•
TSR (total shareholder return) at the end of each of the plan cycles, comparing NHHoteles share performance with the following indices:
-
IBEXMediumCap
-
Dow Jones Euro Stoxx Travel & Leisure
•
Result of the transaction, discounting the amount corresponding to rentals compared annually with the forecasts of the Company’s strategic plan.
If the minimum degree of fulfilment established in the aforementioned objectives is not achieved, the plan beneficiaries shall not be entitled to shares under said plan.
The plan is aimed at a maximum of 100 beneficiaries. The Board of Directors, at the proposal of the Managing Director, may include newmembers in the plan.
The plan will have a total duration of five years, divided into three three-year cycles:
•
The first cycle commences on 1/1/14 with delivery of shares on 1/1/17.
•
The second cycle commences on 1/1/15 with delivery of shares on 1/1/18.
•
The third cycle commences on 1/1/16 with delivery of shares on 1/1/19.
The Board of Directors will be authorised to decide, before the start of each of the cycles, the effective implementation thereof in accordance with the Group’s financial
position at the time.
The number of shares to be delivered to each beneficiary shall be that resulting from dividing the maximum amount destined to each beneficiary in each cycle by NH’s
share price in the ten days prior to the grant date of each cycle (“reference value”).
The total maximum amount destined to the plan in each of the cycles is as follows:
•
First cycle: EUR 6,170,000
•
Second cycle: EUR 5,830,000
•
Third cycle: EUR 4,440,000
•
Total: EUR 16,400,000
The beneficiaries must remain in the Group on each of the plan settlement dates, notwithstanding the exceptions deemed appropriate. Also, the aforementioned
minimumTSR and GOP thresholds must be reached.
21.-
PROVISIONS FOR LIABILITIES AND CHARGES
The breakdown of the “Provisions for liabilities and charges” item at 31 December 2013 and 2012, together with the main movements recorded in those years were as
follows:
Thousand euros
Balance at
31/12/11
Allowances
Applications/
Reductions
Assignments
Balance at
31/12/12
Provisions for contingencies and extraordinary expenses:
Onerous contracts
1,034
58,787
-
(33,477)
26,344
Provisions for pensions and similar obligations
22,766
4,201
(3,646)
-
23,321
Other claims
11,991
6,545
(4,410)
-
14,126
35,791
69,533
(8,056)
(33,477)
63,791
Provisions for contingencies and running expenses:
Onerous contracts
1,241
-
(1,241)
33,477
33,477
Restructuring provision
-
19,981
-
-
19,981
1,241
19,981
(1,241)
33,477
53,458
Total
37,032
89,514
(9,297)
-
117,249
Thousand euros
Balance at
31/12/12
Allowances
Applications/
Reductions
Assignments
Balance at
31/12/13
Provisions for contingencies and extraordinary expenses:
Onerous contracts
26,344
12,732
-
(11,835)
27,241
Provisions for pensions and similar obligations
23,321
58
(5,428)
-
17,951
Other claims
14,126
5,741
(726)
2,402
21,543
63,791
18,531
(6,154)
(9,433)
66,735
Provisions for contingencies and running expenses:
Onerous contracts
33,477
-
(21,504)
9,433
21,406
Restructuring provision
19,981
5,275
(20,392)
-
4,864
53,458
5,275
(41,896)
9,433
26,270
Total
117,249
23,806
(48,050)
-
93,005
REPORT ONTHE CONSOLIDATED FINANCIAL STATEMENTS
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