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Financial years subject to tax inspection The last four financial years of the Tax Consolidation Group are open to inspection in accordance with Spanish tax legislation. Regarding the financial years open to inspection, contingent liabilities not susceptible to objective quantification may exist, which are not significant in the opinion of the Group’s Directors. Deductions applied by the consolidated tax group of the Parent Company The deductions generated during the year are essentially due to double taxation. At 31 December 2012, the Tax Group held the following tax credits carryforward (€ thousand): Year of origin Deduction pending application Amount 2002 to 2010 Investment in export activity 29,047 2006 to 2012 Tax deduction to avoid double taxation 15,123 2002 to 2012 Others 472 44,642 Similarly, the consolidated tax group of the Parent Company took advantage in prior years of the “Deferral of extraordinary profits for reinvestment” scheme. The essential characteristics of such reinvestment are as follows (€ thousand): Amount offset Year of origin Revenue qualifying for deferral Previous years Year 2012 Amount Outstanding Last year of deferral 1999 75,145 49,393 682 25,070 2049 All these revenues were reinvested through various financial interests, except for those originating in 1999, which were reinvested in the acquisition of real estate. Revenue from previous year deducted for the reinvestment of extraordinary profits, in accordance with the provisions set forth in Article 42 of the Revised Text of the Corporate Income Tax Act, is shown below (€ thousand). Date of Revenue Deduction Company Company Financial year transmission deferred Applied Outstanding generating the capital gain reinvesting 2008 June 1.583 - 190 Gran Círculo de Madrid, S.A. NH Europa, S.L. The capital gains obtained in 2008 were re invested in 2009 through the acquisition of new shares in the Italian subsidiary through NH Europa, S.L., formerly “NH Hotel Rallye, S.A.” These shares were issued as a result of a capital increase of €73 million, allocated to acquiring new hotels and refurbishing existing ones, with an obligation to maintain the investment during a three year period. Negative tax bases At year-end, the Italy Business Unit has €20,511 thousand in tax losses carryforwards, which do not have an expiry date. At 31 December 2012, the consolidated tax group of which NH Hoteles, S.A. is the parent company has the following tax loss carry-forwards: Financial year € Thousand Maturity 2007 8,992 2025 2008 20,424 2026 2009 96,752 2027 2010 74,173 2028 2011 47,415 2029 2012 192,759 2030 Total 440,515 NH Central Reservation Office, S.L. (formerly called Retail Invest, S.A.); Latinoamericana de Gestión Hotelera, S.A.,; Hoteles Hesperia, S.A.; Nuevos Espacios Hoteleros S.A. and Club Deportivo Sotogrande, S.A. obtained negative tax bases before their incorporation into the Group of which NH Hoteles, S.A. is the parent company. The amounts of the above-mentioned tax loss carry-forwards that can only offset positive results of the aforementioned companies when the Group obtains a positive tax base, are as follows (€ thousand): 98 REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
Year of origin Amount Offsetting Deadline 1997 11,107 2015 1998 4,119 2016 1999 - 2017 2000 - 2018 2001 17,713 2019 2002 19,037 2020 2003 25,900 2021 2004 8,438 2022 2005 1,491 2023 2006 15,242 2024 2007 2,332 2025 2008 2,426 2026 2009 851 2027 2010 330 2028 108,986 23. TRADE CREDITORS The breakdown of this item in the consolidated balance sheet at 31 December 2012 and 2011 is as follows (€ thousand): € Thousand 2012 2011 Trade creditors 238,180 214,826 Advance payments from customers 22,552 20,852 260,732 235,678 The “Trade creditors” item reflects the accounts payable arising from the Group regular trading activities. The “Advance payments from customers” item mainly includes customer deposits arising from the Group’s hotel and real-estate businesses. Sotogrande, S.A. included €1 million in advance payments from customers in 2012 (€1.74 million at 31 December 2011). 24. INFORMATION ON DEFERRED PAYMENTS TO SUPPLIERS. THIRD ADDITIONAL PROVISION, “DUTY TO REPORT” OF ACT 15/2010 OF 5 JULY A breakdown of the information required by the Third Additional Provision of Act 15/2010 of 5 July on agreements executed under Spanish legislation appears below: 2012 2011 € Thousand % € Thousand % Payments made within the maximum legal term 159,204 75% 189,900 80% Remainder 53,960 25% 46,053 20% Total payments in the financial year 213,164 100% 235,953 100% Weighted average exceeded payment period (days) 31 16 Deferrals exceeding the maximum legal deadline at year end 5,037 2,326 The above information on payments to suppliers refer to those which by their nature are trade creditors due to debts with suppliers of goods and services. The table includes, therefore, the “Trade creditors” item in current liabilities of the attached consolidated balance sheet at 31 December 2012. The weighted average exceeded payment period (PMPE) has been calculated as the coefficient comprised of the sum of the product of each of the supplier payments made in the year with a delay exceeding the legal payment deadline and the number of days by which the relevant deadline has been exceeded in the numerator, and the total amount of the payments made in the year with a delay exceeding the legal payment deadline in the denominator. The maximum legal deadline for payment of the Group Spanish companies in 2012, in accordance with Act 3/2004 of 29 December, establishing measures to combat late payment in commercial transactions, is 75 days. REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS 99
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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
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Description of functions The Audit
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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 and 82: In Italy, the most significant addi
Page 83 and 84: 11. NON-CURRENT FINANCIAL INVESTMEN
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: Total Corporate Tax Income or Expen
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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