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THE ENVIRONMENT The Group has been working on the Environmental Strategic Plan 2008/2012, which set reduction targets of 20% for energy and water consumption, waste generation and the carbon footprint. The Plan has exceeded the initial targets by a substantial margin thanks to the implementation of efficiency measures, and not least due to monthly monitoring of these variables. Implementing the Environmental Plan has helped reduce energy consumption by 25% and water consumption by 30%. This has led to a clear saving in energy costs. NH Hoteles’ carbon footprint has been cut by 44% since 2008. During 2012, reduced consumption has allowed us to absorb this year’s increased energy costs while improving our customer energy and water cost ratios. Environmental Strategic Plan 2008-2012 ENERGY CONSUMPTION -25.1% CO 2 EMISSIONS -44.2% WATER CONSUMPTION -30.5% WASTE GENERATION -34.1% Reduction of the energy consumption ratio per customer/night Reduction of the CO 2 released ratio per guest/night Reduction of the water usage ratio per guest/night Reduction of the waste generation ratio per guest/night The Group was the first Spanish listed company to publish the results of its environmental plan, together with economic variables, as a further element in its transparency policy for investors and society as a whole. Awareness of this policy within the company is reinforced each year through an employee training plan. The Group reports its climate-change commitment and strategy to the Carbon Disclosure Project (CDP). The CDP’s assessment places NH Hoteles among the leading companies in the hotel industry for its strategy to combat climate change. In 2012, the Group improved the transparency of its environmental management by obtaining two external international certifications: ISO 50001, which recognises the efficiency of the international hotel network’s energy management, and ISO 14001, which certifies environmental management. In 2012, NH Hoteles continued the important task of conducting environmental research and development with its suppliers, through the innovative Sustainable NH Club project. The Group was awarded the Project Icarus Gold Medal by the Global Business Travel Association (GBTA), and is the first international hotel chain to receive this prize. The NH Hoteles Environmental Plan also received an award from the Spanish Confederation of Hotels and Tourist Accommodations (CEHAT). NH Hoteles is working on a second Environmental Strategic Plan that will provide continuity for its energy efficiency measures. RESULTS The annual income of NH Hoteles in 2012 was €1,311.6 million. This figure is down by €116.7 million compared to 2011, a decrease of 8.2%. Hotel sales, which at €1,288.0 million continue to represent the majority of income (98%), fell by 3.8% as a result of the hotels sold the previous year being retired from the scope of consolidation (the most significant closures being Jolly Lotti, NH Ligure, NH Lucerna and NH Genk), accounting for 40% fall in sales (€20.4 million). Falling sales of F&B (-6.8%), and the decline in RevPAR also had a negative effect. The Group continues to have significant levels of activity (occupancy was at 64.6% in 2012, compared to 64.8% in 2011 in comparable terms) and both Central Europe and Benelux remain noteworthy for their positive performance in occupancy, which continues at similar levels to 2011 despite the slowdown in sales in the MICE and catering businesses (down 6.8%). Uncertainty in Europe continues to hinder the recovery of the sector, both in the corporate and events and recreational sides of the business, albeit essentially in the MICE segment. Two very different trends have been identified: on the one hand the Central European and American economies, which are performing well in spite of some deterioration in Argentina, and on the other hand the southern European economies (Spain and Italy) which are performing poorly. In the Spain business unit, RevPAR has fallen by 7.2%, as a result of falling occupancy (down 3.7%) and prices (down 3.6%). Barcelona is an exception and is performing better than the other cities, maintaining both occupancy and price levels. In any case, income from Spain, at €307.0 million, fell by 12.0% against 2011. We are faced with a similar situation in Italy, on a lesser scale, with sales of €281.2 million, an annual fall of 4.4%. 12-month RevPAR data shows a reduction of -5.1%, explained by both falling occupancy levels and a reduction in average prices, with the business segment most severely affected. The Benelux business unit echoes the trend of other units: RevPAR is down by 2.4%, although occupancy, with levels above those of 2011, has partly halted the fall in prices (down 3.5%). However, 10 CONSOLIDATED MANAGEMENT REPORT
Benelux is different, given that it obtained better results in the fourth quarter than in the first nine months of the year. The Netherlands alone recorded income of €283.8 million, down 4.4% on 2011. These results were offset by the hotels in the UK, Luxembourg and France, which are also managed by the Benelux business unit. With regard to Central Europe, cumulative 12 month RevPAR increased by 6.2%, with growth both in occupancy levels (3.8%), thanks to a favourable trade fair calendar, and in average prices (2.3%). Generally, all German cities showed a strong increase in occupancy and prices, with a notable increase of more than 12% in Munich and Berlin. 2012 RevPAR fell, however, in Switzerland compared to the previous year as a result of falling demand (and a strengthened Swiss franc). This business unit is expected to continue its positive trend in the first quarter of 2013. Specifically, income from NH Hoteles in Germany rose to €281.2 million, up 5.2% over 2011. For the fourth consecutive year the Americas business unit continued to perform well, and posted the second highest growth in the Group. In comparable terms, RevPAR grew by 2.8%, with falling occupancy levels (down 2.7%) offset by a rise in average prices (up 5.7%). There are significant differences in the performance of the main Latin American markets. Mexico is notable for very positive increases in RevPAR, in excess of 10% for the year as a whole, again driven by strong growth in hotel occupancy and average prices. Argentina, however, performed poorly as a result of reduced demand in its main outbound markets (Brazil and Spain) due to overall prices increases in these countries and the deterioration of the Spanish economy. Income from real-estate activity, at €22.1 million, was up by 30.2%, and deeds were signed on 25 properties worth a total of €10.79 million, compared to 4 properties totalling €1.58 million over the same period in 2011. No plots of land were sold in 2012, whereas in 2011 nine plots were sold for total of €3.09 million. In terms of NH Group income for 2012, equal importance is given to the negative effects of the economic crisis in the Group’s main markets on hotel turnover and the lack of non-recurrent income, resulting from the failure to conclude several sale transactions for non-strategic assets. Compared to the €72.1 million posted in 2011, only €1.5 million was booked in 2012 due to sales transactions being cancelled late in negotiations as a result of final offers being much lower than the initial expressions of interest, resulting in sales that would have involved a clear loss of value for NH Hoteles. CONSOLIDATED MANAGEMENT STATEMENT (€ million) 2012 2011 2012/2011 € Million % € Million % VAR. % Income from hotel activity 1,288.0 98% 1,339.2 94% (4%) Income from Real Estate Activity 22.1 2% 17.0 1% 30% Non-recurrent income 1.5 0% 72.1 5% (98%) TOTAL INCOME 1,311.6 100% 1,428.3 100% (8%) Cost of Real Estate Sales (10.0) (1%) (2.0) (0%) 391% Personnel costs (465.8) (36%) (479.9) (34%) (3%) Direct management expenses (423.3) (32%) (420.0) (29%) (1%) Non-recurrent expenses (36.6) (3%) (32.6) (2%) 12% MANAGEMENT PROFIT 376.0 29% 493.8 35% (24%) Reversal of provision for onerous and other agreements (4.7) (0%) 4.1 0% (214%) Leases and property taxes (293.8) (22%) (291.4) (21%) (1%) EBITDA 77.5 6% 202.4 14% (62%) Assets impairment provision (268.3) (20%) (15.3) (1%) 1,656% Depreciation (115.5) (9%) (119.0) (8%) (3%) EBIT (306.3) (23%) 68.1 5% (550%) Financial expenses (54.8) (4%) (51.3) (4%) 7% Non-recurrent exchange rate differences (29.2) (2%) (1.9) (0%) 1,437% Change in fair value of financial instruments 2.5 0% (6.6) (0%) (137%) Equity Method Profit (Loss) (4.2) (0%) (4.0) (0%) 6% EBT (392.1) (30%) 4.3 0% (9,176%) Corporate income tax 55.5 4% 6.2 0% 795% Profit before minority interests (336.6) (26%) 10.5 1% (3,299%) Minority interests 44.0 3% (4.3) (0%) (1,130%) NET PROFIT (LOSS) (292.1) (22%) 6.2 0% (4,773%) Note: This consolidated operating statement, on which the figures of this management report are based, was drawn up using hotel management grouping criteria that do not necessarily coincide with the accounting standards applied to the consolidated financial statements of NH Hoteles Group. CONSOLIDATED MANAGEMENT REPORT 11
Page 1 and 2: ANNUAL REPORT 2012 CONSOLIDATED FIN
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Page 5 and 6: 8. TANGIBLE FIXED ASSETS 80 9. REAL
Page 7 and 8: INDEPENDENT AUDITORS’ REPORT ON C
Page 9: The consolidation of the Spanish ho
Page 13 and 14: OVERVIEW OF NH RISK POLICY NH’s o
Page 15 and 16: EVOLUTION NH HOTELES - IBEX DECEMBE
Page 17 and 18: ANNUAL CORPORATE GOVERNANCE REPORT
Page 19 and 20: In the event of any modification or
Page 21 and 22: Total number of executive directors
Page 23 and 24: Name or trade name of director Trad
Page 25 and 26: B.1.13 Indicate, on an aggregate ba
Page 27 and 28: The proposals to appoint directors
Page 29 and 30: ) When they are removed from the ex
Page 31 and 32: B.1.30 State the number of meetings
Page 33 and 34: MR JOSÉ ANTONIO CASTRO SOUSA HOTEL
Page 35 and 36: EXECUTIVE OR DELEGATE COMMITTEE Nam
Page 37 and 38: ) Competencies The primary function
Page 39 and 40: C - RELATED-PARTY TRANSACTIONS C.1
Page 41 and 42: Mechanisms for resolving possible c
Page 43 and 44: Description of functions The Audit
Page 45 and 46: The documents in which such delegat
Page 47 and 48: II.4. Ratification and renewal of t
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Page 51 and 52: See sections: B.1.2, B.1.27 and B.2
Page 53 and 54: When the Board adopts significant o
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Page 57 and 58: G - OTHER USEFUL INFORMATION If you
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In order to ensure the reliability
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CONSOLIDATED BALANCE SHEETS AT 31 D
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CONSOLIDATED STATEMENTS OF CHANGES
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REPORT ON THE CONSOLIDATED FINANCIA
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The Directors have assessed the pot
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The fair value of Resco Sotogrande,
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Intangible assets with an indefinit
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4.7.4 Equity instruments An equity
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year-end are likewise charged to th
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The basic hypotheses used to estima
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In Italy, the most significant addi
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11. NON-CURRENT FINANCIAL INVESTMEN
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As a general rule, these receivable
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iii) Other non-available reserves
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Mortgage guarantee loans, whether s
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On 26 October 2012, the Court of Ar
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20. SHARE-BASED REMUNERATION SCHEME
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Provisions for pensions and similar
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Total Corporate Tax Income or Expen
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Year of origin Amount Offsetting De
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Contingent assets and liabilities T
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27.3 Personnel expenses This item i
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27.6 Financial expenses and changes
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FUNDING AGREEMENTS € Thousand 201
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29.1 Information on main segments
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Holder Investee company Activity Nu
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After the capital increase, the sha
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Similarly, the owners’ associatio
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ANNEX I: SUBSIDIARIES Data on the C
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Investee company Registered address
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ANNUAL REPORT OF THE AUDIT COMMITTE
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websites OF INTEREST: ITP INTERNATI
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