2013
Services billed
Thousand euros
Principal Auditor
Others
Total
Auditing services
1,387
81
1,468
Other verification services
538
-
538
Total auditing and related services
1,925
81
2,006
Tax consulting services
294
186
480
Other services
1,299
31
1,330
Total services billed
3,518
298
3,816
2012
Services billed
Thousand euros
Principal Auditor
Others
Total
Auditing services
1,484
42
1,526
Other verification services
60
-
60
Total auditing and related services
1,544
42
1,585
Tax consulting services
270
9
279
Other services
856
-
856
Total services billed
2,670
51
2,721
27.5
Operating leases
At31December2013and2012,theGrouphadmadeundertakingsconcerningfutureminimalrentalinstalmentsbyvirtueofoperatingnon-cancellableleaseagreements,
which expire as set out in the table below.
The current value of the rental payments has been calculated by applying a discount rate in keeping with the Group’s weighted average cost of capital and includes the
undertakings which the Group estimates will have to be covered in the future to guarantee a minimum return from hotels operated under a management agreement.
Thousand euros
2013
2012
Less than one year
277,994
296,112
Between two and five years
1,042,681
1,081,433
More than five years
793,691
841,425
Total
2,114,366
2,218,970
The term of the operating lease agreements signed by the Group ranges from 5 to 40 years. The agreements likewise include several methods to determine the rent to be
paid. Essentially, the methods used to determine the rent can be reduced to fixed rents linked to the consumer price index; fixed rents complemented by a variable part,
which is linked to the property’s operation; or completely variable rents which are determined by business performance during the year. In some cases, variable rents are
set with a minimum profitability threshold for the owners of the property under operation.
The breakdown, by business units, of the current value of the rental payments at 31 December 2013 is as follows:
Less than one year
Between two and five
years
More than five
years
Total
Spain
85,046
334,745
234,601
654,392
Germany and Central Europe
108,551
404,856
282,473
795,880
Italy
41,014
141,144
63,706
245,864
Benelux
40,447
157,350
212,911
410,708
Latin America
2,936
4,586
-
7,522
Total
277,994
1,042,681
793,691
2,114,366
REPORT ONTHE CONSOLIDATED FINANCIAL STATEMENTS
102
