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The Group has reflected the entire amount agreed upon as the transaction’s price in the “Rights of use” item. In order to correctly accrue this price, the result of spreading out the cost over the thirty year term of the agreement is assigned to the consolidated comprehensive profit and loss statement in accordance with an increasing instalment with a percentage annual growth of 4%. Additionally, the outstanding short- and longterm amounts, which stood at €1.49 million and €1.49 million respectively at 31 December 2012 (€1.49 million and €2.99 million at 31 December 2011), are reflected in the “Other current liabilities” and “Other non-current liabilities” (see Notes 25 and 18) items of the attached consolidated balance sheet. 7.2 Rental agreement premiums There were no significant movements in 2012. 7.3 Software applications The most significant inclusions in 2012 came about in Spain as a result of the investments made in the development of computer and financial applications. 8. TANGIBLE FIXED ASSETS The breakdown and movements under this heading during 2012 and 2011 were as follows (€ thousands): Balance at 31.12.10 Change in the scope of consolidation Currency translation differences Additions Retirements Assignments (Note 9) Balance at 31.12.11 Currency translation differences Additions Retirements Assignments (Note 9) Balance at 31.12.12 COST Land and buildings 2,021,954 (116,404) (5,939) 240,998 (184,303) - 1,956,306 (4,494) 7,807 (1,131) 1,499 1,959,987 Plant and machinery 793,885 (7,805) (1,741) 23,982 (18,592) - 789,729 (1,731) 13,894 (6,462) 2,603 798,038 Other facilities, tools and furniture 509,393 (3,557) (1,746) 18,611 (11,443) 11,344 522,602 (1,791) 12,169 (10,691) 1,421 523,710 Other fixed assets 14,357 - (20) 1,197 (1,500) (11,344) 2,690 (5) 43 (1,071) - 1,657 Fixed assets in progress 30,941 - (562) 9,381 (6,907) - 32,853 (334) 865 (1,363) (5,523) 26,498 CUMULATIVE DEPRECIATION 3,370,530 (127,766) (10,008) 294,169 (222,745) - 3,304,180 (8,355) 34,778 (20,718) - 3,309,885 Buildings (295,819) 33,513 2,083 (31,617) 14,648 6,722 (270,470) 1,577 (27,604) 325 (344) (296,516) Plant and machinery (414,682) 1,679 1,025 (39,771) 13,533 (27,293) (465,509) 1,153 (36,966) 5,159 5 (496,158) Other facilities, tools and furniture (393,236) 2,823 906 (33,508) 6,747 11,528 (404,740) 925 (30,796) 8,584 (5) (426,032) Other fixed assets (11,760) - 207 (914) 273 9,043 (3,151) 15 (167) 947 344 (2,012) (1,115,497) 38,015 4,221 (105,810) 35,201 - (1,143,870) 3,670 (95,533) 15,015 - (1,220,718) Provisions (55,726) 5,201 - (15,626) 14,653 - (51,498) (107) (169,639) 1,260 - (219,984) NET BOOK VALUE 2,199,307 2,108,812 1,869,183 The “Translation differences” column reflects the effect of changes in the exchange rate used in the conversion of the different tangible fixed asset items. The most significant movements under this heading during 2012 and 2011 were as follows: i) The most significant additions to this heading during 2012 and 2011, broken down by business units, were as follows: € Thousand 2012 2011 Italy 13,010 12,284 Germany 9,447 243,756 Spain 7,387 14,159 Benelux 2,717 14,649 Latin America 1,214 7,942 Rest of Europe 1,003 1,379 34,778 294,169 80 REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
In Italy, the most significant additions in 2012 were related to the renovation of the NH Firenze hotel (€5 million) in Florence, the NH President (€3.9 million), the NH Leonardo Da Vinci (€2.8 million), NH La Spezia (€0.8 million) and NH Berlin Friedrichstrasse (€0.5 million). In Germany, additions related to a large number of hotels, the most significant being furnishing the NH Berlin Mitte (€0.8 million), NH Frankfurt Rhein-Main (€0.8 million), NH Muenchen Neue Messe (€0.5 million), NH Hamburg Norge (€0.5 million) and NH Berlin City West (€0.5 million). ii) The most significant retirements during 2012 occurred in the Czech Republic and Spain: In Spain the most significant retirements concerned the NH Condor, at a cost of €3.5 million, NH Mercader (€1.3 million), NH Villa de Coslada (€0.7 million), NH Villa de Bilbao (€0.6 million) and NH Aránzazu (€0.6 million). In the Czech Republic, the most significant retirement involved the NH Praha Radlicka (€2.1 million). The Group has allocated a provision of €169.6 million for the impairment of hotel assets this year. Furthermore, a provision of €1.26 million has been applied from the provision made in previous years for hotel assets located in Spain. At 31 December 2012, the Group had tangible fixed assets with a net book value of €644.9 million (€586.80 million in 2011) guaranteeing several mortgage loans (see Note 17). The Group has taken out insurance policies to cover any possible risks to which the different elements of its tangible fixed assets are subject, and to cover any possible claims that may be filed against it in the course of its activities. It is understood that such policies sufficiently cover the risks to which the Group is exposed. Firm purchase undertakings amounted to €10.90 million at 31 December 2012. These investments will be made between 2013 and 2015. 9. REAL-ESTATE INVESTMENTS The movements under this heading of the consolidated balance sheet in 2012 and 2011 were as follows: € Thousand Balance at 12/31/10 Additions/ Allowances Balance at 12/31/11 Additions/ Allowances Balance at 12/31/12 Cost: Buildings 11,889 16 11,905 - 11,905 Advances and tangible fixed assets in progress - - - - - 11,889 16 11,905 - 11,905 Cumulative depreciation: Buildings (2,413) (385) (2,798) (370) (3,168) (2,413) (385) (2,798) (370) (3,168) Impairment (1,612) (720) (2,332) - (2,332) (1,612) (720) (2,332) - (2,332) Net value 7,864 6,775 6,405 The most significant investments included in this item of the consolidated balance sheet through Sotogrande were as follows: − Premise D.02 Sotogrande Marina − Premise E.07 Sotogrande Marina − Finca Hípica Valderrama − International School − Terrazas Ribera del Marlin − Ribera del Marlin public car park The Group’s real-estate investments mainly correspond to real estate to be operated under rental agreements. The use of these investments are broken down as follows: Square metres 2012 2011 Offices 219 219 Sports centre 11,215 11,215 Terrazas R. Marlin 2,778 2,778 Public car park 11,272 11,272 Educational centre 5,445 5,445 30,929 30,929 The fair value of the Group’s real-estate investments at 31 December 2012, calculated on the basis of appraisals made by independent third parties, amounted to approximately €12.5 million (€12.9 million in 2011). REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 81
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ANNUAL REPORT 2012 CONSOLIDATED FIN
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ANNUAL REPORT 2012 CONSOLIDATED FIN
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8. TANGIBLE FIXED ASSETS 80 9. REAL
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INDEPENDENT AUDITORS’ REPORT ON C
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The consolidation of the Spanish ho
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Benelux is different, given that it
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OVERVIEW OF NH RISK POLICY NH’s o
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EVOLUTION NH HOTELES - IBEX DECEMBE
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ANNUAL CORPORATE GOVERNANCE REPORT
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In the event of any modification or
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Total number of executive directors
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Name or trade name of director Trad
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B.1.13 Indicate, on an aggregate ba
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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
Page 63 and 64: CONSOLIDATED BALANCE SHEETS AT 31 D
Page 65 and 66: 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: The basic hypotheses used to estima
Page 83 and 84: 11. NON-CURRENT FINANCIAL INVESTMEN
Page 85 and 86: 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
Page 95 and 96: Provisions for pensions and similar
Page 97 and 98: 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
Page 107 and 108: FUNDING AGREEMENTS € Thousand 201
Page 109 and 110: 29.1 Information on main segments
Page 111 and 112: Holder Investee company Activity Nu
Page 113 and 114: 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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