SOL MELIA ANNUAL REPORT 00 COMP

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4 Foreseeable Outlook The outlook for the Group is directly linked to the business prospects in the main operation areas of Sol Meliá and to the results of its five functional divisions. In the European Resort Division, dependent on the main tourist destinations in Spain and the Mediterranean area, prospects are positive due to the ongoing refurbishment plan and to the incorporation of new hotels in the area. The European City Division has experienced a diversification process over the last few years, with an opening from Spain towards other countries such as United Kingdom, France, Italy, Belgium and Germany. The prospects in these markets are good, especially for Spain where the Company has increased its capacity after the acquisition of Tryp hotels, a well-positioned company in the Spanish city segment. The incorporation of Tryp Hotels will be especially profitable in Madrid, the most important European centre for Congress and Convention holding. The foreseeable price increases in this segment in Spain and the good location of both existing and acquired hotels, as well as the addition of various new hotels to be incorporated in next 18 months in Spain, Italy and Portugal allow us to predict positive prospects for this division in 2001. Given the economic recovery of Latin America since 1999, prospects for both city and resort hotels in the area are good. For Sol Meliá, specifically, the full development of the hotels acquired over the last 18 months in Mexico, Dominican Republic, Peru, Panama, Venezuela, Brazil and Argentina will benefit the performance of this division. During the next two years a great many hotels in Puerto Rico, Brazil, Mexico and Peru will be incorporated to the Group. Cuba will continue to be one of the main tourist destinations in the Caribbean during both the current and forthcoming years. Sol Meliá, with 25 hotels and 11,000 rooms, holds 37% of the market share on the island with a dominant presence in the most important resort and city destinations. As for the Asia Division, tourism prospects are favourable in the region for 2001, specially in Indonesia where a 30% increase of revenues is expected. 70 per cent of Sol Meliá’s hotels in the region are located in Indonesia. S OL M ELIÁ A NNUAL R EPORT 2000 157
5 Research and Development Sol Meliá is constantly investigating its clients’ needs so as to offer them the products and services best adapted thereto. Such investigation includes clients’ questionnaires, opinion inquiries, quality audits, etc. Furthermore, it endeavours to optimise quality and costs relating to the hotel operations and procedures. Sol Meliá has a hotel technology department that investigates each one of these operations and procedures, setting up optimum working methods and keeping up to date with the latest innovations in hotel technology and the possible application thereof. 2000 was the “e-transformation” year of Sol Meliá, with an investment of Ptas. 6,500 million in technological infrastructure and involvement in joint venture projects. Within the e-transformation framework, Sol Meliá is launching the projects meliaviajes.com, solmelia.com y hotelnetB2B.com (B2B portal for hotel companies, which comprises 18 companies of the sector that represent more than 900 hotels in 21 countries). AOL Avant , initially known as Prodigios, was formed with a participation of Sol Meliá and an exclusive right agreement was signed whereby travel services will be provided by the Virtual Travel Agency meliaviajes.com. The Company aims to complete satisfactorily its e-transformation and the various initiatives. The process of attaining culmination and interactivity in real time for the different systems will be carried out during 2001. The introduction of the new information and communication technologies in the industry will not only mean cost savings, but is also essential to developing and maintaining competitive advantages in the future. S OL M ELIÁ A NNUAL R EPORT 2000 158
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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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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 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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CONSOLIDATION SCOPE ADDITIONS INCRE
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4 Appropriation of Results The Boar
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ACCOUNTING PRINCIPLES Credits and d
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ACCOUNTING PRINCIPLES 5.9 Investmen
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ACCOUNTING PRINCIPLES 5.20 Corporat
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6 Goodwill on Consolidation Goodwil
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GOODWILL ON CONSOLIDATION 6.2 Compa
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8 Participations by the Equity Meth
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10 Intangible Fixed Assets The brea
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Page 153 and 154: BUSINESS TRENDS Statistics for the
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SOL MELIA ANNUAL REPORT 00 COMP

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