WYNDHAM INTERNATIONAL, INC.
2004 OPERATING STATISTICS BY QUARTER
Second Quarter Six Months Ended
June 30
--------------------------- ----------------------------
2004 2003 % Change
2004 2003 % Change
-------- -------- --------- -------- ------- ---------
COMPARABLE WYNDHAM BRANDED HOTELS (a)
Wyndham Hotels & Resorts
------------------------
Average
daily rate $119.64 $115.61
3.5% $126.49 $124.70 1.4%
Occupancy 77.1%
72.9% 4.2 ppt 75.8% 71.4%
4.4 ppt
RevPAR $92.30
$84.28 9.5% $95.84
$89.04 7.6%
Wyndham Luxury
Resorts (b)
-------------
Average
daily rate $222.52 $216.83
2.6% $239.75 $233.54 2.7%
Occupancy 49.9%
51.5% -1.6 ppt 49.7% 48.9%
0.8 ppt
RevPAR $110.93
$111.67 -0.7% $119.16 $114.18
4.4%
Wyndham Garden
--------------
Average
daily rate $92.77 $89.71
3.4% $91.81 $89.21
2.9%
Occupancy 82.4%
82.1% 0.3 ppt 76.7% 78.7%
-2.0 ppt
RevPAR $76.40
$73.67 3.7% $70.42
$70.25 0.2%
COMPARABLE OWNED & LEASED HOTELS
Proprietary Branded (c)
-----------------------
Average
daily rate $123.02 $118.38
3.9% $130.98 $128.45 2.0%
Occupancy 80.7%
76.2% 4.5 ppt 77.8% 73.7%
4.1 ppt
RevPAR $99.26
$90.25 10.0% $101.88 $94.62
7.7%
Non-Proprietary
Branded (d)
-------------
Average
daily rate $91.92 $89.30
2.9% $92.95 $91.55
1.5%
Occupancy 65.4%
58.6% 6.7 ppt 60.2% 57.2%
3.0 ppt
RevPAR $60.08
$52.37 14.7% $55.91 $52.38
6.7%
Total Portfolio
---------------
Average
daily rate $118.32 $114.17
3.6% $125.46 $123.08 1.9%
Occupancy 77.9%
73.1% 4.8 ppt 74.6% 70.7%
3.9 ppt
RevPAR $92.19
$83.42 10.5% $93.60 $87.02
7.6%
NOTE: All hotel statistics exclude assets sold to date.
(a) Brand statistics are based on comparable owned, managed
and leased
hotels for respective periods.
(b) Reflects results of the Boulders, Carmel Valley Ranch,
the Lodge
at Ventana Canyon, and Isla Navidad.
(c) Reflects Wyndham Hotels & Resorts, Wyndham Luxury
Resorts and
Wyndham Garden Hotels that were branded
as of Jan. 1, 2004.
(d) Non-proprietary brand hotels owned by the Company
as of Jan. 1,
2004.
WYNDHAM INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands)
(Unaudited)
Three Months Ended
June 30,
-------------------------------------------
2004
-------------------------------------------
Pro Forma Comparable
Actual Adjustments Pro Forma
(1)
-------------- ------------- --------------
Revenues:
Room revenues
$166,569 $-
$166,569
Food and beverage
revenues
94,461 -
94,461
Other revenues
37,701 -
37,701
Anatole hotel revenue
23,958 23,958 A
-
-------------- ----------- --------------
Total hotel revenues
322,689 23,958
298,731
Management fees and
service fee income
4,088 -
4,088
Interest and other income
528 -
528
-------------- ----------- --------------
Total revenues
327,305 23,958
303,347
-------------- ----------- --------------
Expenses:
Room expenses
41,445 -
41,445
Food and beverage
expenses
63,612 -
63,612
Other expenses
117,932 -
117,932
Anatole hotel expenses
17,069 17,069 A
-
-------------- ----------- --------------
Total hotel expenses
240,058 17,069
222,989
General and
administrative costs
15,274 -
15,274
Interest expense
47,200 -
47,200
Interest expense -
Anatole
3,208 3,208 A
-
-------------- ----------- --------------
Total operating costs and
expenses
305,740 20,277
285,463
-------------- ----------- --------------
Revenues net of direct
expenses
21,565 3,681
17,884
Adjustments:
Professional fees and
other
65 -
65
Abandoned transaction
costs
87 -
87
(Gain)/loss on derivative
instruments
(2,402) -
(2,402)
Write-off of leasehold
costs
(400) -
(400)
Conversion costs
1,054 -
1,054
Impairment of assets
298,378 -
298,378
-------------- ----------- --------------
Total adjustments
296,782 -
296,782
-------------- ----------- --------------
Depreciation and
amortization
39,347 (1,108) A
40,455
Depreciation and
amortization - Anatole
2,489 2,489 A
-
Equity in earnings from
unconsolidated
subsidiaries
(575) -
(575)
Minority interest in
consolidated subsidiaries
2 -
2
Minority interest in
consolidated subsidiaries
- Anatole
1,918 1,918 A
-
-------------- ----------- --------------
43,181 3,299
39,882
-------------- ----------- --------------
Loss from continued
operations before taxes
(318,398) 382
(318,780)
Income tax benefit
2,121 -
2,121
-------------- ----------- --------------
Loss from continued
operations
(316,277) 382
(316,659)
-------------- ----------- --------------
Gain(loss) from
operations of
discontinued hotels
2,701 2,701
-
Gain on sale of assets
2,162 2,162
-
Leasehold termination
costs
(188) (188)
-
Impairment of assets held
for sale
(41,880) (41,880)
-
-------------- ----------- --------------
Loss from discontinued
operations, before
income taxes
(37,205) (37,205)
-
Income tax benefit
249 249
-
-------------- ----------- --------------
Loss from discontinued
operations
(36,956) (36,956) B
-
Net loss
$(353,233) $(36,574) $(316,659)
============== =========== ==============
EBITDA, as adjusted
$79,500 $12,165
$67,335
============== =========== ==============
2003
----------------------------------------
Pro Forma Comparable
Actual Adjustments Pro Forma(1)
------------- ----------- --------------
Revenues:
Room revenues
$153,226 $1,019 D
$152,207
Food and beverage revenues
91,065 498 D
90,567
Other revenues
37,792 736 D
37,056
Anatole hotel revenue
- -
-
------------- ---------- -------------
Total hotel revenues
282,083 2,253
279,830
Management fees and service
fee income
4,430 541 E
3,889
Interest and other income
928 -
928
------------- ---------- -------------
Total revenues
287,441 2,794
284,647
------------- ---------- -------------
Expenses:
Room expenses
39,075 203 F
38,872
Food and beverage expenses
61,151 413 F
60,738
Other expenses
113,932 955 F
112,977
Anatole hotel expenses
- -
-
------------- ---------- -------------
Total hotel expenses
214,158 1,571
212,587
General and administrative
costs
15,156 -
15,156
Interest expense
45,801 -
45,801
Interest expense - Anatole
- -
-
------------- ---------- -------------
Total operating costs and
expenses
275,115 1,571
273,544
------------- ---------- -------------
Revenues net of direct
expenses
12,326 1,223
11,103
Adjustments:
Professional fees and other
152 -
152
Abandoned transaction costs
312 -
312
(Gain)/loss on derivative
instruments
7,425 -
7,425
Write-off of leasehold costs
522 -
522
Conversion costs
- -
-
Impairment of assets
2,040 -
2,040
------------- ---------- -------------
Total adjustments
10,451 -
10,451
------------- ---------- -------------
Depreciation and amortization
44,830 -
44,830
Depreciation and amortization
- Anatole
- -
-
Equity in earnings from
unconsolidated subsidiaries
(1,275) -
(1,275)
Minority interest in
consolidated subsidiaries
291 -
291
Minority interest in
consolidated subsidiaries -
Anatole
- -
-
------------- ---------- -------------
43,846 -
43,846
------------- ---------- -------------
Loss from continued
operations before taxes
(41,971) 1,223
(43,194)
Income tax benefit
15,588 (324) G
15,912
------------- ---------- -------------
Loss from continued
operations
(26,383) 899
(27,282)
------------- ---------- -------------
Gain(loss) from operations
of discontinued hotels
(3,987) (3,987)
-
Gain on sale of assets
4,712 4,712
-
Leasehold termination costs
(47,102) (47,102)
-
Impairment of assets held
for sale
(62,172) (62,172)
-
------------- ---------- -------------
Loss from discontinued
operations, before income
taxes
(108,549) (108,549)
-
Income tax benefit
43,419 43,419
-
------------- ---------- -------------
Loss from discontinued
operations
(65,130) (65,130) H
-
Net loss
$(91,513) $(64,231) $(27,282)
============= ========== =============
EBITDA, as adjusted
$76,060 $17,136
$58,924
============= ========== =============
(1) The Comparable Pro Forma financial statements have
been adjusted
to remove the operations of the Wyndham
Anatole, hotels sold and
related interest expense from corresponding
retired debt and
management contract revenue from terminated
management contracts.
WYNDHAM INTERNATIONAL, INC.
EBITDA Reconciliation
(in thousands, except per share data)
(Unaudited)
Three Months Ended
June 30,
-----------------------------------
2004
----------------------- -----------
Pro Forma Comparable
Actual Adjustments Pro Forma(1)
--------- ------------ -----------
EBITDA Reconciliation
Net loss
$(353,233) $(36,574) $(316,659)
Interest expense
47,200 -
47,200
Depreciation and amortization
39,347 (1,108) A 40,455
Income tax benefit
(2,121) -
(2,121)
---------- ---------- -----------
EBITDA
(268,807) (37,682) (231,125)
Interest, depreciation and
amortization from equity
interest in unconsolidated
subsidiaries
1,499 -
1,499
Interest, depreciation and
amortization attributable
to minority interests
(513) (88) C
(425)
Professional fees and other
65 -
65
Amortization of unearned
compensation
691 -
691
(Gain) loss on derivative
instruments
(2,402) -
(2,402)
Conversion Costs
1,054 -
1,054
Impairment of assets
298,378 -
298,378
Write-off of leasehold costs
(400) -
(400)
Discontinued operations adjustment
49,935 49,935 B
-
---------- ---------- -----------
EBITDA, as adjusted
$79,500 $12,165 $67,335
========== ========== ===========
Per Share Calculations:
Loss from continued operations
$(316,277)
$(316,659)
Loss from discontinued operations (36,956)
-
----------
-----------
Net loss
$(353,233)
$(316,659)
Adjustment for preferred stock
(41,622)
(41,622)
----------
-----------
Net loss attributable to common
shareholders
$(394,855)
$(358,281)
==========
===========
Basic and diluted loss per common
share:
Loss from continued operations
$(2.11)
$(2.12)
Loss from discontinued operations
(0.22)
-
----------
-----------
Loss per common
share $(2.33)
$(2.12)
==========
===========
Basic and diluted weighted average
common shares and share
equivalents
169,361
169,361
2003
-----------------------------------------------
Pro Forma Comparable
Actual Adjustments
Pro Forma(1)
-------------- ---------------- ---------------
EBITDA Reconciliation
Net
loss
$(91,513) $(64,231)
$(27,282)
Interest expense
45,801
- 45,801
Depreciation and
amortization
44,830
- 44,830
Income tax benefit
(15,588) 324
G (15,912)
-------------- -------------- ---------------
EBITDA
(16,470) (63,907)
47,437
Interest,
depreciation and
amortization from
equity interest in
unconsolidated
subsidiaries
1,057
-
1,057
Interest,
depreciation and
amortization
attributable
to minority
interests
(541) (420) I
(121)
Professional fees and
other
150
-
150
Amortization of
unearned
compensation
414
-
414
(Gain)loss on
derivative
instruments
7,425
-
7,425
Conversion Costs
-
-
-
Impairment of assets
2,040
-
2,040
Write-off of
leasehold costs
522
-
522
Discontinued
operations
adjustment
81,463 81,463 H
-
-------------- -------------- ---------------
EBITDA, as adjusted
$76,060 $17,136
$58,924
============== ============== ===============
Per Share
Calculations:
Loss from continued
operations
$(26,383)
$(27,282)
Loss from
discontinued
operations
(65,130)
-
--------------
---------------
Net loss
$(91,513)
$(27,282)
Adjustment for
preferred stock
(38,509)
(38,509)
--------------
---------------
Net loss attributable
to common
shareholders
$(130,022)
$(65,791)
==============
===============
Basic and diluted
loss per common
share:
Loss from continued
operations
$(0.39)
$(0.39)
Loss from
discontinued
operations
(0.38)
-
--------------
---------------
Loss per
common
share $(0.77)
$(0.39)
==============
===============
Basic and diluted
weighted average
common shares and
share equivalents
168,079
168,079
WYNDHAM INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Quarter Ended June 30,
2004 and 2003
(Unaudited)
Notes to Pro Forma Adjustments:
A) Removal of Wyndham Anatole hotel results of operations
which in
accordance with FIN 46 were consolidated
in 2004.
B) Removal of assets sold, leases terminated and assets
held for sale.
C) Removal of minority interest of hotel held for sale.
D) Reduction of hotel revenues associated with the sale
of one hotel.
E) Reduction of management fees due to the termination
of six
management contracts.
F) Corresponding reduction of hotel expenses for hotels
noted in (D)
above.
G) Tax benefit associated with the pro forma adjustments
using an
effective tax rate of 40%.
H) Removal of assets sold, leases terminated and assets
held for sale.
I) Removal of minority interest of hotel held for sale.
WYNDHAM INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands)
(Unaudited)
Six Months Ended
June 30,
------------------------------------------
2004
------------------------------------------
Pro Forma Comparable
Actual Adjustments Pro Forma(1)
---------------- ------------ ------------
Revenues:
Room revenues
$338,978 $-
$338,978
Food and beverage
revenues
187,878 -
187,878
Other revenues
82,778 -
82,778
Anatole hotel revenue
56,281 56,281 A
-
---------------- ---------- -----------
Total hotel revenues
665,915 56,281
609,634
Management fees and
service fee income
8,805 112 B
8,693
Interest and other
income
1,045 -
1,045
---------------- ---------- -----------
Total revenues
675,765 56,393
619,372
---------------- ---------- -----------
Expenses:
Room expenses
82,197 -
82,197
Food and beverage
expenses
126,969 -
126,969
Other expenses
240,032 -
240,032
Anatole hotel expenses
37,207 37,207 A
-
---------------- ---------- -----------
Total hotel expenses
486,405 37,207
449,198
General and
administrative costs
29,624 -
29,624
Interest expense
97,155 -
97,155
Interest expense -
Anatole
6,403 6,403 A
-
---------------- ---------- -----------
Total operating costs
and expenses
619,587 43,610
575,977
---------------- ---------- -----------
Revenues net of direct
expenses
56,178 12,783
43,395
Adjustments:
Professional fees and
other
261 -
261
Abandoned transaction
costs
114 -
114
Loss on derivative
instruments
1,934 -
1,934
Write-off leasehold
costs
(400) -
(400)
Conversion costs
1,054 -
1,054
Loss on sale of assets
- -
-
Impairment of assets
298,378 -
298,378
---------------- ---------- -----------
Total adjustments
301,341 -
301,341
---------------- ---------- -----------
Depreciation and
amortization
80,706 (2,217) A 82,923
Depreciation and
amortization - Anatole
4,713 4,713 A
-
Equity in earnings from
unconsolidated
subsidiaries
(1,366) -
(1,366)
Minority interest in
consolidated subsidiaries
114 -
114
Minority interest in
consolidated subsidiaries
- Anatole
9,414 9,414 A
-
---------------- ---------- -----------
93,581 11,910
81,671
---------------- ---------- -----------
Loss from continued
operations before taxes
(338,744) 873
(339,617)
Income tax (provision)
benefit
(2,615) -
(2,615)
---------------- ---------- -----------
Loss from continued
operations
(341,359) 873
(342,232)
---------------- ---------- -----------
Gain(loss) from
operations of
discontinued hotels
1,912 1,912
-
Gain on sale of assets
1,144 1,144
-
Leasehold termination
costs
(197) (197)
-
Impairment of assets
held for sale
(43,844) (43,844)
-
---------------- ---------- -----------
Loss from discontinued
operations, before
income taxes
(40,985) (40,985)
-
Income tax (provision)
benefit
(324) (324)
-
---------------- ---------- -----------
Loss from discontinued
operations
(41,309) (41,309) C
-
Net loss
$(382,668) $(40,436) $(342,232)
================ ========== ===========
EBITDA, as adjusted
$165,554 $20,414 $145,140
================ ========== ===========
(1) The Comparable Pro Forma financial statements have
been adjusted
to remove the operations of the Wyndham
Anatole, hotels sold and
related interest expense from corresponding
retired debt and
management contract revenue from terminated
management contracts.
2003
------------------------------------------
Pro Forma Comparable
Actual Adjustments Pro Forma(1)
---------------- ------------ -----------
Revenues:
Room revenues
$319,099 $3,689 E $315,410
Food and beverage
revenues
181,761 1,779 E
179,982
Other revenues
84,651 2,107 E
82,544
Anatole hotel revenue
- -
-
---------------- ---------- -----------
Total hotel revenues
585,511 7,575
577,936
Management fees and
service fee income
8,850 1,109 F
7,741
Interest and other income
2,184 6
G 2,178
---------------- ---------- -----------
Total revenues
596,545 8,690
587,855
---------------- ---------- -----------
Expenses:
Room expenses
78,348 706 H
77,642
Food and beverage
expenses
123,085 1,400 H
121,685
Other expenses
230,254 3,262 H
226,992
Anatole hotel expenses
- -
-
---------------- ---------- -----------
Total hotel expenses
431,687 5,368
426,319
General and
administrative costs
30,964 -
30,964
Interest expense
88,930 -
88,930
Interest expense -
Anatole
- -
-
---------------- ---------- -----------
Total operating costs and
expenses
551,581 5,368
546,213
---------------- ---------- -----------
Revenues net of direct
expenses
44,964 3,322
41,642
Adjustments:
Professional fees and
other
2,436 -
2,436
Abandoned transaction
costs
438 -
438
Loss on derivative
instruments
19,093 -
19,093
Write-off leasehold costs
522 -
522
Conversion costs
- -
-
Loss on sale of assets
4,937 -
4,937
Impairment of assets
6,133 4,093 I
2,040
---------------- ---------- -----------
Total adjustments
33,559 4,093
29,466
---------------- ---------- -----------
Depreciation and
amortization
90,732 -
90,732
Depreciation and
amortization - Anatole
- -
-
Equity in earnings from
unconsolidated
subsidiaries
(701) -
(701)
Minority interest in
consolidated subsidiaries
342 -
342
Minority interest in
consolidated subsidiaries
- Anatole
- -
-
---------------- ---------- -----------
90,373 -
90,373
---------------- ---------- -----------
Loss from continued
operations before taxes
(78,968) (771)
(78,197)
Income tax (provision)
benefit
31,985 615 J
31,370
---------------- ---------- -----------
Loss from continued
operations
(46,983) (156)
(46,827)
---------------- ---------- -----------
Gain(loss) from
operations of
discontinued hotels
(16,105) (16,105)
-
Gain on sale of assets
4,712 4,712
-
Leasehold termination
costs
(151,394) (151,394)
-
Impairment of assets held
for sale
(90,449) (90,449)
-
---------------- ---------- -----------
Loss from discontinued
operations, before
income taxes
(253,236) (253,236)
-
Income tax (provision)
benefit
101,294 101,294
-
---------------- ---------- -----------
Loss from discontinued
operations
(151,942) (151,942) K
-
Net loss
$(198,925) $(152,098) $(46,827)
================ ========== ===========
EBITDA, as adjusted
$164,005 $30,278
$133,727
================ ========== ===========
(1) The Comparable Pro Forma financial statements have
been adjusted
to remove the operations of the Wyndham
Anatole, hotels sold and
related interest expense from corresponding
retired debt and
management contract revenue from terminated
management contracts.
WYNDHAM INTERNATIONAL, INC.
EBITDA Reconciliation
(in thousands, except per share data)
(Unaudited)
Six Months Ended
June 30,
--------------------------------------
2004
------------------------ -----------
Pro Forma Comparable
Actual Adjustments Pro Forma(1)
---------- ------------ -------------
EBITDA Reconciliation
Net loss
$(382,668) $(40,436) $(342,232)
Interest expense
97,155 -
97,155
Depreciation and amortization
80,706 (2,217) A
82,923
Income tax benefit
2,615 -
2,615
---------- ---------- -----------
EBITDA
(202,192) (42,653) (159,539)
Interest, depreciation and
amortization from equity
interest in unconsolidated
subsidiaries
2,777 -
2,777
Interest, depreciation and
amortization attributable
to minority interests
(819) (165) D
(654)
Professional fees and other
125 -
125
Amortization of unearned
compensation
1,465 -
1,465
Loss on derivative instruments
1,934 -
1,934
Conversion costs
1,054 -
1,054
Loss on sale of assets
- -
-
Impairment of assets
298,378 -
298,378
Write-off of leasehold costs
(400) -
(400)
Discontinued operations
adjustments
63,232 63,232 C
-
---------- ---------- -----------
EBITDA, as adjusted
$165,554 $20,414
$145,140
========== ========== ===========
Per Share Calculations:
Loss from continued operations $(341,359)
$(342,232)
Loss from discontinued
operations
(41,309)
-
----------
-----------
Net loss
$(382,668)
$(342,232)
Adjustment for preferred stock (82,435)
(82,435)
----------
-----------
Net loss attributable to common
shareholders
$(465,103)
$(424,667)
==========
===========
Basic and diluted loss per
common share:
Loss from continued operations
$(2.51)
$(2.52)
Loss from discontinued
operations, net of taxes and
minority interest
(0.25)
-
----------
-----------
Net loss per common share
$(2.76)
$(2.52)
==========
===========
Basic and diluted weighted
average common shares and
share equivalents
168,808
168,808
2003
------------------------------------------
Pro Forma Comparable
Actual Adjustments Pro
Forma(1)
---------- -------------- ----------------
EBITDA Reconciliation
Net loss
$(198,925) $(152,098)
$(46,827)
Interest expense
88,930
-
88,930
Depreciation and
amortization
90,732
-
90,732
Income tax benefit
(31,985) (615) J
(31,370)
---------- ------------ ----------------
EBITDA
(51,248) (152,713)
101,465
Interest, depreciation and
amortization from equity
interest in unconsolidated
subsidiaries
2,571 (63) L
2,634
Interest, depreciation and
amortization attributable
to minority interests
(1,193) (831) M
(362)
Professional fees and other 2,433
-
2,433
Amortization of unearned
compensation
965 -
965
Loss on derivative
instruments
19,093
-
19,093
Conversion costs
- -
-
Loss on sale of assets
4,937
-
4,937
Impairment of assets
6,133 4,093 I
2,040
Write-off of leasehold
costs
522 -
522
Discontinued operations
adjustments
179,792 179,792 K
-
---------- ------------ ----------------
EBITDA, as adjusted
$164,005 $30,278
$133,727
========== ============ ================
Per Share Calculations:
Loss from continued
operations
$(46,983)
$(46,827)
Loss from discontinued
operations
(151,942)
-
----------
----------------
Net loss
$(198,925)
$(46,827)
Adjustment for preferred
stock
(76,308)
(76,308)
----------
----------------
Net loss attributable to
common shareholders
$(275,233)
$(123,135)
==========
================
Basic and diluted loss per
common share:
Loss from continued
operations
$(0.73)
$(0.73)
Loss from discontinued
operations, net of taxes
and minority interest
(0.91)
-
----------
----------------
Net loss per common share $(1.64)
$(0.73)
==========
================
Basic and diluted weighted
average common shares and
share equivalents
168,042
168,042
WYNDHAM INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Six Months Ended June 30, 2004 and 2003
(Unaudited)
Notes to Pro Forma Adjustments:
A) Removal of Wyndham Anatole hotel results of operations
which in
accordance with FIN 46 were consolidated
in 2004.
B) Reduction of management fees due to the termination
of two
management contracts.
C) Removal of assets sold, leases terminated and assets
held for sale.
D) Removal of minority interest of hotel held for sale.
E) Reduction of hotel revenues associated with the sale
of one hotel.
F) Reduction of management fees due to the termination
of six
management contracts.
G) Reduction of dividend income from a sold investment.
H) Corresponding reduction of hotel expenses for hotels
noted in (E)
above.
I) Removal of impairment charge related to Marriott Indian
River.
J) Tax benefit associated with the pro forma adjustments
using an
effective tax rate of 40%.
K) Removal of assets sold, leases terminated and assets
held for sale.
L) Removal of equity investments sold.
M) Removal of minority interest of hotel held for sale. |