In Italy, the most significant additions in 2012 were related to the renovation of the NH Firenze hotel (€5 million) in Florence, the NH President (€3.9 million),
the NH Leonardo Da Vinci (€2.8 million), NH La Spezia (€0.8 million) and NH Berlin Friedrichstrasse (€0.5 million).
In Germany, additions related to a large number of hotels, the most significant being furnishing the NH Berlin Mitte (€0.8 million), NH Frankfurt Rhein-Main
(
€0.8 million), NH Muenchen Neue Messe (€0.5 million), NH Hamburg Norge (€0.5 million) and NH Berlin City West (€0.5 million).
ii) The most significant retirements during 2012 occurred in the Czech Republic and Spain:
In Spain the most significant retirements concerned the NH Condor, at a cost of €3.5 million, NH Mercader (€1.3 million), NH Villa de Coslada (€0.7 million),
NH Villa de Bilbao (€0.6 million) and NH Aránzazu (€0.6 million).
In the Czech Republic, the most significant retirement involved the NH Praha Radlicka (€2.1 million).
The Group has allocated a provision of €169.6 million for the impairment of hotel assets this year. Furthermore, a provision of €1.26 million has been applied
from the provision made in previous years for hotel assets located in Spain. At 31 December 2012, the Group had tangible fixed assets with a net book value
of €644.9 million (€586.80 million in 2011) guaranteeing several mortgage loans (see Note 17).
The Group has taken out insurance policies to cover any possible risks to which the different elements of its tangible fixed assets are subject, and to cover
any possible claims that may be filed against it in the course of its activities. It is understood that such policies sufficiently cover the risks to which the Group
is exposed.
Firm purchase undertakings amounted to €10.90 million at 31 December 2012. These investments will be made between 2013 and 2015.
9.
REAL-ESTATE INVESTMENTS
The movements under this heading of the consolidated balance sheet in 2012 and 2011 were as follows:
€ Thousand
Balance at
12/31/10
Additions/
Allowances
Balance at
12/31/11
Additions/
Allowances
Balance at
12/31/12
Cost:
Buildings
11,889
16
11,905
-
11,905
Advances and tangible fixed assets in progress
-
-
-
-
-
11,889
16
11,905
-
11,905
Cumulative depreciation:
Buildings
(2,413)
(385)
(2,798)
(370)
(3,168)
(2,413)
(385)
(2,798)
(370)
(3,168)
Impairment
(1,612)
(720)
(2,332)
-
(2,332)
(1,612)
(720)
(2,332)
-
(2,332)
Net value
7,864
6,775
6,405
The most significant investments included in this item of the consolidated balance sheet through Sotogrande were as follows:
− Premise D.02 Sotogrande Marina
− Premise E.07 Sotogrande Marina
− Finca Hípica Valderrama
− International School
− Terrazas Ribera del Marlin
− Ribera del Marlin public car park
The Group’s real-estate investments mainly correspond to real estate to be operated under rental agreements. The use of these investments are broken down
as follows:
Square metres
2012
2011
Offices
219
219
Sports centre
11,215
11,215
Terrazas R. Marlin
2,778
2,778
Public car park
11,272
11,272
Educational centre
5,445
5,445
30,929
30,929
The fair value of the Group’s real-estate investments at 31 December 2012, calculated on the basis of appraisals made by independent third parties, amounted
to approximately €12.5 million (€12.9 million in 2011).
REPORT ON THE CONSOLIDATED
FINANCIAL STATEMENTS
81
