SOL MELIA ANNUAL REPORT 00 COMP

MILESTONES 2000· FINANCIAL RESULTS
Excellent results for the year 2000
w2000 was another record year for Sol Meliá.At
the end of the year the company had far exceeded
its objectives for the year and had obtained
RevPar growth of 19%, a figure way above
the average for the rest of the Spanish and
international hotel industry. These results are
reflected in the INCOME STATEMENT:
ITEM 2000 INCR.
Figures
Consolidated Sales: 148,399 mill. ptas. + 35%
(891.9 mill. euros)
EBITDA: 43,377 mill. ptas. + 31%
(260.7 mill. euros)
Net Profits: 19,750 mill. ptas. + 26%
(118.7 mill. euros)
Profits to Mother Company: 18,761 mill. ptas. + 28%
(112.6 mill. euros)
As expected in our projections, the Americas
Division saw a recovery over the year. The profitability
of hotels added in more recent times
such as the Meliá Mexico Reforma and the
recovery of the Latin American market, led to
RevPars up to 30% above the previous year.
Finally, management fee revenues also grew by
18%, thanks to the contribution of the Cuba
Division (+ 10%) and, above all, Asia Pacific (+
25%) and the Americas (+ 23%).
Performance may be summarised as follows:
Income statement
Data in thousand Pesetas.
INCOME STATEMENT Dec-00 Dec-99 Dec-98
The performance of the different Divisions is
as follows:
With a RevPar increase of 15%, the European
City Division, which includes the major part
of the hotels added after the purchase of Tryp
Hotels, became the best performer for the year.
The excellent conditions for business travel in
Europe and especially in Spain were decisive
factors behind the spectacular performance of
the Division. At the same time, the positive
evolution of the summer 2000 season, once
again, especially in Spain, also took the
European Resort Division to a RevPar increase
of 11%.
TOTAL REVENUES 148,399,154 109,584,292 15,749,996
OPERATING EXPENSES (105,018,980) (76,485,646) (7,488,615)
EBITDA 43,380,174 33,098,646 8,261,381
DEPRECIATION / AMORTISATION (13,984,526) (10,379,849) (804,121)
EBIT 29,395,648 22,718,797 7,457,260
PROFIT FROM EQUITY INVEST. 158,539 161,248 579,889
FINANCIAL EXPENSES (16,387,435) (10,367,021) (350,165)
FINANCIAL REVENUES 7,878,646 6,186,070 457,081
FINANCIAL RESULTS (8,508,789) (4,180,951) 106,916
CONSOLIDATION GOODWILL AMORT. (443,670) (304,151) (231,119)
PROFIT / (LOSS ) FROM ORD. ACTIV. 20,601,728 18,394,943 7,912,946
EXTRAORDINARY PROFIT/ (LOSS) 3,458,069 884,574 (174,482)
PROFIT BEFORE TAXES & MINOR. 24,059,797 19,279,517 7,738,464
TAX EXPENSE (4,321,366) (3,611,561) (752,314)
MINORITIES (992,641) (1,024,201) (70,375)
NET PROFIT/(LOSS) AFTER MINOR. 18,745,790 14,643,755 6,915,775
FUNDS FROM OPERATIONS 33,729,836 26,528,584 7,615,983
S OL
M ELIÁ
A NNUAL R EPORT 2000
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