16.
SHAREHOLDERS’ EQUITY
16.1
Subscribed share capital
Share capital at 31 December 2012 was represented by 246,617,430 bearer shares at a par value of €2 each.
All these shares are entitled to identical voting and economic rights and are traded on the Continuous Market of the Madrid, Barcelona, Bilbao
and Valencia Stock Exchanges.
According to the latest notifications received by the Parent Company and the notices given to the National Securities Market Commission before
the end of every financial year, the most significant shareholdings at 31 December were as follows:
At year-end 2012 and 2011, the members of the Board of Directors were the holders or stable proxies of shareholdings representing approximately
73.49%
and 68.35% of the share capital, respectively.
The main aims of NH Hoteles Group capital management are to ensure short and long-term financial stability, the positive evolution of NH
Hoteles, S.A. share price, and suitable funding for investments while maintaining the level of indebtedness. All the above is aimed towards
ensuring that the Group maintains its financial strength and the strength of its financial ratios, enabling it to maintain its businesses and maximise
value for its shareholders.
2012
2011
Grupo Inversor Hesperia, S.A.
25.09%
25.09%
Banco Financiero y de Ahorros, S.A.
15.75%
15.75%
Caja de Ahorros y Monte de Piedad de Zaragoza, Aragón y Rioja
-
5.04%
Ibercaja Banco, S.A.
5.04%
-
Hoteles Participados, S.L.
5.43%
5.43%
CK Corporación Kutxa, S.L.
6.25%
6.25%
Pontegadea Inversiones, S.L.
5.07%
5.07%
Intesa Sanpaolo, S.p.A.
5.65%
5.65%
Shares allocated to Employee Remuneration Schemes
0.84%
0.88%
Shares owned by NH employees
0.60%
0.63%
In recent years, the Group’s strategy has not varied, maintaining a financial leverage ratio of 0.98x. The leverage ratios at 31 December 2012 and
2011
were as follows:
€ Thousand
2012
2011
Debts with lenders (*) (Note 17)
1,035,859
1,057,045
Gross debt
1,035,859
1,057,045
Negotiable financial assets
-
-
Cash and cash equivalents (Note 15)
56,295
91,143
Liquid assets
56,295
91,143
Total Net Debt
979,564
965,902
Total Shareholders’ Equity
999,833
1,343,797
Financial leverage
0.98
0.72
(*)
Short and long-term debts with credit institutions, excluding arrangement expenses and accrued interest pending maturity.
16.2
Parent Company Reserves
i) Legal reserve
In accordance with the Revised Text of the Capital Companies Act, 10% of the net profit for each year must be allocated to the legal reserve
until it reaches at least 20% of share capital. The legal reserve may be used to increase capital provided the remaining balance does not fall
below 10% of the increased capital amount. With the exception of the aforementioned purpose, and when it does not exceed 20% of share
capital, this reserve may only be used to offset losses, provided no other reserves are available for this purpose.
ii) Share premium
The Revised Text of the Capital Companies Act expressly allows the balance of this reserve to increase capital and lays down no restrictions
on how it is used.
86
REPORT ON THE CONSOLIDATED
FINANCIAL STATEMENTS
