Download Complete PDF - Informe Anual 2012
Download Complete PDF - Informe Anual 2012 Download Complete PDF - Informe Anual 2012
5. PROFIT (LOSS) PER SHARE The basic profit per share is determined by dividing the net profit or loss attributed to the Group (after taxes and minority interests) by the weighted average number of shares in circulation during the financial year, as shown below: 2012 2011 Change Profit (Loss) for the year (€ Thousand) (292,110) 6,231 4,788.50% Weighted average number of shares issued (thousands of shares) 246,617 246,617 0.00% Weighted average number of shares treasury shares (thousands of shares) 1,973 1,595 23.70% Weighted average number of shares in circulation (thousands of shares) 244,644 245,022 (0.15%) Profit / (Loss) per share (€) (1.19) 0.03 (4,795.74%) 6. GOODWILL The balance included under this item corresponds to the net goodwill arising from the acquisition of certain companies, and is broken down as follows (€ thousand): 2012 2011 NH Hoteles Deustchland GmbH and NH Hoteles Austria GmbH 97,467 108,068 Others 4,347 11,900 Total 101,814 119,968 The movements under this heading of the consolidated balance sheet in 2012 and 2011 were as follows (€ thousands): Company Goodwill 31.12.10 Translation difference Goodwill 31.12.11 NH Hoteles Deustchland GmbH and NH Hoteles Austria GmbH 108,068 - 108,068 Others 12,340 (440) 11,900 Total 120,408 (440) 119,968 Company Goodwill 31.12.11 Translation difference Impairment Goodwill 31.12.12 NH Hoteles Deustchland GmbH and NH Hoteles Austria GmbH 108,068 - (10,601) 97,467 Others 11,900 (1,295) (6,258) 4,347 Total 119,968 (1,295) (16,859) 101,814 Recoverable goodwill values have been allocated to each cash generating unit, mainly rental agreements, by using five year projections on results, investments and working capital. A breakdown of the cash generating units to which goodwill on consolidation have been allocated is shown below. € Thousand CGU 6 17,574 CGU 21 11,319 CGU 22 8,508 CGU 12 8,116 CGU 13 6,500 CGU 2 5,774 CGU 9 4,121 CGUs with individually allocated goodwill < €4 mill 39,902 101,814 78 REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
The basic hypotheses used to estimate future cash flows of these CGUs are detailed below: • Discount rate: 7.42% and 8.12%, since these are CGUs subject to the same risks (German and Austrian markets), apart from CGU 24, for which a discount rate of 12% has been used, due to the fact that it is located in another geographic market (South America). • Terminal value growth rate (g): 2% As a result of the impairment analysis carried out by the Group at the end of 2012, an impairment of €16,859 thousand has been booked in the following Cash Generating Units: € Thousand CGU 12 (16) CGUs with individually allocated goodwill < €4 mill. (16,843) (16,859) A sensitivity analysis of the loss of value of goodwill with respect of changes in key financial hypotheses is shown below: € Thousand Terminal value growth rate Discount rate -100 bp No change 100 bp 0% (2,533) (3,313) (4,494) 1% - (3,077) (4,494) 2% - - (4,425) A sensitivity analysis of the loss of value of goodwill with respect of changes in key financial hypotheses is shown below, average daily rate (ADR) and percentage of occupancy: € Thousand Change in average rate (ADR) Change in occupancy levels -100 bp No change 100 bp -1% (6,988) (3,860) (1,372) No change (2,116) - 1,750 1% 747 2,164 3,585 7. INTANGIBLE ASSETS The breakdown and movements under this heading during 2012 and 2011 were as follows (€ thousand): Balance at 31.12.10 Change in the scope of consolidation Additions/ Allowances Retirements Balance at 31.12.11 Additions/ Allowances Retirements Balance at 31.12.12 COST Rights of use 30,200 - - - 30,200 98 - 30,298 Rental agreement premiums 69,966 - 61 (7) 70,020 - - 70,020 Concessions, patents and trademarks 35,329 (117) 95 (208) 35,099 630 (984) 34,745 Software applications 46,465 (6) 3,990 (147) 50,302 11,809 - 62,111 181,960 (123) 4,146 (362) 185,621 12,537 (984) 197,174 CUMULATIVE DEPRECIATION Rights of use (15,748) - (320) - (16,068) (320) - (16,388) Rental agreement premiums (7,408) - (2,432) - (9,840) (2,923) - (12,763) Concessions, patents and trademarks (8,340) 117 (1,985) 53 (10,155) (1,985) 972 (11,168) Software applications (33,146) 6 (8,955) 141 (41,954) (10,219) - (52,173) (64,642) 123 (13,692) 194 (78,017) (15,447) 972 (92,492) Provisions (1,393) - - 1,364 (29) (12,561) - (12,590) NET BOOK VALUE 115,925 107,575 92,092 7.1 Rights of use On 28 July 1994, NH Hoteles, S.A. was granted a right of use on Hotel NH Plaza de Armas in Seville, which is owned by Red Nacional de los Ferrocarriles Españoles (RENFE), for a thirty-year period commencing on the date the agreement was executed. NH Hoteles, S.A. will pay RENFE the amount of €30.20 million in accordance with a payment schedule which concludes in 2014. REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 79
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The basic hypotheses used to estimate future cash flows of these CGUs are detailed below:<br />
• Discount rate: 7.42% and 8.12%, since these are CGUs subject to the same risks (German and Austrian markets), apart from CGU 24, for which a discount<br />
rate of 12% has been used, due to the fact that it is located in another geographic market (South America).<br />
• Terminal value growth rate (g): 2%<br />
As a result of the impairment analysis carried out by the Group at the end of <strong>2012</strong>, an impairment of €16,859 thousand has been booked in the following<br />
Cash Generating Units:<br />
€ Thousand<br />
CGU 12 (16)<br />
CGUs with individually allocated goodwill < €4 mill. (16,843)<br />
(16,859)<br />
A sensitivity analysis of the loss of value of goodwill with respect of changes in key financial hypotheses is shown below:<br />
€ Thousand<br />
Terminal value growth rate<br />
Discount rate<br />
-100 bp No change 100 bp<br />
0% (2,533) (3,313) (4,494)<br />
1% - (3,077) (4,494)<br />
2% - - (4,425)<br />
A sensitivity analysis of the loss of value of goodwill with respect of changes in key financial hypotheses is shown below, average daily rate (ADR) and<br />
percentage of occupancy:<br />
€ Thousand<br />
Change in average rate (ADR)<br />
Change in occupancy levels<br />
-100 bp No change 100 bp<br />
-1% (6,988) (3,860) (1,372)<br />
No change (2,116) - 1,750<br />
1% 747 2,164 3,585<br />
7. INTANGIBLE ASSETS<br />
The breakdown and movements under this heading during <strong>2012</strong> and 2011 were as follows (€ thousand):<br />
Balance at<br />
31.12.10<br />
Change in<br />
the scope of<br />
consolidation<br />
Additions/<br />
Allowances<br />
Retirements<br />
Balance at<br />
31.12.11<br />
Additions/<br />
Allowances<br />
Retirements<br />
Balance at<br />
31.12.12<br />
COST<br />
Rights of use 30,200 - - - 30,200 98 - 30,298<br />
Rental agreement premiums 69,966 - 61 (7) 70,020 - - 70,020<br />
Concessions, patents and trademarks 35,329 (117) 95 (208) 35,099 630 (984) 34,745<br />
Software applications 46,465 (6) 3,990 (147) 50,302 11,809 - 62,111<br />
181,960 (123) 4,146 (362) 185,621 12,537 (984) 197,174<br />
CUMULATIVE DEPRECIATION<br />
Rights of use (15,748) - (320) - (16,068) (320) - (16,388)<br />
Rental agreement premiums (7,408) - (2,432) - (9,840) (2,923) - (12,763)<br />
Concessions, patents and trademarks (8,340) 117 (1,985) 53 (10,155) (1,985) 972 (11,168)<br />
Software applications (33,146) 6 (8,955) 141 (41,954) (10,219) - (52,173)<br />
(64,642) 123 (13,692) 194 (78,017) (15,447) 972 (92,492)<br />
Provisions (1,393) - - 1,364 (29) (12,561) - (12,590)<br />
NET BOOK VALUE 115,925 107,575 92,092<br />
7.1 Rights of use<br />
On 28 July 1994, NH Hoteles, S.A. was granted a right of use on Hotel NH Plaza de Armas in Seville, which is owned by Red Nacional de los<br />
Ferrocarriles Españoles (RENFE), for a thirty-year period commencing on the date the agreement was executed. NH Hoteles, S.A. will pay RENFE<br />
the amount of €30.20 million in accordance with a payment schedule which concludes in 2014.<br />
REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 79
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