Consolidated Financial Statements and Consolidated Management ...
Consolidated Financial Statements and Consolidated Management ... 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
Secondary segments – Geographic The Group’s operations are located in Spain, the Benelux, Germany, Italy, the rest of Europe, South America and the rest of the world. The information by segments set out below is based on the reports drawn up by NH Hoteles Group and is generated through a computer application which categorises transactions by business lines and geography. Ordinary income corresponds to income directly attributable to the segment plus a relevant proportion of the Group’s general income that can be distributed to it using fair rules of distribution. The ordinary income of each segment does not include interest or dividend income or the gains arising from the sale of investments or transactions aimed at redeeming or discharging debt. Ordinary income by segments interests includes the share of the profit or loss of associate entities and joint ventures consolidated under the equity method. The corresponding proportion of the income from joint ventures consolidated using the proportional consolidation method is also included. The profit or loss of the segment is presented before any adjustments corresponding to minority interests are made. The assets and liabilities of the segments are those which are directly connected with the segments’ operations. The information by segments of these operations is presented below. 28.1. Information on main segments Thousand euros Hotel Business Real Estate Total 2011 2010 2011 2010 2011 2010 INCOME Sales and other operating income 1,345,764 1,282,724 24,091 15,930 1,369,855 1,298,654 Net gain on disposal of noncurrent assets 33,905 2,142 - - 33,905 2,142 Total income 1,379,669 1,284,866 24,091 15,930 1,403,760 1,300,796 PROFIT (LOSS) Share of profits in associated companies (2,748) 187 (1,237) (1,637) (3,985) (1,450) Financial income 5,143 7,410 577 285 5,720 7,695 Net exchange rate differences 12 (21,497) - - 12 (21,497) Change in fair value of financial instruments (6,825) 649 - - (6,825) 649 Financial expenses (66,609) (63,604) (2,037) (1,326) (68,646) (64,930) Loss due to impairment of financial investments 19,913 17,825 - - 19,913 17,825 Profit (Loss) before tax 15,970 (45,166) (11,669) (7,387) 4,301 (52,553) Tax 2,301 3,816 3,899 1,293 6,200 5,109 Profit (Loss) for the year 17,035 (41,350) (6,534) (6,094) 10,501 (47,444) Minority interests 4,270 (6,148) - - 4,270 (6,148) Profit (Loss) attributable to the Parent Company 12,765 (35,202) (6,534) (6,094) 6,231 (41,296) Thousand euros Hotel Business Real Estate Total 2011 2010 2011 2010 2011 2010 OTHER INFORMATION Inclusions of fixed assets 298,217 84,503 114 3,342 298,331 87,845 Depreciation (120,706) (124,525) 819 842 (119,887) (123,683) Net losses from asset impairment (7,369) (2,240) - - (7,369) (2,240) BALANCE SHEET ASSETS Assets by segments 2,835,770 3,078,713 165,273 172,192 3,001,043 3,250,905 Shareholdings in associated companies 13,183 5,514 60,544 64,478 73,727 69,992 Total consolidated assets 2,848,953 3,084,227 225,817 236,670 3,074,770 3,320,897 LIABILITIES Liabilities and equity by segments 2,848,953 3,084,227 225,817 236,670 3,074,770 3,320,897 Total Consolidated Liabilities and Shareholders’ Equity 2,848,953 3,084,227 225,817 236,670 3,074,770 3,320,897 REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 103
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Secondary segments – Geographic<br />
The Group’s operations are located in Spain, the Benelux, Germany, Italy, the rest of Europe, South America <strong>and</strong> the rest of the world.<br />
The information by segments set out below is based on the reports drawn up by NH Hoteles Group <strong>and</strong> is generated through a computer application which<br />
categorises transactions by business lines <strong>and</strong> geography.<br />
Ordinary income corresponds to income directly attributable to the segment plus a relevant proportion of the Group’s general income that can be distributed<br />
to it using fair rules of distribution. The ordinary income of each segment does not include interest or dividend income or the gains arising from the sale<br />
of investments or transactions aimed at redeeming or discharging debt. Ordinary income by segments interests includes the share of the profit or loss of<br />
associate entities <strong>and</strong> joint ventures consolidated under the equity method. The corresponding proportion of the income from joint ventures consolidated<br />
using the proportional consolidation method is also included.<br />
The profit or loss of the segment is presented before any adjustments corresponding to minority interests are made.<br />
The assets <strong>and</strong> liabilities of the segments are those which are directly connected with the segments’ operations.<br />
The information by segments of these operations is presented below.<br />
28.1. Information on main segments<br />
Thous<strong>and</strong> euros<br />
Hotel Business Real Estate Total<br />
2011 2010 2011 2010 2011 2010<br />
INCOME<br />
Sales <strong>and</strong> other operating income 1,345,764 1,282,724 24,091 15,930 1,369,855 1,298,654<br />
Net gain on disposal of noncurrent assets 33,905 2,142 - - 33,905 2,142<br />
Total income 1,379,669 1,284,866 24,091 15,930 1,403,760 1,300,796<br />
PROFIT (LOSS)<br />
Share of profits in associated companies (2,748) 187 (1,237) (1,637) (3,985) (1,450)<br />
<strong>Financial</strong> income 5,143 7,410 577 285 5,720 7,695<br />
Net exchange rate differences 12 (21,497) - - 12 (21,497)<br />
Change in fair value of financial instruments (6,825) 649 - - (6,825) 649<br />
<strong>Financial</strong> expenses (66,609) (63,604) (2,037) (1,326) (68,646) (64,930)<br />
Loss due to impairment of financial investments 19,913 17,825 - - 19,913 17,825<br />
Profit (Loss) before tax 15,970 (45,166) (11,669) (7,387) 4,301 (52,553)<br />
Tax 2,301 3,816 3,899 1,293 6,200 5,109<br />
Profit (Loss) for the year 17,035 (41,350) (6,534) (6,094) 10,501 (47,444)<br />
Minority interests 4,270 (6,148) - - 4,270 (6,148)<br />
Profit (Loss) attributable to the Parent Company 12,765 (35,202) (6,534) (6,094) 6,231 (41,296)<br />
Thous<strong>and</strong> euros<br />
Hotel Business Real Estate Total<br />
2011 2010 2011 2010 2011 2010<br />
OTHER INFORMATION<br />
Inclusions of fixed assets 298,217 84,503 114 3,342 298,331 87,845<br />
Depreciation (120,706) (124,525) 819 842 (119,887) (123,683)<br />
Net losses from asset impairment (7,369) (2,240) - - (7,369) (2,240)<br />
BALANCE SHEET<br />
ASSETS<br />
Assets by segments 2,835,770 3,078,713 165,273 172,192 3,001,043 3,250,905<br />
Shareholdings in associated companies 13,183 5,514 60,544 64,478 73,727 69,992<br />
Total consolidated assets 2,848,953 3,084,227 225,817 236,670 3,074,770 3,320,897<br />
LIABILITIES<br />
Liabilities <strong>and</strong> equity by segments 2,848,953 3,084,227 225,817 236,670 3,074,770 3,320,897<br />
Total <strong>Consolidated</strong> Liabilities <strong>and</strong> Shareholders’ Equity 2,848,953 3,084,227 225,817 236,670 3,074,770 3,320,897<br />
REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 103
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