SOL MELIA ANNUAL REPORT 00 COMP

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MILESTONES 2000· FINANCIAL RESULTS As regards the Balance Sheet, the most important changes that have been seen are due to the purchase of Tryp Hotels, thanks to which Sol Meliá assets have grown to almost half a billion pesetas. Net debt has increased by 57% due to the large number of investments that have been made, particularly, as we have already mentioned, the purchase of Tryp. The ratio of net debt to own funds has increased from 67% to 77.6%, a fact which has meant that the average weighted cost of debt has risen from 5.1% to 5.7%. Finally, the ratio of interest coverage was at 5.1 times EBITDA at the end of the year, while all short term liquidity ratios have improved with respect to the previous year. This excellent situation, together with well structured financial planning for the coming years have led Standard & Poor’s to classify the health of the company balance sheet with a BBB (stable) rating. “From a financial point of view, the year 2000 has been another record year for Sol Meliá. The purchase of Tryp Hotels has made an enormous contribution to our firm policy of providing greater value for shareholders, allowing us to increase the size and profitability of the company and increasing earnings per share”. Onofre Servera, Executive Vice President Finance” During the year Sol Meliá sold the Meliá Bávaro (Dominican Republic), Sol Inn Bardinos (Gran Canaria), Sol Las Olas (Fuerteventura), Sol Punta Elena Apartamentos (Fuerteventura) and the Guadalajara Industrial Laundry. These sales occurred as part of an asset sales plan for the year 2000 that has generated additional revenues of 15,000 million pesetas –90 million euros- and capital gains of 4,250 million pesetas (€ 25.54 million). The main objective of the plan has been to benefit from good divestment opportunities for nonstrategic assets or in areas where the company has already consolidated its presence, freeing up resources for increasing the category of the company portfolio in new destinations. During the year there was also a gross dividend payment of 20,057 pesetas to shareholders related to 1999 results, and there was also an attendance premium at the latest General Shareholders’ Meeting of € 0.02 (3,33 pesetas) gross per share. Balance sheet 2000 Cash Flow Another of the key features of Sol Meliá financial policy for the year 2000 is 131,947 million pesetas (€ 792 million) made in investments, of which 60,000 million pesetas (€ 360 million) was used for the acquisition of Tryp. The financing of that deal was achieved through a capital increase of 33,000 million pesetas (€ 198 million) and debt of 27,000 million pesetas (€ 162 million). The total increase in debt for the year 2000 rose to 68,000 million pesetas (€ 409 million). Amongst other ends, other investments made during the year 2000 included the hotel projects Meliá Avenue Louise Boutique Hotel (Brussels), Meliá Milano (Italy) and Paradisus Puerto Rico (Puerto Rico), as web as the E- transformation process and the renovation and refurbishment of the company hotel portfolio. Data in thousand Ptas. CASH FLOW 2000 FUNDS FROM OPERATIONS 33,729,836 (INCREASE) / DECREASE OF WORKING CAPITAL (11,802,286) CAPITAL EXPENDITURE (131,309,219) PROCEEDS FROM ASSET SALES 14,170,521 CAPITAL INCREASE 32,999,602 INTEREST BEARING FINANCING 68,065,186 DIVIDENDS PAID AND ATTENDANCE PRIME (3,902,625) INCREASE / (DECREASE) OF CASH 1,951,016 BEGINNING CASH 10,425,394 ENDING CASH 12,376,410 INCREASE IN DEBT NET 66,114,170 S OL M ELIÁ A NNUAL R EPORT 2000 24
MILESTONES 2000· FINANCIAL RESULTS Balance Sheet 2000 Data in thousand Ptas. ASSETS Dec-00 Dec-99 Dec-98 LIABILITIES Dec-00 Dec-99 Dec-98 CASH 12,376,399 10,425,394 4,008,228 TRADE ACCOUNTS PAYABLE 19,473,781 11,797,816 867,735 SHORT TERM INVESTMENTS 7,281,309 12,999,339 127,677 SHORT TERM LOANS 24,903,879 25,660,065 2,423,780 SHORT TERM DEBTORS 31,173,393 17,000,251 5,792,587 OTHER SHORT TERM LIABIL. 10,796,005 8,519,657 2,124,210 INVENTORY 5,992,508 4,232,986 21,262 CURRENT LIABILITIES 55,173,665 45,977,538 5,415,725 OTHER CURRENT ASSETS 3,124,854 1,730,880 879,908 CURRENT ASSETS 59,948,463 46,388,850 10,829,662 LONG TERM LOANS 169,731,234 100,909,862 45,261 OTHER LONG TERM LIABIL. 30,373,651 27,466,078 1,003,620 GROSS FIXED ASSETS 362,508,419 296,114,440 2,328,041 TOTAL LIABILITIES 255,278,550 174,353,478 6,464,606 ACCUMULATED DEPRECIATION -87,373,658 (68,541,373) (631,087) NET FIXED ASSETS 275,134,761 227,573,067 1,696,954 MINORITY INTERES 9,799,570 7,250,035 123,935 LONG TERM DEBTORS 7,438,278 7,248,697 1,768,320 TOTAL COMMON EQUITY 224,949,555 166,217,239 48,004,568 OTHER FIXED ASSETS 147,506,173 66,610,138 40,298,173 SHAREHOLDER EQUITY 234,749,125 173,467,274 48,128,503 TOTAL ASSETS 490,027,675 347,820,752 54,593,109 TOTAL LIABILITIES & EQUITY 490,027,675 347,820,752 54,593,109 Investments Ratios Data in Million pesetas MOST IMPORTANT INVESTMENTS TRYP HOTELS 60,000 FÉNIX AND COLÓN HOTELS (SPAIN) 12,501 MELIÁ AVENUE LOUISE (BRUSSELS) 1,538 HOTEL AZAFATA (VALENCIA) 842 PUERTO RICO RESORT DEVELOPMENT 6,440 MELIÁ MILAN CONSTRUCTION 5,315 GOLF COURSE AND OTHER FACILITIES (DOMINICAN REPUBLIC) 3,247 PARTICIPATION IN AOL-AVANT 3,506 E-TRANSFORMATION (SAP) 2,808 HOTELNETB2B.COM 519 MELIAVIAJES.COM 264 REFURBISHMENT HOTELS IN SPAIN 18,335 REFURBISHMENT HOTELS IN LATIN AMERICA 1,931 FIRST STAGE REFURBISHMENT MELIÁ WHITE HOUSE (LONDON) 1,587 REFURBISHMENT HOTELS IN PARIS 1,225 OTHERS 11,252 Data in thousand Ptas. FIXED CHARGE COVERAGE Dec-00 Dec-99 Dec-98 F.F.O. / NET DEBT 18.5% 22.8% -494.8% EBITDA / NET INTEREST 5.1 x 7.9x -77.3 x NET DEBT / EBITDA 4,2x 3,5x -0.2 x LIQUIDITY Dec-00 Dec-99 Dec-98 CURRENT ASSETS / CURRENT LIABILITIES 109% 101% 200% F.F.O. / CURRENT LIABILITIES 61% 58% 141% F.F.O. / TOTAL DEBT 17% 21% 308% LEVERAGE Dec-00 Dec-99 Dec-98 NET DEBT 182,258,713 116,144,533 -1,539,187 WEIGHTED AVERAGE COST OF DEBT 5.7% 5.1% 4.9% NET DEBT / TOTAL ASSETS 37.2% 33.4% -2.8% NET DEBT / SHAREHOLDER EQUITY 77.6% 67.0% -3.2% NET DEBT / MARKET CAP (*) 53.84% 36.17% -1.00% (*) Price at closing (31/12/00): 1,832 ptas. (Eur 11.01) TOTAL 131,309 S OL M ELIÁ A NNUAL R EPORT 2000 25
Page 1 and 2: ANNUAL REPORT 2000 www.solmelia.com
Page 3: ANNUAL REPORT 2000
Page 6 and 7: COMPANY PROFILE CURRENT SOL MELIÁ
Page 8 and 9: COMPANY PROFILE FINANCIAL PROFILE
Page 11 and 12: LETTER FROM THE CHAIRMAN dDear shar
Page 13: LETTER FROM THE CHAIRMAN And it is
Page 16 and 17: COMPANY HISTORY Meliá De Mar Meli
Page 18 and 19: COMPANY HISTORY Just six months lat
Page 21: ORGANISATIONAL STRUCTURE CHAIRMAN G
Page 25: MILESTONES 2000· FINANCIAL RESULTS
Page 30 and 31: MILESTONES 2000· HOTEL GROWTH Year
Page 32 and 33: MILESTONES 2000· HOTEL GROWTH Meli
Page 34 and 35: MILESTONES 2000· HOTEL GROWTH In S
Page 37 and 38: MILESTONES 2000 · RESEARCH & DEVEL
Page 40: MILESTONES 2000 · EVERYTHING IS PO
Page 43 and 44: MILESTONES 2000 · QUALITY & ENVIRO
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Page 59 and 60: GOOD GOVERNANCE CODE The Board of D
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Page 72: 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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11 Tangible Fixed Assets The moveme
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TANGIBLE FIXED ASSETS The net capit
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INVESTMENTS 12.2 Long-term securiti
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INVESTMENTS Disposals for the year
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INVESTMENTS 12.3 Other long-term re
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13 Deferred Expenses (Thousands of
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15 Debtors The breakdown of the sho
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18 Equity The breakdown and movemen
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EQUITY The breakdown of the balance
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EQUITY (Thousands of pesetas) BALAN
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EQUITY The balances of the above ta
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19 Minority Interest Some consolida
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21 Provisions for Liabilities and C
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NON-TRADE DEBTS On December 7, 2000
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NON-TRADE DEBTS (Thousands of peset
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NON-TRADE DEBTS As indicated in Not
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23 Fiscal Situation 23.1 Taxable in
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FISCAL SITUATION As a result of the
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FISCAL SITUATION 2000 Consolidated
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GUARANTEES, COMMITMENTS AND CONTING
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INCOME AND EXPENSES 25.3 Consolidat
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INCOME AND EXPENSES (Thousands of p
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26 Retribution and other Benefits t
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This report analyses trends in the
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BUSINESS TRENDS Statistics for the
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3 Post-balance Sheet Events. On Feb
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5 Research and Development Sol Meli
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SOL MELIA ANNUAL REPORT 00 COMP

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