Consolidated Financial Statements and Consolidated Management ...

The analysis of the aging of financial assets in arrears but not considered as impaired at 31 December 2011 and 2010 is as follows:
Thousand euros
2011 2010
Less than 30 days 27,862 28,370
From 31 to 60 days 18,240 18,779
More than 60 days 11,107 17,794
Total 57,209 64,943
14. CASH AND CASH EQUIVALENTS
This item essentially includes the Group’s cash position, along with any loans granted and bank deposits that mature at no more than three months. The
average interest rate obtained by the Group for its cash and cash equivalents balances during 2011 and 2010 was a variable Euribor-indexed rate. These assets
are booked at their fair value.
There are no restrictions on how cash may be used.
15. EQUITY
15.1. Subscribed share capital
Share capital at 31 December 2011 was represented by 246,617,430 bearer shares at a par value of 2 euros each.
All these shares are entitled to identical voting and economic rights and are traded on the Continuous Market of the Madrid, Barcelona, Bilbao and
Valencia Stock Exchanges.
According to the latest notifications received by the Parent Company and the notices given to the National Securities Market Commission before the end
of every financial year, the most significant shareholdings at 31 December were as follows:
2011 2010
Grupo Inversor Hesperia, S.A. 25.09% 25.09%
Banco Financiero y de Ahorros, S.A. (formerly Caja de Ahorros y Monte de Piedad de Madrid) 15.75% 10.04%
Caja de Ahorros de Valencia, Castellón y Alicante - 5.66%
Caja de Ahorros y Monte de Piedad de Zaragoza, Aragón y Rioja 5.04% 5.04%
Hoteles Participados, S.L. 5.43% 5.43%
Caja de Ahorros y Monte de Piedad de Gipuzkoa y San Sebastián 6.25% 6.14%
Pontegadea Inversiones, S.L. 5.07% 5.07%
Intesa Sanpaolo S.p.A. 5.65% 5.65%
Shares allocated to Employee Remuneration Schemes 0.88% 1.27%
Shares owned by NH employees 0.63% 1.30%
At year-end 2011 and 2010, the various members of the Board of Directors were the holders or stable proxies of shareholdings respectively representing
approximately 68.35% and 68.83% of share capital, respectively.
The main aims for NH Hoteles Group capital management are to ensure short and long-term financial stability, positive evolution in NH Hoteles, S.A.
share price and suitable financing for investments while maintaining borrowing levels. All the above is geared at ensuring NH Hoteles Group maintains its
financial strength and the solidity of its financial ratios, enabling it to support its businesses and maximise value for its shareholders.
Over the last few years, the strategy adopted by NH Hoteles Group has not changed, and the Company has kept a financial leverage ratio of 0.75 x, below
the ratio of 1x it has always set as a goal for the Group. The leverage ratios at 31 December 2011 and 2010 were the following:
Thousand euros
2011 2010
Debts with credit institutions (*) (Note 16) 1,057,527 1,173,579
Derivative liability instruments (Note 18) 45,173 46,546
Gross debt 1,102,700 1,219,617
Marketable financial assets - 94
Cash and cash equivalents (Note 14) 91,143 173,117
Liquid assets 91,143 173,211
Total Net Debt 1,011,557 1,046,406
Total Shareholders’ Equity 1,343,797 1,368,817
Financial leverage 0.75 0.76
(*) Short and long-term bank borrowing, excluding costs of arranging loans and accrued interest pending maturity.
REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 83