Download Complete PDF - Informe Anual 2012
Download Complete PDF - Informe Anual 2012
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REPORT ON THE CONSOLIDATED<br />
FINANCIAL STATEMENTS<br />
NH HOTELES, S.A. AND SUBSIDIARIES<br />
REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS FOR <strong>2012</strong><br />
1. ACTIVITY AND COMPOSITION OF THE PARENT COMPANY<br />
NH HOTELES, S.A. (hereinafter the Parent Company) was incorporated as a public limited company in Spain on 23 December 1881 under the trade<br />
name “Material para Ferrocarriles y Construcciones, S.A.”, which was subsequently changed to “Material y Construcciones, S.A.” (MACOSA) and later to<br />
“Corporación Arco, S.A.”<br />
In 1992, Corporación Arco, S.A. took over Corporación Financiera Reunida, S.A. (COFIR), while at the same time adopting the trade name of the company<br />
taken over and amending its corporate purpose to the new activity of the Parent Company, which focused on the management of its shareholding portfolio.<br />
In 1998, Corporación Financiera Reunida, S.A. (COFIR) merged with Grupo Catalán, S.L. and its subsidiaries and Gestión NH, S.A. through the absorption<br />
of these companies by the former. Subsequently, Corporación Financiera Reunida, S.A. (COFIR) took over NH Hoteles, S.A., adopted its trade name and<br />
broadened its corporate purpose to allow for the direct performance of hotel activities, activities in which it had already been engaged indirectly through its<br />
subsidiaries.<br />
Information on these mergers can be found in the financial statements of the years in which said transactions took place.<br />
In October 1999, a public take-over bid for 100% of the capital of Sotogrande, S.A. was launched, which has allowed the Company to hold a permanent<br />
controlling interest exceeding 75%.<br />
An essentially European expansion strategy was initiated in 2000 aimed at creating a strong global brand in the urban hotel segment through the incorporation<br />
of the Dutch hotel company “Krasnapolsky Hotels and Restaurants N.V.”, followed by the acquisition of the Mexican company “Nacional Hispana de Hoteles,<br />
S.R.L de C.V.” in June 2001 and the purchase of the German hotel company “Astron Hotels” in 2002.<br />
Between 2003 and 2005, the Group’s organic growth allowed it to enter different European markets, such as Italy and Romania, as well as new cities such as<br />
London. It also entered the quality tourist sector, with a significant real estate component, in 2005 with projects in Cap Cana (Dominican Republic) and the<br />
Mayan Riviera (Mexico).<br />
Having consolidated acquisitions made in preceding periods, the Group continued its international expansion strategy in 2007 and 2008 through the<br />
acquisition of the Italian Framon and Jolly Hotel chains.<br />
The Group entered into an agreement with Grupo Inversor Hesperia, S.A. (hereinafter “Hesperia”) in 2009 to merge their respective hotel management<br />
businesses. As a result, the Group now manages 49 hotels owned or operated by Hesperia.<br />
The Parent Company heads a group of subsidiary companies engaged in the same activity, which together with NH Hoteles, S.A. comprise NH Hoteles Group<br />
(hereinafter the “Group” – see Annexes I, II and III).<br />
At the end of <strong>2012</strong>, the Group was operating hotels in 25 countries, with 391 hotels and 58,853 rooms, of which around 78% are located in Spain, Germany,<br />
Italy and the Benelux.<br />
NH Hoteles, S.A. has its registered address in Madrid.<br />
2. BASIS OF PRESENTATION OF THE CONSOLIDATED FINANCIAL<br />
STATEMENTS AND CONSOLIDATION PRINCIPLES<br />
2.1 Basis of presentation of the Financial Statements<br />
The consolidated annual accounts for <strong>2012</strong> were drawn up by the Directors of NH Hoteles, S.A. at the Board meeting held on 20 March 2013 in<br />
accordance with the Group’s legal framework. This framework is set forth in the Code of Commerce and business law, and in the International<br />
Financial Reporting Standards (hereinafter IFRS) adopted by the European Union in accordance with Regulation (EC) No. 1606/2002 of the<br />
European Parliament and Act 62/2003 of 30 December on Fiscal, Administrative and Social Measures, and as such present a true image of the<br />
Group’s equity and financial situation at 31 December <strong>2012</strong> and of the results of Group’s transactions, changes in equity and cash flows during the<br />
financial year ending on said date.<br />
REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 67