Movements in provision for bad debts during the years ending 31 December 2013 and 2012 is as follows:
Thousand euros
2013
2012
Balance at 1 January
15,144
18,323
Currency translation differences
(132)
(23)
Allowances
2,798
991
Applications
(2,161)
(4,147)
Balance at 31 December
15,649
15,144
The analysis of the aging of financial assets in arrears but not considered as impaired at 31 December 2013 and 2012 is as follows:
Thousand euros
2013
2012
Less than 30 days
15,024
15,284
From 31 to 60 days
12,568
11,839
More than 60 days
14,377
25,466
Total
41,969
52,589
14.-
CURRENT FINANCIAL INVESTMENTS
The breakdown of this item at 31 December 2013 and 2012 is as follows:
Thousand euros
2013
2012
Short-term deposits
-
12,000
Loans to staff (Note 28)
-
2,850
Total
-
14,850
15.-
CASH AND CASH EQUIVALENTS
This item essentially includes the Group’s cash position, along with any loans granted and bank deposits that mature at no more than three months. The average interest
rate obtained by the Group for its cash and cash equivalents balances during 2013 and 2012 was a variable Euribor-tied rate. These assets are booked at their fair value.
There are no restrictions on how cash may be used.
As a result of the enactment of Royal Decree 1558/2012 of 15 November, of Article 42a of Royal Decree 1065/2007 of 27 July, approving the General Regulations on
tax management, inspection and procedures, and implementing the common rules of the procedures for applying taxes, which establishes certain reporting obligations
with regard to overseas assets and rights, among others, it is disclosed that some members of the NH Hoteles S.A. Board of Directors have the right to dispose, as
representatives or authorised officials, of bank accounts located abroad, which are in the name of Group companies. The reason certain Boardmembers have the right to
dispose of overseas bank accounts is that they are directors or board members of said subsidiaries.
NH Hoteles S.A. holds other accounting documents, namely the consolidated annual accounts, from which sufficient data can be extracted in relation to the
aforementioned accounts.
16.-
SHAREHOLDERS’ EQUITY
16.1
Subscribed share capital
On 17 April 2013, the capital increase of the Parent Company approved by the Board of Directors in its meeting of 27 February 2013 was executed, incorporating Tangla
Spain, S.L., a company belonging to the Chinese HNA Group, into the shareholder base of the Parent Company with a post-increase stake of 20% of the share capital.
The aforementioned capital increase was fully subscribed and paid up at a nominal amount of EUR 123,308,716, through the issuance of a total of 61,654,358 ordinary
shares, with a par value of EUR 2 each, together with a share premium of EUR 1.80 per share (representing a total share premium of EUR 110,977,844.40 net of issue
costs), representing a total payment of EUR 234,286,560.40. Los expenses associated with this capital increase amounted to EUR 3.5 million and were recognised as a
reduction in the share premium.
REPORT ONTHE CONSOLIDATED FINANCIAL STATEMENTS
82
