Download Complete PDF - Informe Anual 2012
Download Complete PDF - Informe Anual 2012
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On 26 October <strong>2012</strong>, the Court of Arbitration ratified the valuation of the company Donnafugata Resort, S.r.l. carried out by an independent expert following<br />
notification by minority shareholders of said company in 2010 that they intended to exercise a put option (at 31 December <strong>2012</strong>, they represented 8.81%<br />
of the share capital). As a result of this decision, the Parent Company booked the minority shareholder put option in accordance with said valuation, which<br />
amounted to €9,900 thousand.<br />
The financial liability resulting from booking the Donnafugata Resort, S.r.l. put option at fair value, as well as other derivatives, was classified as level 2 in<br />
accordance with the calculation hierarchy established in IFRS 7.<br />
The change in this option fair value has been booked in the “Change in fair value of financial instruments” item of the attached consolidated comprehensive<br />
profit and loss statement for <strong>2012</strong>.<br />
The heading “Interest rate derivatives” includes the liability for a five-year interest-rate risk swap (combinations of fixed-rate options) hedge for the new<br />
syndicated loan granted in the first half of <strong>2012</strong><br />
Debt from the remuneration scheme linked to the value of the listed share price, granted in 2007 and with maturity in 2013 (see Note 25) is classified under<br />
current liabilities.<br />
Subsidies received to build hotels and golf courses are basically included in the “Capital subsidies” item at 31 December <strong>2012</strong>, as follows:<br />
€ Thousand<br />
<strong>2012</strong> 2011<br />
Donnafugata 16,269 16,936<br />
Sotogrande 1,905 2,136<br />
Parco Degli Aragonesi 1,534 1,777<br />
Other subsidies 10 171<br />
19,718 21,020<br />
At 31 December <strong>2012</strong>, the Directors of the Parent Company considered that all the requirements stipulated for such subsidies had been fulfilled and therefore<br />
deemed them as non-reimbursable.<br />
The “Issue of promissory notes” item included liabilities for the registration of future payment commitments derived from renting several of the chain’s hotels.<br />
The balancing entry for this liability is detailed in Note 11.<br />
The heading “Indemnity for termination of the Hotel NH Buhlerhöhe lease” includes the liability corresponding to the part of the compensation to be paid<br />
to the hotel’s owner for termination of the long-term maturity lease agreement. The Group paid €3 million in <strong>2012</strong>.<br />
19. DERIVATIVE FINANCIAL INSTRUMENTS<br />
The breakdown of derivatives in the consolidated balance sheets for <strong>2012</strong> and 2011 is as follows:<br />
€ Thousand<br />
Item<br />
<strong>2012</strong> 2011<br />
Financial liability<br />
Financial liability<br />
Interest-rate derivatives (Notes 18 and 25) 5,814 1,784<br />
Share-based remuneration scheme 2007-2013 (Notes 20 and 25) 40,344 43,389<br />
Total 46,158 45,173<br />
19.1 Interest rate derivatives<br />
The following is a breakdown of derivatives and their corresponding fair values at 31 December <strong>2012</strong> and 2011, along with the maturity dates of<br />
the notional amounts to which they are linked. This information is presented (€ thousand) separating the derivatives considered as accounting<br />
hedges (in accordance with the requirements set forth in IAS 39) from those considered inefficient.<br />
REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 91