to the auditor through controlling interests, common ownership or management, as well as by the auditing firms engaged by different Group
companies, and booked under this heading, were as follows:
2012
Invoiced services
€ Thousand
Main Auditor
Others
Total
Auditing services
1,405
42
1,447
Other verification services
60
-
60
Total auditing and related services
1,465
42
1,507
Tax consulting services
270
9
279
Other services
856
-
856
Total services billed
2,591
51
2,642
2011
Invoiced services
€ Thousand
Main Auditor
Others
Total
Auditing services
1,461
43
1,504
Other verification services
66
-
66
Total auditing and related services
1,527
43
1,570
Tax consulting services
143
-
143
Other services
620
-
620
Total services billed
2,290
43
2,333
27.5
Operating leases
At 31 December 2012 and 2011, the Group had made undertakings concerning future minimal rental payments by virtue of non-cancellable
operating lease agreements, which expire as set out in the table below.
The current value of the rental payments has been calculated by applying a discount rate in keeping with the Group weighted average cost of
capital and includes the undertakings which the Group estimates will have to be covered in the future to guarantee a minimum return from hotels
operated under a management agreement.
€ Thousand
2012
2011
Less than one year
296,112
275,012
Between two and five years
1,081,433
1,067,708
More than five years
841,425
892,727
Total
2,218,970
2,235,447
The term of the operating lease agreements signed by the Group ranges from 5 to 40 years. Agreements likewise include several methods to
determine the rent to be paid. Essentially, the methods used to determine the rent can be reduced to fixed rents linked to the consumer price
index; fixed rents complemented by a variable part, which is linked to the property’s operation; or completely variable rents which are determined
by business performance during the year. In some cases, variable rents are set with a minimum profitability threshold for the owners of the property
under operation.
The breakdown, by business units, of the current value of the rental payments at 31 December 2012 is as follows:
Less than one year Between two and five years More than five years
Total
Spain
101,780
352,435
242,336
696,551
Germany and Central Europe
111,266
407,673
309,442
828,381
Italy
43,564
176,131
119,097
338,792
Benelux
36,384
138,284
170,550
345,218
Latin America
3,118
6,910
-
10,028
Total
296,112
1,081,433
841,425
2,218,970
The breakdown, by business units, of the current value of the rental payments at 31 December 2011 is as follows:
Less than one year Between two and five years More than five years
Total
Spain
90,683
360,421
281,199
732,303
Germany and Central Europe
101,734
380,741
328,623
811,098
Italy
44,713
182,760
123,211
350,684
Benelux
34,530
135,164
159,548
329,242
Latin America
3,352
8,621
147
12,120
Total
275,012
1,067,707
892,728
2,235,447
104
REPORT ON THE CONSOLIDATED
FINANCIAL STATEMENTS
