Rental income from the Group’s real-estate investments amounted to €390,000 in 2012 (€379,000 in 2011). Likewise, operating expenses directly connected
with real-estate investments amounted to €37,000 (€34,000 in 2011).
At year-end 2012, the Group is unable to make any kind of investments that total over 5% of the total sales of NH Group in the preceding financial year (see
Note 17) without obtaining the express authorisation of the syndicated lenders.
The Group has also taken out insurance policies to cover any possible risks to which the different elements of its real-estate investments are subject, as well
as 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.
10.
INVESTMENTS VALUED USING THE EQUITY METHOD
The movements under this heading of the consolidated balance sheet during 2012 and 2011 were as follows:
Company
Net balance at
31.12.10
Additions Disposals or
reductions Assignments Profit (Loss)
2011
Currency
translation
differences
Net balance at
31.12.11
Sotocaribe, S.L.
46,117
-
-
-
(1,171)
(1,433)
43,513
Capredo Investments, GmbH
18,361
-
-
-
(66)
(1,264)
17,031
Varallo Comercial, S.A.
-
5,964
7,956
(3,013)
(2,808)
8,099
Inmobiliaria 3 Puente, S.A. de C.V.
1,968
-
-
-
177
(266)
1,879
Palacio de la Merced, S.A.
1,267
-
-
-
55
-
1,322
Mil Novecientos Doce, S.A. de C.V.
1,836
68
-
-
41
(237)
1,708
Consorcio Grupo Hotelero T2, S.A. de C.V.
423
-
(242)
-
(8)
(18)
155
Fonfir1, S.L.
20
-
-
-
-
-
20
Losan Investment Ltd.
-
-
-
-
-
-
-
Harrington Hall, Ltd.
-
-
-
-
-
-
-
Total
69,992
6,032
(242)
7,956
(3,985)
(6,026)
73,727
Company
Net balance at
31.12.11
Additions Disposals or
reductions Assignments Profit (Loss)
2012
Currency
translation
differences
Net balance at
31.12.12
Sotocaribe, S.L.
43,513
-
-
-
(480)
776
43,809
Capredo Investments GmbH
17,031
-
-
-
(3,039)
(95)
13,897
Varallo Comercial, S.A.
8,099
376
-
-
(947)
(470)
7,058
Inmobiliaria 3 Poniente, S.A. de C.V.
1,879
-
-
(171)
138
72
1,918
Palacio de la Merced, S.A.
1,322
-
-
-
16
-
1,338
Mil Novecientos Doce, S.A. de C.V.
1,708
-
-
171
46
78
2,003
Consorcio Grupo Hotelero T2, S.A. de C.V.
155
-
-
-
34
7
196
Fonfir1, S.L.
20
-
-
-
-
-
20
Losan Investment Ltd.
-
-
-
-
-
-
-
Harrington Hall, Ltd.
-
-
-
-
-
-
-
Total
73,727
376
-
-
(4,232)
368
70,239
Although the Group has only a 14.135% shareholding in Varallo Comercial, S.A., it exercises significant influence over the company through both the
appointment of a board member and its involvement in determining how the profits obtained by this company are to be distributed.
The Group likewise exercises significant influence over Consorcio Grupo Hotelero T2, S.A. de C.V., as it actively participates in determining how the profits
obtained by this company are to be distributed.
The Group’s policy on holdings in associated companies consists of ceasing to book losses in these companies if the associated company’s consolidated
losses attributable to the Group are equivalent to or exceed the cost of its holding in them, provided there are no additional contingencies or guarantees
connected with existing losses. The holdings in the companies Harrington Hall Hotel Ltd. and Losan Investment Ltd. are in this situation.
The most relevant financial information on the main stakes held in joint ventures is set out in Annex III of this consolidated annual report.
82
REPORT ON THE CONSOLIDATED
FINANCIAL STATEMENTS
