Consolidated Financial Statements and Consolidated Management ...

The “Current accounts and interest with associated companies” item includes the interest accrued during the financial year by the above mentioned loan to
Harrington Hall Hotel Ltd., as well as a current account jointly held with this company.
The financial income generated by the above loans and the accounts receivable mentioned above have been as follows:
Thousand euros
2011 2010
Credits to staff 143 138
Financing granted to joint ventures 223 189
Financing granted to associate companies 78 56
Total 444 383
Accounts receivable from related parties
In accordance with the hotel management agreement entered into with Grupo Inversor Hesperia, S.A., management fees in favour of NH Hoteles Group
amounting to 5.7 million euros were due in 2011, of which 2.1 million euros remained outstanding at 31 December 2011 after adding VAT. The net balance
booked with Grupo Inversor Hesperia, S.A. at 31 December 2011 was of €1.6 million.
Financing agreements with banks which are shareholders of the Group
The breakdown of the debts with banks which are shareholders of the Group at 31 December 2011 and 2010 is as follows:
Thousand euros
2011 2010
Banco Financiero y de Ahorros, S.A. 131,114 139,688
Intesa Sanpaolo S.p.A. (IMI) 73,409 28,317
Caja de Ahorros y Monte de Piedad de Gipuzkoa y San Sebastián 10,500 14,252
NCG Banco, S.A. 29,503 18,074
Banco Mare Nostrum, S.A. 10,325 7,126
Caja de Ahorros y Monte de Piedad de Zaragoza, Aragón y Rioja 8,339 8,537
Total 263,190 215,994
Financial expenses accrued connected with the financing agreements with credit institutions which are shareholders of the Parent Company amounted to
10,663,000 euros in 2011 (6,493,000 euros in 2010).
In addition, the Group has an equity swap agreement with Caja Madrid amounting to 56,281,000 euros to hedge against any possible financing liabilities
arising from the Share-Based Remuneration Scheme 2007-2011 (see Note 20). The financial expenses linked to this agreement at 31 December 2011 totalled
1,343,000 euros (1,161,000 euros at 31 of December of 2010).
Other related-party agreements
The Group entered into several operating lease agreements with Pontegadea Inversiones, S.L. totalling 10,052,000 euros in 2011 (9,689,000 euros in 2010).
Pontegadea Inversiones, S.L. likewise granted the following loans to joint ventures:
Thousand euros
2011 2010
Loans to joint ventures:
Residencial Marlin - 14,960
Los Alcornoques de Sotogrande - 1,077
Total - 16,037
The “Loans to joint ventures” item includes the proportional part of the participative subordinated loans granted by Pontegadea Inversiones, S.L. to the
companies Residencial Marlin, S.L. and Los Alcornoques de Sotogrande, S.L. As has been explained above, said loans were contributed to share capital in
2011. Both loans were therefore capitalised at 31 December 2011.
The remuneration of the Board of Directors and members of the Parent Company’s senior management is broken down in Notes 29.1 and 29.2 of these
consolidated financial statements.
28. INFORMATION BY SEGMENTS
The information by segments is primarily structured around the Group’s different business lines and then according to geographic distribution.
Main segments – Business
The business lines described below have been established on the basis of the organisational structure of NH Hoteles Group’s existing at the end of 2011,
taking into account both the nature of the products and services offered and the target customer segments.
In 2011, NH Hoteles Group focused its operations on two main business lines: hotels and real estate. These constitute the basis upon which the Group
presents the information on its main segments.
The Group does not include its catering operations as a main segment because it cannot be separated from the accommodation activity; both constitute a
single business, the hotel business.
102 REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS