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Sensitivity analysis of NH Hoteles share price Changes in the fair value of the NH Hoteles, S.A. share price derivative contracted by the Group depend mainly on changes in the shares’ listing, but also on the evolution of the euro interest rate curve and on dividend estimates made by market agents. The net fair value of this derivative amounted to minus €40,344 thousand at 31 December 2012 (minus €43,389 thousand at 31 December 2011). A breakdown of the sensitivity analysis on the fair values of the derivatives contracted by the Group is shown below: € Thousand Sensitivity on Results 2012 2011 +10% (rise in the share price) 1,648 1,377 10% (fall in the share price) (1,648) (1,377) The sensitivity analysis shows that the negative fair value of the derivatives falls with increases in the share price, while their negative fair value increases with falls in the share price. 21. PROVISIONS FOR LIABILITIES AND CHARGES The breakdown of the “Provisions for contingencies and expenses” item at 31 December 2012 and 2011, together with the main movements recorded in those years are as follows: Provisions for non-current liabilities and charges: Balance at 12/31/10 Allowances € Thousand Applications/ Reductions Transfers Changes in the scope of consolidation (Note 2.5.5) Balance at 12/31/11 Onerous agreements 5,313 354 (3,392) (1,241) - 1,034 Provisions for pensions and similar obligations 20,224 995 (3,431) - - 17,788 Provision for Share-Based Remuneration Scheme (Note 20) 136 - (136) - - - Other claims 14,433 4,142 (2,027) - (4,524) 12,024 40,106 5,491 (8,986) (1,241) (4,524) 30,846 Provisions for current liabilities and charges: Onerous agreements 5,129 - (5,129) 1,241 - 1,241 5,129 - (5,129) 1,241 - 1,241 Total 45,235 5,491 (14,115) - (4,524) 32,087 Provisions for non-current liabilities and charges: Balance at 12/31/11 Allowances € Thousand Applications/ Reductions Transfers Balance at 12/31/12 Onerous agreements 1,034 58,787 - (33,477) 26,344 Provisions for pensions and similar obligations 17,788 2,631 (3,646) - 16,773 Other claims 12,024 6,545 (4,410) - 14,159 30,846 67,963 (8,056) (33,477) 57,276 Provisions for current liabilities and charges: Onerous agreements 1,241 - (1,241) 33,477 33,477 Restructuring provision - 19,981 - - 19,981 1,241 19,981 (1,241) 33,477 53,458 Total 32,087 87,944 (9,297) - 110,734 Onerous agreements The Group has classified a number of hotel lease agreements, to which it is committed between 2013 and 2030, and on which the Group makes an operating loss, as onerous. Cancellation of these agreements could force the Group to make full payment of rent for the outstanding years of the lease, or quantifiable compensation, where applicable. 94 REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
Provisions for pensions and similar obligations The item “Provision for pensions and similar obligations” includes the pension fund of certain employees of the Netherlands business unit, as well as the T.F.R. (Trattamento di fine rapporto), an amount paid to all workers in Italy at the moment they leave the company for any reason. This is another remuneration element, whose payment is deferred and annually allocated in proportion to fixed and variable remuneration both in kind and in cash, which is valued on a regular basis. The annual amount to be reserved is equivalent to the remuneration amount divided by 13.5. The annual cumulative fund is reviewed at a fixed interest rate of 1.5% plus 75% of the increase in the consumer price index (CPI). At year-end 2012, the liabilities booked under this item amounted to €13,522 thousand (€15,470 thousand at 31 December 2011). The projected unit credit method is used to calculate the obligations associated with this pension plan. The breakdown of the main hypotheses used to calculate actuarial liabilities is as follows: 2012 2011 Discount rates 5.75% 5.75% Expected annual rate of salary rise 2.50% 2.50% Expected return from assets allocated to the plan 4.75%-5.75% 4.75%-5.75% No reductions or settlements related to the plan occurred in 2012. Any actuarial gains and losses generated were not significant (see Note 4.19). Restructuring provision The allowances booked during 2012 under the item “Restructuring provision” include the short-term provision of €19.981 million to cover the restructuring plan that the Group approved for reorganisation purposes, and which is being carried out both in Spain and Italy (see Note 4.19). 22. TAX NOTE The breakdown of deferred taxes, by country and item, at 31 December 2012 is as follows: € Thousand Tax credits Prepaid Taxes Total Assets Liabilities Spain 134,984 50,103 185,087 68,712 Italy 5,090 6,743 11,833 113,901 Germany - 3,947 3,947 1,152 Others 736 9,581 10,317 50,174 Total 140,810 70,374 211,184 233,939 Balances with Public Administrations The composition of the debit balances with Public Administrations at 31 December 2012 and 2011 is as follows: € Thousand 2012 2011 Deferred tax assets Tax credits 140,810 83,124 Tax assets due to asset impairment 40,591 28,407 Tax withholdings of personnel 1,137 1,220 Derivative financial instruments 10,932 11,845 Other prepaid taxes 17,714 10,340 211,184 134,936 € Thousand 2012 2011 Short-term taxes receivable Corporate Income Tax 5,270 4,355 Value Added Tax 24,955 31,117 Other tax receivables 7,755 8,491 Total 37,980 43,963 REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 95
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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
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B.1.30 State the number of meetings
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MR JOSÉ ANTONIO CASTRO SOUSA HOTEL
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EXECUTIVE OR DELEGATE COMMITTEE Nam
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) Competencies The primary function
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C - RELATED-PARTY TRANSACTIONS C.1
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Mechanisms for resolving possible c
Page 43 and 44: Description of functions The Audit
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Page 107 and 108: FUNDING AGREEMENTS € Thousand 201
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Page 117 and 118: ANNEX I: SUBSIDIARIES Data on the C
Page 119 and 120: Investee company Registered address
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