Consolidated Financial Statements and Consolidated Management ...

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4.21. Consolidated cash flow statements The following terms with their corresponding explanation are used in the consolidated cash flow statements prepared using the indirect method: - Cash flows: Inflows or outflows of cash or cash equivalents. The latter are construed as highly liquid short-term investments with a little risk of change in their value. - Operating activities: The typical activities of the entities comprising the consolidated group, along with other activities that cannot be classified as investment or financing activities. - Investment activities: Activities involving the acquisition, disposal or drawing down by other means of long-term assets and other investments not included under cash and cash equivalents. - Financing activities: Activities resulting in changes in the amount and composition of equity and liabilities and which do not form part of the operating activities. 5. PROFIT (LOSS) PER SHARE The basic profit per share is determined by dividing the net profit or loss attributed to the Group (after taxes and minority interests) by the weighted average number of shares in circulation during the financial year, as shown below: Euros 2011 2010 Change Profit (Loss) for the year (thousand euros) 6,231 (41,296) 115.09% Weighted average number of shares issued (thousand shares) 246,617 246,617 0.00% Weighted average number of shares in treasury shares (thousand shares) 1,595 142 1023.24% Weighted average number of shares in circulation (thousand shares) 245,022 246,475 (0.59%) Profit / (Loss) per share 0.03 (0.17) 115.18% 6. GOODWILL The balance included under this item corresponds to the net goodwill arising from the acquisition of certain companies, and is broken down as follows (thousands of euros): Companies 2011 2010 NH Hoteles Deustchland GmbH and NH Hoteles Austria, GmbH 108,068 108,068 Polis Corporation, S.A. 7,628 8,019 Others 4,272 4,321 Total 119,968 120,408 The movements in this heading of the consolidated balance sheet in 2011 and 2010 were as follows (thousands of euros): Company Goodwill at 31/12/09 Exit from consolidation boundary (Write offs) Currency translation difference Goodwill at 31/12/10 NH Hoteles Deutschland GmbH and NH Hoteles Austria, GmbH 108,674 - (606) - 108,068 Polis Corporation, S.A. 7,775 - - 244 8,019 Others 4,685 (471) - 107 4,321 Total 121,134 (471) (606) 351 120,408 Company Goodwill at 31/12/10 Currency translation difference Goodwill at 31/12/11 NH Hoteles Deutschland GmbH and NH Hoteles Austria GmbH 108,068 - 108,068 Polis Corporation, S.A. 8,019 (391) 7,628 Others 4,321 (49) 4,272 Total 120,408 (440) 119,968 Recoverable goodwill values have been allocated to each cash generating unit, mainly rental agreements, by using five year projections on results, investments and working capital. 76 REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
A breakdown of the cash generating units to which goodwill on consolidation have been allocated is shown below. Thousand euros CGU 6 17,574 CGU 21 11,319 CGU 22 8,508 CGU 24 8,019 CGU 12 8,132 CGU 13 6,500 CGU 2 5,774 CGU 9 4,121 CGUs with individually allocated goodwill < €4 mill. 50,021 119,968 The basic hypotheses used to estimate these generating unit’s future cash flows are detailed below: • After tax discount rate: 8.2%, as these are CGUs subject to the same risks (German market), apart from CGU 24, for which a discount rate of 12% has been used, due to the fact that it is located in another geographic market (South America). • Terminal value growth rate: between 0% and 2% A sensitivity analysis of the goodwill’s loss of value with respect of changes in key financial hypotheses is shown below: Thousand euros Terminal value growth rate Change in the discount rate -100 bp No change +100 bp 0% (200) (726) (1.833) 1% - (283) (866) 2% - - (437) A sensitivity analysis on the goodwill’s loss of value with respect of changes in the most significant operating hypotheses is shown below: average price (ADR) and percentage occupation: Thousand euros Change in average price (ADR) Change in occupation levels -1% No change +1% -1% (744) (255) - No change (398) - - 1% (147) - - 7. INTANGIBLE ASSETS The breakdown and movements under this heading during 2011 and 2010 were as follows (thousands of euros): Balance at 31.12.09 Change in consolidation boundary Inclusions/ Allowances Balance at 31.12.10 Change in consolidation boundary Inclusions/ Allowances Writeoffs Writeoffs Assignments Balance at 31.12.11 COST Rights of use 30,200 - - - 30,200 - - - - 30,200 Rental agreement premiums 71,362 - - (1,396) 69,966 - 61 (7) - 70,020 Concessions, patents and trademarks 35,180 - 94 55 35,329 (117) 95 (208) - 35,099 Software applications 41,361 (17) 5,825 (704) 46,465 (6) 3,990 (147) - 50,302 178,103 (17) 5,919 (2,045) 181,960 (123) 4,146 (362) - 185,621 CUMULATIVE DEPRECIATION Rights of use (12,382) - (3,858) 492 (15,748) - (320) - - (16,068) Rental agreement premiums (4,364) - (3,129) 85 (7,408) - (2,432) - - (9,840) Concessions, patents and trademarks (7,677) - (926) 263 (8,340) 117 (1,985) 53 - (10,155) Software applications (29,737) 7 (3,914) 498 (33,146) 6 (8,955) 141 - (41,954) (54,160) 7 (11,827) 1,338 (64,642) 123 (13,692) 194 - (78,017) Impairment (575) - (818) - (1,393) - - 1,364 - (29) NET BOOK VALUE 123,368 115,925 107,575 REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 77
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Lamps which create a special atmosp
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ANNUAL REPORT 2011 CONSOLIDATED FIN
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10. INVESTMENTS VALUED USING THE EQ
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INDEPENDENT AUDITORS’ REPORT ON C
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End customers, who are even more de
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Revenue from Real Estate Activity,
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The level of consolidated net finan
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SUBSEQUENT DISCLOSURES The process
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A.3. Complete the following tables
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B. STRUCTURE OF THE COMPANY’S COR
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Process for determining the remuner
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