18.-
OTHER NON-CURRENT LIABILITIES
The breakdown of the “Other non-current liabilities” item of the accompanying consolidated balance sheets, at 31 December 2013 and 2012, is as follows:
Thousand euros
2013
2012
At fair value:
Put option for Donnafugata Resort, S,r,l,
9,900
9,900
Interest rate derivatives (Notes 19 and 25)
-
3,207
At amortised cost:
Capital subsidies
18,086
19,718
Issue of promissory notes
1,810
17,428
Indemnity for termination of the Hotel NHBuhlerhöhe lease
3,593
6,032
Right of use Hotel Plaza de Armas (Note 7.1)
-
1,495
Loans with members
818
914
Other liabilities
1,658
1,761
35,865
60,455
On 26 October 2012 the arbitral tribunal ratified the valuation of Donnafugata Resort, S.r.l. made by an independent valuer in response to the communication made by
the non-controlling interests of said company in 2010 of their intention to exercise the put option (at 31 December 2012 they represented 8.81% of the share capital). As
a result of this decision, the Parent recognised the put option of the non-controlling interests in accordance with said valuation, which amounted to EUR9,900 thousand.
The financial liability resulting from booking the Donnafugata Resort, S.r.l. put option at fair value, as well as other derivatives, was classified as level 2 in accordance
with the calculation hierarchy established in IFRS 7.
At 31 December 2012, “Interest-Rate Derivative Financial Instruments” included the liability for swaps (combinations of fixed-rate options) to hedge the interest rate
risk of the syndicated loan granted in the first half of 2012. Interest-rate hedge derivatives were settled in November 2013.
Subsidies received to build hotels and golf courses are basically included in the “Capital subsidies” item at 31 December 2013, as follows:
Thousand euros
2013
2012
Donnafugata
16,408
16,269
Sotogrande
1,673
1,905
Parco Degli Aragonesi
-
1,534
Other subsidies
5
10
18,086
19,718
At 31 December 2013, the Directors of the Parent Company considered that all the requirements stipulated for such subsidies had been fulfilled and therefore deemed
them as non-reimbursable.
In 2013 the Group’s external lawyers in Italy issued a legal opinion whereby they deemed Donnafugata’s subsidy to be non-refundable.
The “Issue of promissory notes” item included liabilities for the registration of future payment commitments derived from renting several of the chain’s hotels. The
balancing entry for this liability is detailed in Note 11.
The liability corresponding to the part of the compensation to be paid to the hotel’s owner for termination of the long termmaturity lease agreement has been booked in
the “Compensation for termination of the Buhlerhöhe Hotel lease agreement” item. The Group paid EUR 3 million in 2013.
REPORT ONTHE CONSOLIDATED FINANCIAL STATEMENTS
88
