Download Complete PDF - Informe Anual 2012
Download Complete PDF - Informe Anual 2012
Download Complete PDF - Informe Anual 2012
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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.<br />
Movements in the provision for bad debts during the years ending 31 December <strong>2012</strong> and 2011 were as follows:<br />
€ Thousand<br />
<strong>2012</strong> 2011<br />
Balance at 1 January 18,323 17,999<br />
Currency translation differences (23) 11<br />
Allowances 991 1,869<br />
Applications (4,147) (1,556)<br />
Balance at 31 December 15,144 18,323<br />
The analysis of the ageing of financial assets in arrears but not considered impaired at 31 December <strong>2012</strong> and 2011 is as follows:<br />
€ Thousand<br />
<strong>2012</strong> 2011<br />
Less than 30 days 15,284 27,862<br />
From 31 to 60 days 11,839 18,240<br />
More than 60 days 25,466 11,107<br />
Total 52,589 57,209<br />
14. CURRENT FINANCIAL INVESTMENTS<br />
The breakdown of this heading at 31 December <strong>2012</strong> and 2011 is as follows:<br />
€ Thousand<br />
<strong>2012</strong> 2011<br />
Short-term deposits 12,000 -<br />
Loans to staff (Note 28) 2,850 -<br />
Total 14,850 -<br />
The item “Short-term deposits” includes a deposit made with maturity on 26 April 2013 and an annual interest rate of 1.5%.<br />
15. CASH AND CASH EQUIVALENTS<br />
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<br />
average interest rate obtained by the Group for its cash and cash equivalents balances during <strong>2012</strong> and 2011 was a variable Euribor-indexed rate. These assets<br />
are booked at their fair value.<br />
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<br />
remunerated at the Euribor (one-month) rate and is renewed monthly.<br />
As a result of the enactment of Royal Decree 1558/<strong>2012</strong> of 15 November, of Article 42 bis of Royal Decree 1065/2007 of 27 July, approving the General<br />
Regulations on tax management, inspection and procedures, and implementing the common rules of the procedures for applying taxes, which establishes<br />
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<br />
Directors have the right to dispose, as representatives or authorised officials, of bank accounts located abroad, which are in the name of Group companies.<br />
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.<br />
NH Hoteles, S.A. holds other accounting documents, namely the consolidated annual accounts, from which sufficient data can be extracted in relation to the<br />
aforementioned accounts.<br />
REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 85