Consolidated Financial Statements and Consolidated Management ...

In 2011 and 2010, the fees for auditing of accounts and other services provided by the Group’s auditors, Deloitte, S.L. and other companies linked to the auditor
through controlling interests, common ownership or management, as well as by the auditing firms of the different companies that comprise NH Hoteles Group
are booked in this item, were as follows:
2011
Thousand euros
Services billed
Principal Auditor Others Total
Auditing services 1,461 43 1,504
Other verification services 66 - 66
Total auditing and related services 1,527 43 1,570
Tax consulting services 143 - 143
Other services 620 - 620
Total services billed 2,290 43 2,333
2010
Thousand euros
Services billed
Principal Auditor Others Total
Auditing services 1,040 496 1,536
Other verification services 111 - 111
Total auditing and related services 1,151 496 1,647
Tax consulting services 356 61 417
Other services 484 52 536
Total services billed 1,991 609 2,600
26.5. Operating leases
At 31 December 2011 and 2010, the Group had made undertakings concerning future minimal rental instalments by virtue of operating non-cancellable
lease agreements, which expire as set out in the table below.
The current value of the rental instalments has been calculated by applying a discount rate in keeping with the Group’s weighted average cost of capital
and includes the undertakings which NH Hoteles Group estimates will have to be covered in the future to guarantee a minimum return from hotels
operated under a management agreement.
Thousand euros
2011 2010
Less than one year 275,012 274,023
Between two and five years 1,067,708 1,018,604
More than five years 892,727 725,182
Total 2,235,447 2,017,809
The life of the operating lease agreements signed by the NH Hoteles Group ranges from five to thirty years. The agreements likewise include several methods
to determine the rent to be paid. Essentially, the methods used to determine the rent can be reduced to fixed rents linked to the consumer price index;
fixed rents complemented by a variable part, which is linked to the property’s operation; or completely variable rents which are determined by business
performance during the year. In some cases, variable rents are set with a minimum profitability threshold for the owners of the property under operation.
The breakdown by business unit of the current value of the rental instalments at 31 December 2011 is as follows:
Less than one year Between two and five years More than five years Total
Spain 90,683 360,421 281,199 732,303
Germany and Central Europe 101,734 380,741 328,623 811,098
Italy 44,713 182,760 123,211 350,684
Benelux 34,530 135,164 159,548 329,242
Latin America 3,352 8,621 147 12,120
Total 275,012 1,067,707 892,728 2,235,447
The breakdown by business unit of the current value of the rental instalments at 31 December 2010 is as follows:
Less than one year Between two and five years More than five years Total
Spain 88,498 350,460 260,279 699,237
Germany and Central Europe 106,680 383,879 254,007 744,566
Italy 44,003 157,597 96,050 297,650
Benelux 31,963 117,931 113,947 263,841
Latin America 2,879 8,736 900 12,515
Total 274,023 1,018,603 725,182 2,017,809
100 REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS