On 26 October 2012, the Court of Arbitration ratified the valuation of the company Donnafugata Resort, S.r.l. carried out by an independent expert following
notification by minority shareholders of said company in 2010 that they intended to exercise a put option (at 31 December 2012, they represented 8.81%
of the share capital). As a result of this decision, the Parent Company booked the minority shareholder put option in accordance with said valuation, which
amounted to €9,900 thousand.
The financial liability resulting from booking the Donnafugata Resort, S.r.l. put option at fair value, as well as other derivatives, was classified as level 2 in
accordance with the calculation hierarchy established in IFRS 7.
The change in this option fair value has been booked in the “Change in fair value of financial instruments” item of the attached consolidated comprehensive
profit and loss statement for 2012.
The heading “Interest rate derivatives” includes the liability for a five-year interest-rate risk swap (combinations of fixed-rate options) hedge for the new
syndicated loan granted in the first half of 2012
Debt from the remuneration scheme linked to the value of the listed share price, granted in 2007 and with maturity in 2013 (see Note 25) is classified under
current liabilities.
Subsidies received to build hotels and golf courses are basically included in the “Capital subsidies” item at 31 December 2012, as follows:
€ Thousand
2012
2011
Donnafugata
16,269
16,936
Sotogrande
1,905
2,136
Parco Degli Aragonesi
1,534
1,777
Other subsidies
10
171
19,718
21,020
At 31 December 2012, the Directors of the Parent Company considered that all the requirements stipulated for such subsidies had been fulfilled and therefore
deemed them as non-reimbursable.
The “Issue of promissory notes” item included liabilities for the registration of future payment commitments derived from renting several of the chain’s hotels.
The balancing entry for this liability is detailed in Note 11.
The heading “Indemnity for termination of the Hotel NH Buhlerhöhe lease” includes the liability corresponding to the part of the compensation to be paid
to the hotel’s owner for termination of the long-term maturity lease agreement. The Group paid €3 million in 2012.
19.
DERIVATIVE FINANCIAL INSTRUMENTS
The breakdown of derivatives in the consolidated balance sheets for 2012 and 2011 is as follows:
Item
€ Thousand
2012
2011
Financial liability
Financial liability
Interest-rate derivatives (Notes 18 and 25)
5,814
1,784
Share-based remuneration scheme 2007-2013 (Notes 20 and 25)
40,344
43,389
Total
46,158
45,173
19.1
Interest rate derivatives
The following is a breakdown of derivatives and their corresponding fair values at 31 December 2012 and 2011, along with the maturity dates of
the notional amounts to which they are linked. This information is presented (€ thousand) separating the derivatives considered as accounting
hedges (in accordance with the requirements set forth in IAS 39) from those considered inefficient.
REPORT ON THE CONSOLIDATED
FINANCIAL STATEMENTS
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