Consolidated Financial Statements and Consolidated Management ...
Consolidated Financial Statements and Consolidated Management ... Consolidated Financial Statements and Consolidated Management ...
Liquidity risk Exposure to adverse situations in debt or capital markets could hinder or prevent the Group from meeting the financial needs required for its operations and for implementing its Strategic Plan. Management of this risk is focused on thoroughly monitoring the maturity schedule of the Group’s financial debt, as well as on proactive management and maintaining credit lines that allow any cash needs forecast to be met (see Note 30). The Group’s liquidity position in 2011 is based on the following points: - The group had cash and cash equivalents amounting to 95,626,000 euros available at 31 December 2011. - Undrawn credit lines amounting to 22,043,000 euros were available at 31 December 2011. - The Group’s business units have the capacity to generate cash flow from their operations in a recurrent and significant manner. Cash flow from operations in 2011 amounted to 132,614,000 euros. - The Group’s capacity to increase its financial borrowing; given that the financial leverage ratio stood at 0.75 at 31 December 2011 (see Note 16). On 22 March 2010, NH Hoteles, S.A. entered into an agreement with Banco Bilbao Vizcaya Argentaria, S.A. aimed at increasing liquidity of shares in the subsidiary company Sotogrande, S.A. and advertising them in the market. Thus, an undertaking was made to respond to purchase orders for shares in the above mentioned company. Likewise, liquidity and advertising shares will be fostered when there are purchase or sale positions in the market. Lastly, the Group makes cash position forecasts on a systematic basis for each business unit and geographic area in order to assess their needs. This liquidity policy followed by the Group ensures payment undertakings are fulfilled without having to request funds at onerous conditions and allows its liquidity position to be monitored on a continuous basis. Market risks The Group is exposed to risks connected with the evolution of the share price in listed companies. This risk is materialised in the remuneration schemes linked to the listed value of shares in the Parent Company. In order to mitigate this market risk arising from an increase in listed prices, the Group entered into the equity swap arrangement described in Note 20 of this consolidated annual report. Likewise, Note 19 mentioned above describes the sensitivity analysis of this financial derivative with regard to changes of +/- 10% in Parent Company shares. At 31 December 2011, 32% of its financial debt was pegged to a fixed rate (including the syndicated loan) and it had accounts receivable guaranteed through credit insurance up to a limit of 50 million euros. In addition, the Company does not consider it necessary to implement an interest rate risk mitigation policy, as its exposure to such risks is low. Nonetheless, it maintains loan agreements in several currencies as a natural hedge (US Dollar and Swiss Franc). 108 REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
ANNEX I: SUBSIDIARIES The data on the Company’s subsidiaries at 31 December 2011 are presented below: Investee Company Registered address of investee company Main activity of the Investee Company Parent company’s % stake in investee company % of voting rights controlled by parent company Net book value at parent company Thousand euros Assets Liabilities Equity (Profit) Loss for the Year Airport Hotel Frankfurt Raunheim, GmbH & Co. KG Munich Real Estate 94% 100% 7.801 24.721 (16.422) (7.160) (1.139) Artos Beteiligungs, GmbH Munich Holding 94% 100% 47.862 103.753 (52.836) (49.701) (1.216) Astron Immobilien, GmbH Munich Holding 100% 100% 25.598 39.955 (14.358) (25.598) - Astron Kestrell, Ltd. (**) Plettenberg Bay Hotel Business 100% 100% (1.234) 710 (1.943) 1.116 118 Atlantic Hotel Exploitatie, B.V. The Hague Hotel Business 100% 100% 117 - 117 - (117) Blacom, S.A. Buenos Aires Without Activity 100% 100% 1.498 1.500 (2) (1.498) - Caribe Puerto Morelos, S.A. de C.V. (*) Mexico DF Hotel Business 100% 100% 4.561 4.563 (2) (3.853) (708) Chartwell de México, S.A. de C.V. (*) Mexico DF Real Estate 100% 100% 4.802 5.003 (201) (4.811) 9 Chartwell de Nuevo Laredo, S.A. de C.V. (*) Nuevo Laredo, Mexico Hotel Business 100% 100% 1.537 3.217 (1.680) (347) (1.190) Chartwell Inmobiliaria de Coatzacoalcos, S.A. de C.V. (*) Coatzacoalcos, Mexico Hotel Business 100% 100% 2.844 3.228 (384) (2.873) 29 City Hotel, S.A. (*) Buenos Aires Hotel Business 50% 50% 5.233 13.376 (2.910) (9.175) (1.291) Club Deportivo Sotogrande, S.A. San Roque Tourist Services 93% 93% 3.718 4.092 (115) (4.144) 167 Cofir, S.L. Madrid Holding 100% 100% 57 57 - (59) 2 Columbia Palace Hotel, S.A. (*) Montevideo Hotel Business 100% 100% 6.360 10.966 (4.606) (5.892) (468) Coperama, S.L. Barcelona Procurement network 75% 75% 10.238 14.907 (1.256) (71) (13.580) De Nederlandse Club, Ltd. Somerset West Without Activity 100% 100% - - - - - De Sparrenhorst, B.V. Nunspeet Hotel Business 100% 100% (92) - (92) - 92 Desarrollo Inmobiliario Santa Fe, S.A. de C.V. Mexico DF Real Estate 50% 50% 3.111 12.642 (6.420) (6.203) (19) Donnafugata Resort, S.r.l. Italy Tourist Services 95% 95% 3.792 65.409 (61.430) (10.468) 6.490 Edificio Metro, S.A. (*) Buenos Aires Hotel Business 100% 100% 10.081 10.990 (910) (9.689) (392) NH Establecimientos Complementarios Hoteleros, S.A. Barcelona Hotel Business 100% 100% (2.489) 1.431 (3.920) 1.747 742 Expl. Mij. Grand Hotel Krasnapolsky, B.V. Amsterdam Hotel Business 100% 100% 12.131 17.165 (5.034) (13.751) 1.620 Expl. Mij. Hotel Best, B.V. Best Hotel Business 100% 100% 312 619 (307) (423) 112 Expl. Mij. Hotel Caransa, B.V. Amsterdam Without activity 100% 100% 311 - 311 (311) - Expl. Mij. Hotel Doelen, B.V. Amsterdam Hotel Business 100% 100% 5.988 6.626 (638) (5.096) (892) Expl. Mij. Hotel Naarden, B.V. Naarden Hotel Business 100% 100% (54) 909 (963) (251) 305 Expl. Mij. Hotel Schiller, B.V. Amsterdam Hotel Business 100% 100% 7.090 24.296 (17.206) (6.313) (778) Exploitatie Mij. Tropenhotel, B.V. Hilversum Hotel Business 100% 100% (4) 344 (349) 6 (2) Fashion Tapas, S.L. Madrid Catering 100% 100% 53 656 (603) - (53) Fast Good Islas Canarias, S.A. Las Palmas Catering 50% 50% (762) (1.516) (8) 1.485 38 Fast Good Península Ibérica, S.L. (*) Madrid Catering 100% 100% (19.125) (2.649) (16.476) 17.959 1.166 Franquicias Lodge, S.A. de C.V. (*) Mexico DF Real Estate 100% 100% 170 173 (2) (166) (5) Gran Círculo de Madrid, S.A. (*) Madrid Hotel Business 99% 99% 37.604 41.770 (3.686) (38.924) 840 Grande Jolly, S.r.l. (*) Milan Hotel Business 100% 100% 401.184 668.003 (266.818) (379.254) (21.930) Grupo Financiero de Intermediación y Estudios, S.A. Madrid Holding 100% 100% (18.851) 277 (19.129) 18.828 23 Grupo Hotelero Monterrey, S.A. de C.V. Mexico DF Hotel Business 100% 100% 1.041 2.459 (1.418) (631) (411) Grupo Hotelero Querétaro, S.A. de C.V. Mexico DF Real Estate 66% 66% 2.627 7.717 (3.736) (4.245) 264 Hanuman Investment, S.L. Tenerife Hotel Business 50% 50% 1.599 3.695 (498) (3.422) 224 Heiner Gossen Hotelbetrieb, GmBH Mannheim, Germany Hotel Business 100% 100% (765) 2 (767) 738 27 HEM Atlanta Rotterdam, B.V. Hilversum Hotel Business 100% 100% 5.494 6.536 (1.042) (4.994) (500) HEM Epen Zuid Limburg, B.V. Wittem Hotel Business 100% 100% (1.679) 2.554 (4.233) 1.647 32 HEM Forum Maastricht, B.V. Maastricht Hotel Business 100% 100% 1.717 2.788 (1.071) (1.533) (184) HEM Jaarbeursplein Utrecht, B.V. Utrecht Hotel Business 100% 100% 7.094 9.436 (2.342) (6.156) (938) HEM Janskerkhof Utrecht, B.V. Hilversum Hotel Business 100% 100% 920 1.396 (476) (829) (91) HEM Marquette Heemskerk, B.V. Hilversum Hotel Business 100% 100% (1.114) 485 (1.598) 973 140 HEM Onderlangs Arnhem, B.V. Arnhem Hotel Business 100% 100% 438 1.023 (585) (380) (58) HEM Spuistraat Amsterdam, B.V. Amsterdam Hotel Business 100% 100% 14.217 16.704 (2.487) (12.389) (1.828) HEM Stadhouderskade Amsterdam, B.V. Amsterdam Hotel Business 100% 100% 4.840 6.543 (1.703) (4.967) 127 HEM Van Alphenstraat Zandvoort, B.V. Hilversum Hotel Business 100% 100% 2.631 3.815 (1.184) (2.595) (35) HEMV Amsterdam, B.V. Amsterdam Hotel Business 100% 100% 63.133 83.861 (20.728) (60.937) (2.196) REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 109
- Page 57 and 58: - to keep records of transactions r
- Page 59 and 60: - Supervision of internal control a
- Page 61 and 62: *Translation of consolidated financ
- Page 63 and 64: CONSOLIDATED STATEMENTS OF CHANGES
- Page 65 and 66: REPORT ON THE CONSOLIDATED FINANCIA
- Page 67 and 68: 2.1.2. Standards and interpretation
- Page 69 and 70: 2.5.2. Associate companies (See Ann
- Page 71 and 72: 4. VALUATION STANDARDS The main pri
- Page 73 and 74: - Outstanding loans and accounts re
- Page 75 and 76: Deferred tax liabilities for all ta
- Page 77 and 78: A breakdown of the cash generating
- Page 79 and 80: • The most significant addition i
- Page 81 and 82: NH Hoteles Group’s policy on inte
- Page 83 and 84: The analysis of the aging of financ
- Page 85 and 86: 15.5. Treasury shares At year-end,
- Page 87 and 88: Additionally, two loans for a joint
- Page 89 and 90: The details of the sensitivity anal
- Page 91 and 92: Onerous agreements The NH Hoteles G
- Page 93 and 94: Additionally, NH Hoteles España, S
- Page 95 and 96: Negative tax bases At 31 December 2
- Page 97 and 98: - Article 9 of the Articles of Asso
- Page 99 and 100: 26.3. Personnel expenses The compos
- Page 101 and 102: 26.6. Financial expenses and change
- Page 103 and 104: Secondary segments - Geographic The
- Page 105 and 106: Holder Investee Company Activity Nu
- Page 107: 31. INFORMATION ON ENVIRONMENTAL PO
- Page 111 and 112: Investee Company Registered address
- Page 113 and 114: REPORT ON THE CONSOLIDATED FINANCIA
- Page 115 and 116: 9) To supervise compliance and inte
- Page 117: ANNUAL REPORT OF THE AUDIT COMMITTE
ANNEX I: SUBSIDIARIES<br />
The data on the Company’s subsidiaries at 31 December 2011 are presented below:<br />
Investee Company<br />
Registered<br />
address of<br />
investee<br />
company<br />
Main activity<br />
of the Investee<br />
Company<br />
Parent<br />
company’s<br />
% stake in<br />
investee<br />
company<br />
% of<br />
voting<br />
rights<br />
controlled<br />
by parent<br />
company<br />
Net book<br />
value at<br />
parent<br />
company<br />
Thous<strong>and</strong> euros<br />
Assets Liabilities Equity<br />
(Profit)<br />
Loss for<br />
the Year<br />
Airport Hotel Frankfurt Raunheim, GmbH<br />
& Co. KG<br />
Munich Real Estate 94% 100% 7.801 24.721 (16.422) (7.160) (1.139)<br />
Artos Beteiligungs, GmbH Munich Holding 94% 100% 47.862 103.753 (52.836) (49.701) (1.216)<br />
Astron Immobilien, GmbH Munich Holding 100% 100% 25.598 39.955 (14.358) (25.598) -<br />
Astron Kestrell, Ltd. (**)<br />
Plettenberg<br />
Bay<br />
Hotel Business 100% 100% (1.234) 710 (1.943) 1.116 118<br />
Atlantic Hotel Exploitatie, B.V. The Hague Hotel Business 100% 100% 117 - 117 - (117)<br />
Blacom, S.A. Buenos Aires Without Activity 100% 100% 1.498 1.500 (2) (1.498) -<br />
Caribe Puerto Morelos, S.A. de C.V. (*) Mexico DF Hotel Business 100% 100% 4.561 4.563 (2) (3.853) (708)<br />
Chartwell de México, S.A. de C.V. (*) Mexico DF Real Estate 100% 100% 4.802 5.003 (201) (4.811) 9<br />
Chartwell de Nuevo Laredo, S.A. de C.V. (*)<br />
Nuevo Laredo,<br />
Mexico<br />
Hotel Business 100% 100% 1.537 3.217 (1.680) (347) (1.190)<br />
Chartwell Inmobiliaria de Coatzacoalcos,<br />
S.A. de C.V. (*)<br />
Coatzacoalcos,<br />
Mexico<br />
Hotel Business 100% 100% 2.844 3.228 (384) (2.873) 29<br />
City Hotel, S.A. (*) Buenos Aires Hotel Business 50% 50% 5.233 13.376 (2.910) (9.175) (1.291)<br />
Club Deportivo Sotogr<strong>and</strong>e, S.A. San Roque Tourist Services 93% 93% 3.718 4.092 (115) (4.144) 167<br />
Cofir, S.L. Madrid Holding 100% 100% 57 57 - (59) 2<br />
Columbia Palace Hotel, S.A. (*) Montevideo Hotel Business 100% 100% 6.360 10.966 (4.606) (5.892) (468)<br />
Coperama, S.L.<br />
Barcelona<br />
Procurement<br />
network<br />
75% 75% 10.238 14.907 (1.256) (71) (13.580)<br />
De Nederl<strong>and</strong>se Club, Ltd. Somerset West Without Activity 100% 100% - - - - -<br />
De Sparrenhorst, B.V. Nunspeet Hotel Business 100% 100% (92) - (92) - 92<br />
Desarrollo Inmobiliario Santa Fe, S.A. de C.V. Mexico DF Real Estate 50% 50% 3.111 12.642 (6.420) (6.203) (19)<br />
Donnafugata Resort, S.r.l. Italy Tourist Services 95% 95% 3.792 65.409 (61.430) (10.468) 6.490<br />
Edificio Metro, S.A. (*) Buenos Aires Hotel Business 100% 100% 10.081 10.990 (910) (9.689) (392)<br />
NH Establecimientos Complementarios<br />
Hoteleros, S.A.<br />
Barcelona Hotel Business 100% 100% (2.489) 1.431 (3.920) 1.747 742<br />
Expl. Mij. Gr<strong>and</strong> Hotel Krasnapolsky, B.V. Amsterdam Hotel Business 100% 100% 12.131 17.165 (5.034) (13.751) 1.620<br />
Expl. Mij. Hotel Best, B.V. Best Hotel Business 100% 100% 312 619 (307) (423) 112<br />
Expl. Mij. Hotel Caransa, B.V. Amsterdam Without activity 100% 100% 311 - 311 (311) -<br />
Expl. Mij. Hotel Doelen, B.V. Amsterdam Hotel Business 100% 100% 5.988 6.626 (638) (5.096) (892)<br />
Expl. Mij. Hotel Naarden, B.V. Naarden Hotel Business 100% 100% (54) 909 (963) (251) 305<br />
Expl. Mij. Hotel Schiller, B.V. Amsterdam Hotel Business 100% 100% 7.090 24.296 (17.206) (6.313) (778)<br />
Exploitatie Mij. Tropenhotel, B.V. Hilversum Hotel Business 100% 100% (4) 344 (349) 6 (2)<br />
Fashion Tapas, S.L. Madrid Catering 100% 100% 53 656 (603) - (53)<br />
Fast Good Islas Canarias, S.A. Las Palmas Catering 50% 50% (762) (1.516) (8) 1.485 38<br />
Fast Good Península Ibérica, S.L. (*) Madrid Catering 100% 100% (19.125) (2.649) (16.476) 17.959 1.166<br />
Franquicias Lodge, S.A. de C.V. (*) Mexico DF Real Estate 100% 100% 170 173 (2) (166) (5)<br />
Gran Círculo de Madrid, S.A. (*) Madrid Hotel Business 99% 99% 37.604 41.770 (3.686) (38.924) 840<br />
Gr<strong>and</strong>e Jolly, S.r.l. (*) Milan Hotel Business 100% 100% 401.184 668.003 (266.818) (379.254) (21.930)<br />
Grupo Financiero de Intermediación y<br />
Estudios, S.A.<br />
Madrid Holding 100% 100% (18.851) 277 (19.129) 18.828 23<br />
Grupo Hotelero Monterrey, S.A. de C.V. Mexico DF Hotel Business 100% 100% 1.041 2.459 (1.418) (631) (411)<br />
Grupo Hotelero Querétaro, S.A. de C.V. Mexico DF Real Estate 66% 66% 2.627 7.717 (3.736) (4.245) 264<br />
Hanuman Investment, S.L. Tenerife Hotel Business 50% 50% 1.599 3.695 (498) (3.422) 224<br />
Heiner Gossen Hotelbetrieb, GmBH<br />
Mannheim,<br />
Germany<br />
Hotel Business 100% 100% (765) 2 (767) 738 27<br />
HEM Atlanta Rotterdam, B.V. Hilversum Hotel Business 100% 100% 5.494 6.536 (1.042) (4.994) (500)<br />
HEM Epen Zuid Limburg, B.V. Wittem Hotel Business 100% 100% (1.679) 2.554 (4.233) 1.647 32<br />
HEM Forum Maastricht, B.V. Maastricht Hotel Business 100% 100% 1.717 2.788 (1.071) (1.533) (184)<br />
HEM Jaarbeursplein Utrecht, B.V. Utrecht Hotel Business 100% 100% 7.094 9.436 (2.342) (6.156) (938)<br />
HEM Janskerkhof Utrecht, B.V. Hilversum Hotel Business 100% 100% 920 1.396 (476) (829) (91)<br />
HEM Marquette Heemskerk, B.V. Hilversum Hotel Business 100% 100% (1.114) 485 (1.598) 973 140<br />
HEM Onderlangs Arnhem, B.V. Arnhem Hotel Business 100% 100% 438 1.023 (585) (380) (58)<br />
HEM Spuistraat Amsterdam, B.V. Amsterdam Hotel Business 100% 100% 14.217 16.704 (2.487) (12.389) (1.828)<br />
HEM Stadhouderskade Amsterdam, B.V. Amsterdam Hotel Business 100% 100% 4.840 6.543 (1.703) (4.967) 127<br />
HEM Van Alphenstraat Z<strong>and</strong>voort, B.V. Hilversum Hotel Business 100% 100% 2.631 3.815 (1.184) (2.595) (35)<br />
HEMV Amsterdam, B.V. Amsterdam Hotel Business 100% 100% 63.133 83.861 (20.728) (60.937) (2.196)<br />
REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 109
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