As at 31 December 2013, the Parent Company’s share capital after the capital increase is represented by 308,271,788 fully subscribed and paid up bearer shares with a
nominal value of €2 each.
All these shares are entitled to identical voting and economic rights and are traded on the Continuous Market of the Madrid, Barcelona, Bilbao and Valencia Stock
Exchanges.
According to the latest notifications received by the Parent Company and the notices given to the National Securities Market Commission before the end of every
financial year, the most significant shareholdings at 31 December were as follows:
2013
2012
Grupo Inversor Hesperia, S.A.
20.07%
25.09%
HNA Group Co Limited
20.00%
-
Banco Financiero y de Ahorros, S.A.
12.60%
15.75%
Blackrock Inc.
5.62%
-
Intesa Sanpaolo, S.p.A
4.52%
5.65%
Pontegadea Inversiones, S.L.
4.06%
5.07%
Taube Hodson Stonex Partners LLP
3.89%
Fidelity International Limited
1.47%
-
CK Corporación Kutxa, S.L.
-
6.25%
Hoteles Participados, S.L.
-
5.43%
Ibercaja Banco, S.A.
-
5.04%
Shares allocated to Employee Remuneration Schemes
-
0.84%
Shares owned by NH employees
0.12%
0.60%
At year-end 2013 and 2012, the members of the Board of Directors were the holders or stable proxies of shareholdings representing approximately 61.43% and 73.49%
of the share capital, respectively.
The main aims of NH Hoteles Group capital management are to ensure short and long-term financial stability, the positive evolution of NH Hoteles, S.A. share price,
and suitable funding for investments while maintaining the level of indebtedness. All the above is geared towards ensuring that the Groupmaintains its financial strength
and the strength of its financial ratios, enabling it to maintain its businesses and maximise value for its shareholders.
In recent years, the Group’s strategy has not varied, maintaining a financial leverage ratio of 0.64x. The leverage ratios at 31 December 2013 and 2012 were the following:
Thousand euros
2013
2012
Obligations and other negotiable securities (Note 17)
461,949
-
Debts with credits institutions (Note 17)
417,339
1,031,126
Gross debt
879,288
1,031,126
Cash and cash equivalents (Note 15)
133,869
40,793
Liquid assets
133,869
40,793
Total Net Debt
745,419
990,333
Total Equity
1,158,010
993,286
Financial leverage
0.64
0.99
16.2
Parent Company Reserves
i) Legal reserve
In accordance with the Revised Text of the Capital Companies Act, 10% of the net profit for each year must be allocated to the legal reserve until it reaches at least
20%
of share capital. The legal reservemay be used to increase capital provided the remaining balance does not fall below 10%of the increased capital amount.With
the exception of the aforementioned purpose, and when it does not exceed 20% of share capital, this reserve may only be used to offset losses, provided no other
reserves are available for this purpose.
ii) Share premium
The Revised Text of the Capital Companies Act expressly allows the balance of this reserve to increase capital and lays down no restrictions on how it is used.
iii) Other non-available reserves
Dividends may not be distributed until the goodwill item (excluding consolidation goodwill) booked in the individual financial statements of the companies
included within the scope of consolidation of the Group has been fully written off, unless the amounts of available reserves are at least equal to the unamortised
balances.
Reserves totalling EUR 38,115 thousand at 31 December of 2012 (EUR 11,590 thousand at 31 December 2012) could not be distributed, as this figure corresponds
to the treasury share reserve.
REPORT ONTHE CONSOLIDATED FINANCIAL STATEMENTS
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