iii) Other non-available reserves
Dividends may not be distributed until the goodwill item (excluding consolidation goodwill) booked in the individual financial statements of
the companies included within the scope of consolidation of the Group has been fully written off, unless the amounts of available reserves
are at least equal to the unamortised balances.
Reserves totalling €11,590 thousand at 31 December 2012 (€11,914 thousand at 31 December 2011) could not be distributed, as this figure
corresponds to the treasury share reserve.
16.3
Equity valuation adjustments
Cash flow hedges
This heading of the consolidated balance sheet reflects the net changes in the value of financial derivatives designated as cash flow hedging
instruments (see Note 4.7.3).
Movements in the balance of this item during 2012 and 2011 are shown below:
€ Thousand
2012
2011
Opening balance
(376)
(6,577)
Withdrawals
376
6,201
Additions
(5,690)
-
Ending balance
(5,690)
(376)
A negative reserve of €5.314 million was booked in 2012 for equity adjustments connected with the cash flow hedging of interest rate swaps (IRS)
and collars.
The negative reserve for equity valuation adjustments refers to interest rate derivatives, effective at 31 December 2012, amounting to €5.690
million. In 2012, the Group signed interest-rate swap agreements for €316 million, equivalent to 100% of the A1 tranche of the syndicated loan of
NH Finance, S.A. at an average rate of 1.02% (see Note 19).
16.4
Treasury shares
At year-end, the Group held 1,937,517 shares in NH Hoteles, S.A. (2,056,429 shares at year-end 2011), which represented 0.79% of its share capital
at a total cost of €11.590 million (€11.914 million at year-end 2011).
16.5
Minority interests
The movements in this heading in 2012 and 2011 are summarised below:
€ Thousand
2012
2011
Opening balance
204,650
204,155
Capital increases/reductions
-
1,295
Comprehensive profit (loss) attributed to minority interests
(44,626)
2,887
Changes in percentage stakes
(58)
(124)
Dividends paid to minority interests
-
(2,982)
Other movements
(1,057)
(581)
Ending balance
158,909
204,650
The “Capital increases” item in 2011 reflects the amounts contributed by minority interests to the capital increase of Grupo Hotelero Querétaro,
S.A. de C.V. totalling €112,000 and Hotel Ciutat de Mataró, S.A., namely €600,000.
The “Dividends paid to minority interests” item basically reflects the dividends paid out in 2011 to the following companies: NH Las Palmas, S.A.
amounting to €264,000; City Hotel, S.A. amounting to €1,180,000; Hotelera Lancaster, S.A. amounting to €435,000; NH Marín, S.A., €880,000; and
Coperama Servicios a la Hostelería, S.L., €223,000.
REPORT ON THE CONSOLIDATED
FINANCIAL STATEMENTS
87
