Download Complete PDF - Informe Anual 2012
Download Complete PDF - Informe Anual 2012 Download Complete PDF - Informe Anual 2012
12. INVENTORIES This item of the consolidated balance sheet was as follows at 31 December 2012 and 2011, including movements during both years: Balance at 31/12/10 Disposals or reductions Net Changes in Inventories Balance at 31/12/11 Changes in the scope of consolidation (Note 2.5.5) Additions/ Allowances Net Changes in Inventories Balance at 31/12/12 Developed land 46,558 - - 46,558 - - - 46,558 Undeveloped land 12,261 - (670) 11,591 - - - 11,591 Finished works 50,321 369 (973) 49,717 5,642 - (8,959) 46,400 Trade inventories 9,833 - (1,471) 8,362 - - 649 9,011 118,973 369 (3,114) 116,228 5,642 - (8,310) 113,560 Impairment - - - - (2,098) (6,584) 1,127 (7,555) Net value 118,973 - (3,114) 116,228 3,544 (6,584) (7,183) 106,005 The Group has reduced the value of its real-estate inventories to their possible recovery value, basing its calculations on the appraisals carried out by independent experts. The existing provision for this item at 31 December 2012 amounts to €7,555 thousand. The net provision allowance booked in 2012, for €5,457 thousand, is included under “Inventory impairment” on the accompanying consolidated comprehensive profit and loss statement for 2012. 2012 2011 Net Changes in Net Changes in Purchases Total Procurements Inventories Inventories Purchases Total Procurements Undeveloped land - - - 670 - 670 Finished works 8,959 2,122 11,081 973 - 973 Trade inventories (649) 63,965 63,316 1,471 74,964 76,435 Total 8,310 66,087 74,397 3,114 74,964 78,078 The Group currently owns approximately 1,535,000 m 2 of land. It is subject to the urban development regulations of the San Roque General Urban Zoning Plan approved by the Cadiz Provincial Town Planning Commission on 2 November 1987, which generally classifies the land owned by the Group as land for scheduled development. The average cost of developed land amounted to €42 per m 2 and the cost of undeveloped land was of €22 per m 2 at 31 December 2012. On 23 April 2007, the Group entered into a legal-administrative town planning agreement with the San Roque Town Council pursuant to Act 7/2002 of 17 December on the Urban Zoning of Andalusia. The maximum plot area in said agreement totalled 633,893 m² with 2,887 housing units, which greatly exceeded the figures set forth in the Plan’s initial review in February 2005. The review was left without effect and the maximum plot area was raised to the figure assigned in the aforementioned General Plan of 1987. Based on the valuations made by American Appraisal España, S.L. and Tasaciones Inmobiliarias, S.A. during 2012, the market value of the Group’s real-estate inventories is as follows: € Thousand Developed land 43,889 Undeveloped land 138,298 Finished works 42,382 224,569 At 31 December 2012, the value of inventories used as security for mortgage loans amounted to €24,804 thousand (€28,319 thousand in 2011) (see Note 17). 13. TRADE RECEIVABLES This item reflects different accounts receivable from the Group’s operations. The breakdown at 31 December 2012 and 2011 is as follows: € Thousand 2012 2011 Trade receivables for services provided 126,462 131,320 Trade receivables for real-estate product sales 6,625 8,194 Provision for bad debts (15,144) (18,323) Total 117,943 121,191 84 REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
As a general rule, these receivables do not accrue any interest at all and are due at less than 90 days with no restrictions on how they may be used. Movements in the provision for bad debts during the years ending 31 December 2012 and 2011 were as follows: € Thousand 2012 2011 Balance at 1 January 18,323 17,999 Currency translation differences (23) 11 Allowances 991 1,869 Applications (4,147) (1,556) Balance at 31 December 15,144 18,323 The analysis of the ageing of financial assets in arrears but not considered impaired at 31 December 2012 and 2011 is as follows: € Thousand 2012 2011 Less than 30 days 15,284 27,862 From 31 to 60 days 11,839 18,240 More than 60 days 25,466 11,107 Total 52,589 57,209 14. CURRENT FINANCIAL INVESTMENTS The breakdown of this heading at 31 December 2012 and 2011 is as follows: € Thousand 2012 2011 Short-term deposits 12,000 - Loans to staff (Note 28) 2,850 - Total 14,850 - The item “Short-term deposits” includes a deposit made with maturity on 26 April 2013 and an annual interest rate of 1.5%. 15. CASH AND CASH EQUIVALENTS This item essentially includes the Group’s cash position, along with any loans granted and bank deposits that mature at no more than three months. The average interest rate obtained by the Group for its cash and cash equivalents balances during 2012 and 2011 was a variable Euribor-indexed rate. These assets are booked at their fair value. There are no restrictions on cash withdrawal, save for a deposit of €5.7 million which guarantees certain of the Group’s financial obligations. This deposit is remunerated at the Euribor (one-month) rate and is renewed monthly. As a result of the enactment of Royal Decree 1558/2012 of 15 November, of Article 42 bis of Royal Decree 1065/2007 of 27 July, approving the General Regulations on tax management, inspection and procedures, and implementing the common rules of the procedures for applying taxes, which establishes certain reporting obligations with regard to overseas assets and rights, among others, it is disclosed that some members of the NH Hoteles, S.A. Board of Directors have the right to dispose, as representatives or authorised officials, of bank accounts located abroad, which are in the name of Group companies. The reason certain Board members have the right to dispose of overseas bank accounts is that they are directors or board members of said subsidiaries. NH Hoteles, S.A. holds other accounting documents, namely the consolidated annual accounts, from which sufficient data can be extracted in relation to the aforementioned accounts. REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 85
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12. INVENTORIES<br />
This item of the consolidated balance sheet was as follows at 31 December <strong>2012</strong> and 2011, including movements during both years:<br />
Balance at<br />
31/12/10<br />
Disposals or<br />
reductions<br />
Net Changes<br />
in Inventories<br />
Balance at<br />
31/12/11<br />
Changes in<br />
the scope of<br />
consolidation<br />
(Note 2.5.5)<br />
Additions/<br />
Allowances<br />
Net Changes in<br />
Inventories<br />
Balance at<br />
31/12/12<br />
Developed land 46,558 - - 46,558 - - - 46,558<br />
Undeveloped land 12,261 - (670) 11,591 - - - 11,591<br />
Finished works 50,321 369 (973) 49,717 5,642 - (8,959) 46,400<br />
Trade inventories 9,833 - (1,471) 8,362 - - 649 9,011<br />
118,973 369 (3,114) 116,228 5,642 - (8,310) 113,560<br />
Impairment - - - - (2,098) (6,584) 1,127 (7,555)<br />
Net value 118,973 - (3,114) 116,228 3,544 (6,584) (7,183) 106,005<br />
The Group has reduced the value of its real-estate inventories to their possible recovery value, basing its calculations on the appraisals carried out by<br />
independent experts. The existing provision for this item at 31 December <strong>2012</strong> amounts to €7,555 thousand. The net provision allowance booked in <strong>2012</strong>, for<br />
€5,457 thousand, is included under “Inventory impairment” on the accompanying consolidated comprehensive profit and loss statement for <strong>2012</strong>.<br />
<strong>2012</strong> 2011<br />
Net Changes in<br />
Net Changes in<br />
Purchases Total Procurements<br />
Inventories<br />
Inventories<br />
Purchases Total Procurements<br />
Undeveloped land - - - 670 - 670<br />
Finished works 8,959 2,122 11,081 973 - 973<br />
Trade inventories (649) 63,965 63,316 1,471 74,964 76,435<br />
Total 8,310 66,087 74,397 3,114 74,964 78,078<br />
The Group currently owns approximately 1,535,000 m 2 of land. It is subject to the urban development regulations of the San Roque General Urban Zoning<br />
Plan approved by the Cadiz Provincial Town Planning Commission on 2 November 1987, which generally classifies the land owned by the Group as land for<br />
scheduled development. The average cost of developed land amounted to €42 per m 2 and the cost of undeveloped land was of €22 per m 2 at 31 December<br />
<strong>2012</strong>.<br />
On 23 April 2007, the Group entered into a legal-administrative town planning agreement with the San Roque Town Council pursuant to Act 7/2002 of 17<br />
December on the Urban Zoning of Andalusia. The maximum plot area in said agreement totalled 633,893 m² with 2,887 housing units, which greatly exceeded<br />
the figures set forth in the Plan’s initial review in February 2005. The review was left without effect and the maximum plot area was raised to the figure assigned<br />
in the aforementioned General Plan of 1987.<br />
Based on the valuations made by American Appraisal España, S.L. and Tasaciones Inmobiliarias, S.A. during <strong>2012</strong>, the market value of the Group’s real-estate<br />
inventories is as follows:<br />
€ Thousand<br />
Developed land 43,889<br />
Undeveloped land 138,298<br />
Finished works 42,382<br />
224,569<br />
At 31 December <strong>2012</strong>, the value of inventories used as security for mortgage loans amounted to €24,804 thousand (€28,319 thousand in 2011) (see Note 17).<br />
13. TRADE RECEIVABLES<br />
This item reflects different accounts receivable from the Group’s operations. The breakdown at 31 December <strong>2012</strong> and 2011 is as follows:<br />
€ Thousand<br />
<strong>2012</strong> 2011<br />
Trade receivables for services provided 126,462 131,320<br />
Trade receivables for real-estate product sales 6,625 8,194<br />
Provision for bad debts (15,144) (18,323)<br />
Total 117,943 121,191<br />
84 REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
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