Consolidated Financial Statements and Consolidated Management ...

More documents

Recommendations

Info

26. INCOME AND EXPENSES 26.1. Income The breakdown of the balance of this item in the consolidated comprehensive profit and loss statements for 2011 and 2010 is as follows: Thousand euros 2011 2010 Hotel occupancy 870,216 820,570 Catering 337,327 337,010 Meeting rooms and others 78,012 84,611 Real Estate 13,927 14,507 Golf and Sports Clubs 3,553 3,074 Rents and other services 27,951 22,168 Net turnover 1,330,986 1,281,940 Operating subsidies 126 144 Other operating income 38,743 16,570 Other operating income 38,869 16,714 Net gain (loss) on disposal of assets 33,905 2,142 The “Other operating income” item reflects income from the fees invoiced to hotels operated under a management arrangement and services provided by NH Hoteles Group to third parties. In addition, the compensation received by HNA Group amounting to 11,217,000 euros for the failure by a Chinese industrial group to meet the deadlines to initiate the execution process of the investment agreement entered into with NH Group in May 2011 is included in 2011. Income amounting to 9,280,000 euros for the collection right against the insurance company of the building works of one of the Group’s developments (see Note 25) has also been booked in this item. The breakdown of net turnover by geographic markets in 2011 and 2010 is as follows: Thousand euros 2011 2010 Spain - Hotels 341,075 332,961 Spain - Real Estate 24,091 15,062 Benelux 302,750 291,557 Italy 274,877 281,921 Germany 253,844 232,168 Latin America 66,278 62,227 Rest of Europe 68,071 66,044 1,330,986 1,281,940 The “Net gain (loss) on disposal of assets” item reflects in 2011 the sale of five hotels to the INVESCO investment fund through the Artos transaction; the sale of the NH Molenvijer Genk Hotel in Genk, Belgium; the sale of the NH Ligure Hotel in Turin, Italy; and the sale of shops in the NH Krasnapolsky Hotel in Amsterdam, the Netherlands (see Note 8). The figure resulting from the disposal of assets in 2010 corresponds to the sale of NH Luzern located in Lucerne, Switzerland; NH Ischia Thermal Spa Resort in Ischia, Italy; NH Regensburg hotel in Regensburg, Germany; and a property in Antwerp, Belgium. It likewise includes the write-off of NH Schlosshotel Bühlerhöhe hotel in Baden-Baden, Germany from the fixed assets item. 26.2. Financial income and changes in the fair value of financial instruments The breakdown of this item’s balance in the consolidated profit and loss statement is as follows: Thousand euros 2011 2010 Income from marketable securities 818 988 Interest income 4,464 3,859 Other financial income 438 264 5,720 5,111 Income from derivative instruments - 649 98 REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
26.3. Personnel expenses The composition of this item in the consolidated comprehensive profit and loss statement is broken down as follows: Thousand euros 2011 2010 Wages, salaries and similar 300,926 296,739 Social security contributions 72,572 71,167 Indemnities 18,263 5,638 Contributions to pension plans and similar 7,486 8,487 Other social expenses 42,205 43,726 441,452 425,757 The average number of people employed by the Parent Company and the companies consolidated through full consolidation in 2011 and 2010 broken down by professional categories was as follows: 2011 2010 Group's general management 9 6 Department Managers and Heads 1,426 1,428 Technical staff 990 977 Sales representatives 559 553 Administrative staff 575 598 Rest of workforce 11,130 11,093 Average number of employees 14,689 14,655 The breakdown by sex and professional categories of the workforce at 31 December 2011 and 2010 was as follows: 31-12-2011 31-12-2010 Males Females Males Females Group's general management 9 - 6 - Department Managers and Heads 750 630 786 642 Technical staff 763 194 766 211 Sales representatives 129 414 133 420 Administrative staff 229 335 257 341 Rest of workforce 5,814 4,317 6,405 4,688 Average number of employees 7,694 5,890 8,353 6,302 The average number of people suffering from a disability equivalent to or greater than 33% directly employed by the Parent Company and the companies consolidated through full consolidation in 2011 and broken down by professional categories was as follows: 2011 Group's general management 1 Department Managers and Heads 2 Technical staff 3 Rest of workforce 32 Average number of employees 38 No people suffering from a disability equivalent to or greater than 33% were employed in 2011 by multi-group companies consolidated using the proportional consolidation method. The average age of the Group’s workforce was approximately 37 years and average seniority in the Group amounted to 7.4 years. 26.4. Other operating expenses The composition of this item of the consolidated comprehensive profit and loss statement for 2010 and 2011 is as follows: Thousand euros 2011 2010 Leases 291,410 269,740 External charges for services 401,961 365,928 Allowances for contingency and expense provisions 5,491 20,734 698,862 656,402 REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 99
Page 1 and 2:
Lamps which create a special atmosp
Page 3 and 4:
ANNUAL REPORT 2011 CONSOLIDATED FIN
Page 5 and 6:
10. INVESTMENTS VALUED USING THE EQ
Page 7 and 8:
INDEPENDENT AUDITORS’ REPORT ON C
Page 9 and 10:
End customers, who are even more de
Page 11 and 12:
Revenue from Real Estate Activity,
Page 13 and 14:
The level of consolidated net finan
Page 15 and 16:
SUBSEQUENT DISCLOSURES The process
Page 17 and 18:
A.3. Complete the following tables
Page 19 and 20:
B. STRUCTURE OF THE COMPANY’S COR
Page 21 and 22:
B.1.7. Identify, as applicable, the
Page 23 and 24:
Process for determining the remuner
Page 25 and 26:
For the purposes of this definition
Page 27 and 28:
State and explain, as applicable, w
Page 29 and 30:
Does the Appointments Committee not
Page 31 and 32:
Explain the rules Article 14.2.e) o
Page 33 and 34:
Committee name AUDIT COMMITTEE Shor
Page 35 and 36:
C. RELATED-PARTY TRANSACTIONS C.1.
Page 37 and 38:
D. RISK CONTROL SYSTEMS D.1. Genera
Page 39 and 40:
The Audit Department therefore cont
Page 41 and 42:
In any event, the website shall con
Page 43 and 44:
E.10. State and explain the policie
Page 45 and 46:
) The following decisions: i) The a
Page 47 and 48: 23. All directors must be able to e
Page 49 and 50: 41. The Annual Report shall include
Page 51 and 52: 53. The Board of Directors shall se
Page 53 and 54: Mr Roberto Cibeira Moreiras - Annua
Page 55 and 56: APENDIX TO THE 2011 ANNUAL CORPORAT
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: - Article 9 of the Articles of Asso
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 and 108: 31. INFORMATION ON ENVIRONMENTAL PO
Page 109 and 110: ANNEX I: SUBSIDIARIES The data on t
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
show all

Consolidated Financial Statements and Consolidated Management ...

Create successful ePaper yourself

Delete template?

Save as template?