Consolidated Financial Statements and Consolidated Management ...

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Mortgage loans, whether syndicated or not, can be broken down as follows (thousands of euros): Spain Mortgaged asset Fixed interest rate Variable interest rate Total Net book value of the mortgaged asset NH Calderón - 6,010 6,010 60,867 NH Lagasca - 10,120 10,120 18,869 NH Ppe. de la Paz - 4,884 4,884 8,918 NH Alanda - 3,880 3,880 19,779 Promocion R. Marlin-50%, Las Cimas - 9,297 9,297 34,717 NH Sotogrande - 5,908 5,908 5,586 Total Spain - 40,099 40,099 148,736 Mexico Grupo Htelero Quetaro - 3,229 3,229 6,647 Santa Fe Project - 4,787 4,787 10,048 Total Mexico - 8,016 8,016 16,695 Netherlands NH Groningen - 3,168 3,168 7,323 Total Netherlands - 3,168 3,168 7,323 Germany Bingen 3,019 - 3,019 3,601 Leipzig 8,584 - 8,584 31,234 MannVierheim 3,627 - 3,627 12,128 Raunheim 17,517 - 17,517 36,945 Wiesbaden 10,246 - 10,246 9,392 Total Germany 42,993 - 42,993 93,300 Italy Donnafugata - 34,485 34,485 39,831 Villa San Mauro - 3,684 3,684 6,423 Roma Vittorio Veneto 132 5,556 5,688 90,303 La Spezia - 1,111 1,111 18,746 Firenze - 2,000 2,000 37,412 Catania - 4,167 4,167 12,065 Triestre - 3,333 3,333 22,105 Torino Ambasciatori - 4,375 4,375 16,236 Milanofiori y centro conv. - 13,500 13,500 49,089 Genova - 5,496 5,496 27,795 Carlton (Amsterdam) - 3,125 3,125 76,985 Total Italy 132 80,832 80,964 396,990 Switzerland NH Fribourg 4,685 - 4,685 11,532 Total Switzerland 4,685 - 4,685 11,532 Total 47,810 132,115 179,925 674,576 The following loans are included in the “Syndicated loans” item: - A syndicated loan granted to NH Finance, S.A. by thirty-four European banking institutions on 2 August 2007 amounting to 650 million euros. This loan matures on 2 August 2012 and accrues annual interest equivalent to the Euribor rate plus a differential that ranges between 0.60% and 1.70% depending on the “Net financial debt/EBITDA” ratio. The above mentioned loan will be repaid in half yearly instalments, the first of which took place in August 2010, 32.5 million euros, the second in February 2011, 65 million euros, and the last on 2 August, 97.5 million euros. On 2 February 2012, all the lending institutions granted the Group a waiver or extension to 31 March 2012 for the fourth repayment amounting to 195 million euros in order complete the refinancing and documentation of the new 758 million euro syndicated agreement (including 455 million euros of current syndicated loan). It was agreed to maintain the margin and apply a 0.2% fee on the 195 million euros thus extended from that date until maturity. The loan’s margin currently remains at 1.70%. The following loans are included in the “Loans with pledged share collateral” item: - A loan taken out with Banca IMI (Banca Intesa Group) and granted to NH ITALY S.R.L. for the amount of 60 million euros, which is aimed at financing the acquisition of minority interests, as well as the refurbishment of Italian hotels. The loan was granted in January 2011. It is pegged to the Euribor rate plus a margin of 3.75%. Its renewal in 2012 includes the possibility of increasing the limit thus granted as well as extending financing term up to seven years. Likewise, the following loans are included in the “Asset guarantee loans” item: - A loan taken out with Bank Bilbao Vizcaya Argentaria and granted to NH Hoteles, S.A. for 28.0 million euros in order to purchase two hotels in Belgium (NH Bruges and NH Ghent) on 27 September 2007. It is indexed to the Euribor rate and updated on a half-yearly basis. - Two ICO (Official Credit Institution) loans granted by Bankia to NH HOTELES, S.A. on 30 June 2011 for a joint amount of 15 million euros pegged to the ICO rate and maturing in June 2012. - An ICO loan granted by Bankia to NH HOTELES ESPAÑA, S.L. on 30 June 2011 to finance the investment of the management company HESPERIA, S.A. The loan amounts to 7.0 million euros, it is pegged to the ICO rate and matures in July 2014. - A loan of 5.0 million euros granted to Jolly Hotels S.p.A. (today Grande Jolly S.p.A.) by Banca Populare de Vicenza, which accrues interest pegged to the Euribor rate and matures in June 2014. 86 REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
Additionally, two loans for a joint amount of 75 million euros, which had been totally drawn down at 31 December 2011, are included in the “Subordinated loans” item. Said loans accrue interest at a rate equivalent to the Euribor plus a differential of 1.70% and have a term of 30 years with a single rend-of-term repayment in 2036 and 2037. The average interest rates of the Group’s financing 2011 and 2010 were as follows: 2011 2010 Mortgage guarantee loans Fixed interest rate 4.74% 3.34% Variable interest rate Euribor +2.85% Euribor +1.03% Asset guarantee loans Fixed interest rate 3.57% 3.69% Variable interest rate Euribor +3.88% Euribor +1.55% Loans with pledged share collateral Euribor + 3.75% Subordinated loan Euribor +1.70% Euribor +1.70% Syndicated loans Euribor +1.70% Euribor +1.70% Credit lines Euribor +2.55% Euribor +2.02% 17. OTHER NON-CURRENT LIABILITIES The breakdown of the “Other non-current liabilities” item of the attached consolidated balance sheets at 31 December 2011 and 2010 is as follows: Miles de Euros 2011 2010 At fair value Remuneration Scheme 2007-2013 linked to the listed value of shares (Notes 18 and 19) 43,389 35,359 Interest rate derivative financial instruments (Notes 18 and 24) 185 11,187 Sale option on Donnafugata Resort 5,899 5,668 At amortised cost Capital subsidies 21,020 10,583 Indemnity for termination of the Hotel NH Buhlerhöhe lease 9,275 11,238 Right of use Hotel Plaza de Armas (Note 7.1) 2,990 4,485 Loans with members 900 1,293 Residencial Marlin, S.L. (Note 11.1) - 14,960 Los Alcornoques de Sotogrande, S.L (Note 11.1) - 1,078 Other liabilities 1,390 1,493 85,048 97,344 The debt resulting from the interest rate hedging derivatives of NH Finance’s syndicated loan have been classified under current liabilities due to the fact they were settled in February 2012 (see Note 24). The financial liabilities arising from booking the sale option granted by the Parent Company to minority interests in Donnafugata Resort S.r.l. (see Note 25) have been classified as level 3 in accordance with the calculation hierarchy established by IFRS 7, while the remuneration scheme and the other derivative financial instruments have been classified as level 2. The change of this option’s fair value has been booked in the “Change in fair value of financial instruments” item of the attached consolidated comprehensive profit and loss statement for 2011. The details of the sensitivity analysis on this liability’s fair value at the year-end 2011 are shown below: Sensitivity Thousand euros Financial Liabilities +100 p.p. (increase in discount rate) (1,180) -100 p.p (fall in discount rate) 76 Subsidies received to build hotels and golf courses are basically included in the “Capital subsidies” item at 31 December 2011, as follows: Thousand euros 2011 2010 Donnafugata 16,936 6,200 Sotogrande 2,136 2,368 Parco Degli Aragonesi 1,777 1,994 NH Barbizon Palace 155 - Other subsidies 16 21 21,020 10,583 REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 87
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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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B.1.7. Identify, as applicable, the
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Process for determining the remuner
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For the purposes of this definition
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State and explain, as applicable, w
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Does the Appointments Committee not
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Explain the rules Article 14.2.e) o
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Committee name AUDIT COMMITTEE Shor
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Page 67 and 68: 2.1.2. Standards and interpretation
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Page 77 and 78: A breakdown of the cash generating
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Page 103 and 104: Secondary segments - Geographic The
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