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INDEX INDEPENDENT AUDITORS’ REPORT ON CONSOLIDATED FINANCIAL STATEMENTS 6 CONSOLIDATED MANAGEMENT REPORT 8 ANNUAL CORPORATE GOVERNANCE REPORT 17 CONSOLIDATED BALANCE SHEETS 62 CONSOLIDATED COMPREHENSIVE PROFIT AND LOSS STATEMENTS 64 CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY 65 CONSOLIDATED CASH FLOW STATEMENTS 66 REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 67 1. ACTIVITY AND COMPOSITION OF THE PARENT COMPANY 67 2. BASIS OF PRESENTATION OF THE CONSOLIDATED FINANCIAL STATEMENTS AND CONSOLIDATION PRINCIPLES 67 2.1. BASIS OF PRESENTATION OF THE FINANCIAL STATEMENTS 67 2.1.1. STANDARDS AND INTERPRETATIONS EFFECTIVE IN THIS PERIOD 68 2.1.2. STANDARDS AND INTERPRETATIONS ISSUED AND NOT IN FORCE 68 2.2. INFORMATION ON 2011 69 2.3. CURRENCY OF PRESENTATION 69 2.4. RESPONSIBILITY FOR THE INFORMATION, ESTIMATES MADE AND SOURCES OF UNCERTAINTY 69 2.5. CONSOLIDATION PRINCIPLES APPLIED 69 3. PROFITS AND LOSSES ALLOCATION AND DISTRIBUTION 71 4. VALUATION STANDARDS 71 4.1. TANGIBLE FIXED ASSETS 71 4.2. REAL-ESTATE INVESTMENTS 72 4.3. CONSOLIDATION GOODWILL 72 4.4. INTANGIBLE ASSETS 72 4.5. IMPAIRMENT IN THE VALUE OF TANGIBLE AND INTANGIBLE ASSETS EXCLUDING GOODWILL 73 4.6. LEASES 73 4.7. FINANCIAL INSTRUMENTS 73 4.8. INVENTORIES 75 4.9. TRANSACTIONS AND BALANCES IN FOREIGN CURRENCY 75 4.10. CLASSIFICATION OF FINANCIAL ASSETS AND DEBTS INTO CURRENT AND NON-CURRENT 75 4.11. INCOME AND EXPENSES 75 4.12. OFFICIAL SUBSIDIES 76 4.13. TAX ON PROFITS 76 4.14. UNDERTAKINGS MADE TO THE PERSONNEL 76 4.15. ONEROUS AGREEMENTS 76 4.16. SHARE-BASED REMUNERATION SCHEMES 76 4.17. TREASURY SHARES 77 4.18. PROVISIONS 77 4.19. SEVERANCE PAYMENTS 77 4.20. BUSINESS COMBINATIONS 77 4.21. ENVIRONMENTAL POLICY 77 4.22. CONSOLIDATED CASH FLOW STATEMENTS 77 5. PROFIT (LOSS) PER SHARE 78 6. GOODWILL 78 7. INTANGIBLE ASSETS 79 7.1. RIGHTS OF USE 79 7.2. RENTAL AGREEMENT PREMIUMS 80 7.3. SOFTWARE APPLICATIONS 80 4 INDEX
8. TANGIBLE FIXED ASSETS 80 9. REAL-ESTATE INVESTMENTS 81 10. INVESTMENTS VALUED USING THE EQUITY METHOD 82 11. NON-CURRENT FINANCIAL INVESTMENTS 83 11.1 Loans and accounts receivable not available for trading 83 11.2. Other non-current financial investments 83 12. INVENTORIES 84 13. TRADE RECEIVABLES 84 14. CURRENT FINANCIAL INVESTMENTS 85 15. CASH AND CASH EQUIVALENTS 85 16. SHAREHOLDERS’ EQUITY 86 16.1. SUBSCRIBED SHARE CAPITAL 86 16.2. PARENT COMPANY RESERVES 86 16.3. EQUITY VALUATION ADJUSTMENTS 87 16.4. TREASURY SHARES 87 16.5. MINORITY INTERESTS 87 17. DEBTS WITH CREDIT INSTITUTIONS 88 18. OTHER NON-CURRENT LIABILITIES 90 19. DERIVATIVE FINANCIAL INSTRUMENTS 91 19.1. Interest rate derivatives 91 19.2. Sensitivity analysis of derivative financial instruments 92 20. SHARE-BASED REMUNERATION SCHEMES 93 21. PROVISIONS FOR LIABILITIES AND CHARGES 94 22. TAX NOTE 95 23. TRADE CREDITORS 99 24. INFORMATION ON DEFERRED PAYMENTS TO SUPPLIERS. THIRD ADDITIONAL PROVISION, “DUTY TO REPORT” OF ACT 15/2010 OF 5 JULY 99 25. OTHER CURRENT LIABILITIES 100 26. THIRD-PARTY GUARANTEES AND CONTINGENT ASSETS AND LIABILITIES 100 27. INCOME AND EXPENSES 102 27.1. INCOME 102 27.2. FINANCIAL INCOME AND CHANGES IN THE FAIR VALUE OF FINANCIAL INSTRUMENTS 103 27.3. PERSONNEL EXPENSES 102 27.4. OTHER OPERATING EXPENSES 103 27.5. OPERATING LEASES 104 27.6. FINANCIAL EXPENSES AND CHANGES IN FAIR VALUE OF FINANCIAL INSTRUMENTS 105 28. RELATED-PARTY TRANSACTIONS 105 29. INFORMATION BY SEGMENTS 108 29.1. INFORMATION ON MAIN SEGMENTS 109 29.2. INFORMATION ON SECONDARY SEGMENTS 109 30. REMUNERATION AND OTHER STATEMENTS MADE BY THE BOARD OF DIRECTORS AND SENIOR MANAGEMENT 110 30.1. REMUNERATION OF THE BOARD OF DIRECTORS 110 30.2. REMUNERATION OF SENIOR MANAGEMENT 110 30.3. INFORMATION ON CONFLICTS OF INTEREST AMONG DIRECTORS 110 31. SUBSEQUENT DISCLOSURES 112 32. INFORMATION ON ENVIRONMENTAL POLICY 115 33. EXPOSURE TO RISK 115 ANNEX I: SUBSIDIARIES 117 ANNEX II: ASSOCIATED COMPANIES 120 ANNEX III: JOINT VENTURES 120 ANNUAL REPORT OF THE AUDIT COMMITTE 121 INDEX 5
Page 1 and 2: ANNUAL REPORT 2012 CONSOLIDATED FIN
Page 3: ANNUAL REPORT 2012 CONSOLIDATED FIN
Page 7 and 8: INDEPENDENT AUDITORS’ REPORT ON C
Page 9 and 10: The consolidation of the Spanish ho
Page 11 and 12: Benelux is different, given that it
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
Page 49 and 50: a) The transformation of listed com
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
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
Page 61 and 62:
In order to ensure the reliability
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CONSOLIDATED BALANCE SHEETS AT 31 D
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CONSOLIDATED STATEMENTS OF CHANGES
Page 67 and 68:
REPORT ON THE CONSOLIDATED FINANCIA
Page 69 and 70:
The Directors have assessed the pot
Page 71 and 72:
The fair value of Resco Sotogrande,
Page 73 and 74:
Intangible assets with an indefinit
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
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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
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Provisions for pensions and similar
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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 and 106:
27.6 Financial expenses and changes
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FUNDING AGREEMENTS € Thousand 201
Page 109 and 110:
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
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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