(In millions pesos as of December 31, 2000) Accumulated

Transcription

1 Stock Indicators A L Price per Share $ 740 $ 720 EPS(L12M) $ 052 $ 052 Book Value Per Share $ 622 $ 626 P/E P/BV A L A L Posadas Market FV/ EBITDA % 240% 220% 200% 180% 160% 140% 120% 100% 80% 60% Summary of Financial Information Posadas IPC (In millions pesos as of December 31, 2000) Accumulated 2000 % 1999 % Var Total Assets 9, , (2)% Total Liabilities 4, , % Net Worth 4, , (6)% Majority Net Worth 3, , (1)% Net Sales 3, , % Operating Income % EBITDA % Majority Net Income (56%) Room Distribution Fiesta Americana Fiesta Inn Caesar Park Others Total Urban Coastal Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms Hotels Rooms México 19 5, , , , ,264 USA , , Brazil Argentina Total 19 5, , , , , ,924 %

2 Grupo Posadas, SA de CV & Subsidiaries Income Statement as of December 31st, 2000 & 1999 (Constant thousand pesos as of December 31st, 2000) 4Q00 4Q99 Var% % % Total Revenue 857, , Hotels Revenue 692, , Direct Cost 502, , Contribution 189, , (40) Management Revenue 104, , Direct Cost 51, , Otros gastos (ingresos) (9,874) (94) (3,861) Contribution 63, , (35) Other Businesses Revenue 59, , Direct Cost 50, , Contribution 8, Corporate Expenses 18, , (131) Depreciation & Amortization 63, , Goodwill Amortization, Net (3,677) (04) (3,818) -05 (37) Operating Profit 183, , (22) Integral Cost of Financing 72, , (31) Other (gains) and expenses 11, , (151) Extraordinary Expenses - 00 (39) 00 na Profit Before Taxes 99, , ISR y PTU 3, , (545) Deferred Taxes 13, na Earnings from Affiliates (594) -01 na Net Profit before Minority 83, , (94) Minority Interest 15, , Majority Profit 67, , (187) Variations in real terms 2

3 Grupo Posadas, SA de CV & Subsidiaries Income Statement as of December 31st, 2000 & 1999 (Constant thousand pesos as of December 31, 2000) % % Var% Total Revenue 3,483, ,951, Hotels Revenue 2,755, ,407, Direct Cost 1,976, ,683, Contribution 779, , Management Revenue 445, , Direct Cost 250, , Otros gastos (ingresos) (9,659) (22) (1,181) (03) 7179 Contribution 204, , Other Businesses Revenue 282, , Direct Cost 288, , Contribution (5,881) (21) 9, na Corporate Expenses 81, , (07) Depreciation & Amortization 233, , Goodwill Amortization, Net (16,765) (05) (14,884) (05) 126 Operating Profit 680, , Integral Cost of Financing 207, (49,572) (17) na Other (gains) and expenses 14, , (414) Extraordinary Expenses na Profit Before Taxes 457, , (315) ISR y PTU 56, , Deferred Taxes 71, na Earnings from Affiliates 1, , Net Profit before Minority 331, , (479) Minority Interest 71, , Majority Profit 260, , (555) Terms Variations 3

4 Grupo Posadas, SA de CV & Subsidiaries Consolidated Balance Sheet as of December 31,2000 & 1999 (Constant Thousand Pesos as of December 31, 2000) 2000 % 1999 % Variation (%) ASSETS % Current Cash & Marketable Securities 216, , (472) Notes & Accounts Receivable 353, , Inventories 180, , (34) Other Current Assets 29, , (350) Total 779, , (214) Long Term Long Term Notes Receivable 64, , Long Term Investments 76, , (121) Other Investments 57, , (49) Prop & Equipment, net 7,621, ,547, Deferred Assets 591, , (13) Total Assets 9,190, ,331, (15) LIABILITIES Current Suppliers 208, , Bank Loans 609, , Other Current Liabilities 423, , Total 1,241, , Long Term Debt 3,038, ,736, (187) Other Liabilities 44, , Deferred Liabilities 526, , Total Liabilities 4,851, ,712, STOCKHOLDERS EQUITY Capital Stock Issued 2,094, ,027, Reserve for Reacq of Shares 110, , (29) Accumulated Earnings 1,596, , Accum Effect of Restatement* (826,463) (90) (447,304) (48) 848 Net Income 260, , (555) Total 3,234, ,260, (08) Minority Interest 1,103, ,358, (188) Total Stockholders' Equity 4,338, ,618, (61) Total Liabilities & Equity 9,190, ,331, (15) 1 Includes deferred taxes derived from the application of Bulletin D-4 4

5 Note: All variations referred to in this document have been calculated in real terms During the month of November 2000, Posadas opened two new Fiesta Inn properties in Queretaro and Acapulco, bringing the brand s roster to 30 properties For year 2001, the Company contemplates the opening of another five units of this brand, including two in Mexico City (one in Perisur, the other in Viaducto), and in the cities of Veracruz, Nuevo Laredo and Hermosillo Additionally, in accordance with the expansion plans in South America, the Company will open in 2001 a new Caesar Park hotel and the first Caesar Business property, both in the city of Sao Paulo, Brazil In the field of financial results, the fourth quarter marked the culmination of a year of financial consolidation for the Company The various projects and openings undertaken during 1999 and 2000 provided flows in accordance with our estimates, which in turn has been reflected in a substantial improvement in the Company s financial structure For the year 2001, we anticipate the consolidation process to continue, as the Company maintains its growth rate through lease and management contracts In the commercial area, the Fiesta Rewards frequent guest program, together with the Reservations Central and Website continue giving Posadas a competitive advantage, and have been key factors in the increase in occupancy rates throughout the chain At the end of December, the Fiesta Rewards program contributed with 30% of the rooms/night sold in urban destinations, while reservations made through Posadas web site increased more than 100% compared to last year One of the chief objectives of Posadas for 2001 is to strengthen its distribution channels through the broad implementation of a sales culture throughout the Company Total Revenue Total revenue grew by 95% during the quarter due to an 8% increase in REVPAR (revenue per available room) throughout the chain In turn, REVPAR was boosted by an increase of 28% in REVPAR of coastal properties Also contributing to this increase in total revenues was the consolidation of Vacation Club sales, which had not yet been included in the fourth quarter of 1999 Overall, the accumulated sales total for full-year 2000 rose by 18% over the previous year Operating Profit and EBITDA Operating profit decreased by 2% during the fourth quarter, but in the full-year accumulated total it grew by 57% The annual increase was the result of the greater revenues mentioned above Also making a contribution to this profit increase was a reduction in corporate expenses, as a result of the new structure adopted by the Company in 2000 Corporate expenses as a proportion of total revenue improved from 28% in 1999 to 23% in 2000 At the same time, EBITDA advanced 7% in peso terms and 17% in dollar terms during the full year, while the EBITDA margin went from 284% to 257% during the same period This margin reduction is attributed mainly to a greater participation of leased properties in the owned hotel mix Owned Hotels Total Urban Coastal 5

6 % Var % Var % Var Avarage No Of rooms 8, , ,968 1 Avarage Daily Rate (4) Occupancy REVPAR Accumulated Avarage No Of rooms 8, , , Avarage Daily Rate 918 (3) 893 (5) Occupancy REVPAR Total revenue from owned hotels advanced by 49%, from Ps $ 6603 million in the fourth quarter of 1999, to Ps $ 6928 million for the same period of 2000 This increase is attributed mainly to the 9% growth in REVPAR and, to a lesser extent, to the growth in average number of rooms In this respect, REVPAR of coastal properties grew by 32% during the quarter, as the result of an increase of 8 percentage points (pp) in occupancy rates, and 16% in their average daily rates Even though this is attributed in large measure to the addition of the FA Grand Los Cabos hotel, the growth also came from the favorable performance of the rest of the coastal properties, especially the Cancun hotels In the case of Cancun (which accounts for 32% of owned coastal hotels), the FA Cancun, FA Condesa Cancun and FA Cozumel Reef units jointly increased their occupancy rates by 6 pp and their REVPAR by 11% Even though the average daily rate of urban hotels decreased by 4% during the quarter, REVPAR advanced by 3% due to an increase of 5 pp in their occupancy rates It is worth highlighting that during the quarter, the combined occupancy rates at Caesar Park properties rose by more than 9 pp in light of a strong recovery by the CP Sao Paulo hotel, and a favorable performance by the CP Rio de Janeiro When comparing results at owned hotels in the United States in dollar terms, we observe an increase of 8% in the average daily rate during the quarter while the occupancy rate decreased by 1pp and the gross operating profit (GOP) improved by 13% For the full year the occupancy rate increased by 5 pp supported by the good performance of the American economy in the first semester of the year Management Total Urban Coastal % Var % Var % Var Avarage no Of rooms 12, , ,664 1 Avarage Daily Rate 926 (1) 868 (5) 1, Occupancy REVPAR Accumulated Avarage no Of rooms 12, , ,568 3 Avarage Daily Rate 966 (5) 899 (5) 1,119 (3) Occupancy REVPAR (1)

7 During the fourth quarter, revenue from the Management Division increased by 103%, due mainly to an improvement of 8% in REVPAR and a chainwide growth of 19% in GOP The GOP is the basis of the incentive paid by chainwide hotels and is reflected as a fee in this division s revenue Occupancy rates at urban hotels were 3 pp higher than the same quarter of last year This increase more than compensated for the 5% reduction in the average daily rate, since REVPAR achieved a 1% advance At the same time, GOP at urban hotels turned out to be 5% higher, thanks to an increase of more than 30% posted by the FA Reforma hotel, as well as a hike of 21% in Fiesta Inn urban properties Meanwhile, operating margins of urban hotels throughout the chain improved from 379% in the fourth quarter of 1999 to 387% in the same period of 2000 In addition, the good performance of coastal hotels during the fourth quarter contributed to a large extent to the 103% growth in revenues posted by the Management Division The dollar-denominated REVPAR of coastal hotels advanced by 32% in the quarter, and GOP posted a growth of 98% As we mentioned in the owned hotels section, a large portion of this growth is attributed to the entry into the coastal hotel mix of the FA Los Cabos property However, this increase is also the result of an improved performance of Cancun hotels The following chart shows the trend of REVPAR and GOP of Cancun hotels (including the FA Cozumel Reef), comparing the last quarters of the years 1998, 1999 and 2000 Cancun Hotels REVPAR (USD) REVPAR GOP (Mills USD) GOP Other Businesses Sales of the Other Businesses Division increased by 114% during the quarter, compared to the fourth quarter of 1999 As in previous quarters of 2000, this growth in revenues is owed to the incorporation of the Vacation Club business, and the sales of the Arcano Development of US$ 18 million during the quarter The overall contribution to revenue of the Other Businesses Division went from Ps 04 million In the fourth quarter of 1999 to Ps 89 million in the same period of 2000 This is attributed to the increase in sales of Arcano mentioned above; to the closing of the supplies firm Compañía Proveedora Hotelera, which had negative results in the 4Q99; and to the favorable quarter posted by Sistema Director de Proyectos, in comparison with an unfavorable 4Q99 Integral Cost of Financing 4Q00 3Q Interest Income (2,567) (9,885) (25,716) (195,243) Interest Expense 125, , , ,457 Foreign Exchange Loss (Gain) 43,533 64,872 48,425 14,807 Gains from Monetary Position (93,960) (83,894) (296,951) (344,593) Total Financing Cost 72,806 75, ,981 (49,572) 7

8 The integral financing cost decreased by 3% compared to the fourth quarter of 1999 This was mainly due to a lower exchange loss, which compares to the loss incurred in 4Q99 a result of hedging operations Meanwhile, interest paid was 21% higher during the quarter because of higher dollar-denominated rates and due to the dollar/peso debt mix which the Company currently holds at 70/30, against 85/15 at the close of 1999 The monetary position increased due to a slightly higher inflation rate registered during the fourth quarter of 2000 In the full-year aggregate total, the integral financing cost went from a profit of Ps 495 million in 1999 to a net loss of Ps 208 million in 2000 since the 1999 results include the profits generated by a hedging operation with the Brazilian real in early 1999, for about US$ 15 million Debt Profile 4Q00 3Q00 4Q99 Total Debt (USD Million) USD denominated Debt (%) Leverage (Total Debt/EBITDA) (LTM) The average debt maturity is 35 years The average dollar-denominated debt cost is 105%, and 197% in pesos Openings Last 12 Months Hotel No of Opening Date Type rooms Fiesta Inn Monterrey Centro 231 Jan 00 Mgmt Fiesta Inn Tijuana 127 May 00 Leased Fiesta Inn Queretaro 175 Nov 00 Owned Fiesta Inn Acapulco 220 Nov 00 Mgmt Explorean Costa Maya 80 Dec 00 Owned Total 833 For more information: Oliver Iriarte Financial Planning Manager Tel: (525) Fax: (525) oiriarte@posadascommx Betty May Fierro Investor Relations Tel: (525) bfierro@posadascommx or investorrelations@posadascommx 8

9 YOU CAN CONSULT OUR INTERNET PAGE AT: wwwposadascom 9