67
The overall effect of the transaction on the consolidated financial statements of NH Hotel Group and Subsidiaries is as follows:
€Thousand
Non-Current Assets
77,321
Inventories
67,439
Long-term liabilities
(11,415)
Working capital
(4,137)
Net assets disposed of
129,208
Net Consideration
(129,312)
Non-Controlling interests (Note 15.4)
(4,626)
Profit before tax
(4,730)
Transaction costs
3,804
Tax effect (Note 20)
20,440
Consolidation adjustment
(64,626)
Profit of the transaction
(45,112)
Profit from Sotogrande until sale (Note 9)
6,961
Total Profit (Loss) (Note 9)
(38,151)
The consolidation adjustments mainly correspond to the adjustment made to the reserves of Sotogrande, S.A. in 2006 due to the acquisition of
18.66% of its share capital after a takeover bid.
On 11 June 2014, the Group sold the Amsterdam Centre Hotel through its Dutch subsidiary Marquette Beheer BV and the sale of shares of its
subsidiary Onroerend Goed Beheer Maatschappij Stadhouderskade Amsterdam BV. The net amount of the sale totalled €45 million, giving rise to a
capital gain of €4 million.
The effect of the disposal of the aforementioned company on the abridged consolidated balance sheet at 31 December 2014 is as follows:
€Thousand
Property, plant and equipment
43,176
Working capital
(2,176)
Net assets disposed of
41,000
Net Consideration
(44,986)
Consolidated profit
(3,986)
On 12 August 2014 the Group sold its 25% stake in the share capital of the company Harrington Hall Hotel Ltd., owner of the Harrington Hall hotel in
London, for €13,292 thousand. The company was accounted for using the equity method, and at the date of the transaction the value of the stake
was zero, so that the net result of the transaction was a consolidated gain of €13,292, plus a positive effect of €370 miles of the currency translation
associated with the stake, recognised under net exchange differences in the consolidated statement of comprehensive income.
a.1.2 Additions to the consolidation scope
On 26 June 2014, the Group acquired 44.5% of the Group company NH Italia, S.p.A. through a €113.4 million increase in the share capital of NH Hotel
Group, S.A., with the issue of 42,000,000 new ordinary shares with a par value of €2 each and an issue premium of €2.70 per share. The capital
increase was fully paid up by Intesa Sanpaolo, S.p.A. through the contribution of 445,000 shares representing 44.5% of the share capital of NH Italia,
S.p.A.
The effect of the aforementioned acquisition on the consolidated balance sheet at 31 December 2014 is as follows:
€Thousand
Share Capital Increase and Issue Premium
197,400
Non-Controlling interests (Note 15.4)
123,055
Arrangement expenses
(944)
Effect on equity attributable to the shareholders of the Parent Company
75,289
The difference between equity attributable to shareholders of the Parent Company and the derecognised non-controlling interests corresponds to
the costs associated with the transaction.
REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS
