iii) The most significant retirement in 2013 came about in Spain, Italy and Germany:
In Spain, the abandonment of theNHCalifa (€0.83million), NHLa Perdiz (€0.63million), NHPuerto de Sagunto (€0.26million), NHAlbar (€0.20million), NH
Abashiri (€0.17 million), NHCampo de Cartagena (€0.17 million), NHVilla de Coslada (€0.15 million), NHGirona (€0.04 million).
In Italy, the abandonment of the NHVicenza (€1.86 million) in addition to works at the NH President (€1.33 million).
And, in Germany, the works on the NHBerlin Friedrichstrasse (€0.74 million).
This year, theGroup has allocated provisions of €2.3 to the impairment of hotel assets. Furthermore, themost significant use of provisions allocated in previous years has
been seen in hotel assets located in Spain, to the sum of €8.1 million, €20.1 million has been allocated to Donnafugata and €9.9 to the rest of Italy. At 31 December 2013
there were items of property, plant and equipment with a carrying amount of EUR 807.3 million (31 December 2012: EUR 1,076.7 million) securing several mortgage
loans (Note 17).
The amount of the provisions used includes a balance of EUR 4.6 million corresponding to the impairment loss associated to the leased hotels that were abandoned in
2013.
The Group has taken out insurance policies to cover any possible risks to which the different elements of its tangible fixed assets are subject, and to cover any possible
claims that may be filed against it in the course of its activities. It is understood that such policies sufficiently cover the risks to which the Group is exposed.
Firm purchase undertakings amounted to 5.2 million euros at 31 December 2013. These investments will be made between 2014 and 2016.
9.-
REAL-ESTATE INVESTMENTS
The movements under this heading of the consolidated balance sheet in 2013 and 2012 were as follows:
Thousands of euros
Balance at
31.12.11
Additions/
Allowances
Balance at
31.12.12
Additions/
Allowances
Disposals/
Reversals
Balance at
31.12.13
Cost:
Buildings
7,810
-
7,810
-
(5,344)
2,466
7,810
-
7,810
-
(5,344)
2,466
Cumulative depreciation:
Buildings
(2,699)
(272)
(2,971)
(241)
1,994
(1,218)
(2,699)
(272)
(2,971)
(241)
1,994
(1,218)
Impairment
(291)
-
(291)
-
-
(291)
(291)
-
(291)
-
-
(291)
Net value
4,820
4,548
957
On 10 December 2013, the Group and Soto Almena, S.L., entered into an agreement to sell Colegio Internacional de Sotogrande, whose sale price amounted to EUR
4.500
million,givingrisetoagainofEUR1,150thousandwhichwasrecognisedunder“Netgainsonthedisposalofnon-currentassets”intheaccompanyingconsolidated
comprehensive profit and loss statements for 2013.
“
Other Receivables” in the accompanying consolidated statement of financial position includes a balance of EUR 4,050 thousand at 31 December 3013, corresponding
to the amount receivable from this transaction. According to the payment schedule established in the sale agreement, the payments shall be made on 30 June 2014
and 23 December 2014, amounting to EUR 2,025 thousand each. In order to secure the payment of said amounts, Soto Almena, S.L. established a mortgage on the
transferred building in the Group’s favour.
The most significant investments made by Sotogrande included under “Other Receivables” of the accompanying consolidated balance sheet at 31 December 2013 are
as follows:
− Premise D.02 Puerto Deportivo Sotogrande
− Premise E.07 Puerto Deportivo Sotogrande
− Finca Hípica Valderrama
− Terrazas Ribera del Marlin
The Group’s real estate investments mainly correspond to real estate to be operated under rental agreements. The use of said investments are broken down as follows:
REPORT ONTHE CONSOLIDATED FINANCIAL STATEMENTS
77
