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Rental income from the Group’s real-estate investments amounted to €390,000 in 2012 (€379,000 in 2011). Likewise, operating expenses directly connected with real-estate investments amounted to €37,000 (€34,000 in 2011). At year-end 2012, the Group is unable to make any kind of investments that total over 5% of the total sales of NH Group in the preceding financial year (see Note 17) without obtaining the express authorisation of the syndicated lenders. The Group has also taken out insurance policies to cover any possible risks to which the different elements of its real-estate investments are subject, as well as 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. 10. INVESTMENTS VALUED USING THE EQUITY METHOD The movements under this heading of the consolidated balance sheet during 2012 and 2011 were as follows: Company Net balance at 31.12.10 Additions Disposals or reductions Assignments Profit (Loss) 2011 Currency translation differences Net balance at 31.12.11 Sotocaribe, S.L. 46,117 - - - (1,171) (1,433) 43,513 Capredo Investments, GmbH 18,361 - - - (66) (1,264) 17,031 Varallo Comercial, S.A. - 5,964 7,956 (3,013) (2,808) 8,099 Inmobiliaria 3 Puente, S.A. de C.V. 1,968 - - - 177 (266) 1,879 Palacio de la Merced, S.A. 1,267 - - - 55 - 1,322 Mil Novecientos Doce, S.A. de C.V. 1,836 68 - - 41 (237) 1,708 Consorcio Grupo Hotelero T2, S.A. de C.V. 423 - (242) - (8) (18) 155 Fonfir1, S.L. 20 - - - - - 20 Losan Investment Ltd. - - - - - - - Harrington Hall, Ltd. - - - - - - - Total 69,992 6,032 (242) 7,956 (3,985) (6,026) 73,727 Company Net balance at 31.12.11 Additions Disposals or reductions Assignments Profit (Loss) 2012 Currency translation differences Net balance at 31.12.12 Sotocaribe, S.L. 43,513 - - - (480) 776 43,809 Capredo Investments GmbH 17,031 - - - (3,039) (95) 13,897 Varallo Comercial, S.A. 8,099 376 - - (947) (470) 7,058 Inmobiliaria 3 Poniente, S.A. de C.V. 1,879 - - (171) 138 72 1,918 Palacio de la Merced, S.A. 1,322 - - - 16 - 1,338 Mil Novecientos Doce, S.A. de C.V. 1,708 - - 171 46 78 2,003 Consorcio Grupo Hotelero T2, S.A. de C.V. 155 - - - 34 7 196 Fonfir1, S.L. 20 - - - - - 20 Losan Investment Ltd. - - - - - - - Harrington Hall, Ltd. - - - - - - - Total 73,727 376 - - (4,232) 368 70,239 Although the Group has only a 14.135% shareholding in Varallo Comercial, S.A., it exercises significant influence over the company through both the appointment of a board member and its involvement in determining how the profits obtained by this company are to be distributed. The Group likewise exercises significant influence over Consorcio Grupo Hotelero T2, S.A. de C.V., as it actively participates in determining how the profits obtained by this company are to be distributed. The Group’s policy on holdings in associated companies consists of ceasing to book losses in these companies if the associated company’s consolidated losses attributable to the Group are equivalent to or exceed the cost of its holding in them, provided there are no additional contingencies or guarantees connected with existing losses. The holdings in the companies Harrington Hall Hotel Ltd. and Losan Investment Ltd. are in this situation. The most relevant financial information on the main stakes held in joint ventures is set out in Annex III of this consolidated annual report. 82 REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
11. NON-CURRENT FINANCIAL INVESTMENTS 11.1 Loans and accounts receivable not available for trading The breakdown of this item at 31 December 2012 and 2011 is as follows: € Thousand 2012 2011 Subordinated loans to companies owning hotels operated by the Group through leases (*) 44,373 40,472 Other collection rights 11,574 10,433 Loans to staff (Note 28) - 6,123 Lease advance payments 22,124 9,892 Accounts receivable from joint ventures (Note 28) 4,043 4,469 Loans to associated companies (Note 28) (*) 2,250 2,250 Long-term deposits and surety 12,052 11,492 Others 4,245 13,772 Total 100,661 98,903 (*) These loans accrue an average rate of interest of between 3% and 4.89% The “Subordinated loans to companies owning hotels operated by the Group through leases” item includes a series of loans granted by the Group to companies which own hotels in countries such as Germany, Austria, Luxembourg, the Netherlands, Italy and Spain, and which are operated by the Group under a leasing agreement. These transactions, which are mainly aimed at refinancing and reducing rents, are currently being used for the Group’s growth. The main features of these agreements are as follows: - Hotel rents are not subject to evolution of the inflation rate or to that of any other index. - The above-mentioned subordinated loans accrue interest at a fixed rate of 3% per year (€2.21 million in 2012 and €1.89 million in the preceding year). - New rental agreements establish a purchase right on properties subject to agreements that, as a general rule, may be executed in the fifth, tenth and fifteenth year from the entry into force of the agreement. - The model used for these rental agreements has been analysed and independent experts consider them to be operating leases. The “Other collection rights” item reflects the claim filed against the insurance company that underwrote the ten-year building works insurance. The amount claimed corresponds to the repair works performed and yet to be carried out on a housing development belonging the subsidiary Sotogrande, S.A. The “Lease advance payments” item includes advance payments made to the owners of certain hotels operated under a rental scheme for the purchase of decoration and furniture; these are discounted from future rental payments. In addition, €17,428 thousand is booked as the balancing entry for the promissory notes provided to the owners of a number of leased hotels (see Note 18). 11.2 Other non-current financial investments This heading of the consolidated balance sheet comprised, at 31 December 2012 and 2011, the following equity interests, valued at cost: Company € Thousand 2012 2011 Hotelera del Mar, S.A. 3,151 4,645 NH Panamá, S.A. 3,539 3,539 Others investments 5,547 5,104 Provisión Hotelera del Mar, S.A. (421) - Other provisions (2,108) (782) Total 9,708 12,506 These companies were not consolidated at 31 December 2012, since they were inactive on said date. REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 83
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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
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) 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 and 80: The basic hypotheses used to estima
Page 81: In Italy, the most significant addi
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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