Download Complete PDF - Informe Anual 2012
Download Complete PDF - Informe Anual 2012 Download Complete PDF - Informe Anual 2012
Holder Investee company Activity Positions Francisco Javier Illa Ruiz José Antonio Castro Sousa Roberto Cibeira Moreiras Desarrollo Turístico Isla Bonita, C.A. Hotel Business Main Director Grupo Inversor Hesperia, S.A. Hotel Business Joint Director Corporación Hotelera Hemtex, S.A. Hotel Business Director Hotels Hesperia Andorra, S.A. Hotel Business Board Sec. and Attorney-in-Fact HMR Hotel Business Director RH2005 Hotel Business Director Bonanova Squash Garden, S.A Hotel Business Sole Director Bristol Services, S.L. Hotel Business Sole Director Hotel Colibrí, S.A. Hotel Business Sole Director Hotel Conde de Aranda, S.A. Hotel Business Sole Director Cordobatel, S.A. Hotel Business Board Member Gerencias y Serv. Turísticos, S.A. Hotel Business Sole Director Hotelera Metropol, S.A. Hotel Business Sole Director Infond, S.A. Hotel Business Joint Director Desjust, S.L. Hotel Business Sole Director Hotelera Sant Just, S.A. Hotel Business Sole Director Playa del Oeste, S.A. Hotel Business Chairman Hotelera del Noroeste, S.A. Hotel Business Sole Director Hotelera del Tormes, S.A. Hotel Business Sole Director Hotel Hesperia Madrid, S.L. Hotel Business Sole Director Hoteles Almería, S.A. Hotel Business Sole Director Hotelera Salvatierra, S.A. Hotel Business Sole Director Hotelera del Este, S.A. Hotel Business Sole Director Hotel Fontoria, S.A. Hotel Business Sole Director Hotelera Paseo de Gracia, S.A. Hotel Business Joint Director Bercuma, S.L. Hotel Business Joint Director Hesperia del Golf, S.L. Hotel Business Joint Director Hesperia Purchasing Center, S.A. Hotel Business Sole Director Hotelera de Levante, S.A. Hotel Business Sole Director Espesalud, S.L. Hotel Business Sole Director Fondotel, S.A. Hotel Business Sole Director HMR Infond, S.A. Grupo Inversor Hesperia, S.A. Cordobatel, S.A. Hotelera Paseo de Gracia, S.A. Bercuma, S.L. Director Joint Director Joint Director Board Member Joint Director Joint Director Corp. Hotelera Hemtex, S.A. Hotel Business Chairman Desarrollo Turístico Isla Bonita, C.A. Hotel Business Chairman Hesperia del Golf, S.L. Hotel Business Joint Director Epic Hotel LLC Hotel Business Board Member Hoteles y Clubs de Vacaciones, S.A. Royal Cupido, S.A. Hotel Business Hotel Business Representative of the Board Member/Legal Entity (Pontegadea Inversiones, S.L.) Representative of the Board Member/Legal Entity (Pontegadea Inversiones, S.L.) Gilles Pélisson Sun Resorts Intl (Mauritius) Hotel Business Board Member 31. SUBSEQUENT DISCLOSURES a) Agreement with HNA On 17 April 2013, the Parent Company implemented and concluded a capital increase approved by the Board of Directors in its meeting of 27 February 2013, incorporating Tangla Spain, S.L., a company belonging to the Chinese business group HNA, into the shareholder structure of the Parent Company, with a post-increase stake of 20% of share capital. The aforementioned capital increase was fully subscribed and paid up for its nominal value of €123,308,716 through the issue and distribution of a total of €61,654,358 ordinary shares, with a par value of €2 per share, along with a premium of €1.80 per share (which represents a total issue premium of €110,977,844.40), with a total outlay of €234,286,560.40. From this moment, HNA is represented by three members on the Board of Directors of NH Hoteles, S.A. 112 REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
After the capital increase, the shareholder structure of the Parent Company is as follows: Number of direct voting rights Number of indirect voting rights Total percentage of voting rights Shareholder (1) % Grupo Inversor Hesperia, S.A. 61,870,383 - 20.07 HNA Group Co., Ltd. - 61,654,358 20 Tangla Spain, S.L.U. 61,654,358 - 20 Banco Financiero y de Ahorros, S.A.( 2 ) - 38,833,834 12.597 CK Corporación Kutxa-Kutxa Korporazioa, S.L. 15,413,673 - 5 Kutxabank, S.A. - 15,413,673 5 Bancaja Inversiones, S.A.. 13,955,675 - 4.527 Intesa Sanpaolo, S.P.A. 5,791,685 8,148,802 4.522 Hoteles Participados, S.L. 13,385,269 - 4.342 Amancio Ortega Gaona - 12,512,971 4.059 Pontegadea Inversiones, S.L. 12,512,971 - 4.059 Caja de Ahorros y Monte de Piedad de Zaragoza, Aragón y Rioja (Ibercaja) - 12,432,716 4.033 Ibercaja Banco, S.A. 12,432,716 - 4.033 (1) Source: According to company knowledge, the company’s Annual Corporate Governance Report 2012, and disclosures made to the National Securities Market Commission (CNMV) (2) It includes the direct shareholdings of Bancaja Inversiones, S.A., Corporación Financiera Caja de Madrid, S.A. and Sociedad de Promoción y Participación Empresarial Caja Madrid, among others. The strategic agreement establishes a framework for creating a “joint venture” between both groups, with the main purpose of developing a hotel business in China, one of the world’s fastest growing markets, in partnership with a local group, leader in the tourist industry. This alliance is a great opportunity to diversify the operations of NH Hoteles. Both groups have also established an agreement to work together on marketing the Group’s hotels in the chinese market and to become the number one choice for HNA travellers. The goal is to increase the flow of Asian customers to NH hotels, thereby diversifying customers in terms of their country of origin. b) Request to obtain the CONFORMITY of syndicated financial institutions NH Hoteles’ request to its lenders to amend the syndicated financing agreement of 29 March 2012 did not obtain the required unanimity, since the terms accepted by 30 lenders representing 96.871% of loans were rejected by one lender with a share of 3.129%, which demanded additional conditions that would have seriously compromised the viability of the NH Hoteles business plan. c) Agreement with HPT On 27 February 2013, the Board of Directors of the Parent Company approved a non-binding agreement of intent for a series of hotel transactions in Latin America, the US and Europe, with Hospitality Properties Trust (HPT), an American real estate investment trust (REIT). The Group would sell five hotels (804 rooms) in Latin America (Mexico, Colombia, Uruguay and Chile) to HPT for approximately US $70 million, while continuing to manage them under long-term contracts with an initial duration of 20 years, with a renewal option. It is not expected that the Group will incur any capital losses as a result of this transaction. HPT would be granted the option of setting up a “joint venture” with NH Hoteles to acquire 100% of ownership and to carry out a complete renovation of the NH Jolly Madison hotel in New York. Once the refurbishment is complete, NH Hoteles and Sonesta International Hotels, Inc. will be jointly responsible for managing and marketing the hotel. Failure by the syndicated banks to achieve the required unanimity will prevent the Group from carrying out all the operations with HPT under the terms originally conceived in the agreement of intent. d) Subsequent measures As of 30 April 2013, lenders representing more than two thirds of the total outstanding loan agreed, on 31 December 2012, to waive the Group obligation to fulfill the financial ratios set forth in the syndicated loan agreement. The group expects to pay its debt to lenders in accordance with the original schedule of the aforementioned agreement in part with the capital investment paid in last week by the HNA Group, in part by expanding the asset sale process, and also through new capitalisation and financing transactions. It is confident that these operations will restore the financial equilibrium and profitability of the Group. The pro forma maturity schedule for the Group financial debt at 31 December 2012, in view of the foregoing waiver, is stated in the following table: REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 113
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Holder Investee company Activity Positions<br />
Francisco Javier Illa Ruiz<br />
José Antonio Castro Sousa<br />
Roberto Cibeira Moreiras<br />
Desarrollo Turístico Isla Bonita, C.A. Hotel Business Main Director<br />
Grupo Inversor Hesperia, S.A. Hotel Business Joint Director<br />
Corporación Hotelera Hemtex, S.A. Hotel Business Director<br />
Hotels Hesperia Andorra, S.A. Hotel Business Board Sec. and Attorney-in-Fact<br />
HMR Hotel Business Director<br />
RH2005 Hotel Business Director<br />
Bonanova Squash Garden, S.A Hotel Business Sole Director<br />
Bristol Services, S.L. Hotel Business Sole Director<br />
Hotel Colibrí, S.A. Hotel Business Sole Director<br />
Hotel Conde de Aranda, S.A. Hotel Business Sole Director<br />
Cordobatel, S.A. Hotel Business Board Member<br />
Gerencias y Serv. Turísticos, S.A. Hotel Business Sole Director<br />
Hotelera Metropol, S.A. Hotel Business Sole Director<br />
Infond, S.A. Hotel Business Joint Director<br />
Desjust, S.L. Hotel Business Sole Director<br />
Hotelera Sant Just, S.A. Hotel Business Sole Director<br />
Playa del Oeste, S.A. Hotel Business Chairman<br />
Hotelera del Noroeste, S.A. Hotel Business Sole Director<br />
Hotelera del Tormes, S.A. Hotel Business Sole Director<br />
Hotel Hesperia Madrid, S.L. Hotel Business Sole Director<br />
Hoteles Almería, S.A. Hotel Business Sole Director<br />
Hotelera Salvatierra, S.A. Hotel Business Sole Director<br />
Hotelera del Este, S.A. Hotel Business Sole Director<br />
Hotel Fontoria, S.A. Hotel Business Sole Director<br />
Hotelera Paseo de Gracia, S.A. Hotel Business Joint Director<br />
Bercuma, S.L. Hotel Business Joint Director<br />
Hesperia del Golf, S.L. Hotel Business Joint Director<br />
Hesperia Purchasing Center, S.A. Hotel Business Sole Director<br />
Hotelera de Levante, S.A. Hotel Business Sole Director<br />
Espesalud, S.L. Hotel Business Sole Director<br />
Fondotel, S.A. Hotel Business Sole Director<br />
HMR<br />
Infond, S.A.<br />
Grupo Inversor Hesperia, S.A.<br />
Cordobatel, S.A.<br />
Hotelera Paseo de Gracia, S.A.<br />
Bercuma, S.L.<br />
Director<br />
Joint Director<br />
Joint Director<br />
Board Member<br />
Joint Director<br />
Joint Director<br />
Corp. Hotelera Hemtex, S.A. Hotel Business Chairman<br />
Desarrollo Turístico Isla Bonita, C.A. Hotel Business Chairman<br />
Hesperia del Golf, S.L. Hotel Business Joint Director<br />
Epic Hotel LLC Hotel Business Board Member<br />
Hoteles y Clubs de Vacaciones, S.A.<br />
Royal Cupido, S.A.<br />
Hotel Business<br />
Hotel Business<br />
Representative of the Board Member/Legal Entity<br />
(Pontegadea Inversiones, S.L.)<br />
Representative of the Board Member/Legal Entity<br />
(Pontegadea Inversiones, S.L.)<br />
Gilles Pélisson Sun Resorts Intl (Mauritius) Hotel Business Board Member<br />
31. SUBSEQUENT DISCLOSURES<br />
a) Agreement with HNA<br />
On 17 April 2013, the Parent Company implemented and concluded a capital increase approved by the Board of Directors in its meeting of 27 February 2013,<br />
incorporating Tangla Spain, S.L., a company belonging to the Chinese business group HNA, into the shareholder structure of the Parent Company, with a<br />
post-increase stake of 20% of share capital.<br />
The aforementioned capital increase was fully subscribed and paid up for its nominal value of €123,308,716 through the issue and distribution of a total<br />
of €61,654,358 ordinary shares, with a par value of €2 per share, along with a premium of €1.80 per share (which represents a total issue premium of<br />
€110,977,844.40), with a total outlay of €234,286,560.40.<br />
From this moment, HNA is represented by three members on the Board of Directors of NH Hoteles, S.A.<br />
112 REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS