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Financial expenses accrued from financing agreements with credit institutions that are shareholders of the Parent Company, amounted to €13,566 thousand in 2012 (€10,886 thousand in 2011). The Group entered into several operating lease agreements with Pontegadea Inversiones, S.L. totalling €10,341 thousand in 2012 (€10,052 thousand in 2011). In addition, the Group has an equity swap agreement with Bankia (formerly Caja Madrid) to hedge against any possible financing liabilities arising from the 2007-2013 Share-Based Remuneration Scheme (see Note 7). Financial expenses associated with this agreement totalled €1,548 thousand at 31 December 2012 (€1,343 thousand at 31 December 2011). The heading “Management or cooperation agreements” includes the amounts which, by virtue of the hotel management agreement entered into with Grupo Inversor Hesperia, S.A., have accrued as management fees in the Group benefit during 2012. The financial income heading includes the funding granted in 1998 to Group Directors to purchase shares in the Parent Company. This funding was converted into a loan in 2001. At 31 December 2012, it is guaranteed by the shares themselves and allows the borrowers to extend the term of the loans to 30 April 2013 at the latest. These loans have accrued interest amounting to €183 million this financial year. The heading “Provision of services” includes commissions invoiced on the sale of apartments and premises to Residencial Marlin, S.L. Significant shareholders Directors and executives € Thousand 31/12/2012 Group entities, companies and individuals Other related parties Total Other transactions Purchases of tangible, intangible and other assets - - - - - Funding agreements: loans and capital contributions (lender) - - (3,334) - (3,334) Financial leasing agreements (lessor) - - - - - Repayment or cancellation of loans and lease agreements (lessor) - - - - - Sales of tangible, intangible and other assets - - - - - Funding agreements: loans and capital contributions (borrower) 51,705 - - 51,705 Financial leasing agreements (lessee) - - - - - Repayment or cancellation of loans and lease agreements (lessee) - - - - - Guarantees and sureties given - - - - - Guarantees and sureties received - - - - - Commitments undertaken - - - - - Commitments/guarantees cancelled - - - - - Dividends and other profits distributed - - - - - Other transactions (33) - - - (33) Funding agreements: loans and capital contributions At 31 December 2012 and 31 December 2011, this heading is broken down according to significant shareholders, as follows: € Thousand 2012 2011 Movement Banco Financiero y de Ahorros, S.A. 132,001 131,114 886 Intesa Sanpaolo S.p.A. 101,458 73,409 28,049 Caja de Ahorros y Monte de Piedad de Gipuzkoa y San Sebastian 28,400 10,500 17,900 NCG Banco, S.A. 28,316 29,503 (1,186) Banco Mare Nostrum, S.A. 10,325 10,325 - Caja de Ahorros y Monte de Piedad de Zaragoza, Aragón y Rioja 14,450 8,339 6,111 Total 314,950 263,190 51,760 Interest accrued but not payable 30 85 (55) Unmatured accrued financial expenses in relation to funding agreements with credit institutions that are shareholders of the Parent Company amounted to €30,000 at 31 December 2012 (€85,000 at 31 December 2011). 106 REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
FUNDING AGREEMENTS € Thousand 2012 2011 Movement Credits to personnel (Note 14.1) 2,850 6,123 (3,273) Accounts receivable from joint ventures: Los Alcornoques de Sotogrande, S.L. 4,043 4,469 (426) Other accounts receivable from joint ventures 1,735 1,740 (5) Current accounts with joint ventures: Resco Sotogrande, S.L. - 369 (369) Loans to associated companies Harrington Hall Hotel Ltd. 4,394 4,394 - Corporación Hotelera Dominicana, S.A. 697 582 115 Sotocaribe, S.L. 2,144 1,520 624 Total 15,863 19,197 (3,334 ) The heading “Accounts receivable from joint ventures: Los Alcornoques de Sotogrande, S.L.” includes the balance receivable from Los Alcornoques de Sotogrande, S.L., one of the Group joint ventures. The maturity of this outstanding balance is subject to the approval of the new San Roque General Urban Development Plan. The heading “Other accounts receivable from joint ventures” also includes the current balance at 31 December 2012 for the building services provided by Sotogrande, S.A., as well as the commission fees invoiced on the sale of apartments and premises. The heading “Loans to associated companies- Harrington Hall Hotel Ltd.” includes the subordinated loan granted by the Group to Harrington Hall Hotel Ltd. for the amount of €2,250 thousand to refinance the company’s financial debt prior to its acquisition. This section also includes the interest accrued during the year from the aforementioned loan to Harrington Hall Hotel Ltd. and a current account maintained with this company for €2,144 thousand. Other transactions By virtue of the contractual relationship entered into with Grupo Inversor Hesperia, S.A., at 31 December 2012, €1.84 million remained outstanding, of which €1.39 million were due on this date. The net balance booked in respect of Grupo Inversor Hesperia, S.A. at 31 December 2012 is €1.57 million (€1.61 million at 31 December 2011). Significant shareholders Directors and executives € Thousand 31/12/2012 Group entities, companies and individuals Other related parties Total Income and expenses Expenses: Financial expenses 10,886 - - - 10,886 Management or cooperation agreements - - - - - R&D transfers and licensing agreements - - - - - Leases 10,052 - - - 10,052 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 1,343 - - - 1,343 22,281 - - - 22,281 Income: Financial income - - 444 - 444 Management or cooperation agreements - - - 5,730 5,730 R&D transfers and licensing agreements - - - - - Dividends received - - - - - Leases - - - - - Provision of serves - - 58 - 58 Asset sales (completed or ongoing) - - - - - Profits from the retirement or disposal of assets - - - - - Other income - - - - - - - 502 5,730 6,232 REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 107
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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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When the Board adopts significant o
Page 55 and 56: 45. Supervision of compliance with
Page 57 and 58: G - OTHER USEFUL INFORMATION If you
Page 59 and 60: 1.2 Existence of the following elem
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Page 65 and 66: CONSOLIDATED STATEMENTS OF CHANGES
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Page 69 and 70: The Directors have assessed the pot
Page 71 and 72: The fair value of Resco Sotogrande,
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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
Page 79 and 80: The basic hypotheses used to estima
Page 81 and 82: In Italy, the most significant addi
Page 83 and 84: 11. NON-CURRENT FINANCIAL INVESTMEN
Page 85 and 86: As a general rule, these receivable
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 and 104: 27.3 Personnel expenses This item i
Page 105: 27.6 Financial expenses and changes
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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