2.5.5
Changes in the scope of consolidation
The most significant changes in the scope of consolidation during 2013 and 2012 that affect the comparison between financial years were the following:
a.1 Changes in the scope of consolidation in 2013
a.1.1 Disposals
During the first six months of the year, the Group sold off Krasnapolsky H&ROnroerend Goed, B.V. and Expl. mij. Grand Hotel Krasnapolsky, B.V., owner and manager,
respectively, of the NH Grand Hotel Krasnapolsky in Amsterdam. The gross amount of the sale stood at €157 million and the net amount was €141 million creating a
surplus of approximately €42 million.
The effect of removing the above-mentioned companies from the summary consolidated statement of financial position as at 31 December 2013 is as follows:
Thousand euros
Book Value
Tangible fixed assets (Note 8)
108,992
Deferred tax (Note 22)
(8,915)
Working capital
(853)
Total net assets sold
99,224
Sale price
141,388
Consolidated Profit
42,164
a.1.2 Other corporate transactions
In the first half of 2013, the Group acquired a 25% interest amounting to EUR 3,511 thousand in the Group company Coperama Servicios a la Hostelería, S.L., a
percentage it had not previously held.
As a result of this transaction, the Group’s reserves have been affected by €364 thousand.
On 29 October 2013, it was agreed that the loans granted by Sotogrande S.A. to Donnafugata Resort, S.r.l. would be capitalised for a total amount of €4.8 million. By
virtue of the above-mentioned increase, on 31 December 2013 the Group’s consolidated controlling interest in Donnafugata Resorts, S.r.l. increased to 98.99% (97.61%
as of 31 December 2012).
As a result of the put option granted to the minority shareholders of Donnafugata Resort, S.r.l., described in Note 18, the Group consolidates the annual accounts of this
company considering the equity interest represented by said option in relation to the share capital of this subsidiary.
a.2 Changes in the scope of consolidation in 2012
a.2.1 Incorporations
On 31 January 2012, a company belonging to the Grupo Sotogrande, S.A., acquired 819 shares in Resco Sotogrande, S.L., representing 50% of the share capital of
that company, for a sum of EUR 240,000. As the result of the above transaction, the Group acquired control of Resco Sotogrande, S.L., which until this time had
been consolidated by the proportional method, being jointly managed by both shareholders, Sotogrande S.A. and the vendor of the 819 shares, in accordance with the
agreements signed by both parties.
The detail of the joint venture is as follows:
Thousand euros
Book Value
Adjustments
Fair Value
Non-current assets
3
-
3
Inventories
11,285
(2,098)
9,187
Other current assets
55
-
55
Debts with credit institutions
(7,458)
-
(7,458)
Other liabilities
(237)
-
(237)
Total net assets
3,648
(2,098)
1,550
Cost of the business combination
240
Book value of the previous investment
1,310
Income from the businesses combination
-
The fair value of Resco Sotogrande, S.L.’s inventories was calculated on the basis of the sale prices offered in negotiations with clients that were ongoing at the time of
the business combination.
In the event that the aforesaid business combination had taken place on 1 January 2012, the total comprehensive loss for theGroup in 2012would have beenEUR 10,000
higher.
REPORT ONTHE CONSOLIDATED FINANCIAL STATEMENTS
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