Download Complete PDF - Informe Anual 2012

to the auditor through controlling interests, common ownership or management, as well as by the auditing firms engaged by different Group
companies, and booked under this heading, were as follows:
2012
€ Thousand
Invoiced services
Main Auditor Others Total
Auditing services 1,405 42 1,447
Other verification services 60 - 60
Total auditing and related services 1,465 42 1,507
Tax consulting services 270 9 279
Other services 856 - 856
Total services billed 2,591 51 2,642
2011
€ Thousand
Invoiced services
Main Auditor Others Total
Auditing services 1,461 43 1,504
Other verification services 66 - 66
Total auditing and related services 1,527 43 1,570
Tax consulting services 143 - 143
Other services 620 - 620
Total services billed 2,290 43 2,333
27.5 Operating leases
At 31 December 2012 and 2011, the Group had made undertakings concerning future minimal rental payments by virtue of non-cancellable
operating lease agreements, which expire as set out in the table below.
The current value of the rental payments has been calculated by applying a discount rate in keeping with the Group weighted average cost of
capital and includes the undertakings which the Group estimates will have to be covered in the future to guarantee a minimum return from hotels
operated under a management agreement.
€ Thousand
2012 2011
Less than one year 296,112 275,012
Between two and five years 1,081,433 1,067,708
More than five years 841,425 892,727
Total 2,218,970 2,235,447
The term of the operating lease agreements signed by the Group ranges from 5 to 40 years. Agreements likewise include several methods to
determine the rent to be paid. Essentially, the methods used to determine the rent can be reduced to fixed rents linked to the consumer price
index; fixed rents complemented by a variable part, which is linked to the property’s operation; or completely variable rents which are determined
by business performance during the year. In some cases, variable rents are set with a minimum profitability threshold for the owners of the property
under operation.
The breakdown, by business units, of the current value of the rental payments at 31 December 2012 is as follows:
Less than one year Between two and five years More than five years Total
Spain 101,780 352,435 242,336 696,551
Germany and Central Europe 111,266 407,673 309,442 828,381
Italy 43,564 176,131 119,097 338,792
Benelux 36,384 138,284 170,550 345,218
Latin America 3,118 6,910 - 10,028
Total 296,112 1,081,433 841,425 2,218,970
The breakdown, by business units, of the current value of the rental payments at 31 December 2011 is as follows:
Less than one year Between two and five years More than five years Total
Spain 90,683 360,421 281,199 732,303
Germany and Central Europe 101,734 380,741 328,623 811,098
Italy 44,713 182,760 123,211 350,684
Benelux 34,530 135,164 159,548 329,242
Latin America 3,352 8,621 147 12,120
Total 275,012 1,067,707 892,728 2,235,447
104 REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS