The basic hypotheses used to estimate future cash flows of these CGUs are detailed below:
•
Discount rate: 7.42% and 8.12%, since these are CGUs subject to the same risks (German and Austrian markets), apart from CGU 24, for which a discount
rate of 12% has been used, due to the fact that it is located in another geographic market (South America).
•
Terminal value growth rate (g): 2%
As a result of the impairment analysis carried out by the Group at the end of 2012, an impairment of €16,859 thousand has been booked in the following
Cash Generating Units:
€ Thousand
CGU 12
(16)
CGUs with individually allocated goodwill < €4 mill.
(16,843)
(16,859)
A sensitivity analysis of the loss of value of goodwill with respect of changes in key financial hypotheses is shown below:
Terminal value growth rate
€ Thousand
Discount rate
-100
bp
No change
100
bp
0%
(2,533)
(3,313)
(4,494)
1%
-
(3,077)
(4,494)
2%
-
-
(4,425)
A sensitivity analysis of the loss of value of goodwill with respect of changes in key financial hypotheses is shown below, average daily rate (ADR) and
percentage of occupancy:
Change in average rate (ADR)
€ Thousand
Change in occupancy levels
-100
bp
No change
100
bp
-1%
(6,988)
(3,860)
(1,372)
No change
(2,116)
-
1,750
1%
747
2,164
3,585
7.
INTANGIBLE ASSETS
The breakdown and movements under this heading during 2012 and 2011 were as follows (€ thousand):
Balance at
31.12.10
Change in
the scope of
consolidation
Additions/
Allowances
Retirements
Balance at
31.12.11
Additions/
Allowances
Retirements
Balance at
31.12.12
COST
Rights of use
30,200
-
-
-
30,200
98
-
30,298
Rental agreement premiums
69,966
-
61
(7)
70,020
-
-
70,020
Concessions, patents and trademarks
35,329
(117)
95
(208)
35,099
630
(984)
34,745
Software applications
46,465
(6)
3,990
(147)
50,302
11,809
-
62,111
181,960
(123)
4,146
(362)
185,621 12,537 (984)
197,174
CUMULATIVE DEPRECIATION
Rights of use
(15,748)
-
(320)
-
(16,068)
(320)
-
(16,388)
Rental agreement premiums
(7,408)
-
(2,432)
-
(9,840)
(2,923)
-
(12,763)
Concessions, patents and trademarks
(8,340)
117
(1,985)
53
(10,155)
(1,985)
972
(11,168)
Software applications
(33,146)
6
(8,955)
141
(41,954)
(10,219)
-
(52,173)
(64,642)
123
(13,692)
194
(78,017)
(15,447)
972
(92,492)
Provisions
(1,393)
-
-
1,364
(29)
(12,561)
-
(12,590)
NET BOOK VALUE
115,925
107,575
92,092
7.1
Rights of use
On 28 July 1994, NH Hoteles, S.A. was granted a right of use on Hotel NH Plaza de Armas in Seville, which is owned by Red Nacional de los
Ferrocarriles Españoles (RENFE), for a thirty-year period commencing on the date the agreement was executed. NH Hoteles, S.A. will pay RENFE
the amount of €30.20 million in accordance with a payment schedule which concludes in 2014.
REPORT ON THE CONSOLIDATED
FINANCIAL STATEMENTS
79
