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Sol Melia Annual Report 00 Comp ANNUAL REPORT 2000 www.solmelia.com CONTENTS COMPANY PROFILE 2-7 LETTER FROM THE CHAIRMAN 8-11 COMPANY HISTORY 12-17 ORGANISATIONAL STRUCTURE 18-19 MILESTONES 2000 20-45 FINANCIAL RESULTS 22-26 HOTEL GROWTH 27-33 RESEARCH & DEVELOPMENT 34-36 HUMAN RESOURCES: EVERYTHING IS POSSIBLE CAMPAIGN 37-38 QUALITY & ENVIRONMENT 39-42 COMPANY AND SOCIETY 43-45 SOL MELIÁ IN THE 21ST. CENTURY 46-54 BRAND STRUCTURE CHANGE 48-49 NEW PROJECTS 50-51 COMPLETING THE E-TRANSFORMATION 53-54 GOOD GOVERNANCE CODE 55-67 OFFICIAL COMMUNIQUÉS 68-70 FINANCIAL REPORT 72-160 CORPORATE INFORMATION 161 ANNUAL REPORT 2000 COMPANY PROFILE ASIA: (10) EUROPE: (241+34) LATIN AMERICA & CARIBBEAN: (58+33) Indonesia (7), Malaysia (1), Thailand (1) Andorra (1), Belgium (1), Croatia (27), Argentina (1), Brazil (15 + 25), Colombia (7), and Vietnam (1). France (8), Germany (12), Italy (1 + 4), Costa Rica (4), Cuba (20 + 5), Malta (+1), Portugal (13+1), Spain (172 + 28), Dominican Republic (5), Guatemala (1), MEDITERRANEAN: (26+3) Turkey (5) and United Kingdom (1). Mexico (10 + 1), Panama (1), Peru (1+1), Egypt (1+2), Morocco (7), Puerto Rico (+1), Uruguay (1) Tunisia (18+1). MIDDLE EAST: (1) and Venezuela (2). Lebanon (1). + (Includes projects signed by Sol Meliá) S OL M ELIÁ A NNUAL R EPORT 2000 3 COMPANY PROFILE CURRENT SOL MELIÁ POSITIONING DIVERSIFICATION: A COMPANY SUCCESS STORY DIVERSIFICATION OF CITY & RESORT HOTELS • The largest resort hotel company in the world. (NUMBER OF HOTELS) • Leader in the Spanish market in both business and leisure hotels. • Leading hotel company in Latin America and the Caribbean. 49% 51% • Second largest hotel company in Europe. • Seventh largest hotel company in the world by market capitalisation. • Tenth largest hotel company in the world by number of rooms. • Hotels in 30 countries. City Hotels Resorts Hotels - More than 33,000 employees. DIVERSIFICATION BY MANAGEMENT TYPE GROWTH IN NUMBER OF HOTELS, ROOMS AND BEDNIGHTS (Percentage of rooms) 81.942 12% 400 80.000 31% 350 68.766 70.000 65.597 44% 13% 335 300 60.000 52.359 250 50.000 47.938 262 246 200 227 40.000 205 Franchise Owned 150 30.000 Management Leased 100 20.000 50 C.A.G.R. 14,3% 10.000 DIVERSIFICATION BY HOTEL CATEGORY 0 0 (Percentage of rooms) 1996 1997 1998 1999 2.000 Nº of Hotels Nº of Rooms 24% C.A.G.R. for Nº of Rooms 37% 39% BEDNIGHTS YEARS BEDNIGHTS 1998 19 Million 3 Stars 1999 21 Million 4 Stars 2000 23 Million 5 Stars & Deluxe S OL M ELIÁ A NNUAL R EPORT 2000 4 COMPANY PROFILE DIVERSIFICATION OF NUMBER OF ROOMS DIVERSIFICATION BY GUEST BY GEOGRAPHY NATIONALITY 4% 8% (3+1%) 3% 1% 5% 7% 31% 7% 22% 44% (7+15%) (19+25%) 22% 8% 10% 16% (5+17%) 12% Spain Africa-Mediterran. Spain France Rest of Europe Asia United Kingdom Italy Latin America & Caribbean Germany Benelux USA & Canada Asia In brackets, City%+Resort% Latin America Others BRANDS - CATEGORY - SECTOR BRAND CITY RESORT 5 STAR ALL INCLUSIVE 5 STAR · SUPERIOR 4 STAR 5 STAR · SUPERIOR 4 STAR 4 STAR · SUPERIOR 3 STAR 4 STAR · SUPERIOR 3 STAR S OL M ELIÁ A NNUAL R EPORT 2000 5 COMPANY PROFILE FINANCIAL PROFILE BASIC RATIOS • Company foundation: 1956 PER 17.4 • Date of IPO: 2nd. July, 1996 EV / EBITDA 11.25 • IPO share price (before split): 900 pesetas (5.41 euros) NET DEBT / • Ticker Symbol: Sol SHAREHOLDER EQUITY 77.6% • Markets: Continuous Market (Spain) FIXED CHARGE COVERAGE 5.1 X • Forms part of IBEX 35 and EuroSTOXX MARKET CAPITALISATION € 2,034,392.32 • Shares issued: 184,776,777 IBEX WEIGHTING 0.6 • Share price at 31/12/00: 11.01 Euros • Rating BBB Stable from Standard & Poor’s • Increase in value from IPO to 31/12/00: 103.5% SOL MELIA’S SHARES 15 4000000 14 3500000 13 3000000 12 2500000 11 2000000 10 1500000 9 1000000 8 7 500000 6 0 30/12/99 15/2/00 29/3/00 16/5/00 28/6/00 10/8/00 22/9/00 8/11/00 27/12/00 Stock Market Quotation € SOL MELIÁ Stock Market Quotation € IBEX Volume of shares 1999 Price % Increase IBEX-35 Max. Min Average Daily Volume Dividend EPS CFPS (31/12/99) Shares Euros (M) €€€ 11.25 +13.41% +18.35% 13.53 8.42 388,000 4.6 0.120 0.55 0.92 2000 Price % Increase IBEX-35 Max. Min Average Daily Volume Dividend EPS CFPS (31/12/00) Shares Euros (M) €€€ 11.01 -2.13% -21.75% 14.28 8.8 416,000 4.9 0.144 0.63 1.14 (+20%) (+24%) S OL M ELIÁ A NNUAL R EPORT 2000 6 COMPANY PROFILE ANALYSIS OF ACTIVITIES Data in thousand pesetas 31-DEC-99 INCREASE 31-DEC-00 HOTEL REVENUES 94,845 (€570 Mill.) 36.8% 129,735 (€780 Mill.) European Resort 42,859 (€258 Mill.) 14.5% 49,087 (€295 Mill.) European City 30,382 (€183 Mill.) 61.6% 49,102 (€295 Mill.) Americas Division 21,604 (€130 Mill.) 46.0% 31,546 (€190 Mill.) MANAGEMENT FEES 5,734 (€34 Mill.) 17.4% 6,729 (€40 Mill.) CASINOS 2,056 (€12 Mill.) 0.4% 2,064 (€12 Mill.) TIMESHARE 1,931 (€12 Mill.) 25.6% 2,426 (€15 Mill.) OTHERS 5,018 (€30 Mill.) 48.4% 7,446 (€45 Mill.) TOTAL REVENUES 109,584 (€659 Mill.) 35.4% 148,399 (€892 Mill.) ECONOMIC PROGRESS Data in thousand euros 1996 1997 1998 1999 2000 C.A.G.R. REVENUE 51 80 95 659 892 105% - 57% 19% 596% 35% EBITDA 27 43 52 199 261 76% - 59% 21% 283% 31% NET PROFIT 21 34 42 88 113 52% - 62% 24% 110% 28% 1000 300 120 892 261 250 100 800 113 659 200 199 80 600 88 150 60 400 C.A.G.R. 52% 100 C.A.G.R. 76% 40 C.A.G.R. 105% 42 34 200 50 43 50 50 21 95 27 51 80 0 0 0 1996 1997 1998 1999 2000 1996 1997 1998 1999 2000 1996 1997 1998 1999 2000 Revenues EBITDA Net Profit S OL M ELIÁ A NNUAL R EPORT 2000 7 LETTER FROM THE CHAIRMAN Dear shareholders, The year 2000 has been, without a shadow of a doubt, a key year for Sol Meliá. The acquisition and integration of Tryp Hotels and the conse- quences of the deal represent great milestones in company development and da major step towards our consolidation as a major player on the world stage. More than 330 hotels with more than 82,000 rooms in 30 countries makes us not only the biggest resort hotel company in the world, but also undis- puted leaders in Spain and in Latin America and the Caribbean, as well as the second largest hotel chain in Europe. And after almost half a century, all of this has made the year 2000 a year in which Sol Meliá has entered the prestigious “Top Ten” hotel companies in the world. A team of more than 33,000 people and a portfolio of 80 new hotel projects already signed for development will take Sol Meliá to 410 hotels with 102,000 rooms in less than 2 more years. As one would expect, the company that now emerges from this deal is much more structurally sound, blessed with greater operational capacity and with great expectations for improvements in results. The acquisition has also reaf- firmed our philosophy of diversification of our hotel portfolio and our ability to provide solutions to the needs of all different types of business and leisure travellers. Our consolidation in the city hotel arena and our clear leadership of the Spanish market have also made it more difficult for foreign companies to gain a significant foothold in our domestic market, while also improving our position in terms of variable and structural costs. This significant deal has not only served to increase the number of hotels in our portfolio, but it has also provided, as expected, an increase in com- pany profitability. Our earnings before interest, taxes, depreciation and amortisation (EBITDA) have reached 43,377 million pesetas – 260.7 million euros-, an increase of 31% over the previous year and, once again, far in excess of the 20% annual growth we have always set as our objective. The new and strategic incorporations, the benefits generated by the exten- sive refurbishment programme in a large number of hotels and the reposi- tioning of company hotels and brands after such an important deal have had an exceptional result: the achievement of record financial results for the year 2000. Consolidated turnover increased by 35%, while consolidated revenues grew to 149,399 million pesetas – 891.9 million euros -, and net profits rose to 19,750 million pesetas – 118.7 million euros. These results, the financial solvency of the company and the excellent pers- pectives for the future have given us the second best credit rating in the S OL M ELIÁ A NNUAL R EPORT 2000 9 LETTER FROM THE CHAIRMAN hotel industry, a BBB (stable) from Standard & Poor’s. The achievement of the rating was also a starting point for the launch of a Eurobond issue aimed at diversifying our sources of finance and which ended its first phase in 2000 with spectacular results. And if the purchase of Tryp was the most important deal of the year, our firm commitment to the use of new technology (the so-called e-transfor- mation of the company) is another of the key elements of the evolution of the business in 2000.
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