2000 Third Quarter Results

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1 2000 Third Quarter Results Financial Summary including TRYP The P&L account for the third quarter including TRYP from July 1 st is included on page 9 of this report. Including TRYP, Revenues, EBITDA and Net profit increased by 33%, 31.3% and 50.9% respectively. Financial Summary Sol Meliá is pleased to report accumulated third quarter results indicating a 22.3% increase in Revenues and EBITDA growth of 24.9%. EBITDA margin has increased from 31.8% to 32.4%. The Financial Result has increased by 41.7% as a result of acquisitions and refurbishments made in 1999 around EUR 500 million - partially financed through a convertible bond issue. Net profit increased by 47.8% partially due to the EUR million capital gains generated by the disposal of the M. Bavaro, 3 hotels in the Canary Islands and Lavanderias Guadalajara S.A. (an industrial laundry). Operations RevPAR for the Property business has increased by 15.7%. We would highlight the positive 2000 summer season performance, reflected in an increase in RevPAR for the third quarter itself of 15.8%, driven by increases in average room rates and improvements in occupancy rates % for summer This has allowed accumulated RevPAR for the Resort Division to increase by 10.8% from the 6.4% reported in the interim first half results. The European City Division remains strong, with an increase in RevPAR of 14.6% with promising prospects going forward. The recovery of our Latin American properties is reflected in an 18.4% increase in RevPAR. Total management fees are up by 16.6% as compared to last year, driven by the positive performance of the existing hotels in all five Divisions. Recent Developments In August Sol Meliá announced the acquisition of Tryp Hotels, the third largest city hotel operator in Spain, valued at million Euros. Payment was made with million Euros in cash plus the issue of 13.2 million new shares valued at 15 Euros each. The EBITDA multiple on acquisition after synergies for 2,001 was 6.31x at a share price on August 18 th of Euros. Tryp hotels are predominantly leasehold properties. Additionally Sol Meliá acquired the Fénix hotel in Madrid and the Colón hotel in Seville for million Euros. After the acquisition Sol Meliá strengthens its leadership in the city hotel market and becomes the 10 th hotel chain world-wide by number of rooms (more than 100,000). Sol Meliá Performance As of December, (*) q00 Net Profit (M. Euros) EPS CFPS (*) Assuming 171,554,670 shares after 3x1 split in Aug. 9 th 1,999 Stock Performance Jan 3, 00 to Nov 14 Average Daily Volume: 5,012,230 Euros Period High, Jun 9th Euros Period Low, Oct 18 th 9.9 Euros Stock Price Nov 14 th Euros Number of shares outstanding 171,554,670 Market Capitalisation Nov, 14 th 00 1,837 million Euros REPORT AVAILABLE IN INTERNET: Consequence of the fiscal deductible goodwill generated, the positive fiscal impact for Sol melia is EUR 118 million. The family-oriented portal Prodigios now to be named AOL Avant - will increase its capital by more than 192 million Euros to allow the entrance of America On Line (AOL), the world s leading Internet company. Sol Meliá s stake will be diluted to 6.17%, obtaining 7.2 million Euros of effective capital gain plus latent capital gains of more than 29 million Euros. Sol Meliá will retain exclusivity in the travel channel of AOL Avant through services provided by its online travel agency meliaviajes.com. AOL Avant will be operative by the beginning of the year 2001, together with hotelnetb2b.com, the B2B portal for e-procurement between hotel companies and suppliers. The B2B portal has already integrated 13 hotel companies and more companies are coming on stream shortly. The Meliá Roma Aurelia has recently opened in Italy. This 282-room hotel is operated under a lease agreement. The Meliá Milano will open in 2001, adding its 288 rooms to the Property business of Sol Meliá in Italy. MAIN VARIABLES (Million Euro.) Sep-00 Sep-99 % Incr. Sep-00 % Incr. (w/tryp) REVPAR % N.A. REVENUE % % EBITDA % % NET PROFIT % % CASH FLOW OP ,5 17.9% % GEARING (Nov. 14th) (*) 43.5% 26.6% 63.5% 40.5% 52.2% (*) Net debt to market cap. Prospects The promising prospects in our core markets, together with the future of the TRYP portfolio allow us to feel quietly confident that the company will continue to achieve its growth targets. Including TRYP, the company has 79 hotels with 21,066 rooms in the pipeline to be incorporated over the next two years. Close SO L.M C Close 15N ov 11.IBEX Close 15N ov SO L.M C Close 15N ov 11 S O L.M C M A 200, C lose 15N ov 12 SO L.M C Volum e 14N ov SO L.M C, Close.IBEX Daily Feb00 M ar Apr M ay Ju n Ju l Aug Sep Oct Nov SO L.M C, Close [M A 200], V olum e D aily Feb00 M ar Apr M ay Ju n Ju l Aug Sep Oct Nov FINANCE DEPARTMENT Gremio Toneleros, 24 Polígono Son Castelló Palma de Majorca Balearics-Spain Tel: (34-71) Fax: (34-71) arancha.sanchez-flor@solmelia.com carlos.lopez.garcia@solmelia.com ESP ESP M 0

2 INDEX Page 1. Strategy 2 1. Information on Operations 3 2. Consolidated Income Statement 7 3. Consolidated Balance Sheet Expansion 13 1

3 1. Strategy During the course of the third quarter of the year, Sol Meliá acquired Tryp Hotels, the seventh largest hotel chain in Spain with a portfolio of 75 hotels and 13,746 rooms including signed projects to be opened through In strategic terms the acquisition further reinforces Sol Meliá s leadership position in the Spanish hotel market and, more specifically, in the city hotel segment. Both the Spanish market and the city hotel segment are considered to have considerable potential for growth. In financial terms Sol Meliá believes that the conditions of the acquisition million Euros and 13.2 million shares - were very beneficial due to the agreed valuation of Sol Meliá shares at 15 Euros by the vendors, the multiple on acquisition and the positive fiscal impact of about 118 million Euros. Following the transaction, the controlling shareholder s stake will be diluted from 66.6% to 60.9%. Sol Meliá believes that the resulting company - the tenth largest hotel chain worldwide with more than 400 hotels and 100,000 rooms provides greater value to shareholders, with Earnings Per Share enhanced by 14%. Regarding projects within the ongoing company e-transformation, Sol Meliá announced that the Prodigios Internet family-oriented portal founded by the hotel company will increase its capital by 192 million Euros to allow the entrance of America On Line (AOL), the world s leading Internet company. The new portal will be called AOL Avant. Sol Meliá s stake in the company will thus be reduced to 6.17% while at the same time generating effective capital gains of 1,200 million Pesetas (7.2 million Euros) and additional latent capital gains of 4,849 million pesetas (29.1 million Euros). Sol Meliá will retain its exclusive position in the AOL Avant travel channel, with services provided by the Sol Meliá online travel agency meliaviajes.com. Given the importance of the partners now involved, the participation in a Portal that will become leader in Spain, along with the capital gains generated, have more than fulfilled Sol Meliá s objectives in participating in the original Prodigios project. The B2B portal hotelnetb2b.com is progressing as expected. 13 additional hotel companies have already joined the project with other partners to come. AOL Avant.com, Meliaviajes.com and HotelnetB2B.com will be fully operative by the beginning of the year

4 2. Information on Operations 2.1. PROPERTY BUSINESS Please note that TRYP hotels are not included in this analysis. RevPAR in the Property Business including owned and leased hotels - has increased by 15.7%, driven by the positive performance of the three Divisions in which Sol Meliá operates owned and leased hotels. Above all, the company would like to stress the positive results of the summer season in the European Resort Division. The accumulated increase in RevPAR is 10.75%, taking into account that the third quarter itself has seen a RevPAR increase of 15.8% -10% in the second quarter- driven by an A.D.R. increase of 15.6% and a 0.2% increase in occupancy levels. Sol Meliá is also pleased to report that the Spanish resort business has still not reached its peak, especially taking into account the favourable terms achieved in prices already negotiated with British and German tour operators for next season. In the European City Division results confirm the positive progress of the Spanish city hotel market and the positive impact of the new hotel incorporations in London and Paris which explain 5% of the 15% RevPAR increase in the European City Division. Accumulated RevPAR increases have dropped from the 18.34% reported for the first half of the year due to the comparative effect of the London and Paris hotels and the decrease in activity of city hotels over the summer season as is always the case in city hotels. The company nevertheless maintains high expectations for year-end results in the division, especially taking into account the positive performance of city hotels after September 30 th. The company also confirms the positive progress after recovery in the Americas Division, with an accumulated RevPAR increase of 18.4%. Without taking into account new hotel additions which have yet to mature in their operations, the accumulated RevPAR increase would have reached 25.6%, driven basically by increases in both average room rates and occupancy rates. Please find attached the hotel room statistics for the owned/leased hotels. Table 1: Hotel statistics 00/99 for owned hotels (RevPAR & A.D.R. in Euros) OWNED & LEASED HOTELS Sep-00/99 % OCCUPANCY REVPAR A.D.R. EUROPEAN RESORT % %o/ % 10.8% 15.69% % EUROPEAN CITY % %o/ % 14.6% 16.45% % AMERICAS % %o/ % 18.4% 16.17% % TOTAL % %o/ % 15.73% 20.31% %

5 Please find below a breakdown of the components of growth in room revenues at the hotel level for owned or leased hotels. The increases in RevPAR and in available rooms explain the increase in Room revenues. As may be deduced from the table below, the increase in the Resort segment is driven by an increase in RevPAR. The decrease of available rooms is due to the disposal of Sol Las Olas and Punta Elena apartments in the Canary Islands and the closure of some hotels during refurbishment. In the European City Division the increase in room revenues is explained by an increase in both number of rooms (basically London and Paris) and RevPAR, as a consequence of their high A.D.R. relative to Spain as mentioned in previous reports, as well as a parallel increase of Spanish A.D.R. The corresponding increase in the Americas Division is explained by the increase of available rooms due to new capacity in the Division Meliá Mexico Reforma, Paradisus Cozumel, Sol Cabañas del Caribe (Mexico), Meliá Caribe (Dominican Republic), Gran Meliá Caracas apartments (Venezuela) - as well as the increase in RevPAR. Table 2: Breakdown of room revenues owned/leased hotels 00/99 % Increase Sept-00/99 E. RESORT E. CITY AMERICAS TOTAL REVPAR 10,8% 14,6% 18,4% 15,7% AVAILABLE ROOMS -4,8% 13,0% 29,1% 5,6% ROOM REVENUES 5,5% 29,5% 52,8% 22,2% 4

6 The table below shows the revenue split at the hotel level. The increase of Other Revenues in the European City and Americas Division is due to meeting-room rental revenues generated by Congress and Convention activities. This is also reflected in F&B increases, particularly in the Americas Division. Last year Sol Meliá incorporated 18 meeting rooms with a capacity for 3,400 people in its hotels in the Caribbean. Table 3: Hotel revenues split 00/99 for owned/leased hotels Sep-00/99 E. RESORT E.CITY AMERICAS TOTAL (million Euro) 00 %o/ %o/ %o/ %o/99 99 ROOMS 131 5% % % % 261 F&B 78 0% % % % 152 OTHER REVENUES 11-9% % % % 31 TOTAL REVENUES 219 3% % % % 444 5

7 2.2. MANAGEMENT BUSINESS Please note that TRYP hotels are not included in this analysis. Management fees have gone up by almost 16.4% mainly due to the recovery in the Asia-Pacific Division, reflected in an increase of total management fees in that division of 34.6%. with no additional units incorporated since last year, as well as the improvement of the underlying business in our managed hotels in the Americas Division. Management fees in the Cuban Division increased due to improved hotel performance and the contribution of the two newest contracts: Meliá Santiago de Cuba and Meliá Cayo Coco. The increase in management fees in the European City Division is largely due to the positive performance of city hotels in Spain. The company would also like to point out the 10.5% increase in the European Resort Division compared with the accumulated 6.06% as of June 2000 is mainly due to the good summer season in Europe. Table 4: Management fee of hotels managed for third parties FEE REVENUES (million Euro) Sep-00 Incr. 00/99 Sep-99 EUROPEAN RESORT basic % 4.1 incentive % % 6.2 EUROPEAN CITY basic % 3.9 incentive % % 5.4 AMERICAS basic % 2.2 incentive % % 4.7 ASIA-PACIFIC basic % 1.1 incentive % % 2.2 CUBA basic % 4.8 incentive % % 7.4 TOTAL BASIC % 16.0 TOTAL INCENTIVE % 9.7 TOTAL %

8 2. Income Statement In terms of the consolidation perimeter, the consolidated figures of Tryp hotels are not included in the following analysis. There is a P&L account including the three months of the third quarter that correspond to Sol Meliá in table 6 on page 9. The company has included its participation in the Meliá Lima and Meliá Panama Canal, the company s newest hotels in Latin America, which started operations two months ago as equity investments. This is the reason for the decrease in profit and loss from equity investments. Revenues Revenues rose to EUR million at the end of the first nine months of the year, which represents an increase of 22%. Other revenues include those derived from services provided to third parties, time-sharing business and three Casinos (after the incorporation of Casino Palma Real in the Dominican Republic). Advisory services to hotels, reservations through our SolRes Central Reservation System, as well as marketing services charged to managed and franchised properties account for a good part of the total increase. Operating Expenses Total operating expenses have increased by 20.6% as compared to the same period in Personnel expenses have increased by 17.1%. This figure would be 9.9%, in line with the quarterly reports of 2000, if we were to exclude new units. Other expenses include advisory and consulting expenses, publicity and rentals. EBITDA Total EBITDA amounts to EUR million, an increase of 24.9%. This has been driven by the good performance of the owned hotels and the new acquisitions made in 1999 in Europe and Latin America. The good performance of Spanish Resort hotels has been an especially important factor behind growth. The contribution of the Spanish Resort hotels during the summer season, i.e. the third quarter itself, represents 25% of the total EBITDA as of September EBITDA margin has increased from 31.8% to 32.4%. Please note the comparative effect caused by the non-contribution of the Meliá White House and Meliá Mexico Reforma during the first half of 1999, with the consequent dilution in terms of growth for the third quarter itself. The non-contribution of the disposals during the third quarter of 2000, i.e. Meliá Bavaro in the Dominican Republic and three hotels in the Canary Islands, has also diluted growth figures. Net Income Net interest expense has increased by EUR 17.3 million due to the convertible bond issue, the Refurbishment Plan and the financing of new additions. Depreciation and amortisation has also increased by EUR 17.7 million due to new units and the increase in Assets due to refurbishments. The contribution of the adjustment of the Balance Sheet to inflation in Mexico and Venezuela to this item is EUR 8.2 million. The extraordinary profit is explained by capital gains on the Meliá Bavaro, Sol Inn Bardinos, Lavanderías Guadalajara S.A., Sol Club Las Olas and Punta Elena Apartments which represent EUR million. The contribution of the adjustment of the Balance Sheet to inflation in Mexico and Venezuela to this item is EUR 9.83 million. Net income has increase by 47.8% and the applied tax rate is 19%. 7

9 Table 5 : Sol Meliá Consolidated Income Statement. (millions Euros) Sep-00 Sep-99 % incr. Hotel Revenues Management Fees Other revenues Total revenues % Raw Materials (74.9) (61.1) Personnel expenses (187.3) (160.0) Change in operating provisions (1.9) (2.3) Other operating expenses (154.3) (123.3) Total operating expenses (418.5) (346.7) 21% Profit/(loss) from equity investments EBITDA % Net Interest Expense (37.5) (20.3) Exchange Rate Differences 3.6 (3.7) Total financial profit/(loss) (34.0) (24.0) Depreciation and amortisation (59.9) (42.2) Consolidation Goodwill amortisation (3.4) (1.3) Profit/(loss) from ordinary activities % Extraordinary profit/(loss) Profit before taxes and minorities Taxes (25.2) (22.8) Group net profit/(loss) Minorities (P)/L (4.8) (6.8) Profit/(loss) of the parent company % CASH FLOW FROM OPERATIONS % 8

10 2 bis. Income Statement with TRYP In terms of consolidation Sol Meliá has the right of assuming the TRYP accounts from July 1 st This is a consequence of the terms of the negotiations which took place. Total Revenues and EBITDA increase by 32.1% and 31.3% respectively. The consolidation of TRYP s predominantly leasehold properties reduces the margins of the Group due to rental expenses. The impact of TRYP itself on financials and depreciation and amortisation levels is barely significant. Please find attached the Profit and Loss account if TRYP were to have been consolidated: Table 6 : Sol Meliá Consolidated Income Statement with three months of TRYP (millions Euros) Sep-00 Sep-99 % incr. Hotel Revenues % Management Fees Other revenues Total revenues % Raw Materials (83.5) (61.1) Personnel expenses (201.5) (160.0) Change in operating provisions (2.8) (2.3) Other operating expenses (174.4) (123.3) Total operating expenses (462.3) (346.7) 33.3% Profit/(loss) from equity investments % EBITDA % Net Interest Expense (37.6) (20.3) Exchange Rate Differences 3.6 (3.7) Total financial profit/(loss) (34.0) (24.0) Depreciation and amortisation (60.8) (42.2) Consolidation Goodwill amortisation (3.4) (1.3) Profit/(loss) from ordinary activities % Extraordinary profit/(loss) % Profit before taxes and minorities % Taxes (32.8) (22.8) 43.7% Group net profit/(loss) % Minorities (P)/L (4.8) (6.8) -30.0% Profit/(loss) of the parent company % CASH FLOW FROM OPERATIONS % 9

11 3. Balance Sheet Please note that TRYP hotels are not included in this analysis. Assets The decrease in Other receivables is due to the collection of part of the amount due from the disposal of the Meliá Bavaro. The Intangible assets and right has increased by EUR 36.1 million due to the improvements to properties as part of the refurbishment programme through leasing contracts. Land and Buildings has increased as a consequence of the change in value of the US dollar and the incorporation of the Meliá Avenue Louise in Brussels. Other Fixed Assets has increased due to advance payments for the Fenix and Colon hotels. Liabilities & Shareholder s Equity Net debt has increased from EUR million to EUR million in the third quarter of the year. The increase is basically due to the effect of translating the debt in Latin America from dollars to Euros and the financing of advance payments for the acquisition of the Fenix and Colon hotels. There has been a reclassification of about 90 million Euros from long to short term loans as a consequence of the accounts audit which was a requirement of the EMTN programme. 10

12 Table 6 : Consolidated Balance Sheet (million Euros) ASSETS Sep 00 Jun 00 Cash on hand at banks C/A with equity affiliates Inventory Trade receivable Other receivable Allowance for doubtful accounts (13.1) (12.9) S/T securities portfolio Loans due from affiliates Other loans Prepaid expenses Holding of own shares CURRENT ASSETS % Goodwill from co. fully consolidated Goodwill from co. equity participated Intangible assets and rights Intangible assets provisions and amortisation (20.6) (17.6) Net intangible fixed assets % Land and buildings Technical installations and machinery Other fixed assets Tangible assets provision and depreciation (497.4) (473.1) Net tangible fixed assets % Equity Affiliates L/T loans due from affiliates (0.0) (0.0) L/T securities portfolio Other loans Provisions (1.0) (1.0) Financial investments FIXED ASSETS % Deferred expenses Start-up expenses TOTAL ASSETS % 11

13 Table 6 : Consolidated Balance Sheet (continued) LIABILITIES AND S/H'S EQUITY Sep 00 Jun 00 Debenture Bonds Payable S/T loans S/T loans due to affiliated companies S/T loans due to affiliated companies Other payable Prepaid income Operating provisions (0.8) 0.0 TOTAL CURRENT LIABILITIES % Debenture Bonds Payable L/T loans L/T loans due to affiliated companies Other L/T Liabilities TOTAL L/T LIABILITIES % 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 0.1 (0.6) Consolidated profit/(loss) Profit/(loss) attributable to external shareholders (4.8) (3.0) 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 2, , % 12

14 Table 7. Liquidity Ratios Sep-00 Jun-00 A.SHORT TERM LIQUIDITY CURRENT RATIO Current Assets/Current Liabil C.F. from operations/interest exp B. LONG TERM LIQUIDITY GEARING RATIO Net debt/shareholders Equity 68.7% 72.2% DEBT TO EQUITY RATIO Total liabil/liabil.+shareholders Equity 46.1% 49.2% NET DEBT TO MARKETCAP. 14-Nov % 38% 4. Expansion The table below shows a description of the progress of Sol Meliá s hotel portfolio as of September 2000 including TRYP hotels: Table 8. Expansion plan. Owned & Leased 01/01/200 Additions Losses Changes 30/09/2000 Signed H R H R H R H R H R H R EUROPEAN CITY 38 7, , , ,191 EUROPEAN RESORT 51 15, , , ,763 AMERICA 10 4,502 extension , TOTAL 99 27, , , , ,454 Management&Franchise 01/01/200 Additions Losses Changes 30/09/2000 Signed H R H R H R H R H R H R EUROPEAN CITY M 27 4, , F 26 3, , EUROPEAN M 42 16, , , ,059 F 12 4, ,447 AMERICA M 21 3, , , ,687 F 10 1, ,303 ASIA-PACIFIC M 11 3, ,450 F CUBA M 14 4, , , ,320 SUBTOTAL M , , , ,450 F 48 8, , , TOTAL , , , ,612 TOTAL GROUP , , , , ,066 13

15 The following table shows the TRYP hotels already incorporated: Owned & Leased 30/09/2000 SIGNED H R H R EUROPEAN CITY 36 4, ,176 EUROPEAN 15 2, TOTAL 51 7, ,829 Management&Franchise 30/09/2000 SIGNED H R H R EUROPEAN CITY M F 1 78 EUROPEAN M F 1 45 CUBA M 3 1, ,111 SUBTOTAL M 7 2, ,196 F TOTAL 9 2, ,196 TOTAL GROUP 60 9, ,025 Taking into account the organic growth of Sol Meliá, expansion as of September is as follows: The addition in the European City division corresponds to the Avenue Louise Boutique Hotel and the 288 rooms of the Meliá Roma Aurelia Antica Hotel. Losses correspond to the Sol Inn Bardinos (European City), the Sol Varadero, Sol Las Olas and Sol Punta Elena (European Resort) and Meliá Bávaro (Americas). The change in the type of operation corresponds to the Meliá Confort Arenal and Meliá Confort Azafata, both of them previously managed properties. The change in the type of operation in the Americas Division corresponds to the Paradisus Cozumel and the Sol Cabañas del Caribe in Mexico, both of them previously managed. In the Management Business, the additions in the European City Division correspond to new management contracts in Spain (2) and Germany (2). The additions in the European Resort Division are new management contracts in Croatia, Almería (Spain) and Ouarzazate (Morocco) and three new franchised hotels in Tunisia. The losses in this last division correspond to management contracts in Greece (2) and Spain. There are 6 new management contracts in the Americas Division which correspond to new hotels in Brazil, Peru and Panama. The loss corresponds to a management contract in Uruguay. There is a summary of expansion in the table below. There are 64 signed hotels that will be incorporated over the coming two years. Of these, 24 are located in Brazil and 21 in Spain. There are 26 projects in an advanced stage of negotiations. Of the 26 projects, 10 correspond to lease agreements in Spain (6), Italy (1) and the Middle East (3) and the rest to management and franchise contracts in Europe and Cuba. 14

16 Table 9. Expansion summary HOTELS ROOMS 31/12/ ,766 ADDITIONS 83 15,272 LOSSES /09/ ,892 SIGNED 79 21,066 NEGOTIATION 26 4,048 Signed projects in the property business, including Tryp projects: Hotels Rooms Hotels Rooms Hotels Rooms EUROPEAN RESORT Spain , Tunisia Portugal Egypt EUROPEAN CITY Spain 13 1, Italy AMERICAS Puerto Rico Out of the previously detailed 25 projects, 9 with 2,758 rooms will be owned, requiring a total investment of 235 million Euros. Projects under negotiation: CITY H. CITY R. RESORT H. RESORT R. TOTAL H. TOTAL R. EUROPE 20 2, ,019 AMERICA 0 0 ASIA CUBA AFRICA 0 0 TOTAL 20 2, , ,084 15

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