2002 First Quarter Results

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1 2002 First Quarter Results Financial Summary Total Revenues, EBITDAR and EBITDA have decreased by 3.2%, 19.2% and 23.3% respectively. These percentage decreases are basically explained by the negative performance of our industry in the opening months of the year, the continuing negative impact of the events of 11 th September and a comparison with a strong first quarter Nevertheless, the figures are in line with expectations and do not change our 15% EBITDA growth forecast for Net profit decreased by 68.7% also due to exchange rate differences of the Bolivar in Venezuela ( 1.8 Mn) and capital gains generated in 2001 of 7.5 Mn. Operations Total RevPar has decreased by 4.8%. By division, in European Resorts RevPar has decreased by 0.5% after a significant fall in our hotels in Tunisia, but offset by the fact that the Easter holidays took place in the first quarter in RevPar in Spanish resorts increased by 9%. RevPar in the European City Division has decreased by 5.4% partly due to the dilution of the A.D.R of our newest hotels in Germany in the midmarket segment. Without this effect, RevPar would have decreased by 1.4%. In Spanish cities, the 7.8% RevPar decrease in Madrid has been offset by RevPar growth in other important cities including Seville, Barcelona and northern Spain. Regarding the Americas Division, RevPar decreased by 15.1% compared with a 32% decrease in the last quarter of Despite the fall in RevPar, compared with an excellent 1Q01, on a monthly basis the Company perceives a recovery in the region and considers the 69% occupancy rate as highly positive under the circumstances. Management fees have decreased by 16.2% mainly due to the weaker performance of our resorts in Latin America and the Caribbean. Main Variables (Million Euro) Mar - 02 Mar - 01 % REVPAR (Euro) 43,4 45,6-4,8% REVENUE 227,3 234,8-3,2% EBITDA 54,4 70,9-23,3% EBITDAR 63,6 78,7-19,2% EBITDAR MARGIN 28,0% 33,5% -16,5% NET PROFIT (Before min.) 11,0 32,6-66,4% NET PROFIT PARENT CO. 9,6 30,6-68,7% FUNDS FROM OP. 36,8 49,7-25,9% Recent Achievements In March 2002, Sol Meliá concluded the extensive refurbishment and re-opening of the Meliá White House hotel in London, a hotel with 582 rooms and 115 apartments. On April 24th, Sol Meliá Finance Ltd. closed the issue of preferred shares with a total subscription of 107 million Euros. At the end of each quarter, the preferred shares will pay out a fixed annual dividend of 7.8%, equivalent to an 8.03% Annual Percentage Rate (A.P.R.) over the first ten years. The issue has given the Company access to a new source of financing in Capital Markets and will enable Sol Meliá to increase its Total Shareholders Equity by 107 million Euros, thereby strengthening its financial structure and achieving a total of 1,221 million Euros.Prospects The outlook for the summer season remains positive with the exception of Tunisia and caution about the negative impact of the Eco-Tax in the Balearic Islands. In Europe the company will see a positive contribution from operations outside Spain and stable performance of the Spanish city segment at the same level as last year. The company sees positive signs in Latin America, although Venezuela has been severely affected in April. Sol Meliá Performance As of December (*) q02 Net Profit (M. Euros) EPS CFPS (*) Assuming half of the 13.2 million shares issued in the Tryp acquisition Stock Performance Jan 3rd, 01 to May 13th, 02 Average Daily Volume: 3,092,203 Period High, March 12 th Period Low, February 28 th Stock Price May 13 th 2, Number of shares outstanding 184,776,777 Market Capitalisation Feb 26 th 2,002 1, Mn. Close SOL.MC Close 13May 8 SOL.MC MA 200, Close 13May 8 SOL.MC Close 13May 8.IBEX Close 13May SOL.MC Volume 13May SOL.MC, Close.IBEX Daily 02Jan02 22Jan 11Feb 03Mar 23Mar 12Apr 02May SOL.MC, Close [MA 200], Volume Daily 02Jan02 22Jan 11Feb 03Mar 23Mar 12Apr 02May ESP 9 8 ESP 9 8 1M 0 SOL MELIA Gremio Toneleros, Palma de Majorca Tel: (34-71) Fax: (34-71)

2 INDEX Page 1. Letter from the E.V.P. of Communications 1 1. Information on Operations 3 2. Consolidated Income Statement 6 3. Consolidated Balance Sheet 8 4. Expansion 12

3 1. Letter from the E. V. P. of Communications Dear friend, As was indicated in the last quarterly report, Sol Meliá has seen an EBITDA decrease derived from the slow performance of the regions more severely affected in the last quarterly results, particularly Latin America, Tunisia, London and Madrid, compared with a very positive first quarter Despite a 23.3% decrease in EBITDA, the Company maintains its 15% growth target for the year in light of the recovery of our main markets and cost reduction measures. For the coming months the Company expects the positive trend in Latin America to continue, remaining cautious on the evolution of the Gran Meliá Caracas which has been severely affected by local events in April. In Europe, the outlook for the summer season remains positive for the Canary Islands and Costa del Sol and it is expected to be characterised by late bookings, a trend perceived during recent years and further enhanced by the economic slowdown, specially in Germany. The company remains cautious about the evolution of the Balearic Islands and the extent of the negative effect of the so-called Eco-tax. The explosion in April 2002 in Djerba (Tunisia), where six German tourists were killed, together with the recent plane crash suffered by Egyptair has also damaged the country as a holiday destination. In light of the current situation, the Company is currently renegotiating its lease agreements in the country and does not rule out the rescission of contracts. The Eco-tax was introduced on the first of May and orders that all hotel guests pay a fixed amount per person and per day - 1 in three and four star hotels, 2 in five star hotels - during their stay. Sol Meliá, together with the other hoteliers in the Balearic Islands, are in total disagreement with this tax and several appeals have been presented in Court to obtain its annulment. Nevertheless, until the final judgement is handed down, the law will be enforced and payment of the tax has to be collected from every customer for the total length of their stay. Sol Meliá has decided to assume the payment of the Eco-tax during the summer season given that sales to clients did not include this tax (starting May 1 ending November 1, 2002). The Company estimates the total direct cost at 2 Million Euros, which is expected to be recovered after the expected annulment of the Eco-tax by the Spanish Constitutional Court. The indirect cost may be the damage to the image of the islands and a perception of the Balearics as a more expensive destination with a deteriorated environment. In relation to city hotels, the Company expects a positive contribution for our operations outside Spain as already seen in April and May figures. The company expects to maintain the performance of Spanish city hotels in line with On May 3 rd, Standard & Poor s confirmed the BBB long-term corporate rating on Sol Meliá despite revising the outlook to negative from stable as a result of the weak results following the combined effects of the global economic downturn and the effects of September 11 th The Company is currently looking for alternative ways to complement the 107 million Euros Preferred Shares Issue in order to reduce its debt level, further diversify financing sources, including disposal of assets, and strengthening its balance sheet. At the strategic level, Sol Meliá continues to focus on internal consolidation in order to improve return on investments. We are not considering additional investments in new hotel properties. 1

4 Regarding the cost reduction programme, the evolution of total expenses are on target and we maintain the forecast of 30 million Euros of savings for the year-end, of which 4.8 million Euros have materialised during the first quarter. This figure will increase in the forthcoming quarters. Regards, Jaime Puig de la Bellacasa E.V.P. of Communication & Institutional Relations 2

5 2. Information on Operations Please note that from 2002 onwards, the Company will not provide figures of former Tryp hotels on a stand-alone basis due to the fact these hotels fully consolidated in 2001 from January 1 st and thus any comparison is valid PROPERTY BUSINESS RevPar in the Property Business including Sol Meliá s owned and leased hotels has decreased by 4.8% partly due to the weaker performance of the Americas Division in comparison with an excellent first quarter 2001 and the effect of including the leased hotels in Germany with a RevPar significantly lower than the average of the Company. Excluding these newest additions total RevPar would have decreased by 3.4%. Regarding the European Resort Division, the slight decrease of 0.5% in RevPar is partly explained by an 11.4% occupancy decrease, offset by a 12.2% increase in Average Daily Rate due to the higher rates paid over the Easter period. The evolution of RevPar is partly explained by the poor performance of hotels in Tunisia which have reported a 72% decrease, offset by the positive performance of the resorts in Spain, specially on the mainland, reflected in a 9% RevPar increase due to the positive comparative effect of Easter holidays which took place in the second quarter in In relation to the European City Division, the 5.4% RevPar decrease is basically explained by the consolidation of the German hotels with an A.D.R. 40% below the average of the Division. The newest incorporations under the Tryp brand (Alcalá 611 in Madrid, Jerez and Verona) also explain also this effect. On a like-for-like basis, RevPar in the division would have increased by 1%. In Spanish cities, the 7.8% RevPar decrease in Madrid, where the company has a leading position with 27 hotels / 5,041 rooms, has been offset by RevPar growth in other important cities including Seville, Barcelona and northern Spain. In the Americas Division the 15.1% RevPar decrease should be compared with the 32% decrease reported in the last quarter of The company is seeing a positive trend in the region, not only as compared with the last quarter but, as anticipated, showing a progressive recovery since January and continuing in the months of April and May. However, the Company remains cautious on the performance of its hotel in Venezuela. The company believes that this positive trend will continue throughout the year and that the Americas will thus contribute positively to consolidated EBITDA growth. Table 1: Hotel statistics 02/01 (RevPar & A.D.R. in Euros) Owned & Leased Hotels Mar-02/01 % Occupancy RevPar A.D.R. EUROPEAN RESORT % %o/ % -0.5% 12.2% % EUROPEAN CITY % %o/ % -5.4% 1.3% % AMERICAS % %o/ % -15.1% -9.5% % TOTAL % %o/ % -4.8% 5.1% %

6 Please find below a breakdown of the components of growth in room revenues at the hotel level for owned and leased hotels taking into account the company as a whole. The increases in available rooms in the European City Division are explained by our newest hotels in Germany (11 Tryp hotels with 1,303 rooms), in Italy (Meliá Milano, 288 and Tryp Verona, 203 rooms) and Spain (Tryp Alcalá 611 in Madrid, Tryp Jerez and Meliá Trujillo). The decrease in available rooms in the European Resort Division is explained by the loss from the portfolio of the Sol Tropical in Majorca and the delayed openings of some seasonal hotels. Table 2: Breakdown of total room revenues owned/leased hotels 02/01 % Increase Mar 02/01 EUROPEAN RESORT EUROPEAN CITY AMERICAS TOTAL RevPar -0.5% -5.4% -15.1% -4.8% Available Rooms -5.4% 13.4% 0.4% 3.5% Room Revenues -5.9% 7.3% -14.8% -1.4% In light of the evolution of RevPar as of March 2002, the only increase has taken place in European City due to the addition of new available rooms. The earlier Easter holidays in March 2002 has mitigated the effect of the slow start of the year as well as the very negative impact of Tunisia. The decrease in RevPar in the Americas Division has been partially offset by the more positive evolution of F&B and Other Revenues. Table 3: Hotel revenues split 02/01 for owned/leased hotels Mar-02/01 E.RESORT E.CITY AMERICAS TOTAL (million Euro) 02 %o/ %o/ %o/ %o/01 01 ROOMS % % % % 117 F&B % % % % 64 OTHER REVENUES % % % % 14 TOTAL REVENUES % % % % 194 4

7 2.2. MANAGEMENT BUSINESS Management fees have decreased by 16.2% due to the previously indicated weak performance of the hotels and resorts in our markets, specially in Latin America and the Caribbean. In the European Resort Divis ion, management fees have increased by 32.5% due to our newest management contracts: the Meliá Jardines del Teide in Tenerife (300 rooms) and the Meliá Benidorm (526 rooms) in Spain and the Sol Suncrest (457 rooms) in Malta. The positive comparison of the underlying business a 19.1% increase is partly due to the Easter holidays falling in the first quarter. Regarding the European City Division, fees decreased by 8.3%. The reason is the incorporation of Sol Meliá Deutschland and therefore the full consolidation of the leased hotels in Germany during the last quarter of 2001, a period before which the Company only assumed the management fees in the P&L account. These hotels are not contributing in management fees in 2002 as they did in first quarter Excluding this effect, management fees would have increased by 1.9%. In the Americas Division, the 18.1% decrease is explained by the negative performance of hotels in the region with high dependency on American travellers. The change of destination of the convention and group business to destinations closer to home such as Las Vegas or Florida partly explains this effect. Although we expect a recovery in the area, daily flights to Cancun are 50% lower than 2001 first quarter figures. The slowdown of the economy in Brazil together with the crisis in Argentina has helped produce a decrease of in management fees from Brazil, Argentina and Uruguay of 27.3%. In Asia, the reduction in fees is due to the weak performance of the hotels in Indonesia. As expected, Cuba has been one of the most affected destinations in the Caribbean, reflected in a 33.2% decrease in management fees. The slowdown of the German and Canadian feeder markets is strongly affecting the business, specially in the Varadero region. Table 4: Management fees of hotels managed for third parties FEE REVENUES (million Euro) Mar-02 Incr. 02/01 Mar-01 EUROPEAN RESORT Basic % 1.0 Incentive % % 1.5 EUROPEAN CITY Basic % 1.4 Incentive % % 1.9 AMERICAS Basic % 1.2 Incentive % % 2.7 ASIA-PACIFIC Basic % 0.4 Incentive % % 0.9 CUBA Basic % 3.3 Incentive % % 4.9 Total Basic % 7.4 Total Incentive % 4.5 TOTAL %

8 3. Income Statement Revenues Total Revenues have decreased by 3.2%. Revenues have been principally affected by the drop in management fees, 16.2%, and the Other Revenues items, 18.8%, as a result of the decrease in the Casino operations with a 36% decrease in revenues, and furthermore, a decrease in revenues from technical services and the fact that the Company has stopped the sales of Time-Share units in the Meliá Cancun and Paradisus Punta Cana. Operating Expenses Total Operating Expenses have increased by 5.6%, explained by the new hotels added to the Group portfolio. Excluding this effect, operating expenses remain at the same level as last year. Personnel expenses have increased by 5.0% due to the new hotel additions, not having increased in comparison with March 2001 on a like-for-like basis. Rental expenses have increased by 18.8% as a result of the new incorporations, mainly in Germany and a 20% increase in rental expenses of nine former Tryp hotels derived from the merger between Sol Meliá, S.A. and Tryp S.A. by which according to the Spanish Building Lease Law, the owners of the hotels are entitled to such increase. On a yearly basis, such increase would imply a maximum of 1.2 million Euros that are widely offset by the positive fiscal impact of the goodwill of 12.7 million Euros. The Company has started to materialize cost savings at the operating level, mainly in personnel expenses and cost of goods sold, estimated at 4.8 million Euros. EBITDA/R Total EBITDAR EBITDA excluding rentals - has decreased by 19.2% as a consequence of the strong decline in our industry in the last quarter 2001 and its continued affect on the first quarter, principally in Latin America, as well as the impact in European City hotels of the Easter holidays falling in the first quarter 2002 in comparison with last year. In the Resorts the slow start to the year has been partially compensated by effect of Easter holidays. Total EBITDA has decreased by 23.3% explained by the Rental Expenses of the newest incorporations, principally Germany. Net Profit Group Net Profit has decreased by 68.7% because of the slowdown of the industry together with 7.5 million Euros of capital gains generated last year. Financial Results increased by 2.7 million Euros explained by the 1.8 million Euro loss in Exchange Rate Differences due to the devaluation of the Venezuelan Bolivar. The impact on the Financials does not affect the Cash-Flow generation of the Company and it only affects at the accounting level. Profit and loss from equity investment includes the accounts of Meliaviajes which is expected to reach profitability in Depreciation and amortization has increased by 2.2 million Euros due to the increase in Assets after refurbishment and the five-year amortization period of the investments in e- transformation. Extraordinary Profit includes the adjustment of the Balance sheet to inflation in Latin America. 6

9 Table 5 : Sol Meliá Consolidated Income Statement. (Million Euros) Mar 02 Mar 01 % incr. Hotel Revenues % Management Fees % Other revenues % Total revenues % Raw Materials (27.2) (28.4) -4.5% Personnel expenses (76.0) (72.4) 5.0% Change in operating provisions (0.6) (0.9) -33.0% Rental expenses (9.2) (7.8) 18.8% Other operating expenses (59.9) (54.4) 10.2% Total operating expenses (172.9) (163.8) 5.6% EBITDA % EBITDAR % Profit/(loss) from equity investments (1.5) (1.0) Net Interest Expense (15.7) (14.9) Exchange Rate Differences (1.8) 0.1 Total financial profit/(loss) (17.5) (14.8) 18.5% Depreciation and amortisation (25.9) (23.8) Consolidation Goodwill amortisation (0.7) (0.7) Profit/(loss) from ordinary activities % Extraordinary profit/(loss) Profit before taxes and minorities % Taxes (2.4) (7.2) Group net profit/(loss) % Minorities (P)/L (1.4) (2.1) Profit/(loss) of the parent company % FUNDS FROM OPERATIONS % 7

10 4. Balance Sheet Assets The 5% increase in Lands and Buildings is mainly due to the impact of the inflationary accounting, the revaluation of the Mexican Peso and some recent minor refurbishments. Liabilities & Shareholder s Equity On 29 th May, Sol Meliá completed a Preferred Stock Issue. The 107 million Euros allocated will be used exclusively to reduce debt. Since such debt will be the most expensive debt obtained by the Company, this transaction should not have a significant impact on the bottom line of Sol Meliá s Profit and Loss account. 8

11 Table 6: Consolidated Balance Sheet (million Euros) ASSETS Mar 02 Dec 01 Cash on hand and banks C/A with equity affiliates Inventory Trade receivable Other receivable Allowance for doubtful accounts (23.6) (26.1) S/T securities portfolio Loans due from affiliates Other loans Prepaid expenses Holding of own shares TOTAL CURRENT ASSETS % Goodwill from co. Fully consolidated Goodwill from co. equity participated Intangible assets and rights Intangible assets provisions and amortisation (35.4) (35.1) Net intangible fixed assets % Land and buildings 1, ,841.6 Technical installations and machinery Other fixed assets Tangible assets provision and depreciation (635.2) (594.9) Net tangible fixed assets 1, , % Equity Affiliates L/T loans due from affiliates L/T securities portfolio Other loans Provisions (4.4) (5.7) Financial investments FIXED ASSETS 2, , % Deferred expenses Start-up expenses TOTAL ASSETS 3, , % 9

12 Table 6 : Consolidated Balance Sheet (continued) LIABILITIES AND S/H'S EQUITY Mar 02 Dec 01 Debenture Bonds Payable S/T loans S/T loans due to affiliated companies Trade accounts payable Other payable Prepaid income Operating provisions TOTAL CURRENT LIABILITIES % Debenture Bonds Payable L/T loans L/T loans due to affiliated companies 1.5 (0.0) Other L/T Liabilities TOTAL L/T LIABILITIES 1, , % Share capital Share premium Distributable reserves Reserves in companies fully consolidated Reserves in companies equity participated Revaluation reserves Non-distributable reserves Profit/(loss) previous year Differences in conversion of co. fully consolidated Differences in conversion of co. equity participated Consolidated profit/(loss) Profit/(loss) attributable to external shareholders (1.4) (5.7) Interim dividend TOTAL SHAREHOLDERS' EQUITY 1, , % First consol. Reserves from co. fully consolidated First consol. Reserves from co. equity participated Deferred income Provisions for risks and expenses MINORITY INTERESTS TOTAL S/HS' FUNDS AND LIABILITIES 3, , % 10

13 Table 7. Liquidity Ratios Mar 02 Dec 01 A. SHORT TERM LIQUIDITY CURRENT RATIO Current Assets/Current Liabil. 1.01x 1.10x C.F. from operations/interest exp. 2.3x 2.5x B. LONG TERM LIQUIDITY GEARING RATIO Net debt/total Equity 112.2% 105.4% DEBT TO CAPITAL RATIO Net Debt / Net Debt +Shareholders Equity 52.9% 51.3% NET DEBT TO MARKET CAP. May 13 th % 76.7% Taking into consideration the recent Preferred Shares Issue, the gearing and debt to capital ratio become 94.3% and 48.5%, respectively. 11

14 4. Expansion The table below shows a description of the progress in the Sol Meliá hotel portfolio during 2002: Table 8. Expansion plan. PROPERTY & 01/01/2002 ADDITIONS LOSSE CHANGES 31/03/2002 SIGNED TOTAL H R H R H R H R H R H R H R EUROPEAN CITY 91 14, , , ,015 Owned Hotels 37 7, , ,334 Leased hotels 54 7, , , ,681 EUROPEAN RES , , , ,876 Owned Hotels 42 13, , , ,028 Leased hotels 19 4, , ,848 AMERICA 12 4, , ,070 TOTAL OWNED 91 24, , , ,432 TOTAL LEASED 73 11, , , ,529 TOTAL , , , ,961 MANAGEMENT 01/01/2002 ADDITIONS LOSSE CHANGES 31/03/2002 SIGNED TOTAL & FRANCHISE H R H R H R H R H R H R H R EUROPEAN CITY M 22 3, , ,450 F 21 2, , ,689 EUROPEAN M 58 20, , , ,272 F 15 4, , ,787 AMERICA M 30 6, , , ,613 F 10 1, , ,364 ASIA-PACIFIC M 10 3, , ,559 F CUBA M 22 8, , , ,067 SUBTOTAL M , , , ,961 F 46 8, , ,840 TOTAL , , , ,801 TOTAL GROUP , , , ,762 M= Management; F= Franchise Regarding the leased hotels, the newest additions are the Tryp Jerez (98 rooms) and Tryp Alcalá (94) in Madrid. The loss corresponds to the Tryp San Sebastián Playa (51) in Sitges. In relation to the management business, the Melia Las Claras Boutique Hotel (72) in Salamanca has been added to the European City Division. The new addition in the Americas division corresponds to the Iguatemi hotel (210) in Brazil. During the course of the first quarter, Sol Meliá has dropped 2 establishments in Morocco and 1 in Spain which represented 461 rooms under management contracts. These decisions are framed within the disaffiliation process that the company indicated it would pursue over recent months in order to increase brand consistency. Total impact at the EBITDA level from the disaffiliations that will take place during 2002 represent around EUR 1 Million. 12

15 Table 9. Expansion summary HOTELS ROOMS 01/01/ ,554 ADDITIONS LOSSES /03/ ,516 SIGNED 63 14,246 NEGOTIATION 11 2,539 Table 10. Signed projects of owned and leased hotels TOTAL Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms PROPERTY EUROPEAN CITY Spain LEASE Spain ,663 Italy Tunisia Switzerland Germany Subtotal , ,505 PROPERTY EUROPEAN RESORT Spain 2 1, ,012 LEASE Spain Subtotal , ,722 AMERICA PROPERTY Puerto Rico Subtotal TOTAL 9 1, , , ,727 13

16 Table 11. Projects under negotiation: Hotels Rooms European City 8 1,952 European Resort Americas TOTAL 11 2,539 These projects will be incorporated either under lease (69%) or management (31%) contracts. 14

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