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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
27.6 Financial expenses and changes in fair value of financial instruments The breakdown of this item in the consolidated comprehensive profit and loss statements for 2012 and 2011 is as follows: € Thousand 2012 2011 Expenses for interest 70,460 57,954 Financial expenses for means of payment 10,634 10,409 Other financial expenses 3,925 283 Total financial expenses 85,019 68,646 € Thousand 2012 2011 Put option on Donnafugata Resort (Note 17) 4,001 231 Interest rate derivatives 592 (2,644) 2007-2013 Share-based remuneration scheme (3,045) 9,238 Total change in fair value of financial instruments 1,548 6,825 28.RELATED-PARTY TRANSACTIONS In addition to its subsidiaries, associated and multi-group companies, the Group “related parties” are considered to be the “key management personnel” of the Parent Company (Board Members and Directors, along with their immediate relatives), as well as organizations over which the mentioned personnel may exert significant influence or control. Below is a table stating the transactions carried out by the Group during 2012 and 2011 with its related parties, distinguishing between significant shareholders, Board Members and Directors of the Parent Company, and other related parties. The conditions of the related-party transactions are equivalent to those of transactions carried out under market conditions: Significant shareholders Directors and executives € Thousand 31/12/2012 Group entities, companies or persons Other related parties Total Income and expenses Expenses: Financial expenses 13,566 - - - 13,566 Management or cooperation agreements - - - - - R&D transfers and licensing agreements - - - - - Leases 10,341 - - - 10,341 Receipt of services - - - - - Asset purchases (completed or ongoing) - - - - - Value adjustments for bad or doubtful debts - - - - - Losses from the retirement or disposal of assets - - - - - Other expenses 1,548 - - - 1,548 25,455 - - - 25,455 Income: Financial income 183 105 - 288 Management or cooperation agreements 6,644 - - - 6,644 R&D transfers and licensing agreements - - - - - Dividends received - - - - - Leases - - - - - Provision of services - - 55 - 55 Asset sales (completed or ongoing) - - - - - Profits from the retirement or disposal of assets - - - - - Other income - - - - - 6,644 183 160 - 6,987 REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 105
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ANNUAL REPORT 2012 CONSOLIDATED FIN
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ANNUAL REPORT 2012 CONSOLIDATED FIN
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8. TANGIBLE FIXED ASSETS 80 9. REAL
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INDEPENDENT AUDITORS’ REPORT ON C
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The consolidation of the Spanish ho
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Benelux is different, given that it
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OVERVIEW OF NH RISK POLICY NH’s o
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EVOLUTION NH HOTELES - IBEX DECEMBE
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ANNUAL CORPORATE GOVERNANCE REPORT
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In the event of any modification or
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Total number of executive directors
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Name or trade name of director Trad
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B.1.13 Indicate, on an aggregate ba
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The proposals to appoint directors
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) When they are removed from the ex
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B.1.30 State the number of meetings
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MR JOSÉ ANTONIO CASTRO SOUSA HOTEL
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EXECUTIVE OR DELEGATE COMMITTEE Nam
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) Competencies The primary function
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C - RELATED-PARTY TRANSACTIONS C.1
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Mechanisms for resolving possible c
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Description of functions The Audit
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The documents in which such delegat
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II.4. Ratification and renewal of t
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a) The transformation of listed com
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See sections: B.1.2, B.1.27 and B.2
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Page 57 and 58: G - OTHER USEFUL INFORMATION If you
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Page 69 and 70: The Directors have assessed the pot
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Page 75 and 76: 4.7.4 Equity instruments An equity
Page 77 and 78: year-end are likewise charged to th
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Page 81 and 82: In Italy, the most significant addi
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Page 87 and 88: iii) Other non-available reserves
Page 89 and 90: Mortgage guarantee loans, whether s
Page 91 and 92: On 26 October 2012, the Court of Ar
Page 93 and 94: 20. SHARE-BASED REMUNERATION SCHEME
Page 95 and 96: Provisions for pensions and similar
Page 97 and 98: Total Corporate Tax Income or Expen
Page 99 and 100: Year of origin Amount Offsetting De
Page 101 and 102: Contingent assets and liabilities T
Page 103: 27.3 Personnel expenses This item i
Page 107 and 108: FUNDING AGREEMENTS € Thousand 201
Page 109 and 110: 29.1 Information on main segments
Page 111 and 112: Holder Investee company Activity Nu
Page 113 and 114: After the capital increase, the sha
Page 115 and 116: Similarly, the owners’ associatio
Page 117 and 118: ANNEX I: SUBSIDIARIES Data on the C
Page 119 and 120: Investee company Registered address
Page 121 and 122: ANNUAL REPORT OF THE AUDIT COMMITTE
Page 124: websites OF INTEREST: ITP INTERNATI
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