and 124: EQUITY (Thousands of pesetas) BALAN
Page 125 and 126: EQUITY The balances of the above ta
Page 127 and 128: 19 Minority Interest Some consolida
Page 129 and 130: 21 Provisions for Liabilities and C
Page 131 and 132: NON-TRADE DEBTS On December 7, 2000
Page 133 and 134: NON-TRADE DEBTS (Thousands of peset
Page 135 and 136: NON-TRADE DEBTS As indicated in Not
Page 137: 23 Fiscal Situation 23.1 Taxable in
Page 141 and 142: FISCAL SITUATION 2000 Consolidated
Page 143 and 144: GUARANTEES, COMMITMENTS AND CONTING
Page 145 and 146: INCOME AND EXPENSES 25.3 Consolidat
Page 147 and 148: INCOME AND EXPENSES (Thousands of p
Page 149 and 150: 26 Retribution and other Benefits t
Page 151 and 152: This report analyses trends in the
Page 153 and 154: BUSINESS TRENDS Statistics for the
Page 155 and 156: 3 Post-balance Sheet Events. On Feb
Page 157 and 158: 5 Research and Development Sol Meli
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SOL MELIA ANNUAL REPORT 00 COMP

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