Sensitivity analysis of NH Hoteles share price
Changes in the fair value of the NH Hoteles, S.A. share price derivative contracted by the Group depend mainly on changes in the shares’ listing, but also
on the evolution of the euro interest rate curve and on dividend estimates made by market agents. The net fair value of this derivative amounted to minus
€40,344 thousand at 31 December 2012 (minus €43,389 thousand at 31 December 2011).
A breakdown of the sensitivity analysis on the fair values of the derivatives contracted by the Group is shown below:
Sensitivity on Results
€ Thousand
2012
2011
+10% (rise in the share price)
1,648
1,377
10% (
fall in the share price)
(1,648)
(1,377)
The sensitivity analysis shows that the negative fair value of the derivatives falls with increases in the share price, while their negative fair value increases
with falls in the share price.
21.
PROVISIONS FOR LIABILITIES AND CHARGES
The breakdown of the “Provisions for contingencies and expenses” item at 31 December 2012 and 2011, together with the main movements recorded in
those years are as follows:
€ Thousand
Balance at
12/31/10
Allowances Applications/
Reductions
Transfers
Changes in
the scope of
consolidation
(
Note 2.5.5)
Balance at
12/31/11
Provisions for non-current liabilities and
charges:
Onerous agreements
5,313
354
(3,392)
(1,241)
-
1,034
Provisions for pensions and similar obligations
20,224
995
(3,431)
-
-
17,788
Provision for Share-Based Remuneration Scheme
(
Note 20)
136
-
(136)
-
-
-
Other claims
14,433
4,142
(2,027)
-
(4,524)
12,024
40,106
5,491
(8,986)
(1,241)
(4,524)
30,846
Provisions for current liabilities and
charges:
Onerous agreements
5,129
-
(5,129)
1,241
-
1,241
5,129
-
(5,129)
1,241
-
1,241
Total
45,235
5,491
(14,115)
-
(4,524)
32,087
€ Thousand
Balance at
12/31/11
Allowances
Applications/
Reductions
Transfers
Balance at
12/31/12
Provisions for non-current liabilities and
charges:
Onerous agreements
1,034
58,787
-
(33,477)
26,344
Provisions for pensions and similar obligations
17,788
2,631
(3,646)
-
16,773
Other claims
12,024
6,545
(4,410)
-
14,159
30,846
67,963
(8,056)
(33,477)
57,276
Provisions for current liabilities and
charges:
Onerous agreements
1,241
-
(1,241)
33,477
33,477
Restructuring provision
-
19,981
-
-
19,981
1,241
19,981
(1,241)
33,477
53,458
Total
32,087
87,944
(9,297)
-
110,734
Onerous agreements
The Group has classified a number of hotel lease agreements, to which it is committed between 2013 and 2030, and on which the Group makes an operating
loss, as onerous. Cancellation of these agreements could force the Group to make full payment of rent for the outstanding years of the lease, or quantifiable
compensation, where applicable.
94
REPORT ON THE CONSOLIDATED
FINANCIAL STATEMENTS
